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) (OPT) announced that it has received an additional volume order valued at $1.6 million from Sulmara for multiple WAM-V 16 uncrewed surface vehicles (USVs), the largest single order of WAM-Vs to date.   The provider of ocean energy and intelligent data services said due to demand, production is already underway to support and will allow for revenue recognition this fiscal year.

Ocean Power Technologies receives $1.6M order from Sulmara for WAM-V 16s

Ocean Power Technologies Strengthens Collaboration with Sulmara Demonstrating Commitment to Sustainable Offshore Solutions Ocean Power Technologies Strengthens Collaboration with Sulmara Demonstrating Commitment to Sustainable Offshore Solutions

Ocean Power Technologies Secures $1.6 Million Order for Multiple WAM-V 16s from Sulmara

MONROE TOWNSHIP, N.J., Sept. 26, 2023 (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 on Thursday, September 28, 2023, at 2:00 pm EDT, Exploration Ventures CEO and OPT Advisor Terry Garcia will participate in a Fireside Chat hosted by Water Tower Research (WTR). Topics that will be covered during the conversation include:

CEO of Exploration Ventures, and Ocean Power Technologies Advisor, Terry Garcia to participate in Fireside Chat with Water Tower Research on Thursday, September 28, 2023, at 2:00 PM EDT

MONROE TOWNSHIP, N.J., Sept. 18, 2023 (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 as part of the Company's ongoing commitment to connecting with the investor community, OPT President and CEO Philipp Stratmann will participate in a fireside chat hosted by Water Tower Research (WTR) at 3:00 PM EDT on September 19, 2023.

Ocean Power Technologies President and CEO Philipp Stratmann to Participate in Fireside Chat with Water Tower Research on Tuesday, September 19, 2023, at 3:00 PM EDT

Ocean Power Technologies, Inc. (NYSE:OPTT ) Q1 2024 Earnings Conference Call September 14, 2023 9:00 AM ET Company Participants Dr. Philipp Stratmann - President, Chief Executive Officer Bob Powers - Senior Vice President, Chief Financial Officer Joseph DiPietro - Controller, Treasurer, Principal Accounting Officer Conference Call Participants Shawn Severson - Water Tower Research Operator Good morning and welcome to the Ocean Power Technologies, First Quarter of Fiscal Year 2024 Earnings Conference Call. A webcast of this call is also available and can be accessed by a link on the company's website at www.OceanPowerTechnologies.com.

Ocean Power Technologies, Inc. (OPTT) Q1 2024 Earnings Call Transcript

Ocean Power Technologies Inc (NYSE-A:OPTT) has announced fiscal first quarter 2023 revenue of $1.3 million, up from $0.7 million a year earlier, driven by sales of WAM-V autonomous vehicles, revenue from its previously announced contract with the Department of Energy (DOE) and strategic consulting services.  The provider of ocean energy and intelligent data services also said its sales pipeline has increased 215% year over year to about $85 million as of July 31, 2023, which company attributed to a significant increase in defense and security activity as well as an expansion of commercial opportunities, due to growing interest from offshore wind companies for autonomous monitoring, surveillance and survey-related services during various stages of the project development cycle.

Ocean Power Technologies sees 1Q revenue climb as sales pipeline surges

MONROE TOWNSHIP, N.J., Sept. 13, 2023 (GLOBE NEWSWIRE) --  Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for its fiscal first quarter ended July 31, 2023 (“Q124”), including year over year revenue, gross profit, and pipeline growth.

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

Ocean Power Technologies Inc (NYSE-A:OPTT) told investors it won three separate Indefinite Delivery Indefinite Quantity (IDIQ) multiple-award contracts (MAC) from the National Oceanic and Atmospheric Administration (NOAA). The company said these latest awards build on recent successes in the defense and national security space and add to its reputation as a reliable US Government contractor.

Ocean Power Technologies wins three multi-year NOAA contracts to revolutionize Uncrewed Maritime Systems

MONROE TOWNSHIP, N.J., Sept. 07, 2023 (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 the award of three separate Indefinite Delivery Indefinite Quantity (IDIQ) Multiple-Award Contracts (MAC) from the National Oceanic and Atmospheric Administration (NOAA). These awards further add to OPT's reputation as a reliable U.S. Government contractor and build on recent successes in the defense and national security space.

Ocean Power Technologies Awarded Three Multi-Year NOAA Contracts to Revolutionize Uncrewed Maritime Systems

MONROE TOWNSHIP, N.J., Sept. 07, 2023 (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 Bob Powers, Chief Financial Officer, will participate in the H.C. Wainwright & Co. 25th Annual Global Investment Conference. The hybrid conference will take place September 11-13, 2023 at the Lotte New York Palace Hotel and will include virtual and in-person participation with over 550 company presentations scheduled as live feed or available on-demand.

Ocean Power Technologies to Participate in the H.C. Wainwright & Co. 25th Annual Global Investment Conference

EASTON, PA / ACCESSWIRE / August 25, 2023 / Paragon Technologies, Inc. ("Paragon") (OTC:PGNT), a diversified holding company which owns approximately 4.0% of the outstanding shares of Ocean Power Technologies, Inc. ("Company") ("OPT") (NYSE American: OPTT), calls on OPT to remove the Company's entrenchment devices prior to the Company's 2023 Annual Meeting. Immediately after Paragon indicated its interest in joining the Company's board due to concerns Paragon expressed about OPT's deteriorating financial performance to the Company's CEO and Board, OPT quickly amended its bylaws to make its director nomination provisions more burdensome and include provisions that OPT has not applied to its own hand-picked board nominees.

Paragon Technologies Calls on Ocean Power Technologies to Remove Entrenchment Devices in Advance of 2023 Annual Meeting

Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) has announced what the company called a “pivotal achievement” in the field of autonomous maritime technology: the successful demonstration of the Wave Adaptive Modular Vessel (WAM-V) attaching itself remotely to a buoy and establishing a connection that will enable charging.  The groundbreaking milestone was revealed by OPT's vice president of global sales and marketing Matt Burdyny at the 10th Annual Maritime Security West (MARSEC West) event.

Ocean Power Technologies reveals WAM-V on-water charging breakthrough

Presentation at MARSEC West Event Highlights Successful Demonstration of Autonomous Vehicle's Ability to Attach to Wave Energy Converter PowerBuoy® Presentation at MARSEC West Event Highlights Successful Demonstration of Autonomous Vehicle's Ability to Attach to Wave Energy Converter PowerBuoy®

Ocean Power Technologies Unveils Breakthrough: WAM-V Demonstrates Remote Connection to PowerBuoy® for On-Water Charging

MONROE TOWNSHIP, N.J., Aug. 14, 2023 (GLOBE NEWSWIRE) -- In a press release issued earlier today by Ocean Power Technologies, Inc. (NYSE American: OPTT), please note the headline has been corrected. Complete corrected text follows.

UPDATE - Ocean Power Technologies, Inc.

MONROE TOWNSHIP, N.J., Aug. 14, 2023 (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 first quarter for the period ended July 31, 2023 results after the market closes on Wednesday September 13, 2023.

Ocean Power Technologies to Report 2023 First Quarter Results on September 13, 2023

EASTON, PA / ACCESSWIRE / August 11, 2023 / Paragon Technologies, Inc. ("Paragon") (OTC:PGNT), a diversified holding company which owns approximately 4.0% of the outstanding shares of Ocean Power Technologies, Inc. ("Company") ("OPT") (OPTT), calls on OPT to REFRAIN from ALL future equity share sales that will dilute shareholders and immediately announce a significant cost cutting plan to demonstrate the Board's commitment to protecting shareholder value. On August 2, 2023 Paragon issued a press release asking OPT to answer critical questions regarding the future viability of the Company in response to OPT's 10-K filing disclosure that the Company has enough cash to last through at least July 31, 2024, or less than one year from today.

Paragon Technologies Calls on Ocean Power Technologies to Refrain from Dilutive Equity Issuances and Immediately Announce a Significant Cost Cutting Plan

EASTON, PA / ACCESSWIRE / August 2, 2023 / Paragon Technologies, Inc. ("Paragon") (OTC:PGNT), which owns approximately 4.0% of the outstanding shares of Ocean Power Technologies ("OPT" or the "Company")(OPTT) calls on the Board of Ocean Power Technologies to clearly and immediately explain to shareholders how the Company will fund its operations for the next fiscal year. On July 28, 2023 OPT filed is 10-K Annual Report with the Securities and Exchange Commission.

Paragon Technologies Asks Board of Ocean Power Technologies to Explain How they Intend to Fund the Company's Operations after July 31, 2024

EASTON, PA / ACCESSWIRE / July 28, 2023 / Paragon Technologies (OTC:PGNT), which owns approximately 4.0% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), has filed a complaint in the Delaware Court of Chancery to enforce its rights, pursuant to Section 220 of the Delaware General Corporation Law, to inspect the books and records of OPTT (the "Inspection Complaint"). On July 17, 2023, Paragon sent a demand letter (the "Inspection Demand") to OPTT requesting to inspect the Company's books and records for the purpose of investigating apparent wrongdoing and/or mismanagement by OPTT's Board of Directors (the "OPTT Board") and/or members of management, inquiring into the independence of the members of the OPTT Board, assessing possible breaches of fiduciary duty by the Company's directors and officers, and communicating with other OPTT stockholders regarding matters relating to their interests as stockholders.

Paragon Technologies New Release

EASTON, PA / ACCESSWIRE / July 24, 2023 / Paragon Technologies (OTC PINK:PGNT) owns approximately 4.0% of the outstanding shares of Ocean Power Technologies (NYSE American: OPTT). On July 11, OPT issued a response to Paragon's public letter released that morning.

Paragon Technologies Calls on the Board of Ocean Power Technologies to Return Years of Excessive Board Compensation Back to the Company

Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) expects its contract orders to more than double to $15 million in the 2024 financial year, the intelligence maritime solutions and services provider highlighted when handing down its latest quarterly results. Analysts at Water Tower Research noted this expected contract growth, which is projected to be driven by the ramp-up of OPT's data-as-a-service (DaaS) line, wave adaptive module vehicle (WAM-V) sales and leases, and consulting business inflows.

Ocean Power Technologies expected to double its order book by the end of 2024

Ocean Power Technologies, Inc. (NYSE:OPTT ) Q4 2023 Earnings Conference Call July 13, 2023 9:00 AM ET Company Participants Joseph DiPietro - Controller, Treasurer, and Principal Accounting Officer Philipp Stratmann - President and Chief Executive Officer Bob Powers - Senior Vice President and Chief Financial Officer Conference Call Participants Shawn Severson - Water Tower Research Robert Silvera - R.E. Silvera & Associates R J Tanner - Tanner Capital Management Operator Good morning and welcome to the Ocean Power Technologies Fourth Quarter and Full Fiscal Year 2023 Earnings Conference Call.

Ocean Power Technologies, Inc. (OPTT) Q4 2023 Earnings Call Transcript

Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) has reported significant growth in orders and revenues in its financial results for the fourth quarter (4Q23) and full year ended April 30, 2023. In 4Q23, OPT received total orders of $2.3 million, a notable increase compared to $0.7 million in the same quarter of the previous year.

Ocean Power Technologies reports significant growth in orders and revenues

MONROE TOWNSHIP, N.J., July 12, 2023 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for its fiscal fourth quarter (“4Q23”) and full-year ended April 30, 2023 (“FY23”).

Ocean Power Technologies, Inc. Announces Fourth Quarter Fiscal 2023 Results

Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) has said the company is committed to driving value sustainably in the best interests of all its shareholders as it sought to fight a proxy contest from Paragon Technologies which has a 3.9% stake in the company. In a statement, OPT expressed disappointment that Paragon had made misleading and distracting public statements regarding its performance and leadership and is now threatening to pursue an expensive proxy contest against OPT.

Ocean Power Technologies responds to threat of proxy contest from Paragon Tachnologies

MONROE TOWNSHIP, N.J.--(BUSINESS WIRE)--The Board of Directors (the “Board”) of Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE American: OPTT), a leader in innovative, cost-effective, and autonomous low-carbon marine data, power, and consulting service solutions, today issued the following statement in response to the recent public letter issued by Paragon Technologies, Inc. (“Paragon”) (OTC Pink: PGNT): Our Board and leadership team are committed to driving sustainable value cre.

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