Ocean Power Tech Stock Price, News & Analysis

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.

Ocean Power Technologies (OPTT) announced a contract with SeaTrepid International for the deployment of a PB3 PowerBuoy® off the coast of Chile. This marks the first third-party installation conducted remotely due to pandemic-related travel restrictions. Training and installation procedures are being conducted virtually, enhancing operational flexibility while reducing costs. The deployed system will provide real-time oceanographic data and will be monitored from OPT's New Jersey base. The deployment is part of OPT's strategy to use local contractors to facilitate ocean energy solutions more efficiently.

Ocean Power Technologies (NASDAQ: OPTT) has appointed Jorge Franco as Regional Sales Representative in Spain, effective immediately. Franco, who has over 20 years of experience in the oil and gas sector, will focus on expanding opportunities in Southern Europe. His previous role was Global Account Vice President at Halliburton, where he managed accounts for major companies. The addition of Franco is expected to enhance OPTT's outreach and strengthen its position in the offshore power market, particularly within the oil and gas industry.

Ocean Power Technologies (NASDAQ: OPTT) announced a new project award from DeepStar® to study the use of its PB3 PowerBuoy® for remote zero carbon power in subsea oil production. This techno-economic feasibility study, supported by Total E&P Research, aims to evaluate cost and carbon emission reductions for deepwater operations at depths of 1000, 2000, and 3000 meters. The collaboration seeks to explore the practicality of electric power solutions in offshore oil & gas, aligning with a low-carbon development vision.

Ocean Power Technologies (NASDAQ: OPTT) has partnered with Adams Communications & Engineering Technology (ACET) to conduct a feasibility study for a PB3 PowerBuoy^® system, focusing on integrating offshore 5G communications with unmanned and robotic systems. This initiative supports the U.S. Navy’s SLAMR program aimed at enhancing marine defense technologies. The study will outline operational plans, deployment strategies, and regulatory requirements for this autonomous communication solution.

Ocean Power Technologies, Inc. (Nasdaq: OPTT) announced a new Common Stock Purchase Agreement with Aspire Capital Fund, LLC, allowing the company to sell up to $12.5 million in common stock over 30 months. The funds will be allocated for building additional PowerBuoys and advancing product development. The agreement grants OPT control over stock sales, with Aspire Capital obligated to purchase shares as needed. Key terms include limits on sales amounts and no restrictions on proceeds usage, enhancing OPT's capital flexibility for growth.

On September 14, 2020, Ocean Power Technologies (Nasdaq: OPTT) reported its financial results for Q1 FY2021, ending July 31, 2020. Revenue remained stable at $0.2 million, primarily from the Enel Green Power project. However, the net loss increased by $0.4 million due to rising product development and administrative costs. Notable operational advancements included the introduction of two new products: a hybrid PowerBuoy® and a Subsea Battery, along with an expanded sales team in Southeast Asia. The company also achieved over 600 days of continuous operation with its PB3 PowerBuoy® deployed in the Adriatic Sea.

Ocean Power Technologies (NASDAQ: OPTT) has announced the launch of its PowerBuoy® Surface Surveillance Solution, designed to enhance security monitoring of offshore areas. This innovative system can oversee over 1600 square miles of ocean, integrating advanced sensors and software for real-time surveillance. The solution features high-definition radar and imaging capabilities, vessel tracking, and continuous monitoring of environmental and illegal activities. OPT is actively marketing this technology to governments and organizations worldwide, emphasizing its scalability for both single units and extensive surveillance networks.

Ocean Power Technologies (OPTT) reported significant growth in fiscal year 2020, with revenues increasing to $1.7 million from $0.6 million the prior year. Key developments include the sale of a PB3 PowerBuoy® to Enel Green Power and extended deployments in the Adriatic Sea. Despite challenges posed by the COVID-19 pandemic, the company's net loss improved to $10.4 million, down $1.8 million from the previous year. Total cash on hand is $10.9 million. A conference call to discuss these results is scheduled for June 30, 2020.