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 Q4 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.

Ocean Power Technologies (OPTT) achieves record revenue and eyes profitability in Q4 2025

Ocean Power Technologies (OPTT) reported strong financial performance in Q2 2025, with record revenue and reduced net losses. Strategic partnerships and market expansion efforts are driving growth, positioning the company for profitability by Q4 2025. Analysts see opportunities in global expansion and recurring revenue models for OPTT.

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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.

Ocean Power Technologies, Inc. Announces Third Quarter Fiscal 2024 Results

EASTON, PA / ACCESSWIRE / February 27, 2024 / Paragon Technologies, Inc. ("Paragon"), a diversified holding company, and the largest shareholders of Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company") ("OPT"), is dismayed at how OPT's Board and CEO continue to disregard individual shareholders and instead favor institutional investors who own relatively little OPT shares. "By our estimate institutional investors, in total, own about 4-5% of OPT, while the remaining 95% of shares are held by individual investors," notes Sham Gad, Chairman of Paragon Technologies.

Ocean Power Continues to Ignore Small Individual Investors Instead Focusing on Institutional Investors Who Own Relatively Little OPT Stock

MONROE TOWNSHIP, N.J., Feb. 21, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced that it will report its fiscal 2024 third quarter for the period ended January 31, 2024, results after the market closes on Wednesday March 13, 2024.

Ocean Power Technologies to Report fiscal 2024 Third Quarter Results on March 13, 2024

As government and commercial entities alike seek out increased autonomy in their ocean operations, Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) is seeing significant interest in its maritime solutions and services. This week the company announced that it has received more than $1.25 million in orders for its fully integrated Wave Adaptive Modular Vessel (WAM-V) Unmanned Surface Vehicles from clients in Latin America in addition to securing funding from the Naval Postgraduate School in Monterey, California, for the deployment of one of its PowerBuoy's integrated with AT&T's 5G technology in Monterey Bay.

Ocean Power Technologies wins $1.25M in orders amid global push for autonomous maritime solutions

EASTON, PA / ACCESSWIRE / February 15, 2024 / Paragon Technologies, Inc. ("Paragon"), a diversified holding company, owning approximately 4.8% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company") ("OPT"), calls on Ocean Power's CEO Phillip Stratmann to immediately provide shareholders with appropriate transparency regarding OPT's recent order and funding announcements and how they impact the Company's bottom line in light of the Company's unsustainable expenses. Having failed on two separate occasions to achieve enough shareholder support for a quorum and thus delaying its annual meeting, we believe OPT is providing shareholders with incomplete and biased information regarding its recent contract and funding awards in an attempt to influence shareholders.

Paragon Asks Ocean Power CEO Stratmann to Provide Shareholder Transparency to Recent Announcements - Believes Ocean Power Will Report Significant Losses in Upcoming Quarterly Earnings Release

Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) announced that it has received funding from the Naval Postgraduate School in Monterey, California, for the year-long deployment of a PowerBuoy in Monterey Bay. The company said its PowerBuoy, which will integrate OPT's Maritime Domain Awareness System with satellite communication and AT&T 5G technology, will demonstrate its persistent surveillance and communication capabilities in a maritime environment.

Ocean Power Technologies secures funding for PowerBuoy deployment in Monterey Bay, California

MONROE TOWNSHIP, N.J., Feb. 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 that it has received funding from the Naval Postgraduate School (NPS) in Monterey, California, for the year-long deployment of a PowerBuoy® in Monterey Bay.

Ocean Power Technologies Receives Funding for AT&T 5G-Enabled PowerBuoy® Deployment in Monterey Bay

Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) said it had received multiple orders totaling more than $1.25 million for fully integrated WAM-V Unmanned Surface Vehicles (USVs). The recent commercial orders hail from clients in Latin America, OPT said in a statement.

Ocean Power Technologies nabs over $1.25M in orders for WAM-V unmanned surface vehicles

Surge in Demand for Innovative Maritime Solutions Drives Significant Orders for OPT's Cutting-Edge WAM-V USVs Surge in Demand for Innovative Maritime Solutions Drives Significant Orders for OPT's Cutting-Edge WAM-V USVs

Ocean Power Technologies Secures Orders Exceeding $1.25 Million for Fully Integrated WAM-V Unmanned Surface Vehicles

EASTON, PA / ACCESSWIRE / February 8, 2024 / Paragon Technologies, Inc. ("Paragon"), a diversified holding company, owning approximately 4.8% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company") ("OPT"), today issues the following statement to OPT shareholders: Yesterday, OPT again postponed its annual meeting due to OPT's inability to obtain a quorum. Embarrassed and desperate, the Board now has delayed the annual meeting for three weeks until February 28, 2024.

Ocean Power Technologies Board Postpones Annual Meeting for a Second Time After Failing Yet Again to Obtain Enough Shareholder Votes - Paragon Asks Shareholders to Make Your Voice Heard by Disregarding OPT's White Proxy Card

MONROE TOWNSHIP, N.J.--(BUSINESS WIRE)--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 the Company's 2023 Annual Meeting of Shareholders (the “2023 Annual Meeting”) was reconvened on Thursday, February 8, 2024, at 3:00 P.M. Eastern Time and adjourned, without any business being conducted, because the quorum required by the Company's Bylaws (a major.

Ocean Power Technologies Announces Further Adjournment of 2023 Annual Meeting of Shareholders

EASTON, PA / ACCESSWIRE / February 2, 2024 / Paragon Technologies, Inc. ("Paragon"), a diversified holding company, owning approximately 4.8% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company") ("OPT"), asks OPT shareholders to disregard and ignore any white proxy card or phone calls from OPT soliciting their votes. This week, unable to get enough shareholder support, OPT's Board postponed their annual meeting.

Paragon Urges Individual Investors to Stand Up to Corporate Greed, Entrenchment and Deception by Ignoring OPT's White Proxy Card

EASTON, PA / ACCESSWIRE / February 1, 2024 / Paragon Technologies, Inc. ("Paragon"), a diversified holding company, owning approximately 4.8% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company") ("OPT"), today issues the following statement to OPT shareholders: This morning, OPT postponed its annual meeting due to OPT's inability to obtain a quorum. OPT's failure to obtain a quorum for its "2023" annual meeting reflects disapproval from shareholders related to OPT's financial results and board actions.

Ocean Power Technologies Board Postpones Annual Meeting After Failing to Obtain Enough Shareholder Support to Achieve a Quorum; Vote Paragons' BLUE Proxy Now to Save OPT

MONROE TOWNSHIP, N.J.--(BUSINESS WIRE)--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 the Company's 2023 Annual Meeting of Shareholders (the “2023 Annual Meeting”) was convened on Wednesday, January 31, 2024, at 10:00 A.M. Eastern Time and adjourned, without any business being conducted, because the quorum required by the Company's Bylaws (a major.

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