OPT - Ocean Power Technologies sees 1Q revenue climb as sales pipeline surges

(NewsDirect)

Ocean Power Technologies CEO PhilippStratmann joined Steve Darling from Proactive to share details of thecompany's fiscal first quarter for 2023.

The results showcased significant growth,with revenues reaching $1.3 million, up from $0.7 million in the sameperiod the previous year. The positive financial performance wasattributed to various factors, including sales of WAM-V autonomousvehicles, revenue generated from a previously announced contract withthe Department of Energy, and strategic consulting services.

Stratmann highlighted the remarkablegrowth in the company's sales pipeline, which has increased by animpressive 215% year over year, now standing at approximately $85million. This surge is attributed to several factors, including asubstantial increase in defense and security activity and expandingcommercial opportunities.

Notably,there is growing interest from offshore wind companies seekingautonomous monitoring, surveillance, and survey-related services atvarious stages of project development.

Ocean Power Technologies is uniquely positioned as a provider ofocean energy and intelligent data services. The company'sinnovative, low-carbon distributed and autonomous ocean power and datasolutions, coupled with offshore engineering and design services,positions it as a key player in the evolving landscape of sustainableenergy and ocean-related services.

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