About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Main Assembly Finalized--Further Progressing Strategic PlanMONROE TOWNSHIP, N.J., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has finalized the main assembly of the previously announced PowerBuoy® for Naval Postgraduate School. The full system, which includes installing AT&T® 5G technology and integrating advanced subsea senso ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Act of 1934 Date of Report (Date of earliest event reported): December 2, 2024 Ocean Power Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) | --- | --- | --- | --- | |-------|-------|-------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 001-33417 | | ...

MONROE TOWNSHIP, N.J., Dec. 18, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced that as part of the Company’s ongoing commitment to connecting with the investor community, it will participate in a fireside chat on Thursday, December 19, 2024, at 11:00 a.m. ET. Dr. Philipp Stratmann, President and Chief Executive Officer for OPT, will discuss ...

Ocean Power Technologies, Inc. (NYSE:OPTT) Q2 2025 Earnings Call Transcript December 17, 2024 9:00 AM ET Company Participants Bob Powers - SVP and CFO Philipp Stratmann - President and CEO Conference Call Participants Shawn Severson - Water Tower Research Jeff Grampp - Alliance Global Partners Brian Gordon - Water Tower Research Operator Good morning, and welcome to the Ocean Power Technologies Second Quarter of Fiscal Year 2025 Earnings Conference Call. A webcast of this call is also available and can be a ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Contracts and Awards - The company received additional funding from the Naval Postgraduate School for the year-long deployment of a PowerBuoy® in Monterey Bay, integrating MDAS, Satellite communication, and AT&T 5G technology[169] - The company was awarded three separate Indefinite Delivery Indefinite Quantity (IDIQ) Multiple-Award Contracts (MAC) from NOAA to provide Uncrewed Maritime Systems (UMS) Services[170] - The company was awarded a contract to provide scientific hardware delivery, training, and integration services under a subcontract for a U.S. government agency[171] - In September 2024, the company received a contract from the Naval Postgraduate School for maritime domain awareness and connectivity enhancement[202] - In July 2024, the company was awarded a contract for immediate delivery of a PowerBuoy equipped with Merrows in the Middle East[206] Product Development and Testing - The company completed more than four months of offshore testing of its Next Generation PowerBuoy® in the Atlantic Ocean, maintaining 100% data uptime and battery state of charge over 90%[181] - The Next Generation PowerBuoy® integrates solar and wind power, with a prototype tested off the coast of New Jersey, and is now commercially available[187] - The NextGen PB has a 50kW-hour battery system expandable up to 100 kW-hour energy[188] - The legacy PB3 generates up to 3 kW of peak power with an ESS capacity of up to 150 kW-hours[189] - The company completed development of its next-generation PowerBuoy®, integrating wave, wind, and solar power generation capabilities, partially funded by the DOE SBIR Phase II award[219] - In August 2024, the company announced a patent pending for docking and recharging buoy technology for the WAM-V[204] Revenue and Financial Performance - Revenue for the six months ended October 31, 2024 was $3.7 million, compared to $2.2 million in the same period in 2023, driven by increased sales and leases of WAM-Vs[273] - Revenue for the three months ended October 31, 2024 was $2.4 million, up from $0.9 million in the same period in 2023, primarily due to higher sales and leases of WAM-Vs[264] - Cost of revenue for the six months ended October 31, 2024 increased to $2.5 million from $1.0 million in 2023, reflecting higher revenue and a shift in product mix[274] - Cost of revenue for the three months ended October 31, 2024 rose to $1.6 million from $0.4 million in 2023, driven by increased revenue and changes in product mix[265] - Operating expenses for the six months ended October 31, 2024 decreased to $9.6 million from $16.1 million in 2023, due to cost reduction measures including headcount optimization[276] - Operating expenses for the three months ended October 31, 2024 were $4.7 million, down from $8.0 million in 2023, primarily due to cost containment efforts[267] - Net loss for the six months ended October 31, 2024 was $8.4 million, compared to $14.3 million in 2023[273] - Net loss for the three months ended October 31, 2024 was $3.9 million, compared to $7.2 million in 2023[263] - Revenue from North and South America accounted for 61% of total revenue for the six months ended October 31, 2024, down from 95% in 2023[253] - Revenue from EMEA (Europe, Middle East, and Africa) increased to 38% of total revenue for the six months ended October 31, 2024, up from 5% in 2023[253] - Other income for the six months ended October 31, 2024 was $17 thousand, related to proceeds from the sale of fixed assets[278] - The company incurred net losses of $8.4 million for the six months ended October 31, 2024, compared to $14.3 million in the same period in 2023[279] - Net cash used in operating activities decreased to $10.9 million for the six months ended October 31, 2024, from $15.5 million in 2023[280] - Net cash used in investing activities was $128,000 for the six months ended October 31, 2024, compared to $11.9 million provided in 2023[281] - Net cash provided by financing activities was $10.0 million for the six months ended October 31, 2024, up from $27,000 in 2023[282] - Year-to-date revenues as of October 31, 2024 were $3.7 million, with net losses of $8.4 million and net cash used in operating activities of $10.9 million[285] - The company’s cash and cash equivalents and long-term restricted cash balance was $2.2 million as of October 31, 2024[286] - Substantial doubt exists about the company’s ability to continue as a going concern for at least one year from the issuance of the financial statements[287] Strategic Partnerships and Agreements - In October 2024, the company signed a Distributor Agreement with Remah International Group for defense and security business expansion in the Middle East[201] - In July 2024, the company signed a reseller agreement with Geos Telecom for maritime communication and navigation solutions in Costa Rica[205] - The company has strategic partnerships to enhance product development, market channels, and geographic footprint, including collaborations with fabrication, deployment, and service contractors[223][224] Product Launches and Innovations - The company announced Merrows, a comprehensive ocean surveillance solution integrating Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance, and Reconnaissance systems[182] - The company approached 15MWh of renewable energy production from its family of PowerBuoys, with the Next Generation PB accelerating energy production by combining solar, wind, and wave energy[183] - The company introduced a subscription model for Robotics as a Service (RaaS), allowing customers to lease WAM-Vs over a fixed time period or specified use days[184] - In June 2024, the company launched Global 24/7 Service Support for its Merrows solution[211] Operational and Strategic Focus - The company transitioned focus from third-party software to internal software team for faster response and control over MDAS solution[213] - The company developed a defense-specific sales team including veterans from the U.S. Navy and Swedish Navy[215] - The company focuses sales efforts on key global markets, including the U.S., Middle East, Latin America, and Sub-Saharan Africa, targeting defense, security, and hydrographic survey markets[222] Financial Transactions and Offerings - The company entered into an At-the-Market Offering Agreement with an aggregate offering price of up to $60.0 million as of December 2024, with $8.0 million received by October 31, 2024, and an additional $2.0 million received by December 13, 2024[228] - The company's First Registered Direct Offering raised $1.5 million, with the potential to sell an additional $3.5 million of shares under the same terms[229] - The company's Second Registered Direct Offering raised $1.5 million, with the potential to sell an additional $2.5 million of shares under the same terms[232] - The company's current cash balance may not be sufficient to fund planned expenditures through December 2025, raising substantial doubt about its ability to continue as a going concern[235] Deployments and Demonstrations - The company successfully deployed several WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch[180] - The company expanded its DaaS offering through field demonstrations such as ANTX Coastal Trident and the Naval Task Force 59 for the Digital Horizon field exercise[169] Product Features and Capabilities - The company's WAM-V® can reduce its footprint by up to 75%, allowing four 16-foot WAM-Vs® to fit in a 20-foot container[220]

Confirms pathway to profitability in late 2025 based on record quarterly revenues and materially reduced expensesMONROE TOWNSHIP, N.J., Dec. 16, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for the second quarter ended October 31, 2024 (Q2FY25). Q2FY25 Financial Highlights Revenue: $2.4 million, compared to $0.9 million for the same period last year, representing a 2.7x increase.Net Loss: $3.9 million, compared to $ ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...