Ocean Power Tech Stock Price, News & Analysis

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.

On December 14, 2022, Ocean Power Technologies (NYSE American: OPTT) convened its 2022 Annual Meeting of Stockholders but adjourned due to lack of quorum, resulting in no business being conducted. The meeting will reconvene on January 13, 2023, at 10:00 AM EST, with the Company continuing to solicit shareholder votes on proposals outlined in the Proxy Statement filed on October 19, 2022. Shareholders are urged to vote by January 12, 2023, to avoid incurring further expenses related to the postponement.

Ocean Power Technologies (NYSE American: OPTT) will release its fiscal 2023 second-quarter results on December 14, 2022, after market close. A conference call to discuss the financial results will take place the next day, December 15, 2022, at 9:00 a.m. Eastern time, hosted by the company's executives. Investors interested in individual meetings with management can reach out starting December 19, 2022. Ocean Power Technologies specializes in low-carbon marine power solutions and innovative maritime services across sectors such as defense, offshore wind, and oil and gas.

Ocean Power Technologies (OPTT) announced CEO Philipp Stratmann's participation in the LD Micro Main Event XV Conference, scheduled for October 25-27, 2022, at Luxe Sunset Boulevard Hotel, Los Angeles. OPT is set to present on October 25 at 5:00 p.m. PT. During the event, management will hold one-on-one meetings with attendees. Investors can access the webcast of the presentation and find a replay on the company's investor website. OPT specializes in innovative low-carbon marine power and offers services for diverse markets, including offshore wind and defense.

Ocean Power Technologies, Inc. (NYSE American: OPTT) has secured a $529,025 procurement contract with Amentum Services to support the Department of Defense's Information Analysis Center (IAC). This contract involves providing land, air, space, and coastal surveillance services for the Department of Homeland Security (DHS) Science & Technology Directorate. The project aims to enhance maritime operations and requires OPT to deliver scientific hardware, training, integration services, and surveillance data for the PB3 PowerBuoy equipped with its Maritime Domain Awareness solution.

Ocean Power Technologies (NYSE: OPTT) announced its first-quarter fiscal 2023 results, reporting revenues of $714,000, up from $272,000 in 1Q22. The company was awarded up to $1.1 million by the U.S. Department of Energy for developing a next-generation wave energy converter. However, net loss widened to $5.9 million in 1Q23 compared to $3.1 million in the previous year. Additionally, cash and short-term investments decreased to $52.4 million from $77.7 million a year earlier. Management remains optimistic about achieving a $9.0 million bookings target for fiscal 2023.

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.