Ocean Power Tech Stock Price, News & Analysis

Ocean Power Technologies (NYSE American: OPTT) reported its financial results for the fourth quarter and full fiscal year 2021, ending April 30, 2021. The company achieved a revenue of $0.6 million in Q4 and $1.2 million for the full year, marking a 28% decrease from fiscal 2020, largely due to COVID-19 project delays. The net loss for Q4 and the full year stood at $5.2 million and $14.8 million, respectively. However, the company maintains a strong cash position with $83.6 million in total cash and is optimistic about future growth opportunities following its acquisition of 3Dent Technology.

Ocean Power Technologies (OPTT) announced its inclusion in the Russell Microcap® Index, effective June 28, 2021, marking a significant milestone for the Company. This recognition indicates strong growth potential and is expected to enhance visibility to potential institutional investors. Membership in the index also ensures automatic inclusion in corresponding growth and value style indexes. This development is anticipated to provide benefits to existing shareholders through increased awareness and investment opportunities.

Ocean Power Technologies has appointed Philipp Stratmann as the new President and CEO, transitioning from his role as Vice President of Global Business Development. Alongside him, Matthew Shafer has been promoted to Senior Vice President, CFO, and Treasurer. The company aims to leverage Stratmann's experience in renewable energy and maritime industries to enhance its growth in offshore power and data solutions. The management change follows the departure of George H. Kirby, who led the company since 2015.

Ocean Power Technologies (OPTT) announced its transfer from the Nasdaq Capital Market to the NYSE American, effective June 18, 2021. The move aims to enhance the company's visibility and expand its investor base. President and CEO George H. Kirby stated that this transition reflects OPT's growth in innovative ocean energy solutions. The last trading day on Nasdaq is set for June 17, 2021, while trading as an NYSE-listed entity will begin the following day. The company’s stock will continue to use the ticker symbol 'OPTT'.

Ocean Power Technologies, Inc. (NASDAQ: OPTT) announced the receipt of $1 million in non-dilutive funding from the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer Program. This program allows eligible New Jersey technology companies to sell net operating losses and research credits, facilitating financial growth. The funding will support OPT's commercial and development initiatives, building on a decade-long partnership with PSEG. The company aims to advance its innovative ocean energy solutions while benefiting from state support.

Ocean Power Technologies (NASDAQ: OPTT) has deployed a PB3 PowerBuoy^® for Enel Green Power off the coast of Las Cruces, Chile, contributing to the country's clean energy transition. Originally sold to EGP in September 2019, the buoy will facilitate research at Chile’s Marine Energy Research and Innovation Center (MERIC). The project aims to gather real-time environmental data while utilizing wave energy, available continuously. Despite initial delays due to COVID-19, the deployment was completed effectively with remote collaboration.

Ocean Power Technologies (OPTT) reported its third-quarter fiscal 2021 financial results, highlighting significant operational changes. The company acquired 3Dent Technology, enhancing its offshore engineering capabilities. Despite an increase in liquidity to $80.4 million, OPTT's revenue fell to $0.3 million from $0.7 million year-over-year, with a net loss rise attributed to pandemic-related project delays. The firm generated $76.1 million in net proceeds through equity agreements and plans a remote deployment of its OPT PowerBuoy® subsea data collection system in Chile.

Ocean Power Technologies Elects New Independent Directors

On December 23, 2020, Ocean Power Technologies (NASDAQ: OPTT) announced the election of Clyde W. Hewlett, Diana G. Purcel, and Peter E. Slaiby as independent directors during its annual meeting. These directors bring significant expertise in offshore energy, finance, and governance. Notably, the board also approved a financing facility with Aspire Capital for over 19.99% of common stock, an expanded stock incentive plan, and the appointment of EisnerAmper as the independent auditor for Fiscal Year 2021.

Ocean Power Technologies (OPTT) reported its financial results for Q2 FY2021, ending October 31, 2020. Revenue decreased to $0.1 million from $0.2 million year-over-year, primarily due to lower revenue from Enel Green Power. The net loss decreased by $0.2 million, attributed to reduced product development costs. Total cash and equivalents rose to $26.3 million. The company signed contracts with ACET and received a DeepStar project award to utilize its PB3 PowerBuoy. A Common Stock Purchase Agreement with Aspire Capital allows for up to $12.5 million in stock sales over 30 months.