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MONROE TOWNSHIP, N.J. - Ocean Power Technologies, Inc. (NYSE American: OPTT), a micro-cap company valued at $74 million specializing in low-carbon marine power and service solutions, has announced a new contract with a European Offshore Services Provider for its WAM-V® unmanned surface vehicle. This deal marks the company’s expansion into the European Union and follows its strategic growth efforts in various global regions. The company’s stock, currently trading at $0.51, has shown remarkable volatility, delivering a 160% return over the past six months according to InvestingPro data.
The WAM-V® vehicle, known for its applications in defense, security, autonomous survey, and offshore construction, will be assembled immediately and delivered to the customer. In-country training and services will be provided to support the integration of the system. Philipp Stratmann, CEO and President of OPT, commented on the significance of this agreement, highlighting the increasing market demand for OPT’s systems and the company’s ongoing efforts to convert its pipeline into a growing backlog of orders. The company has demonstrated strong revenue growth of 83% in the last twelve months, though InvestingPro analysis indicates it remains unprofitable.
This contract reflects OPT’s broader strategy to deliver growth and expand its reach to new markets, including the United States, Latin America, the Middle East, and now the European Union. The company’s innovative solutions, such as the PowerBuoy® platforms and Merrows™, aim to enhance maritime domain awareness and provide reliable electric power and real-time data communications for remote maritime and subsea applications.
Investors and stakeholders were reminded that forward-looking statements within the company’s press release are subject to risks and uncertainties, and actual results may differ from those projected. These statements should not be taken as guarantees of future performance but rather as the company’s current expectations. According to InvestingPro’s comprehensive analysis, which includes 13 additional key insights and detailed financial metrics, the company currently maintains a weak financial health score, though it operates with moderate debt levels and its liquid assets exceed short-term obligations.
The information disclosed in this article is based on a press release statement from Ocean Power Technologies, Inc.
In other recent news, Ocean Power Technologies reported a significant increase in revenue for Q4 2024, achieving a record $2.4 million, which represents a 170% year-over-year growth. Despite this revenue surge, the company’s earnings per share remained negative at -$0.04, highlighting ongoing financial challenges. The company successfully reduced its operating expenses by 41% to $4.7 million and decreased its net loss by 46% to $3.9 million, demonstrating improved operational efficiency. Ocean Power Technologies is focused on expanding its presence in new markets, particularly in the Middle East and Latin America, as evidenced by recent partnerships and purchase order commitments. The company aims to achieve positive cash flow and target profitability by the end of 2025. Analyst firms such as Alliance Global Partners have shown interest in the company’s strategic initiatives, including its recurring revenue model and market expansion efforts. Ocean Power Technologies continues to develop its product offerings, including autonomous maritime solutions, to meet growing demand in sectors like national security and offshore energy. These recent developments underscore the company’s strategic direction and its efforts to capitalize on emerging opportunities.
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