OPT - Ocean Power Technologies announces company has charted course to profitability

(NewsDirect)

Philipp Stratmann, CEO of Ocean PowerTechnologies, shared exciting developments and initiatives aimed atachieving profitability in 2025 during an interview with Steve Darlingfrom Proactive.

One significantinitiative involves the divestment of Ocean Power Technologies'non-core strategic consulting team. This strategic move will result inmore than 50% of the company's employees being dedicated tocustomer delivery, reinforcing its focus on commercialization andrevenue generation.

Ocean PowerTechnologies has also reached an advanced stage in its research anddevelopment efforts, which positions the company to achieveprofitability at a much quicker pace.

Stratmann emphasized that this expectation does not account forany extraordinary expenses that could potentially require additionalcapital from financing sources.

Inaddition to these initiatives, the company has appointed Matt Burdynyto the newly created role of Chief Commercial Officer. Burdyny willspearhead commercialization efforts aimed at supporting Ocean PowerTechnologies' financial goals.

Notably, the majority of the company's team comprises USmilitary and NATO veterans, as well as staff with security clearances,strengthening its capabilities in critical areas.

Thesestrategic actions underscore Ocean Power Technologies' commitmentto achieving profitability while advancing its innovative technologiesin the renewable energy sector. As the company continues to grow andexpand its commercialization efforts, it aims to play a significantrole in addressing the world's energy challenges throughsustainable solutions.

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