Ocean Power Technologies Completes Major Milestone for Naval Information Warfare Center Pacific’s Project Overmatch

Rhea-AI Summary

Ocean Power Technologies (NYSE American: OPTT) has completed the second set of exercises under its follow-on contract as a subcontractor to EpiSci for Project Overmatch. The company successfully deployed several WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG). The completion of these exercises, following the first set concluded over the summer, supports immediate revenue recognition. The project involves ruggedizing and enhancing operational capabilities of autonomous maritime technologies to support the U.S. military and allies.

Positive

• Completion of second exercise set triggers immediate revenue recognition
• Successful deployment of multiple WAM-V autonomous surface vehicles
• Ongoing contract execution with U.S. military demonstrates market validation

Negative

• None.

Completion of the second set of exercise supports immediate revenue recognition

MONROE TOWNSHIP, N.J., Oct. 28, 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 that it has completed the second set of exercises of the previously announced follow-on contract as a subcontractor to EpiSci and successfully deployed several of its WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch.

Under this contract, OPT continues to ruggedize and enhance the operational capability of its autonomous maritime technologies to support the U.S. military and its allies. The first set of exercises was concluded over the summer and the completion of these most recent exercises will support immediate revenue recognition.

Philipp Stratmann, CEO of Ocean Power Technologies, commented, "We are very excited about the completion of this exercise. The technological capabilities of our WAM-Vs together with the skills of our ASV operators, the majority of which are Veterans, continue to deliver value for our customers and revenues for our shareholders. We believe our participation in Project Overmatch remains a pivotal step in demonstrating how our solutions can significantly enhance the operational capabilities of the U.S. Navy."

For additional details on Ocean Power Technologies and their involvement in Project Overmatch, please visit www.oceanpowertechnologies.com.

ABOUT OCEAN POWER TECHNOLOGIES

OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets, including Merrows™, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy^® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V^® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.

FORWARD-LOOKING STATEMENTS

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", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties, including the potential continuing success with our partner, EpiSci, in connection with MAPG, the delivery of customer services, the conversion of potential customers to contracts and the realization of the potential revenue thereunder. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

FAQ

What milestone did Ocean Power Technologies (OPTT) complete for Project Overmatch?

OPTT completed the second set of exercises under its follow-on contract as a subcontractor to EpiSci, successfully deploying WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds.

When will OPTT recognize revenue from the Project Overmatch exercises?

The completion of the second set of exercises supports immediate revenue recognition for OPTT.

What technology did OPTT deploy in the Project Overmatch exercises?

OPTT deployed several WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG).