Ocean Power Technologies Completes Operation with Multiple Unmanned Surface Vehicles for US Government

Rhea-AI Summary

On May 28, 2024, Ocean Power Technologies (NYSE American: OPTT) announced the completion of a major contractual milestone involving the deployment of multiple unmanned surface vehicles (WAM-Vs) for the US Government. This achievement allows the company to recognize immediate revenue. The milestone is part of recent multi-system deliveries and contract awards. CEO Philipp Stratmann highlighted the successful operation as a testament to the utility of their unmanned surface vehicles and expressed optimism about future operations and shareholder value. For more details, visit Ocean Power Technologies' website.

Positive

• Completion of a major contractual milestone with the US Government.
• Immediate revenue recognition enabled by the milestone.
• Successful deployment of multiple WAM-Vs.
• Building on recent multi-system deliveries and contract awards.
• Positive outlook for future operations and shareholder value.

Negative

• The PR lacks detailed financial data, making it hard to gauge the full impact on revenue.
• No mention of the specific financial figures related to the milestone.
• Unclear if the completed milestone will significantly affect long-term performance.

Contractual Milestone Enables Revenue Recognition

MONROE TOWNSHIP, N.J., May 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 it has completed a major contractual milestone and concluded operation of several simultaneously deployed WAM-Vs for a Department of the US Government. This milestone enables immediate revenue recognition.

This milestone builds on other recent multi-system deliveries and contract awards.

Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, "The completion of this operation is testament to the utility of our unmanned surface vehicles and the skills of our operators. We look forward to future operations and generating incremental value for our customers and shareholders.”

For additional information about OPT and its services, please visit our website Ocean Power Technologies.

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. 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 continued success of its WAM-V operations and 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/78a9efd9-401c-4e95-a84f-ae05b53bf9c8

FAQ

What milestone did Ocean Power Technologies (OPTT) complete for the US Government?

Ocean Power Technologies completed the operation of several unmanned surface vehicles (WAM-Vs) for the US Government.

When did Ocean Power Technologies (OPTT) announce the completion of their milestone?

Ocean Power Technologies announced the completion of their milestone on May 28, 2024.

What is the significance of the milestone completed by Ocean Power Technologies (OPTT)?

The milestone enables immediate revenue recognition and builds on recent multi-system deliveries and contract awards.

How does Ocean Power Technologies (OPTT) view the completed milestone?

CEO Philipp Stratmann views the milestone as a testament to the utility of their unmanned surface vehicles and is optimistic about future operations and shareholder value.