Welcome to our dedicated page for Ocean Power Tech news (Ticker: OPTT), a resource for investors and traders seeking the latest updates and insights on Ocean Power Tech stock.
Ocean Power Technologies Inc (OPTT) delivers innovative renewable energy solutions and intelligent maritime systems through its wave energy converters and autonomous platforms. This page provides investors and industry professionals with timely updates on strategic developments, operational milestones, and market initiatives.
Access official press releases and curated news covering OPTT’s advancements in wave energy technology, maritime domain awareness solutions, and global project deployments. Key updates include quarterly financial results, strategic partnerships, product innovations, and regulatory developments impacting the renewable energy and maritime sectors.
Bookmark this page to stay informed about OPTT’s progress in converting ocean energy into sustainable power and enhancing maritime security through AI-enabled systems. Regular updates ensure you maintain visibility into the company’s role in shaping offshore renewable energy and autonomous marine operations.
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.
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