MONROE TOWNSHIP, N.J., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE:OPTT), today announced financial results for its fiscal first quarter ended July 31, 2024 ("Q125"), which included year over year reductions in operating expenses, operating loss, and cash burn. Recent Financial and Operational Highlights: Operating expenses of $4.9 million for Q125 decreased 39% as compared to operating expenses of $8.1 million for the same period in the prior year ("Q124") reflecting previously disclosed restructuring and streamlining activities. Use of cash for operating activities of $6.1 million for Q125 decreased 23% as compared to operating e
MONROE TOWNSHIP, N.J., Aug. 21, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE:OPTT), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced that it will report its fiscal 2025 first quarter results for the period ended July 31, 2024 after the market closes on Monday September 16, 2024. CONFERENCE CALL AND WEBCAST INFORMATION A conference call to discuss OPT's financial results will be held on Tuesday September 17, 2024 at 9:00 AM EDT. Philipp Stratmann, CEO, and Bob Powers, CFO will host the call. The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345.Live webcast: Web
MONROE TOWNSHIP, N.J., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today reminds stockholders that a Special Meeting of the Stockholders of OPT will be held at 9 a.m. Eastern time on August 30, 2024, in virtual format only at www.cesonlineservices.com/optt24_vm, for the purpose of voting on proposals to (i) approve an amendment to OPT's Certificate of Incorporation to increase the number of authorized shares of common stock, par value $.001 per share, from 100,000,000 to 200,000,000, and (ii) approve an adjournment of the Special Meeting
MONROE TOWNSHIP, N.J., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE:OPTT), today announced financial results for its fiscal first quarter ended July 31, 2024 ("Q125"), which included year over year reductions in operating expenses, operating loss, and cash burn. Recent Financial and Operational Highlights: Operating expenses of $4.9 million for Q125 decreased 39% as compared to operating expenses of $8.1 million for the same period in the prior year ("Q124") reflecting previously disclosed restructuring and streamlining activities. Use of cash for operating activities of $6.1 million for Q125 decreased 23% as compared to operating e
MONROE TOWNSHIP, N.J., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE: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 been awarded a follow-on contract valued at $1M as a subcontractor to EpiSci after the successful 12 month demonstration of its autonomous surface vehicle technologies during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch. With this award, OPT will continue to ruggedize and enhance its operational capability of its autonomous maritime technologies to support the U.S. military and its allies. This should enable a sy
MONROE TOWNSHIP, N.J., Sept. 10, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has completed a major contractual milestone and has readied for shipment the previously announced AI capable Merrows™ PowerBuoy® for a customer in the Middle East. This milestone triggers the next phase of revenue recognition of the fully integrated system. Once delivered to the customer, the AI capable Merrows™ PowerBuoy® will be deployed and final revenue recognition will occur. Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm
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MONROE TOWNSHIP, N.J., June 27, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, is pleased to announce the signing of an Original Equipment Manufacturer ("OEM") agreement with Teledyne Marine, a division of Teledyne Technologies Inc. (NYSE:TDY) ("Teledyne"), a key supplier in the maritime technology inclusive of connectors, instruments, and vehicles. This strategic partnership aims to enhance OPT's product offerings and drive innovation within the industry providing customers with a turnkey system. Philipp Stratmann, CEO of OPT, expressed his enth
MONROE TOWNSHIP, N.J., April 16, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has signed a teaming agreement with a major international defense contractor to provide its Merrows suite of solutions with a focus on certain geographic regions. This alliance is set to advance maritime domain awareness through OPT's innovative Maritime Domain Awareness Solution (MDAS). Under the terms of the agreement, the defense contractor will have exclusive rights to provide OPT's MDAS solution within certain international geographic regions. Le
MONROE TOWNSHIP, N.J., Dec. 13, 2021 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE:OPTT), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced Robert P. (Bob) Powers has been appointed by the Company's Board of Directors as Senior Vice President and Chief Financial Officer, effective December 13, 2021. Mr. Powers brings more than 25 years of experience in finance and strategy to OPT, most recently as CFO of Constellation Advisors, a private equity-owned provider of outsourced back-office operations and compliance services. He has held financial leadership roles with Sterling Talent Solutions, Wo
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4 - Ocean Power Technologies, Inc. (0001378140) (Issuer)
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