Ocean Power Tech Stock Price, News & Analysis

Ocean Power Technologies (OPT) reported a revenue increase to $714,000 for Q1 FY2023, up from $272,000 in Q1 FY2022, driven by WAM-V sales and strategic consulting services. The company was awarded $1.1 million by the U.S. DOE for the development of a next-generation wave energy converter, with the project aimed for completion in 18-24 months. However, the net loss widened to $5.9 million from $3.1 million year-over-year. Cash reserves fell to $52.4 million compared to $77.7 million a year ago, indicating potential liquidity pressures.

Ocean Power Technologies (NYSE: OPTT) announced that CFO Bob Powers will participate in the H.C. Wainwright & Co. 24th Annual Global Investment Conference from September 12-14, 2022, in New York City. The conference features notable growth companies from various sectors, including cleantech. OPT will present on September 14 at 9:00 a.m. ET, with a replay available on their investor website. One-on-one meetings with OPT management can be scheduled during the conference. For more information, contact Investor Relations.

Ocean Power Technologies (OPTT) announced it will report its fiscal 2023 first-quarter financial results on September 12, 2022, after market closure. A conference call to discuss these results will be held the next day, September 13, at 9:00 a.m. Eastern Time, hosted by CEO Philipp Stratmann, CFO Bob Powers, and Treasurer Joseph Dipietro. Investors can access the live webcast or the replay through the company's investor relations section. The company focuses on innovative low-carbon marine power solutions across various industries, including offshore wind.

Ocean Power Technologies (OPTT) has been selected by the U.S. Department of Energy for the Phase II development of a next-generation wave energy converter. This follows the successful completion of Phase I, and the government will invest up to $1,097,212 over the next 18-24 months to develop a modular Mass-on-Spring Wave Energy Converter (MOSWEC) PowerBuoy. The MOSWEC is designed for various applications, including powering autonomous ocean monitoring systems, and is scalable for diverse missions. This investment supports the company's clean energy initiatives and aligns with national blue economy goals.

Ocean Power Technologies (OPTT) reported financial results for Q4 and FY 2022, with Q4 revenues rising to $756,000, boosted by its Strategic Consulting Services. FY 2022 revenues reached $1.76 million, primarily due to the acquisition of Marine Advanced Robotics (MAR), contributing $2 million in FY 2023. The company is focused on developing its Maritime Domain Awareness (MDA) platform and anticipates $9 million in orders for FY 2023. Despite a net loss of $5.2 million in Q4, OPT maintains a strong cash position of $57.5 million and no bank debt.

Ocean Power Technologies (NYSE American: OPTT) announced its upcoming 2022 fourth quarter and full-year financial results will be released on July 13, 2022, after market close. A conference call, featuring CEO Philipp Stratmann and CFO Bob Powers, will take place on July 14, 2022, at 9:00 AM ET. Investors can access the call at 877-407-8291 or via a live webcast. Additionally, management will be available for individual meetings with institutional investors starting July 14. For more information, visit Ocean Power's website.

On May 9, 2022, Ocean Power Technologies (NYSE American: OPTT) announced Ethan Butler as the new Vice President of Engineering & Operations. With over 25 years of experience, including prior positions at Insulet and General Dynamics, Butler is expected to enhance the company’s capabilities in autonomous underwater vehicles. His goal is to lead the integration of PowerBuoy® and WAM-V® technologies, aiming for increased production capacity and customer-focused solutions. The company also granted Butler 50,000 restricted shares as an inducement award, which will vest after one year.

Ocean Power Technologies (OPTT) reported a 53% revenue growth to $484,000 in Q3 FY2022, up from $317,000 in Q3 FY2021, driven by the acquisition of Marine Advanced Robotics (MAR) which added $257,000 to revenue.

Despite the growth, the company posted a net loss of $5.5 million, compared to $3.1 million in Q3 FY2021. Engineering costs increased by $1.5 million year-over-year due to investment in new software. A new VP of Global Sales & Marketing was appointed to support growth initiatives.

Ocean Power Technologies (OTC: OPTT) announced it will report fiscal Q3 2022 results on March 14, 2022. The conference call to discuss results is scheduled for March 15, 2021, at 9:00 a.m. Eastern. CEO Dr. Philipp Stratmann will cover updates on integrating Marine Advanced Robotics and the development of maritime domain awareness software. The company focuses on innovative, low-carbon marine power and service solutions, serving various markets including defense and offshore wind.