About this content About Josh Lamb After graduating from the University of Kent in the summer of 2022 with a degree in History, Josh joined Proactive later that year as a journalist in the UK editorial team. Josh has reported on a range of areas whilst at Proactive, including energy companies during a time of global crisis, aviation and airlines as the sector recovers from the pandemic, as well as covering economic, social and governance issues. Read more About the publisher Proactive financial news and ...

Completion of Exercises in California Illustrates Cost Efficient Autonomous Ocean Intelligence at ScaleMONROE TOWNSHIP, N.J., Jan. 21, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative, cost-effective, low-carbon and artificial intelligence maritime services that enable safer and more productive ocean operations and related power, data, and service solutions, today announced that it has completed a major set of exercises in Califor ...

Core Insights - Ocean Power Technologies, Inc. has appointed three new Advisory Board Members with extensive experience in cybersecurity and government contracting, emphasizing the company's commitment to U.S. government projects [1][3][4] Group 1: Advisory Board Appointments - Natalie Lorenz-Anderson, Rear Admiral Joseph A. "Digger" DiGuardo, and Rear Admiral Victorino "Vic" Mercado have been appointed as Advisory Board Members to provide strategic advice to the OPT Board [1][3] - Lorenz-Anderson has over 40 years of experience in government contracting and technology fields, including cybersecurity and risk management, and has held significant roles in various organizations [4] - DiGuardo has a distinguished military career, including leadership of the Navy Expeditionary Combat Command with a budget of $2.1 billion, and currently advises on national security strategy [5][6][7] - Mercado served as U.S. Assistant Secretary of Defense for Strategy, Plans, and Capabilities, providing critical insights into national security and defense strategies [8][9] Group 2: Compensation and Structure - Advisory Board Members will be compensated with equity grants, with the amount and timing determined at the Board's discretion [2] - The company has also granted an inducement award of 75,000 restricted shares to Tracy Pagliara, the new Senior Vice President, General Counsel & Corporate Secretary, as part of its Employment Inducement Incentive Award Plan [12][13] Group 3: Company Overview - Ocean Power Technologies specializes in low-carbon marine power solutions and services, targeting markets such as defense, oil and gas, and offshore wind [15]

Ocean Power Technologies Inc (NYSE-A:OPTT), a leader in ocean intelligence solutions, is making significant strides in its mission to deliver innovative surveillance, monitoring, and data solutions for maritime environments. At a recent fireside chat with Water Tower Research, CEO Philipp Stratmann shared insights into the company's progress, emphasizing its operational evolution, cost efficiency, and expanding global footprint. "Over the course of the year, we have continued to execute on the strategy we s ...

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, ...

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [1][3] - The news team covers various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [2][3] - Proactive has a presence in key finance and investing hubs with bureaus and studios located in London, New York, Toronto, Vancouver, Sydney, and Perth [3] Group 2 - The company emphasizes the use of technology and has adopted various tools to enhance workflows, including generative AI [4][5] - All content published by Proactive is edited and authored by humans, ensuring adherence to best practices in content production and search engine optimization [5]

Financial Results - Ocean Power Technologies, Inc. announced preliminary financial results for its fiscal second quarter ended October 31, 2024[6] - The press release regarding the preliminary earnings was issued on December 2, 2024[6] Funding and Agreements - The company has increased the amount available for issuance to $60,339,886 under its sales agreement with A.G.P./Alliance Global Partners[8]

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 ...

Financial Data and Key Metrics Changes - The company achieved record quarterly revenue of $2.4 million, representing a 170% increase compared to the same period last year and a 142% increase sequentially [8][19] - Operating expenses for the second quarter totaled $4.7 million, a 41% reduction from $8 million in the same period last year [22] - The net loss for the quarter decreased by 46% from $7.2 million in Q2 of last year to $3.9 million this year [23] - Combined cash, restricted cash, cash equivalents, and short-term investments totaled $2.3 million as of October 31, 2024, down from $3.3 million at the close of the prior quarter [24] Business Line Data and Key Metrics Changes - Sales from Latin America contributed approximately one-third of total revenue, marking a new high for the company [20] - The company is seeing an increase in leases and as-a-service models, contributing to recurring revenues from both defense and civilian/commercial applications [30] Market Data and Key Metrics Changes - The company is expanding its market presence in Latin America and the Middle East, with significant partnerships and purchase order commitments [13][14] - The demand for innovative solutions in offshore energy and defense sectors is increasing, positioning the company for sustained growth [17] Company Strategy and Development Direction - The strategic focus on national security, critical infrastructure, and international market expansion is yielding positive results [10] - The company aims to achieve positive cash flow by the end of calendar year 2025, with a strong emphasis on operational efficiency and cost management [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to convert the expanding pipeline into revenue, driven by increasing domestic and international demand [10] - The company is aware of the need to maintain cost-effectiveness while scaling operations to meet increased demand [52] Other Important Information - The company launched a formal service offering, with initial customers under contract for maintenance services [31] - The backlog at the end of the quarter was approximately $3.6 million, down slightly from previous levels, but expected to increase with new opportunities [62] Q&A Session Summary Question: Can you talk about the recurring revenue side and the as-a-service strategy? - Management noted an increase in leases and as-a-service models, contributing to recurring revenues from both defense and civilian applications [30] Question: Are the projects in Latin America expected to go global? - Management indicated that successful projects in Latin America could lead to replication in other regions, particularly in offshore energy [38] Question: What is the path forward for the Middle East market? - Management expressed confidence in increased activity and bookings in the Middle East, with expectations for more revenue in calendar 2025 [47] Question: What are the biggest risks to maintaining the growth trajectory? - Management highlighted the importance of scaling operations effectively while maintaining cost efficiency as a key focus [51] Question: Can you provide an update on the backlog and pipeline? - Management confirmed that the backlog is approximately $3.6 million, with a stable pipeline indicating ongoing traction [62]

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