Fannie Mae, Freddie Mac shares tumble after conservatorship comments
MONROE TOWNSHIP, N.J. - Ocean Power Technologies, Inc. (NYSE American: OPTT), known for its low-carbon marine power and data solutions, announced today a partnership with Grava Hydrographic Solutions LLC, enhancing the distribution of its marine robotics technology across the U.S. market. The company, with a market capitalization of $66.54 million, has shown promising revenue growth of 24% over the last twelve months, according to InvestingPro data.
The newly signed reseller agreement enables Grava Hydro to offer Ocean Power Technologies' Wave Adaptive Modular Vessels (WAM-V®) for applications such as maritime data collection, survey operations, and coastal monitoring. This move aligns with OPT's strategy to increase the accessibility of its marine robotics portfolio through established channel partners. InvestingPro analysis reveals the company maintains a strong financial position with a current ratio of 3.88, indicating robust short-term liquidity.
Philipp Stratmann, CEO of Ocean Power Technologies, stated that the collaboration with Grava Hydro marks a crucial step in fortifying the company's domestic reseller network. Grava Hydro's proficiency in hydrographic services and strong customer base are expected to facilitate the effective deployment of WAM-V technology.
Ocean Power Technologies, headquartered in Monroe Township, New Jersey, serves various sectors including defense and security, oil and gas, science and research, and offshore wind. The company offers a range of solutions such as the Merrows™ systems for Maritime Domain Awareness and PowerBuoy® platforms for electric power and real-time data communications in remote maritime areas. For deeper insights into OPTT's financial health and growth prospects, investors can access comprehensive analysis and 13 additional ProTips through InvestingPro's detailed research reports.
This partnership announcement comes with the usual cautionary note that forward-looking statements involve assumptions and are subject to risks and uncertainties. The company's performance and the success of the partnership with Grava Hydro will depend on various factors, including the conversion of potential customers to contracts and the realization of anticipated revenues. While the stock has shown significant volatility, with a 158% return over the past six months, the company maintains a strong balance sheet with more cash than debt, according to recent financial data.
The information in this article is based on a press release statement from Ocean Power Technologies, Inc.
In other recent news, Ocean Power Technologies has secured a significant contract with a European Offshore Services Provider for its WAM-V® unmanned surface vehicle. This contract is part of the company's strategic expansion into the European Union, reflecting its ongoing efforts to grow its presence in various global markets. The WAM-V® vehicle will be assembled and delivered promptly, with in-country training and services provided to ensure smooth integration. CEO Philipp Stratmann emphasized the increasing market demand for Ocean Power Technologies' systems and the company's commitment to converting its pipeline into a growing backlog of orders. This development aligns with the company's broader strategy to expand its reach to new markets, including the United States, Latin America, the Middle East, and the European Union. The company's innovative solutions, such as the PowerBuoy® platforms and Merrows™, are designed to enhance maritime domain awareness and provide reliable electric power and real-time data communications for remote maritime and subsea applications. Investors are reminded that the company's forward-looking statements are subject to risks and uncertainties, and actual results may vary.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.