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.

Earnings data Q3 2021

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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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Results of Successful Demonstrations will be presented at the International Mine Warfare Technology Symposium Results of Successful Demonstrations will be presented at the International Mine Warfare Technology Symposium

Ocean Power Technologies Successfully Demonstrates Counter Unmanned Underwater Vehicle Capability

Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it is nearing 15MWh of renewable energy production from its family of PowerBuoys, its marine power stations that harvest energy from waves. The provider of intelligent maritime solutions and services said that the recent launch of its Next Generation PowerBuoy off the coast of New Jersey has accelerated its average energy production by combining solar, wind, and wave energy capabilities.

Ocean Power Technologies celebrates renewable energy production milestone

MONROE TOWNSHIP, N.J., May 13, 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 is approaching 15MWh of renewable energy production from its family of PowerBuoys ® (“PB”).

Ocean Power Technologies Announces Renewable Energy Production Milestone

Ocean Power Technologies Inc (NYSE-A:OPTT) is a founding member of a new consortium led by drone maker Red Cat which aims to address critical technology gaps for warfighters. Launched on Monday, the Red Cat Futures Initiative (RFI) is a consortium of robotics and autonomous systems partners committed to providing warfighters with the most advanced and interoperable uncrewed aircraft systems.

Ocean Power Technologies a founding member of new robotics and autonomous systems consortium

Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has completed several offshore demonstrations of its artificial intelligence-capable maritime domain awareness solution Merrows for potential customers. The intelligent maritime solutions and services provider said the demonstrations were conducted using the recently deployed Next Generation PowerBuoy in the North Atlantic Ocean.

Ocean Power Technologies conducts customer demonstrations of maritime domain awareness solution Merrows

Completes Several Customer Field Demonstrations in Support of Sales Activities Completes Several Customer Field Demonstrations in Support of Sales Activities

Ocean Power Technologies Successfully Demonstrates Advanced AI Solutions in the North Atlantic

Ocean Power Technologies Inc (NYSE-A:OPTT) has been selected as part of a team awarded the National Oceanic and Atmospheric Administration (NOAA)'s ProTech Oceans Domain Indefinite Delivery Indefinite Quantity (IDIQ) contract. Under the contract, Ocean Power will provide its innovative PowerBuoy systems and WAM-V autonomous surface vessels to assist NOAA's research and operations.

Ocean Power Technologies awarded multi-year ProTech IDIQ contract

MONROE TOWNSHIP, N.J., April 30, 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 its selection as part of a team awarded the National Oceanic and Atmospheric Administration's (NOAA) Professional, Scientific, and Technical Services (ProTech) Oceans Domain Indefinite Delivery Indefinite Quantity (IDIQ) contract.

Ocean Power Technologies Awarded Multi-Year NOAA ProTech Oceans IDIQ Contract

Paragon Commits Up to $3 Million in Non-Dilutive Preferred Equity of OPT to Save the Company from Insolvency and Future Shareholder Losses. EASTON, PA / ACCESSWIRE / April 22, 2024 / Paragon Technologies, Inc. ("Paragon"), a diversified holding company and the largest shareholder of Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company" or "OPT"), calls on OPT to immediately cease any future dilutive equity issuance and instead engage with Paragon to save OPT shareholders from a total loss and the company from permanent financial ruin.

Paragon Calls on Ocean Power to Cease Any and All Future Equity Raises That Dilute Existing Stockholders to Fund OPT's Losses and Executive Compensation

Ocean Power Technologies Inc (NYSE-A:OPTT) announced that its chief commercial officer Matt Burdyny will be presenting at the Digital Ocean Industry Symposium on April 17 being held at the NATO Headquarters in Brussels, Belgium.  The company, a leader in innovative marine power, data, and service solutions, highlighted that the NATO Digital Ocean Industry Symposium brings together key NATO stakeholders and industry leaders to explore emerging and disruptive technologies which could enhance Maritime Situational Awareness.

Ocean Power Technologies to present at NATO Digital Ocean Industry Symposium

MONROE TOWNSHIP, N.J., April 17, 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 Chief Commercial Officer, Matt Burdyny, will be presenting at the NATO Digital Ocean Industry Symposium on April 17th, at NATO Headquarters in Brussels, Belgium.

Ocean Power Technologies Announces Participation in NATO Digital Ocean Industry Symposium

Ocean Power Technologies Inc (NYSE-A:OPTT) has signed a teaming agreement with a major international defense contractor. The marine power and services specialist, in a statement, told investors that the new deal envisages the deployment of its Maritime Domain Awareness Solution (MDAS) across specific international regions.

Ocean Power Technologies teams up with major defense contractor

MONROE TOWNSHIP, N.J., April 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 signed a teaming agreement with a major international defense contractor to provide its Merrows suite of solutions with a focus on certain geographic regions. This alliance is set to advance maritime domain awareness through OPT's innovative Maritime Domain Awareness Solution (MDAS).

Ocean Power Technologies Announces Teaming Agreement with Major International Defense Contractor to Deploy Maritime Domain Awareness Solutions

EASTON, PA / ACCESSWIRE / April 12, 2024 / Paragon Technologies, Inc. ("Paragon"), a diversified holding company and the largest shareholder of Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company" or "OPT"), yesterday filed a complaint in the Delaware Court of Chancery alleging OPT failed to achieve a quorum at its 2023 Annual Meeting of Stockholders held on February 28, 2024. "After postponing its annual meeting twice for failing to achieve a quorum, OPT filed notice with the Securities and Exchange Commission on March 2 announcing its claimed annual meeting results," notes Sham Gad, Chairman of Paragon.

Paragon Technologies Files Complaint Alleging Ocean Power Technologies Failed to Achieve a Legitimate Quorum at its Annual Meeting of Shareholders

Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) announced that it has entered into a strategic partnership with drone technology firm Red Cat Holdings. The company said that through the partnership, its PowerBuoy and WAM-V maritime platforms will be integrated with Red Cat's Teal 2 Drones with the goal of providing real-time and actionable intelligence regarding maritime threats.

Ocean Power Technologies partners with Red Cat to enhance its maritime platforms

Strengthening Maritime Security: Ocean Power Technologies Integrates Red Cat's Aerial Drones for Cutting-Edge Intelligence, Surveillance, and Reconnaissance Capabilities Strengthening Maritime Security: Ocean Power Technologies Integrates Red Cat's Aerial Drones for Cutting-Edge Intelligence, Surveillance, and Reconnaissance Capabilities

Ocean Power Technologies Announces Strategic Alliance with Red Cat for Advanced Maritime Defense Solutions

Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) has announced the launch of a new Maritime Domain Awareness solution Merrows. The New Jersey-based provider of intelligence maritime solutions and services said Merrows is its consolidated solution offering comprehensive ocean surveillance.

Ocean Power Technologies unveils new Maritime Domain Awareness solution Merrows

Ocean Security is National Security™ Services for the Defense, National Security, and Offshore Industries Ocean Security is National Security™ Services for the Defense, National Security, and Offshore Industries

Ocean Power Technologies Announces “Merrows”: A Consolidated Solution for Maritime Domain Awareness

Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) is benefitting from increased demand for autonomous vehicles for maritime applications from enterprises operating in Latin America. Last month, the company secured $1.25 million in orders from multiple clients in the region for its Wave Adaptive Modular Vessel (WAM-V) uncrewed surface vehicles (USVs), which have a range of maritime applications including data gathering, security surveillance, and environmental oversight.

Ocean Power Technologies rides demand wave for autonomous maritime solutions in Latin America

Ocean Power Technologies Inc (NYSE-A:OPTT) announced that a customer engaged in the offshore energy service industry in Latin America has placed orders for multiple Wave Adaptive Modular Vessel (WAM-V) uncrewed surface vehicles (USVs) totalling $1.5 million. The provider of intelligent maritime solutions and services said the WAM-Vs will be used in hydrographic applications.

Ocean Power Technologies wins $1.5M of orders for WAM-V maritime solution

OPT's Landmark Orders in Latin America Support Path to Profitability and Open up Region for Additional Growth OPT's Landmark Orders in Latin America Support Path to Profitability and Open up Region for Additional Growth

Ocean Power Technologies Secures $1.5 Million in Purchase Orders for WAM-V USV's in Latin America

Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) is on track to achieve profitability having secured funding and new orders for its intelligent maritime solutions, analysts at Water Tower Research have highlighted following the release of OPT's fiscal third quarter earnings report.   The analysts highlighted that in January 2024, OPT received approximately $1.2 million through the New Jersey Economic Development Authority's program, which allows companies to sell unused tax credits to generate cash.

Ocean Power Technologies charts course to profitability with funding injection and order wins

Ocean Power Technologies, Inc. (OPTT) Q3 2024 Earnings Call Transcript

Ocean Power Technologies Inc (NYSE-A:OPTT) reported significant revenue growth and improved gross profit margins during its fiscal third quarter, primarily driven by increased sales of WAM-V autonomous vehicles, contract revenue from the Department of Energy, and strategic consulting services. For the quarter ended January 31, 2024, revenue grew to $1.8 million compared to $0.7 million in 3Q23, while gross profit also improved to $0.8 million from $0.1 million in the same year-ago quarter.

Ocean Power Technologies achieves record revenue growth, enhanced margins in fiscal Q3

MONROE TOWNSHIP, N.J., March 13, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for its fiscal third quarter ended January 31, 2024 (“Q324”), including year over year revenue, gross profit, and pipeline growth.

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