Ocean Power Tech Stock Price, News & Analysis

Ocean Power Technologies (NYSE American: OPTT) has announced it will release its fiscal 2025 first quarter results on September 16, 2024, after market close. The results cover the period ended July 31, 2024. A conference call to discuss the financial results is scheduled for September 17, 2024, at 9:00 AM EDT, hosted by CEO Philipp Stratmann and CFO Bob Powers.

Investors can join the call using the dial-in numbers 877-407-8291 or 201-689-8345. A live webcast will be available, and a replay can be accessed by dialing 877-660-6853 (US) or 201-612-7415 (international) with Conference ID 13748550. OPT management is also offering individual meetings with portfolio managers and analysts to enhance institutional investor relations.

Ocean Power Technologies (NYSE American: OPTT) has announced the signing of four new reseller agreements aimed at supporting global critical services. These agreements expand OPT's reach into key regions, including the South China Sea, Latin America, and the Middle East, as well as serving global commercial markets. The partnerships are expected to amplify OPT's ability to meet the growing demand for its autonomous maritime technologies.

CEO Philipp Stratmann expressed optimism about the increasing demand in global commercial markets and interest from allied nations in the defense sector. He believes these partnerships will accelerate growth and drive additional revenue streams for the company, which specializes in low-carbon marine power, data, and service solutions.

Ocean Power Technologies (NYSE American: OPTT) reminds stockholders of a Special Meeting on August 30, 2024, to vote on increasing authorized common stock from 100 million to 200 million shares. The Board recommends voting 'FOR' this proposal to enable future capital raising, acquisitions, employee incentives, and other corporate purposes. OPT, a low-carbon marine power solutions provider, aims to ensure flexibility for potential growth opportunities.

Additionally, OPT disclosed in its recent Form 10-K that its audited financial statements included a going concern paragraph, as required by NYSE American Company Guide Section 610(b). This doesn't change the financial statements or the Annual Report for the year ended April 30, 2024.

Ocean Power Technologies (NYSE American: OPTT) has filed a patent pending for its innovative docking and recharging buoy technology designed for the Wave Adaptive Modular Vessel (WAM-V) Unmanned Surface Vehicle (USV). This technology enables autonomous docking and recharging at sea, significantly increasing operational range and endurance for USVs.

The system has been successfully demonstrated and is particularly valuable for applications in oceanographic research, environmental monitoring, and defense sectors. It aligns with OPT's strategy to enhance its Merrows Platform with AI-capable solutions, expanding market reach and supporting diverse customer needs.

CEO Philipp Stratmann emphasized that this development showcases OPT's commitment to advancing sustainable and innovative ocean technologies, providing cost-effective and environmentally friendly solutions for maritime applications.

Ocean Power Technologies (NYSE American: OPTT) has signed a reseller agreement with Geos Telecom, a leading maritime communication and navigation solutions provider in Costa Rica. This partnership marks OPT's expansion into the Latin American market and includes the immediate sale of a WAM-V (Wave Adaptive Modular Vessel). The agreement is expected to drive near-term growth of PowerBuoy systems and WAM-Vs in response to regional demand.

CEO Philipp Stratmann emphasized that this collaboration enhances OPT's footprint in Latin America and enables the delivery of advanced USV capabilities to a new customer base. The immediate WAM-V sale highlights the growing demand for OPT's technology and supports their mission to provide innovative solutions for safer, cleaner, and more productive ocean operations.

Ocean Power Technologies, Inc. (NYSE American: OPTT) announced financial results for Q4 and full-year fiscal 2024. Key highlights include:

- FY24 revenue increased 102% to $5.5 million
- Gross profit for FY24 was 51% and $2.8 million, up from 9% and $0.2 million in FY23
- Backlog at April 30, 2024 is $4.9 million, a 25% increase over the prior year
- Pipeline at April 30, 2024 stood at $71.6 million

OPT signed strategic partnerships with Teledyne Marine, Red Cat Holdings, and a major international defense contractor. The company expects to reach profitability during the second half of calendar year 2025. For FY25, contracted orders are expected to be approximately $12.5 million, representing nearly 2x growth over FY24.

Ocean Power Technologies (NYSE American: OPTT) has secured a contract for immediate delivery of a PowerBuoy equipped with Merrows, its AI-capable Maritime Domain Awareness Solution, in the Middle East. This marks the first confirmed order since OPT's selection as a preferred supplier in the region. The contract will generate revenues in the current quarter, though specific details remain confidential.

CEO Philipp Stratmann highlighted the company's growing business across all solutions, including WAM-Vs and PowerBuoys. He emphasized that this shipment of a solar and wind-powered system demonstrates OPT's capability to service diverse marine environments globally, offering proven technology solutions that facilitate easy integration for potential customers.

Ocean Power Technologies (NYSE American: OPTT) will announce its fiscal 2024 fourth quarter results on July 25, 2024, for the period ending April 30, 2024. The results will be released after market close. A conference call to discuss the financial outcomes will take place the next day, July 26, 2024, at 9:00 am EDT, hosted by CEO Philipp Stratmann and CFO Bob Powers. The call can be accessed via 877-407-8291 or 201-689-8345. A live webcast will be available, and a replay can be accessed by dialing 877-660-6853 or 201-612-7415 with Conference ID 13747852. Additionally, OPT will be holding individual meetings with institutional investors and analysts.

Ocean Power Technologies (NYSE American: OPTT), a leading provider of low-carbon marine power and data solutions, will participate in a 'Fireside Chat' hosted by Water Tower Research on July 17, 2024, at 11:00 a.m. ET. During the event, CEO Dr. Philipp Stratmann will discuss the company's strategies and investments in growth and commercialization opportunities. This session is part of OPT's ongoing efforts to engage with investors and provide updates on their mission to enhance ocean sustainability and safety. Interested parties can register for this listen-only event via the provided link. A replay will be available on OPT's website.