Ocean Power Tech Stock Price, News & Analysis

Ocean Power Technologies (OPTT) has appointed Robert P. Powers as Senior Vice President and Chief Financial Officer, effective December 13, 2021. With over 25 years of financial leadership experience, Powers aims to enhance OPT's operations and implement its growth strategy, focusing on market expansion and subscription revenues. CEO Philipp Stratmann expressed optimism about Powers' impact on the company's performance, particularly in developing new services.

Ocean Power Technologies (OPTT) has announced the postponement of its 2021 Annual Meeting of Stockholders to December 14, 2021, at 2 p.m. Eastern, from the previously scheduled date of December 13, 2021. The record date for shareholders remains October 15, 2021. The decision was made to allow more time for soliciting shareholder votes. An amendment to the definitive proxy statement will be filed with the SEC, providing further information about the postponement. Shareholders are encouraged to vote online, by phone, or by email.

Ocean Power Technologies (NYSE American: OPTT) has acquired Marine Advanced Robotics, Inc. (MAR) for $11 million, enhancing its offshore intelligence capabilities. The deal comprises $4 million in cash and $7 million in OPT common stock. This acquisition aligns with OPT's growth strategy in the Maritime Domain Awareness sector. MAR's Wave Adaptive Modular Vessel (WAM-V) technology offers autonomous surface vessels that adapt to water conditions, potentially expanding OPT's market reach and revenue streams.

Ocean Power Technologies (OPTT) will report its fiscal year 2022 second quarter results on December 14, 2021, after market close. A conference call is scheduled for December 15, 2021, at 9:00 a.m. Eastern, with the dial-in options provided for attendees. The company aims to enhance relations with institutional investors through individual meetings starting December 16. Known for its innovative low-carbon marine power solutions, OPTT focuses on offshore energy, defense, and communications.

Ocean Power Technologies (OPTT) reported a revenue increase to $0.3 million for the first quarter of fiscal year 2022, up from $0.2 million in the prior year, driven by growth in Strategic Consulting Services post-3Dent acquisition. The company narrowed its net loss to $3.0 million, aided by gains from PPP loan forgiveness and tax benefits. Cash reserves stood at $78.3 million as of July 31, 2021. OPTT is advancing its transformation into a services provider, focusing on innovative maritime solutions, and has secured a DOE award for next-generation wave energy technology.

Ocean Power Technologies (NYSE American: OPTT) has been awarded a grant of up to $197,203 by the U.S. Department of Energy for the development of a modular Mass-on-Spring Wave Energy Converter (MOSWEC) PowerBuoy®. This funding will support a feasibility study aimed at enhancing clean energy technology for ocean monitoring systems. With established patents in MOSWEC technology, OPTT aims to drive innovations in sustainable energy solutions, aligning with national goals for net-zero emissions.

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.