Financial Data and Key Metrics Changes - In Q1 2025, the company's revenues were $1.3 million, consistent with Q1 2024 revenues of $1.3 million, with delays in backlog opportunities expected to be realized in Q2 and Q3 of FY 2025 [9] - Operating expenses for Q1 2025 amounted to $4.9 million, representing a 39% decrease compared to the previous year [9] - The net loss decreased by over 35% for Q1 2025, primarily due to reduced operating expenses [10] - The backlog as of July 31, 2024, stood at $5.3 million, a 71% increase from $3.1 million in the prior year [10] - Combined cash, restricted cash, cash equivalents, and short-term investments totaled $3.3 million as of July 31, 2024, down from $26.9 million in Q1 2024 [11] Business Line Data and Key Metrics Changes - The company advanced several strategic partnerships and reduced operating expenses, contributing to a significant increase in the pipeline achieved during fiscal 2024 [4][6] - The deployment of the Next Generation PowerBuoy demonstrated a significant increase in energy production, showcasing the commercial viability of non-grid connected marine energy solutions [5] Market Data and Key Metrics Changes - The company reported a growing demand for autonomous ocean security and monitoring systems, driven by geopolitical factors and increased government funding [13] - The sales team has evolved to better understand the U.S. government and defense sectors, contributing to pipeline growth [14] Company Strategy and Development Direction - The company aims to achieve positive cash flow in calendar year 2025 and is on track to attain profitability by Q4 2025 [4][8] - Strategic alliances with industry leaders are expected to accelerate growth and create additional revenue streams, particularly in Latin America and the Middle East [7] - The company is focused on enhancing the functionality of its Merrows platform and expanding its market reach through innovative technologies [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth targets, citing a robust pipeline and backlog as indicators of future success [18] - The company is positioned to capitalize on the expected growth in autonomous maritime technologies and is optimistic about the commercial readiness of its systems [18] Other Important Information - The company maintains a debt-free balance sheet with no bank debt [11] - The integration of AT&T's 5G systems and underwater sensors is expected to enhance operational capabilities [7] Q&A Session Summary Question: Can you elaborate on the drivers for the increase in the pipeline? - Management attributed the increase to geopolitical factors, government funding for autonomous systems, and the readiness of their systems for commercial deployment [13][14] Question: How do you feel about the order guidance for this fiscal year? - Management remains confident about the order guidance, noting the increase in backlog and maintained revenues [15] Question: Is there more to be done regarding operating expenses? - Management indicated that significant work has been done to reduce operating expenses, with only marginal fluctuations expected moving forward [16] Question: How does the company compare in commercialization readiness to other industry players? - Management believes the company is commercially ready, with systems that are being deployed in actual use cases rather than grant-funded projects [18] Question: What is the expected mix of business between data as a service and equipment sales in the long term? - Management anticipates over 50% of the business will come from defense and security, with a strong leasing model contributing to recurring revenue [19] Question: What technology improvements are being focused on for the next 24 months? - Management highlighted ongoing improvements based on customer feedback and advancements in remote charging and docking systems for autonomous operations [20]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2][3] - The news team operates from key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] - Proactive focuses on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [2][3] Group 2 - The team delivers news and insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] - Proactive adopts technology to enhance workflows and improve content delivery, utilizing decades of expertise [3][4] - All content published by Proactive is edited and authored by humans, ensuring adherence to best practices in content production and search engine optimization [4]

Research and Development - The company has substantially completed its research and development phase and is now focused on commercial activities, resulting in meaningful progress in orders, pipeline, and backlog [105]. - The company is focusing on expanding customer system solution offerings through new complementary products, including the next generation PowerBuoy® that incorporates wave, wind, and solar power generation capabilities [145]. - The company is developing additional autonomy capabilities for its WAM-V® platform to enhance its solutions and integrate with MDAS [146]. Contracts and Partnerships - The company received additional funding from the Naval Postgraduate School for a year-long deployment of a PowerBuoy® in Monterey Bay, integrating advanced communication technologies [108]. - The company was awarded three separate Indefinite Delivery Indefinite Quantity (IDIQ) contracts from NOAA to provide Uncrewed Maritime Systems (UMS) services, enhancing marine resource surveys and research [109]. - Recent contracts include a new deployment with the Naval Postgraduate School, enhancing maritime domain awareness with integrated advanced subsea sensors [135]. - The company has signed four new reseller agreements aimed at supporting global critical services, particularly in the South China Sea and Latin America [135]. - The company is pursuing strategic partnerships and collaborations to enhance product visibility and improve integrated solutions [149]. Financial Performance - The Company incurred a net loss of approximately $4.5 million and used cash in operations of approximately $6.1 million during the three months ended July 31, 2024 [151]. - As of July 31, 2024, the Company's backlog was $5.3 million, which includes unfilled firm orders for products and services from commercial or governmental customers [155]. - The Company recognized approximately $1.2 million in revenue related to performance obligations satisfied at a point in time and approximately $0.1 million in revenue related to performance obligations satisfied over time during the three-month period ended July 31, 2024 [161]. - The Company has entered into an At-the-Market Offering Agreement with an aggregate offering price of up to $16 million, with proceeds of approximately $7 million received as of July 31, 2024 [152]. - Revenues for the three months ended July 31, 2024, were approximately $1.3 million, a slight increase from $1.3 million in the same period of 2023 [176]. - Cost of revenues increased to $0.9 million for the three months ended July 31, 2024, compared to $0.6 million in 2023, attributed to a change in product mix [176]. - Operating expenses decreased to $4.9 million for the three months ended July 31, 2024, down from $8.1 million in 2023, reflecting cost reduction activities [177]. - Net loss for the three months ended July 31, 2024, was $4.5 million, an improvement from a net loss of $7.0 million in 2023 [178]. - Net cash used in operating activities was $6.1 million for the three months ended July 31, 2024, a decrease from $8.0 million in 2023 [179]. - Net cash provided by financing activities was $6.5 million for the three months ended July 31, 2024, compared to a net cash outflow of $2,000 in 2023 [181]. - As of July 31, 2024, the company had cash and cash equivalents of $3.3 million, which may not be sufficient to fund planned expenditures through September 2025 [184]. - The company has experienced negative cash flows from operations and net losses, raising substantial doubt about its ability to continue as a going concern [185]. Product Development and Innovation - The company announced it was approaching 15MWh of renewable energy production from its PowerBuoy® family, significantly accelerating average energy production capabilities [119]. - The NextGen PowerBuoy® integrates solar, wind, and wave energy conversion capabilities, providing reliable power in remote offshore locations [123]. - The company completed over four months of offshore testing of its Next Generation PowerBuoy, maintaining 100% data uptime and battery charge over 90% [117]. - The company launched its first commercially ready Maritime Domain Awareness Solution (MDAS) in September 2021, demonstrating advanced surveillance capabilities [113]. - The company is integrating its MDAS solution into WAM-V's® to enhance maritime domain awareness and surveillance capabilities [112]. - The NextGen PB features a 50 kW-hour battery system, expandable to 100 kW-hour, designed for various subsea applications and energy storage [124]. - The legacy PB3 PowerBuoy generates a peak power of up to 3 kW and has an Energy Storage System capacity of 150 kW-hours [125]. - A patent is pending for a new docking and recharging buoy technology, which aims to improve the operational efficiency of autonomous surface vessels [135]. Market Focus and Strategy - The company is focusing on defense and security markets, with a growing pipeline of commercial opportunities in offshore wind and environmental monitoring [132]. - Recent market analysis indicates a shift towards unmanned systems in the offshore MDA sector, driven by technological advancements and geopolitical developments [130]. - The company expects to devote substantial resources to expand sales, marketing, and manufacturing programs for continued product commercialization [184]. - The company is developing a defense-specific sales team to target national security and defense markets, leveraging expertise from veterans [141]. - The company launched a Global 24/7 Service Support offering, providing customers with tiered options for maintaining operations globally [137]. - The company maintains strategic partnerships with software companies to enhance its MDAS product for maritime industrial and governmental defense markets [139]. - The Company plans to optimize and utilize state-of-the-art fabrication and deployment contractors to minimize capital requirements as it scales its business [150].

MONROE TOWNSHIP, N.J., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for its fiscal first quarter ended July 31, 2024 ("Q125"), which included year over year reductions in operating expenses, operating loss, and cash burn. Recent Financial and Operational Highlights: Operating expenses of $4.9 million for Q125 decreased 39% as compared to operating expenses of $8.1 million for the same period in the prior y ...

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, The ...

MONROE TOWNSHIP, N.J., Sept. 12, 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 that it has been awarded a follow-on contract valued at $1M as a subcontractor to EpiSci after the successful 12 month demonstration of its autonomous surface vehicle technologies during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch. Wi ...

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2][3] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [2] - Proactive focuses on various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Group 2 - Proactive employs technology to enhance workflows and has a team with decades of expertise [3] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [4]

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, The ...

MONROE TOWNSHIP, N.J., Sept. 09, 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 achieved a major contractual milestone and completed the build of a new unmanned surface vehicle for delivery to a survey customer in Latin America. This delivery is part of the Company's previously announced expansion into the region, working with end cus ...

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, The ...