Ocean Power Technologies gets follow-on order as major deliveries carried out
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 demonstrates defense capabilities with completion of Project Overmatch milestone
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 taps Remah International Group as UAE distributor
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 to showcase autonomous vehicle at Abu Dhabi event
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 expands in Middle East
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 secures $1.1M award from New Jersey NOL program
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 ships WAM-Vs to US government
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 signs MOU with SENAI to explore blue economy opportunities in Brazil
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, Inc. (OPTT) Q1 2025 Earnings Call Transcript
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 expands pipeline, progresses towards profitability during fiscal Q1
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 wins $1M follow-on contract after navy project success
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 completes AI-capable Merrow PowerBuoy
Ocean Power Technologies Inc (NYSE-A:OPTT) told investors it has achieved a key milestone with the completion of its AI-capable Merrows™ PowerBuoy. The system, which is designed for solar and wind-powered operation, is ready for delivery to a customer in the Middle East.
