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 ...

Ocean Power Technologies Inc (NYSE-A:OPTT) CEO Phillip Stratmann joined Proactive to discuss the provider of intelligent maritime solutions and services' recent global expansion and other developments. He highlighted the company's ongoing projects in key regions such as the Middle East and Latin America, where demand for their advanced buoy systems and autonomous vehicles continues to grow. He added that the company has been active throughout the summer, preparing systems for delivery, conducting demos, and ...

Company Announcement - Ocean Power Technologies, Inc. (OPT) will report its fiscal 2025 first quarter results for the period ended July 31, 2024, after the market closes on September 16, 2024 [1] - A conference call to discuss the financial results will be held on September 17, 2024, at 9:00 AM EDT, hosted by CEO Philipp Stratmann and CFO Bob Powers [2] Conference Call Details - The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345 [3] - A live webcast of the conference call will be available, and a replay will be accessible approximately two hours after the call's completion [3] Investor Relations - OPT management is hosting individual meetings with portfolio managers and analysts to enhance relations with institutional investors [4] - Interested parties can schedule meetings by contacting Investor Relations via email or phone [4] Company Overview - Ocean Power Technologies provides intelligent maritime solutions and services aimed at enhancing safety, cleanliness, and productivity in ocean operations across various sectors, including defense, oil and gas, science and research, and offshore wind [4] - The company's PowerBuoy® platforms deliver clean electric power and real-time data communications for remote maritime and subsea applications [4] - OPT also offers WAM-V® autonomous surface vessels and marine robotics services, with headquarters in Monroe Township, New Jersey, and an additional office in Richmond, California [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., Aug. 02, 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 reminds stockholders that a Special Meeting of the Stockholders of OPT will be held at 9 a.m. Eastern time on August 30, 2024, in virtual format only at www.cesonlineservices.com/optt24_vm, for the purpose of voting on proposals to (i) approve an amendment to OPT's Certific ...

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., Aug. 01, 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 the filing of a patent pending for its groundbreaking docking and recharging buoy technology, specifically designed for the Wave Adaptive Modular Vessel (WAMV) Unmanned Surface Vehicle (USV). This advanced system has already been successfully demonstrated, showcas ...

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., July 30, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, is thrilled to announce the signing of a reseller agreement with Geos Telecom, a prominent provider of maritime communication and navigation solutions in Costa Rica. This partnership marks a significant expansion of OPT's presence in the Latin American market and includes the immediate sal ...

Financial Data and Key Metrics Changes - In Q4 '24, the company's revenues were $1.6 million, bringing total revenue for fiscal year 2024 to $5.5 million, representing a 102% increase over fiscal year 2023 [25] - Gross profit for Q4 '24 was $0.9 million, with full year gross profit reaching $2.8 million, a significant increase from $0.2 million in the prior year [26] - The net loss for fiscal 2024 was $27.5 million, compared to a net loss of $26.3 million for fiscal 2023, despite higher extraordinary expenses [28] Business Line Data and Key Metrics Changes - The growth in revenue is attributed to strong performance in WAM-V sales and an increase in orders and pipeline, with total orders for the year at $6.6 million [25] - The company reported a backlog of $4.9 million as of April 30, 2024, up from $4 million in the prior year, driven by expansion into Latin America and recurring revenues from long-term leasing contracts [29] Market Data and Key Metrics Changes - The company is focusing on geographic expansions, particularly in Latin America and the Middle East, which are expected to contribute to revenue growth [40] - The current pipeline stands at $85 million, consisting of opportunities under negotiation and proposals submitted, indicating a healthy flow of potential contracts [63] Company Strategy and Development Direction - The company aims to achieve positive cash flow by calendar year 2025, with a focus on converting backlog into revenue and maintaining operational efficiencies [21] - Strategic alliances have been formed with industry leaders, including partnerships with Red Cat Holdings and Teledyne Marine, to enhance product offerings and market reach [11][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving previously stated goals of profitability during the second half of calendar 2025, despite challenges from a dissident shareholder [21][20] - The company is committed to maintaining open communication with investors and has taken steps to strengthen corporate governance [20] Other Important Information - The company has maintained a debt-free balance sheet with no bank debt, and the earnout payable of $1.1 million is due to strong performance in the unmanned vehicles business [30] - The company is exploring opportunities within the blue economy in collaboration with AltaSea at the Port of Los Angeles [17] Q&A Session Summary Question: Recent backlog growth and updates - Management confirmed a backlog of just under $5 million at the end of the fiscal year and guidance for contracted orders of $12.5 million for fiscal '25 [37] Question: Risks to achieving contracted order KPI - Management highlighted the importance of converting initial conversations into purchase orders and maintaining high-quality product delivery to reduce sales cycles [39] Question: OpEx improvement potential - Management indicated that further improvements in operating expenses are expected as they continue to control costs and optimize headcount [41] Question: Commercialization inflection point - Management attributed the recent growth to targeted solutions and a focused commercial team, rather than solely market conditions [46] Question: Political risk and commercialization - Management expressed confidence that national security needs will remain a priority regardless of political changes, minimizing perceived political risks [51] Question: Oil and gas contracts and service providers - Management confirmed ongoing work with oil and gas operators through service providers, which has accelerated sales and orders [55] Question: Current pipeline and backlog fluctuations - Management explained that fluctuations in the pipeline are due to converting opportunities into backlog and revenue, with a current pipeline of $85 million [62]