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]

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]

Financial Performance - The company incurred net losses of $27.5 million and $26.3 million in fiscal 2024 and 2023, respectively, with an accumulated deficit of $307.6 million as of April 30, 2024[120]. - The company's backlog as of April 30, 2024, was $4.9 million, an increase from $4.0 million as of April 30, 2023[91]. - The company raised approximately $0.5 million during fiscal 2024 and had an unrestricted cash balance of $3.2 million as of April 30, 2024[122]. - Revenue from international customers accounted for 4% in fiscal 2024 and 12% in fiscal 2023, indicating a need for effective management of international operations[149]. - The company has never paid cash dividends on its common stock and does not anticipate doing so in the foreseeable future[196]. Operational Developments - The company has achieved approximately $4.5 million in annual run rate savings by reallocating headcount towards customer sales and operations support[21]. - The company has pivoted to focus on commercial activities, resulting in a material reduction in third-party expenditures and a more efficient operational structure[21]. - The company has entered into a lease for a new facility in Richmond, CA, to improve manufacturing capabilities and support higher volume production[109]. - As of April 30, 2024, the company had 43 full-time employees, a decrease from 72 at the end of fiscal 2023, attributed to reduced headcount from completed R&D activities and cost-cutting measures[111]. Product Development and Innovation - The company launched its Data as a Service (DaaS) offering in October 2020, supporting various applications including maritime border enforcement and offshore wind farm security[25]. - The Robotics as a Service (RaaS) model was introduced in fiscal 2023, allowing customers to lease WAM-V® robotics, providing a lower cost entry point and increased access during peak demand[39]. - The company has substantially completed the development of its next-generation PowerBuoy®, which incorporates wave, wind, and solar power generation capabilities[73]. - The company is focusing on developing the WAM-V product line for marine survey and defense markets, enhancing obstacle detection and compliance with international regulations[98]. Market Opportunities - The market analysis indicates a growing demand for unmanned systems in defense and security, driven by geopolitical developments and the need for maritime surveillance[50]. - The company is targeting defense and security organizations, offshore wind, science and research, and ports, with a growing pipeline primarily in defense and security markets[51]. - The U.S. offshore wind energy pipeline has reached 52,687 megawatts (MW) as of May 2023, with approximately $2.7 billion invested in infrastructure for offshore wind projects in 2022[63]. - The offshore wind fleet is forecast to grow 15-fold by 2040, indicating a substantial market for autonomous data collection and monitoring solutions during the installation and operational phases[64]. Strategic Partnerships and Collaborations - The company is collaborating with U.S. Government agencies to enhance national security through advanced unmanned technologies and autonomous systems[36]. - The company has established strategic partnerships to enhance product development and integration with surface and subsea payloads[89]. - The company is pursuing a long-term growth strategy that includes partnerships with leading companies in adjacent markets to expand its visibility and product offerings[72]. Environmental Impact and Sustainability - The company emphasizes the environmental benefits of its PowerBuoys, which emit no carbon during operation and have minimal impact on marine life[56]. - Each deployed legacy PB3 can displace four tons of carbon annually, equivalent to the emissions of two average automobiles[115]. - The company’s products support Sustainable Development Goal 14, which aims to protect marine life and reduce carbon emissions[113]. - The company performed an energy audit and carbon footprint assessment, purchasing carbon offsets exceeding the total carbon footprint of its NJ facility and business travel[116]. Risks and Challenges - The company faces risks related to third-party suppliers, particularly concerning the delivery of semiconductors and specialty metals, which are critical for product manufacturing[144]. - The company operates in highly competitive markets, including defense and offshore energy, where it must demonstrate the reliability and competitiveness of its products[147]. - The company has encountered risks associated with global economic conditions, including potential disruptions from geopolitical conflicts and public health epidemics[138]. - The company may face difficulties in attracting and retaining qualified personnel, which is critical for achieving business objectives[134]. Intellectual Property and Regulatory Issues - The company relies on unpatented proprietary technology and confidentiality agreements to protect its intellectual property, which may be breached or inadequately enforced[171]. - The company may face significant risks related to patent or trademark infringement claims, which could adversely affect its business operations and financial condition[174]. - Government contracts may impose restrictions on the company's intellectual property rights, affecting its ability to commercialize products developed with government funding[176]. - The company is subject to regulatory scrutiny for offshore deployments, which could lead to delays in project implementation and increased costs[178]. Financial and Tax Considerations - The company has federal net operating loss (NOL) carryforwards available to offset future taxable income, but these may be limited by ownership changes as defined in Section 382 of the Internal Revenue Code[154]. - The company has implemented a Section 382 Tax Benefits Preservation Plan to protect its NOLs, but this may discourage potential investors from acquiring significant shares[157]. - The company has recorded a total reserve of €279,869.81 (approximately $331,000) related to a tax audit in Spain, which was paid on January 25, 2021[207].

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 ...

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 ...

Ocean Power Technologies Inc (NYSE-A:OPTT) is seeing continued strong demand for its AI-powered Maritime Domain Awareness Solution Merrows, this week announcing it has won a contract for the delivery of a PowerBuoy equipped with the technology in the Middle East. CEO Philip Stratmann told Proactive in an interview that the announcement builds on its earlier announcement it was selected as a preferred supplier for its Merrows-equipped buoys in the region. He also highlighted the potential for the company's t ...

About this content Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a firstclass degree in Business and Economics and qualifications in software design and development. As one of the early external hires at Proactive in 2009, Jamie contributed... ...

The Company had previously announced its selection as a preferred supplier for its Merrows equipped buoys in the region. ABOUT OCEAN POWER TECHNOLOGIES This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "con ...

A conference call to discuss OPT's financial results will be Friday July 26, 2024 9:00am EDT. Philipp Stratmann, CEO, and Bob Powers, CFO will host the call. ABOUT OCEAN POWER TECHNOLOGIES MONROE TOWNSHIP, N.J., July 12, 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 it will report its fiscal 2024 fourth quarter results for the period e ...