Ocean Power Technologies

Ocean Power Technologies, Inc. engages in commercializing proprietary systems that generate electricity predominantly by harnessing the renewable energy of ocean waves. It offers PB3 PowerBuoy, which generates electricity by harnessing the renewable energy of ocean waves. It operates through the following geographical segments: North and South America, Europe, and Asia and Australia. The company was founded by George W. Taylor on April 19, 1984 and is headquartered in Monroe Township, NJ.

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Ocean Power Technologies reports fiscal growth amidst shareholder challenges

Ocean Power Technologies (OPTT) showcased technological achievements and strategic partnerships in fiscal 2024 despite financial challenges from a dissident shareholder.
With a focus on achieving profitability by the second half of calendar 2025, OPTT aims to leverage cost optimization and operational efficiencies for future success.
Dr. Stratmann's emphasis on growth trajectory, market opportunities, and shareholder value underscores OPTT's commitment to driving innovation and value creation.

Ocean Power Technologies (OPTT) reports strong Q1 results and advances in renewable energy technology

Ocean Power Technologies (OPTT) delivered improved financial performance in Q1 '25 with revenue growth, cost reductions, and a strengthened backlog, signaling positive momentum.
The company's focus on innovation, strategic partnerships, and operational efficiency positions it well for future growth and market leadership in the renewable energy sector.
While OPTT faces challenges in maintaining profitability and cash flow, opportunities lie in leveraging its technological advancements and market demand to drive sustainable growth.

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Ocean Power Technologies Inc (NYSE-A:OPTT) recently highlighted strategic advancements in its defense and offshore energy sectors. Earlier this week, CEO Philipp Stratmann told Proactive about progress on Project Overmatch, an initiative with the US Navy focused on multi-domain operations that deploy multiple unmanned surface vehicles.

Ocean Power Technologies secures major US Navy project - ICYMI

Ocean Power Technologies Inc (NYSE-A:OPTT) has announced a follow-on order for its WAM-V 8 unmanned surface vehicle from a customer in the Latin America region. This comes after several major contractual milestones were completed in the region with deliveries of a WAM-V 16 and WAM-V 22, Ocean Power Technologies said on Thursday.

Ocean Power Technologies gets follow-on order as major deliveries carried out

MONROE TOWNSHIP, N.J., Oct. 31, 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 it has completed several major contractual milestones and delivered new unmanned surface vehicles, a WAM-V 16 and a WAM-V 22, to previously announced survey customers in Latin America.

Ocean Power Technologies Secures Follow-On Order for WAM-V 8 and Delivers WAM-V 16 and WAM-V 22 to Latin America

Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has completed a major milestone for the Naval Information Warfare Center Pacific's Project Overmatch. The provider of intelligent maritime solutions said it has completed the second set of services of the previously announced follow-on contract as a subcontractor to EpiSci, resulting in immediate revenue recognition.

Ocean Power Technologies demonstrates defense capabilities with completion of Project Overmatch milestone

MONROE TOWNSHIP, N.J., Oct. 28, 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 that it has completed the second set of exercises of the previously announced follow-on contract as a subcontractor to EpiSci and successfully deployed several of its WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch.

Ocean Power Technologies Completes Major Milestone for Naval Information Warfare Center Pacific's Project Overmatch

Ocean Power Technologies Inc (NYSE-A:OPTT) announced it has appointed Remah International Group as its distributor in the UAE, marking a significant development in the company's expansion within the Middle East's defense and security sector. The agreement enables collaboration between the two companies to promote, sell, and service OPT's range of solutions, including WAM-V Unmanned Surface Vehicles, the Next Generation Powerbuoy, and AI-enabled Merrows.

Ocean Power Technologies taps Remah International Group as UAE distributor

Paradigm Shifting Development in OPT's Expansion of its Defense and Security Business in the Middle East Paradigm Shifting Development in OPT's Expansion of its Defense and Security Business in the Middle East

Ocean Power Technologies Appoints Remah International Group as Distributor in the UAE

Ocean Power Technologies Inc (NYSE-A:OPTT) announced the shipment of a WAM-V Unmanned Surface Vehicle (USV) to the United Arab Emirates (UAE). This move follows the company's partnership with Unique Group, a UAE-based provider of offshore services and equipment.

Ocean Power Technologies to showcase autonomous vehicle at Abu Dhabi event

MONROE TOWNSHIP, N.J., Oct. 16, 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 it has shipped a WAM-V Unmanned Surface Vehicle (“USV”) to the UAE.

Ocean Power Technologies to exhibit Autonomous Vehicle Services at ADIPEC with Unique Group

Ocean Power Technologies Inc (NYSE-A:OPTT) told investors it has entered into a service partnership with 3B General Trading & Contracting to explore offshore energy and maritime industry projects in Kuwait. The agreement will involve deploying the company's WAM-V autonomous and unmanned surface vehicles and its Next Generation PowerBuoys equipped with AI-powered Merrows technology.

Ocean Power Technologies expands in Middle East

MONROE TOWNSHIP, N.J., Oct. 14, 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 it has signed an agreement with 3B General Trading & Contracting Co. W.L.L.

Ocean Power Technologies Appoints Authorized Service Partner in Kuwait for PowerBuoys® and WAM-Vs®

MONROE TOWNSHIP, N.J., Oct. 11, 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 that it will be participating in the MicroCap Rodeo Fall Conference, which will be held on Wednesday, October 16th, 2024, in New York City.

Ocean Power Technologies to Present at the MicroCap Rodeo Fall Conference in New York City on October 16th, 2024

MONROE TOWNSHIP, N.J., Oct. 07, 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 it has received customer confirmation to ship to a customer in the Middle East the previously announced shipment ready AI capable Merrows™ PowerBuoy®.

Ocean Power Technologies Confirms Shipment of AI capable Merrows™ PowerBuoy® for the Middle East

Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has received a $1.1 million preliminary award from the New Jersey Economic Development Authority Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program. This program allows technology and life sciences companies in New Jersey to sell a portion of their state net operating losses and unused research and development (R&D) tax credits to unrelated profitable businesses in exchange for cash.

Ocean Power Technologies secures $1.1M award from New Jersey NOL program

MONROE TOWNSHIP, N.J., Oct. 02, 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 it has been notified of a $1.1 million preliminary award under the New Jersey Economic Development Authority (NJEDA) 2024 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program.

Ocean Power Technologies Announces $1.1 Million Preliminary Award from the New Jersey Economic Development Authority (NJEDA) Technology Business Tax Certificate Transfer Program

Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has shipped multiple of its unmanned surface vehicles (WAM-Vs) to a Department of the US Government as part of a previously disclosed sole source contract. The provider of intelligent maritime solutions said the delivery of the vehicles will lead to revenue recognition.

Ocean Power Technologies ships WAM-Vs to US government

MONROE TOWNSHIP, N.J., Sept. 27, 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 it has shipped for prompt delivery multiple WAM-Vs on a previously announced sole source contract to a Department of the US Government.

Ocean Power Technologies Ships Multiple Unmanned Surface Vehicles to US Government

Ocean Power Technologies Inc (NYSE-A:OPTT) said it has signed a Memorandum of Understanding (MOU) with Brazil's Serviço Nacional de Aprendizagem Industrial (SENAI Innovation Institute for Virtual Production Systems from Firjan). SENAI is a Brazilian organization that provides technical education and training for the industrial sector.

Ocean Power Technologies signs MOU with SENAI to explore blue economy opportunities in Brazil

MONROE TOWNSHIP, N.J., Sept. 25, 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 it has signed a Memorandum of Understanding (MOU) with Serviço Nacional de Aprendizagem Industrial (SENAI Innovation Institute for Virtual Production Systems from Firjan) in Brazil to explore collaborating together toward Blue Economy opportunities including deployment of WAM-V® autonomous and unmanned surface vehicles and Next Generation PowerBuoys® equipped with AI capable Merrows™.

Ocean Power Technologies Signs Agreement with Serviço Nacional de Aprendizagem Industrial to Advance Autonomous Ocean Developments

Ocean Power Technologies, Inc. (NYSE:OPTT ) Q1 2025 Earnings Conference Call September 17, 2024 9:00 AM ET Company Participants Robert Powers - Senior Vice President and Chief Financial Officer Philipp Stratmann - President and Chief Executive Officer Conference Call Participants Jeff Grampp - Alliance Global Partners Shawn Severson - Water Tower Research Operator Greetings and welcome to the Ocean Power Technologies Fiscal Year 2025 Q1 Earnings Conference Call. At this time all participants are in a listen-only mode.

Ocean Power Technologies, Inc. (OPTT) Q1 2025 Earnings Call Transcript

Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it made significant further progress towards achieving profitability during the fiscal first quarter of 2025, notably decreasing its operating expenses, reducing its operating loss, and lowering cash burn. The provider of intelligent maritime solutions said it reduced its operating expenses by 39% year-over-year to $4.9 million, attributed to its restricting and streamlining efforts.

Ocean Power Technologies expands pipeline, progresses towards profitability during fiscal Q1

Operating expenses decrease by 39%, reducing operating loss and lower cash burn as OPT achieves further progress on its Path to Profitability. The Company's pipeline continues to grow, reflecting an increase in defense and security activity as well as an expansion of commercial opportunities Operating expenses decrease by 39%, reducing operating loss and lower cash burn as OPT achieves further progress on its Path to Profitability. The Company's pipeline continues to grow, reflecting an increase in defense and security activity as well as an expansion of commercial opportunities

Ocean Power Technologies, Inc. Announces First Quarter Fiscal 2025 Results

Ocean Power Technologies Inc (NYSE-A:OPTT) announced it has secured a $1 million follow-on contract as a subcontractor to EpiSci following the successful demonstration of its autonomous surface vehicle technologies in the U.S. Navy's Mission Autonomy Proving Grounds (MAPG) under Project Overmatch.

Ocean Power Technologies wins $1M follow-on contract after navy project success

MONROE TOWNSHIP, N.J., Sept. 12, 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 that it has been awarded a follow-on contract valued at $1M as a subcontractor to EpiSci after the successful 12 month demonstration of its autonomous surface vehicle technologies during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch.

Ocean Power Technologies Awarded $1M Contract for Naval Information Warfare Center Pacific's Project Overmatch' Mission Autonomy Proving Grounds

The Ocean Power market is estimated to be valued at US$ 1.14 Bn in 2024 and is expected to exhibit a CAGR of 19.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. Companies covered: AWS Ocean Energy, CalWave, Ocean Harvesting, CorPower Ocean, Applied Technologies Company Ltd., Aqua-Magnetics Inc., Atargis Energy Corporation, Able Technologies L.L.C., Alba tern Ltd, Aquagen Technologies, Aqua-Magnetics Inc, Biopower Systems Pty Ltd., Blue Energy Canada Inc., Carnegie Clean Energy Limited, Minesto AB, Nova Innovation Ltd., Mocean Energy, Andritz Hydro Hammerfest, Ocean Renewable Power Company LLC, and Tenax Energy The Ocean Power market is estimated to be valued at US$ 1.14 Bn in 2024 and is expected to exhibit a CAGR of 19.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. Companies covered: AWS Ocean Energy, CalWave, Ocean Harvesting, CorPower Ocean, Applied Technologies Company Ltd., Aqua-Magnetics Inc., Atargis Energy Corporation, Able Technologies L.L.C., Alba tern Ltd, Aquagen Technologies, Aqua-Magnetics Inc, Biopower Systems Pty Ltd., Blue Energy Canada Inc., Carnegie Clean Energy Limited, Minesto AB, Nova Innovation Ltd., Mocean Energy, Andritz Hydro Hammerfest, Ocean Renewable Power Company LLC, and Tenax Energy

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