MONROE TOWNSHIP, N.J., Oct. 16, 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 it has shipped a WAM-V Unmanned Surface Vehicle ("USV") to the UAE. This follows the June 2024 announcement of its partnership with Unique Group ("Unique"), a UAE headquartered offshore services and equipment provider, offering multiple products and services to cu ...

MONROE TOWNSHIP, N.J., Oct. 14, 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 it has signed an agreement with 3B General Trading & Contracting Co. W.L.L. (3B) to explore projects in the offshore energy and maritime industry in Kuwait, including deployment of WAM-V® autonomous and unmanned surface vehicles and Next Generation PowerBuoys® equ ...

MONROE TOWNSHIP, N.J., Oct. 07, 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 it has received customer confirmation to ship to a customer in the Middle East the previously announced shipment ready AI capable Merrows™ PowerBuoy®. For additional information about OPT, please visit our website Ocean Power Technologies. ABOUT OCEAN POWER TECHNO ...

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 ...

Core Points - Ocean Power Technologies, Inc. has received a preliminary award of $1.1 million under the NJEDA 2024 Technology Business Tax Certificate Transfer Program, which allows technology and life sciences businesses to monetize net operating losses and unused R&D tax credits [1][2] - The company participated in the NJEDA NOL program in the previous year, receiving a $1.2 million award for the 2023 program, highlighting the importance of these funds in its path to profitability [2] - The award signifies the potential value of the company's net operating losses and unused R&D tax credits, emphasizing the need to preserve these assets for future monetization opportunities [2] Company Overview - Ocean Power Technologies provides innovative maritime solutions and services aimed at enhancing safety, cleanliness, and productivity in ocean operations across various sectors, including defense, oil and gas, science, research, and offshore wind [4] - The company's offerings include the Merrows™ system for AI integration of Maritime Domain Awareness Systems, PowerBuoy® platforms for clean electric power and data communications, and WAM-V® autonomous surface vessels [4] - The headquarters is located in Monroe Township, New Jersey, with 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., Sept. 27, 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 it has shipped for prompt delivery multiple WAMVs on a previously announced sole source contract to a Department of the US Government. Delivery of the vehicles leads to revenue recognition. Due to the sensitive nature of this relationship, terms have not been dis ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. S ...

MONROE TOWNSHIP, N.J., Sept. 25, 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 it has signed a Memorandum of Understanding (MOU) with Serviço Nacional de Aprendizagem Industrial (SENAI Innovation Institute for Virtual Production Systems from Firjan) in Brazil to explore collaborating together toward Blue Economy opportunities including depl ...

Financial Data and Key Metrics Changes - In Q1 2025, the company's revenues were $1.3 million, consistent with Q1 2024 revenues of $1.3 million, with delays in backlog opportunities expected to be realized in Q2 and Q3 of FY 2025 [9] - Operating expenses for Q1 2025 amounted to $4.9 million, representing a 39% decrease compared to the previous year [9] - The net loss decreased by over 35% for Q1 2025, primarily due to reduced operating expenses [10] - The backlog as of July 31, 2024, stood at $5.3 million, a 71% increase from $3.1 million in the prior year [10] - Combined cash, restricted cash, cash equivalents, and short-term investments totaled $3.3 million as of July 31, 2024, down from $26.9 million in Q1 2024 [11] Business Line Data and Key Metrics Changes - The company advanced several strategic partnerships and reduced operating expenses, contributing to a significant increase in the pipeline achieved during fiscal 2024 [4][6] - The deployment of the Next Generation PowerBuoy demonstrated a significant increase in energy production, showcasing the commercial viability of non-grid connected marine energy solutions [5] Market Data and Key Metrics Changes - The company reported a growing demand for autonomous ocean security and monitoring systems, driven by geopolitical factors and increased government funding [13] - The sales team has evolved to better understand the U.S. government and defense sectors, contributing to pipeline growth [14] Company Strategy and Development Direction - The company aims to achieve positive cash flow in calendar year 2025 and is on track to attain profitability by Q4 2025 [4][8] - Strategic alliances with industry leaders are expected to accelerate growth and create additional revenue streams, particularly in Latin America and the Middle East [7] - The company is focused on enhancing the functionality of its Merrows platform and expanding its market reach through innovative technologies [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth targets, citing a robust pipeline and backlog as indicators of future success [18] - The company is positioned to capitalize on the expected growth in autonomous maritime technologies and is optimistic about the commercial readiness of its systems [18] Other Important Information - The company maintains a debt-free balance sheet with no bank debt [11] - The integration of AT&T's 5G systems and underwater sensors is expected to enhance operational capabilities [7] Q&A Session Summary Question: Can you elaborate on the drivers for the increase in the pipeline? - Management attributed the increase to geopolitical factors, government funding for autonomous systems, and the readiness of their systems for commercial deployment [13][14] Question: How do you feel about the order guidance for this fiscal year? - Management remains confident about the order guidance, noting the increase in backlog and maintained revenues [15] Question: Is there more to be done regarding operating expenses? - Management indicated that significant work has been done to reduce operating expenses, with only marginal fluctuations expected moving forward [16] Question: How does the company compare in commercialization readiness to other industry players? - Management believes the company is commercially ready, with systems that are being deployed in actual use cases rather than grant-funded projects [18] Question: What is the expected mix of business between data as a service and equipment sales in the long term? - Management anticipates over 50% of the business will come from defense and security, with a strong leasing model contributing to recurring revenue [19] Question: What technology improvements are being focused on for the next 24 months? - Management highlighted ongoing improvements based on customer feedback and advancements in remote charging and docking systems for autonomous operations [20]