Ocean Power Technologies develops intelligent maritime power, data and autonomy solutions for defense and security, offshore energy, science and research, and offshore wind customers. Its recurring news centers on PowerBuoy® offshore power and communications systems, WAM-V® autonomous surface vessels, Merrows™ maritime domain awareness integration, marine robotics services, and low-carbon infrastructure for remote ocean operations.
Company updates commonly cover customer orders, government and commercial deployments, autonomous docking and charging capabilities, maritime domain awareness programs, international shipments, quarterly results, backlog and sales pipeline commentary, and participation in investor events. OPTT news also reflects work on persistent offshore monitoring, communications relay, autonomous navigation, and support for maritime security and infrastructure protection missions.
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.