Core Viewpoint - Ocean Power Technologies Inc is experiencing significant growth through global expansion, particularly in the Middle East and Latin America, driven by increasing demand for their advanced buoy systems and autonomous vehicles [1][6]. Group 1: Company Developments - The company has been actively preparing systems for delivery, conducting demonstrations, and finalizing new partnerships and reseller agreements throughout the summer [2][3]. - A buoy intended for the Middle East is currently at the facility awaiting final factory acceptance tests before delivery [5]. - The company has been conducting survey work for customers in Latin America, showcasing buoy demonstrations and vehicle manufacturing capabilities [6]. Group 2: Market Demand and Customer Engagement - There is a growing interest in the company's systems in regions outside the U.S., with increasing inbound inquiries following each system delivery [6]. - Demonstrations of the systems have proven vital for creating word-of-mouth marketing and securing deals, as customers can see real-time data transmission from remote locations [7]. - The company aims to change the perception of its systems from being seen as R&D toys to real systems that deliver cost savings and environmental benefits [9]. Group 3: Strategic Partnerships - The company recognizes the importance of working with integrators and partners to enhance project management and integration skills, allowing for broader market reach [10][11]. - A network of trusted global partners is essential for the company to deliver its systems effectively to end customers [11].

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]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [1][2] - 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 from its human content creators [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]

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 ...

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 production [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]

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]

Group 1 - Proactive has a global presence with bureaus and studios in major finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] - The company focuses on delivering fast, accessible, informative, and actionable business and finance news content to a global investment audience [3] - Proactive covers a wide range of sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [4] Group 2 - Proactive employs automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5] - The company specializes in medium and small-cap markets, while also providing updates on blue-chip companies, commodities, and broader investment stories [7] - The content creators at Proactive possess decades of expertise and experience, utilizing technology to enhance workflows [8]