Ocean Power Technologies Announces Financial Results for Third Quarter Fiscal 2025

Core Insights - Ocean Power Technologies, Inc. reported a record backlog of $7.5 million, significantly up from $3.3 million in the same period last year, driven by new partnerships in Latin America [4] - The company reduced cash used in operating activities by 59%, from $9.2 million to $3.7 million year-over-year, reflecting improved operational efficiency [4][9] - Revenue for Q3 FY25 was $0.8 million, a 54% decrease compared to the prior year, while year-to-date revenues totaled $4.5 million, reflecting a 15% increase year-over-year [9] Financial Highlights - Operating expenses decreased by 29% to $6.1 million for Q3 FY25, compared to $8.6 million in the prior year [4][9] - Loss before income taxes for Q3 FY25 was $6.7 million, down from $7.8 million in the prior year [4][9] - Cash and cash equivalents as of January 31, 2025, were $10.2 million, up from $3.3 million at April 30, 2024 [9] Business and Operational Highlights - The company participated in the National Defense Industrial Association event, enhancing visibility and potential partnerships in the defense sector [4] - A new sales executive was added to focus on growth within key government contracting sectors, reinforcing the company's commitment to expanding its presence [4] - Successful demonstrations of the WAM-V Unmanned Surface Vehicles at NAVDEX in Abu Dhabi showcased the company's advanced capabilities and potential for market expansion in the Middle East [4] Strategic Partnerships - A partnership in Latin America was announced, with purchase orders totaling $5 million for Next Generation PowerBuoys® and WAM-V® Unmanned Surface Vehicles [5] - The collaboration with Remah International Group as an exclusive distributor for defense and security solutions in the UAE is expected to drive growth in the region [4][5] Technological Advancements - The WAM-V demonstrated multi-day operational capabilities for offshore surveys, enhancing efficiency and opening new markets for the company [5] - The company is positioned to leverage AI-driven maritime technologies to meet evolving customer needs in defense and security [4][5]