Ocean Power Tech Stock Price, News & Analysis

Ocean Power Technologies has announced a $0.5 million extension of its contract for the WAM-V® 22 Autonomous Surface Vehicle with a US Government Agency overseas, demonstrating ongoing support for autonomous maritime activities. This contract will run through September 30, 2023, and is expected to enhance the company's recurring revenues and long-term growth strategy towards positive cash flow. The WAM-V® ASV showcases advanced technology capable of data collection, surveillance, and communication, making it a valuable asset for maritime operations. CEO Philipp Stratmann expressed pride in the continuation of this partnership, which underscores their commitment to delivering reliable and innovative marine solutions.

Ocean Power Technologies (OPTT) announced the successful ocean test of its next-generation wave energy converter, the MOSWEC prototype, deployed off New Jersey. This new design is touted to generate more power than the previous PowerBuoy® platforms and withstand storm conditions. Key innovations include a sealed design eliminating moving parts, enhancing reliability, and reducing maintenance costs. The MOSWEC allows for the integration of wind and solar energy, increasing diversified energy output. This prototype reflects OPT's commitment to advancing clean ocean energy solutions, aligning with national sustainability goals. CEO Philipp Stratmann highlighted the MOSWEC's efficiency, cost-effectiveness, and advancements in marine energy technology.

Ocean Power Technologies (OPTT) reported a robust financial performance for Q323, with revenues increasing by 51.7% year-over-year to $0.7 million. Year-to-date revenue grew over 74.7%, reaching $1.8 million. Total orders surged 111% to $3.8 million for the nine months ended Q323. The gross margin improved notably, turning from a loss of ($0.1 million) in Q322 to a profit of $0.1 million in Q323. Despite these gains, the net loss widened to $6.1 million for Q323, compared to $5.5 million in Q322. The company holds $41.1 million in cash as of January 31, 2023.

Ocean Power Technologies (NYSE American: OPTT) announced it will report fiscal 2023 third-quarter results for the period ending January 31, 2023, after market close on March 13, 2023. A conference call to discuss these results will be held the following day, March 14, 2023, at 9:00 a.m. Eastern time, featuring CEO Philipp Stratmann, CFO Bob Powers, and Treasurer Joseph Dipietro. The call can be accessed via dial-in numbers or a live webcast. Individual meetings with institutional investors are scheduled to start on March 15, 2023, to enhance stakeholder engagement.

Ocean Power Technologies (NYSE American: OPTT) will engage in the third installment of the "Fireside Chats" series hosted by Water Tower Research on January 26, 2023, at 2:00 p.m. ET. CEO Dr. Philipp Stratmann will discuss the Company’s innovations in autonomous systems aimed at enhancing maritime security and safeguarding ocean resources. Key topics include monitoring illegal fishing and securing port facilities. This event reinforces OPT's commitment to sustainability and investor relations. Registration is available online, and a replay will be accessible afterward on the Company's investor website.

Ocean Power Technologies (NYSE American: OPTT) announced its participation in a fireside chat with Water Tower Research on December 16, 2022, at 2:00 p.m. ET. CEO Dr. Philipp Stratmann and analyst Shawn Severson will discuss OPT's history, recent deployments, and customer projects. Dr. Stratmann expressed enthusiasm for sharing insights on the company’s ocean intelligence solutions and growth strategies. The event will include a Q&A session, and a replay will be available on the OPT investor website.

Ocean Power Technologies (OPTT) reported its financial results for 2Q23, showcasing significant growth in orders and revenue. Total orders reached $2.3 million, a notable increase from $0.1 million in 2Q22. Revenues for 2Q23 were $0.3 million, up 23% year-over-year, while total revenue for the six months was $1.0 million, representing 96% growth. Despite a net loss of $4.8 million in the quarter, the company maintains a strong cash position of $46.4 million. A partnership with the U.S. Navy and several new contracts were also highlighted, projecting continued business development.