MONROE TOWNSHIP, N.J., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced the filing of a patent pending for its groundbreaking docking and recharging buoy technology, specifically designed for the Wave Adaptive Modular Vessel (WAMV) Unmanned Surface Vehicle (USV). This advanced system has already been successfully demonstrated, showcas ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

MONROE TOWNSHIP, N.J., July 30, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, is thrilled to announce the signing of a reseller agreement with Geos Telecom, a prominent provider of maritime communication and navigation solutions in Costa Rica. This partnership marks a significant expansion of OPT's presence in the Latin American market and includes the immediate sal ...

Ocean Power Technologies, Inc. (NYSE:OPTT) Q4 2024 Earnings Conference Call July 26, 2024 9:00 AM ET Company Participants Robert Powers - Senior Vice President & Chief Financial Officer Philipp Stratmann - President & Chief Executive Officer Conference Call Participants Jeff Grampp - Alliance Global Partners Shawn Severson - Water Tower Research Peter Ruggiere - Dawson James Securities Operator Good morning and welcome to the Ocean Power Technologies Fourth Quarter and Full Fiscal Year 2024 Earnings Confere ...

Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The Canberra Times, and... Read more Proa ...

Financial Performance - Revenues for FY24 increased 102% to $5.5 million, compared to $2.7 million in FY23[4] - Gross profit for FY24 was $2.8 million, representing a gross margin of 51%, up from $0.2 million and 9% in FY23[4] - Net loss for FY24 was $27.5 million, slightly higher than the net loss of $26.3 million in FY23[7] - Revenue for the fiscal year 2024 was $5,525,000, compared to $2,732,000 for the fiscal year 2023, representing a growth of 102.9%[25] - Gross profit increased to $2,826,000 in fiscal year 2024 from $236,000 in fiscal year 2023, marking a significant improvement[25] - The net loss for fiscal year 2024 was $27,483,000, compared to a net loss of $26,326,000 in fiscal year 2023, reflecting a slight increase in losses[25] Operating Expenses - Operating expenses for FY24 were $32.2 million, compared to $28.3 million in FY23, including extraordinary expenses of $3.9 million[7] - Total operating expenses rose to $32,157,000 in fiscal year 2024, up from $29,452,000 in fiscal year 2023, indicating an increase of 5.8%[25] Cash and Assets - Cash and cash equivalents decreased to $3,151,000 as of April 30, 2024, down from $6,883,000 as of April 30, 2023, a decline of 54.2%[23] - Total current assets dropped to $10,543,000 in April 2024 from $37,673,000 in April 2023, a decrease of 72.0%[23] - The company reported a significant increase in inventory, which rose to $4,831,000 in April 2024 from $1,044,000 in April 2023, an increase of 362.5%[23] Liabilities - Total liabilities were $9,360,000 as of April 30, 2024, slightly down from $9,421,000 in April 30, 2023[23] Future Outlook - Backlog as of April 30, 2024, was $4.9 million, a 25% increase from $4.0 million at the same time last year[4] - Contracted orders for FY25 are expected to be approximately $12.5 million, representing nearly 2x growth over FY24[10] - The company anticipates reaching profitability during the second half of calendar year 2025[5] Strategic Partnerships - The company signed a reseller agreement with Survey Equipment Services, Inc. to provide WAM-Vs domestically, enhancing revenue streams[4] - A strategic partnership with Teledyne Marine aims to enhance product offerings and drive innovation in maritime technology[3] Share Information - The weighted average shares used to compute basic and diluted net loss per share increased to 59,031,736 in fiscal year 2024 from 55,998,543 in fiscal year 2023[25] Cash Flow - Cash used in operating activities for fiscal year 2024 was $29,763,000, compared to $21,707,000 in fiscal year 2023, indicating a higher cash outflow[26]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 22-2535818 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-33417 Ocean Power Technologies, Inc. (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identifi ...

MONROE TOWNSHIP, N.J., July 25, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for its fiscal fourth quarter ("4Q24") and full-year ended April 30, 2024 ("FY24"). Highlights include: 4Q24 and RECENT HIGHLIGHTS 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 In July 2024 we announced a contract for immediate delivery of a PowerBuoy equippe ...

MONROE TOWNSHIP, N.J., July 25, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for its fiscal fourth quarter ("4Q24") and full-year ended April 30, 2024 ("FY24"). Highlights include: 4Q24 and RECENT HIGHLIGHTS 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 In July 2024 we announced a contract for immediate delivery of a PowerBuoy equippe ...

Ocean Power Technologies Inc (NYSE-A:OPTT) is seeing continued strong demand for its AI-powered Maritime Domain Awareness Solution Merrows, this week announcing it has won a contract for the delivery of a PowerBuoy equipped with the technology in the Middle East. CEO Philip Stratmann told Proactive in an interview that the announcement builds on its earlier announcement it was selected as a preferred supplier for its Merrows-equipped buoys in the region. He also highlighted the potential for the company's t ...