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) generates news around intelligent maritime systems, low-carbon marine power, and autonomous ocean operations. As a NYSE American-listed company focused on defense and security, offshore energy, and research markets, its announcements often highlight new contracts, technology deployments, and strategic partnerships that shape its role in maritime domain awareness and uncrewed systems.
Recent news has included a multi-buoy contract greater than $5 million to deploy MERROWS®-equipped PowerBuoy® systems in support of a U.S. Coast Guard mission under the U.S. Department of Homeland Security, providing persistent maritime domain awareness off the coast of San Diego, California. Other releases describe shipments of WAM-V® unmanned surface vehicles to partners in the United Arab Emirates, expansion of regional operations, and a Master Services Agreement with Unique Group for non-defense WAM-V® projects in the UAE.
Investors and industry followers can also find updates on partnerships such as the collaboration with Mythos AI to integrate AI-driven autonomy across WAM-V® ASVs and PowerBuoy® platforms, and the agreement with Gradient Marine to add digital twin and simulation capabilities via the Virtual Maritime Picture software. Financial news appears through quarterly earnings releases, backlog and pipeline disclosures, and conference call announcements, while corporate developments include certifications like AUVSI Trusted Uncrewed Maritime Systems Operator Training Provider status and participation in investor conferences.
This news page for OPTT aggregates these types of updates in one place, covering contracts, deployments, partnerships, financial results, certifications, and investor events. It offers a single view into how Ocean Power Technologies is applying its PowerBuoy®, WAM-V®, Merrows™, and related technologies across defense, offshore energy, and commercial maritime applications over time.
Ocean Power Technologies (OPTT) announced it will report its fiscal 2023 first-quarter financial results on September 12, 2022, after market closure. A conference call to discuss these results will be held the next day, September 13, at 9:00 a.m. Eastern Time, hosted by CEO Philipp Stratmann, CFO Bob Powers, and Treasurer Joseph Dipietro. Investors can access the live webcast or the replay through the company's investor relations section. The company focuses on innovative low-carbon marine power solutions across various industries, including offshore wind.
Ocean Power Technologies (OPTT) has been selected by the U.S. Department of Energy for the Phase II development of a next-generation wave energy converter. This follows the successful completion of Phase I, and the government will invest up to $1,097,212 over the next 18-24 months to develop a modular Mass-on-Spring Wave Energy Converter (MOSWEC) PowerBuoy. The MOSWEC is designed for various applications, including powering autonomous ocean monitoring systems, and is scalable for diverse missions. This investment supports the company's clean energy initiatives and aligns with national blue economy goals.
Ocean Power Technologies (OPTT) reported financial results for Q4 and FY 2022, with Q4 revenues rising to $756,000, boosted by its Strategic Consulting Services. FY 2022 revenues reached $1.76 million, primarily due to the acquisition of Marine Advanced Robotics (MAR), contributing $2 million in FY 2023. The company is focused on developing its Maritime Domain Awareness (MDA) platform and anticipates $9 million in orders for FY 2023. Despite a net loss of $5.2 million in Q4, OPT maintains a strong cash position of $57.5 million and no bank debt.
Ocean Power Technologies (NYSE American: OPTT) announced its upcoming 2022 fourth quarter and full-year financial results will be released on July 13, 2022, after market close. A conference call, featuring CEO Philipp Stratmann and CFO Bob Powers, will take place on July 14, 2022, at 9:00 AM ET. Investors can access the call at 877-407-8291 or via a live webcast. Additionally, management will be available for individual meetings with institutional investors starting July 14. For more information, visit Ocean Power's website.
On May 9, 2022, Ocean Power Technologies (NYSE American: OPTT) announced Ethan Butler as the new Vice President of Engineering & Operations. With over 25 years of experience, including prior positions at Insulet and General Dynamics, Butler is expected to enhance the company’s capabilities in autonomous underwater vehicles. His goal is to lead the integration of PowerBuoy® and WAM-V® technologies, aiming for increased production capacity and customer-focused solutions. The company also granted Butler 50,000 restricted shares as an inducement award, which will vest after one year.
Ocean Power Technologies (OPTT) reported a 53% revenue growth to $484,000 in Q3 FY2022, up from $317,000 in Q3 FY2021, driven by the acquisition of Marine Advanced Robotics (MAR) which added $257,000 to revenue.
Despite the growth, the company posted a net loss of $5.5 million, compared to $3.1 million in Q3 FY2021. Engineering costs increased by $1.5 million year-over-year due to investment in new software. A new VP of Global Sales & Marketing was appointed to support growth initiatives.
Ocean Power Technologies (OTC: OPTT) announced it will report fiscal Q3 2022 results on March 14, 2022. The conference call to discuss results is scheduled for March 15, 2021, at 9:00 a.m. Eastern. CEO Dr. Philipp Stratmann will cover updates on integrating Marine Advanced Robotics and the development of maritime domain awareness software. The company focuses on innovative, low-carbon marine power and service solutions, serving various markets including defense and offshore wind.
Ocean Power Technologies (OPTT) announced its financial results for Q2 FY 2022, reporting revenues of $247,000, up from $118,000 the previous year, driven by growth in Strategic Consulting Services. The company completed an acquisition of Marine Advanced Robotics to expand its autonomous vehicle offerings. However, net loss increased to $5.2 million compared to $3.0 million in Q2 FY 2021, with cash used in operations rising to $10.4 million. The company will discuss these results in a conference call on December 15, 2021.
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.