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 ...

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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]

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Financial Performance - Revenues for FY24 increased 102% to $5.5 million, compared to $2.7 million in FY23[4] - Gross profit for FY24 was $2.8 million, representing a gross margin of 51%, up from $0.2 million and 9% in FY23[4] - Net loss for FY24 was $27.5 million, slightly higher than the net loss of $26.3 million in FY23[7] - Revenue for the fiscal year 2024 was $5,525,000, compared to $2,732,000 for the fiscal year 2023, representing a growth of 102.9%[25] - Gross profit increased to $2,826,000 in fiscal year 2024 from $236,000 in fiscal year 2023, marking a significant improvement[25] - The net loss for fiscal year 2024 was $27,483,000, compared to a net loss of $26,326,000 in fiscal year 2023, reflecting a slight increase in losses[25] Operating Expenses - Operating expenses for FY24 were $32.2 million, compared to $28.3 million in FY23, including extraordinary expenses of $3.9 million[7] - Total operating expenses rose to $32,157,000 in fiscal year 2024, up from $29,452,000 in fiscal year 2023, indicating an increase of 5.8%[25] Cash and Assets - Cash and cash equivalents decreased to $3,151,000 as of April 30, 2024, down from $6,883,000 as of April 30, 2023, a decline of 54.2%[23] - Total current assets dropped to $10,543,000 in April 2024 from $37,673,000 in April 2023, a decrease of 72.0%[23] - The company reported a significant increase in inventory, which rose to $4,831,000 in April 2024 from $1,044,000 in April 2023, an increase of 362.5%[23] Liabilities - Total liabilities were $9,360,000 as of April 30, 2024, slightly down from $9,421,000 in April 30, 2023[23] Future Outlook - Backlog as of April 30, 2024, was $4.9 million, a 25% increase from $4.0 million at the same time last year[4] - Contracted orders for FY25 are expected to be approximately $12.5 million, representing nearly 2x growth over FY24[10] - The company anticipates reaching profitability during the second half of calendar year 2025[5] Strategic Partnerships - The company signed a reseller agreement with Survey Equipment Services, Inc. to provide WAM-Vs domestically, enhancing revenue streams[4] - A strategic partnership with Teledyne Marine aims to enhance product offerings and drive innovation in maritime technology[3] Share Information - The weighted average shares used to compute basic and diluted net loss per share increased to 59,031,736 in fiscal year 2024 from 55,998,543 in fiscal year 2023[25] Cash Flow - Cash used in operating activities for fiscal year 2024 was $29,763,000, compared to $21,707,000 in fiscal year 2023, indicating a higher cash outflow[26]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 22-2535818 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-33417 Ocean Power Technologies, Inc. (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identifi ...

MONROE TOWNSHIP, N.J., July 25, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for its fiscal fourth quarter ("4Q24") and full-year ended April 30, 2024 ("FY24"). Highlights include: 4Q24 and RECENT HIGHLIGHTS Backlog at April 30, 2024 is $4.9 million, a 25% increase over the prior year. Pipeline at April 30, 2024 stood at $71.6 million In July 2024 we announced a contract for immediate delivery of a PowerBuoy equippe ...