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$OPTT +21.82% today,
OPTT.................................https://stockcharts.com/h-sc/ui?s=OPTT&p=W&b=5&g=0&id=p86431144783
I like the news in A/Hs today. I don't recall seeing this one below hitting IHUB on 25 Oct though. Saw it on market wire news tonight. This type of news will imo turn out to be a huge part of the business for them.
Ocean Power Technologies Awarded Contract with WildAid and Caribbean Law Enforcement to Combat Illegal Fishing with Uncrewed Technologies
Oct 25, 2023 at 8:15 AM EDT
| PDF Version
MONROE TOWNSHIP, N.J., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced they have entered a contract with WildAid and Caribbean Law Enforcement partners. This collaboration aims to protect vital marine species and combat illegal, unreported, and unregulated (IUU) fishing activities in critical habitats using OPT's state-of-the-art uncrewed technologies.
Under this new agreement, OPT will provide WildAid and their Caribbean Law Enforcement partners with an OPT WAM-V 16 Uncrewed Surface Vessel (USV) equipped with an integrated quadcopter aerial drone. This cutting-edge technology will empower law enforcement agencies and conservation organizations to safeguard marine life from illegal harvesting while ensuring the sustainability of these critical ecosystems.
WildAid, an organization dedicated to inspiring change and empowering the world to protect wildlife and essential habitats from critical threats, including illegal fishing, wildlife trafficking, and climate change, will play a pivotal role in this partnership. WildAid's work spans the globe, with innovative communications campaigns reaching millions of people in China, Southeast Asia, Africa, and the U.S., encouraging them to take action to protect endangered wildlife and reduce climate impacts.
The collaboration between OPT, WildAid, and Caribbean Law Enforcement will harness the power of uncrewed surface and air assets to identify, track, and collect data from individuals seeking to disrupt the pattern of life and threaten the environment through their illicit activities. These technologies will provide unprecedented, networked surveillance capabilities and evidence collection, allowing authorities to gather critical information and support legal actions while keeping personnel safely out of harm's way until the precise time and conditions favor interdiction efforts.
This partnership represents a significant step forward in the fight against illegal fishing and the protection of marine life in vital habitats. OPT's uncrewed technologies, coupled with the expertise of WildAid and Caribbean Law Enforcement, will contribute to the preservation of marine ecosystems and the prevention of IUU fishing activities, which pose a significant threat to the environment.
"Ocean Power Technologies is honored to work with WildAid and Caribbean Law Enforcement on this vital initiative," said OPT CEO and President, Philipp Stratmann. "Our uncrewed technologies are a game-changer in the fight against illegal fishing. This is a natural extension of our work in the defense and offshore energy markets, and we are proud to contribute to this crucial effort to protect marine species and their habitats. We believe these kinds of autonomous deployments will also be of great interest for applications such as border protection and homeland security."
Through this collaboration, Ocean Power Technologies, WildAid, and Caribbean Law Enforcement are determined to make a substantial difference in preserving marine life and critical habitats, setting an example for innovative conservation efforts worldwide.
For more information about Ocean Power Technologies, please visit: www.oceanpowertechnologies.com
For more information about WildAid, please visit: www.wildaid.org
About Ocean Power Technologies:
OPT, a leader in innovative and cost-effective, low carbon marine data, power, and consulting services, provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASV) and marine robotics services through our wholly owned subsidiary Marine Advanced Robotics and strategic consulting services including simulation engineering, software engineering, concept design and motion analysis through our wholly owned subsidiary 3Dent. We are headquartered in Monroe Township, New Jersey, and have offices in Houston, Texas, and Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.
About WildAid:
WildAid is an international nonprofit organization dedicated to ending illegal wildlife trade, fighting climate change, and protecting our oceans. By inspiring change and strengthening effective enforcement efforts, WildAid is making a global impact in the preservation of our planet's most critical ecosystems.
Forward-Looking Statements
This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
That’s ok, you do a better job than me but we all make the occasional mistake…
Then take it upon yourself to paste in the right one
Wrong chart…
Little early but that certainly could be a part of it.
End of year tax loss selling being amplified by the overall weakness in the market, imo…
$OPTT oversold territory again.
8-K filing out: https://www.sec.gov/Archives/edgar/data/1378140/000149315223036992/formdefa14a.htm
Item 8.01. Other Events.
On October 12, 2023, Ocean Power Technologies, Inc., a Delaware corporation (“OPT”), sent a letter to Paragon Technologies, Inc. (“Paragon”) with respect to the purported notice of nominations submitted to OPT by Paragon on August 25, 2023, and as purported to be supplemented on September 12, 2023 and September 15, 2023 (the “Paragon Purported Notice of Nominations”). In its letter, OPT informed Paragon that OPT’s Board of Directors (the “OPT Board”), at its regularly scheduled quarterly meeting held on October 11, 2023, had determined, in consultation with its legal advisors, that Paragon had failed to submit to OPT a proper and timely advance notice of nominations in accordance with OPT’s Amended and Restated Bylaws (the “OPT Bylaws”) and, accordingly, pursuant to the OPT Bylaws, any attempt by Paragon at OPT’s 2023 Annual Meeting of Stockholders (the “2023 Annual Meeting”) to nominate persons for election to the OPT Board would be disregarded.
As of the date hereof, the OPT Board has not set a date for the 2023 Annual Meeting. In 2022, OPT first convened its 2022 Annual Meeting of Stockholders on December 14, 2022, but due to the absence of a quorum, and without voting on any of the items intended to be brought before such meeting, adjourned such meeting. OPT reconvened the meeting on January 13, 2023, at which time OPT’s stockholders voted on the election of directors and approved the other items properly brought before the meeting. Strictly for purposes of the reference to the “previous year’s annual meeting date” contained in Rule 14a-19(b) and Rule 14a-19(d) of the Securities Exchange Act of 1934, as amended, and the requirements thereunder, OPT believes, after consultation with its legal advisors, that such reference is to the date of OPT’s reconvened annual meeting, January 13, 2023.
Also on October 12, 2023, OPT sent Paragon a letter with respect to the request for an exemption from OPT’s Section 382 Tax Benefits Preservation Plan (the “Section 382 Tax Benefits Preservation Plan”) that Paragon submitted to OPT on July 20, 2023 and again on August 29, 2023 (collectively, the “Paragon Exemption Request”). Pursuant to the Paragon Exemption Request, Paragon sought an exemption from the Section 382 Tax Benefits Preservation Plan so that it could purchase up to 19.9% of OPT’s common stock without triggering the dilution that would otherwise apply thereunder to the holder of 4.9% or more of OPT’s common stock. In its letter, OPT notified Paragon that it had completed its review of the Paragon Exemption Request in consultation with its tax and legal advisors and that, based upon such review, and in accordance with Section 27 of the Section 382 Tax Benefits Preservation Plan, the OPT Board, at its regularly scheduled quarterly meeting held on October 11, 2023, had determined not to approve the Paragon Exemption Request.
In connection with both the Paragon Purported Notice of Nominations and the Paragon Exemption Request, but prior to the OPT Board’s decisions with respect thereto, Paragon initiated litigation, on October 9, 2023, in the Delaware Court of Chancery against OPT and the members of the OPT Board alleging claims for breach of fiduciary duty and seeking declaratory and injunctive relief. OPT and the members of the OPT Board dispute all of Paragon’s claims against them and intend to mount a vigorous defense against these claims.
Important Additional Information And Where To Find It
OPT intends to file a proxy statement and an accompanying WHITE proxy card with the SEC in connection with the solicitation of proxies from OPT’s stockholders in connection with the matters to be considered at the 2023 Annual Meeting. INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING WHITE PROXY CARD AND OTHER DOCUMENTS FILED BY OPT WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain the Proxy Statement, any amendments or supplements to the Proxy Statement, the accompanying WHITE proxy card, and other documents filed by OPT with the SEC free of charge at the SEC’s website at www.sec.gov. Copies will also be available free of charge at the Investor Relations section of OPT’s corporate website at www.oceanpowertechnologies.com, by writing to OPT’s Corporate Secretary at Ocean Power Technologies, Inc., 28 Engelhard Drive, Suite B, Monroe Township, NJ 08831, or by contacting OPT at (609) 730-0400.
Certain Participant Information
OPT, members of its Board of Directors, and certain of its executive officers are “participants” in the solicitation of proxies from OPT’s stockholders in connection with the 2023 Annual Meeting. The following directors and executive officers of OPT beneficially hold the amount of shares of OPT’s common stock indicated adjacent to his or her name: (i) OPT directors: Terence J. Cryan (103,595 shares), Philipp Stratmann (81,692 shares), Clyde W. Hewlett (71,577 shares), Natalie Lorenz-Anderson (52,448 shares), Diana G. Purcel (71,577 shares), and Peter E. Slaiby (71,577 shares); and (ii) OPT officers who are not also directors of OPT: Robert Powers (16,543 shares) and Joseph DiPietro (2,909 shares). The business address for each of the foregoing persons is c/o Ocean Power Technologies, Inc., 28 Engelhard Drive, Suite B, Monroe Township, NJ 08831. Additional information regarding OPT’s directors, executive officers, and other participants in the solicitation of proxies from OPT’s stockholders in connection with the matters to be considered at the 2023 Annual Meeting, and their direct or indirect interests, through security holdings or otherwise, will be set forth in OPT’s proxy statement for its 2023 Annual Meeting, including the schedules and appendices thereto.
$OPTT poking it's nose into oversold territory.
THANK YOU KINDLY, RE fully reporting SEC company $$$$$
RE;
OPTT is a fully reporting SEC company so posting the OTCmarkets link is misleading to those new here that might not know…
https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001378140&owner=exclude
Companies that post financials only on OTCmarkets usually don’t have audited financials, just so you know…
OPTT is a fully reporting SEC company so posting the OTCmarkets link is misleading to those new here that might not know…
https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001378140&owner=exclude
Companies that post financials only on OTCmarkets usually don’t have audited financials, just so you know…
8-K yesterday for Thursday’s press release…
https://www.sec.gov/Archives/edgar/data/1378140/000149315223032093/form8-k.htm
$OPTT sweet multi year NOAA contract news in A/Hs trading. Great volume to accompany it too. Additionally they'll be presenting at the H.C. Wainwright & Co. 25th Annual Global Investment Conference on the 12th. These contracts announced today with NOAA should spark much interest among several others.Might just be time to kick the tires and light the fires! Could be time to congratulate those who waited patiently. Best to all!
Yesterday’s filing…
Amendment No. 2 to
Form S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Ocean Power Technologies, Inc.
(Exact name of registrant as specified in its charter)
https://www.sec.gov/Archives/edgar/data/1378140/000149315223030102/forms-3a.htm
$OPTTs news yesterday I'm guessing is just what the Navy along with others is just what they are looking for.
OPTT
Ocean Power Technologies Inc
0.4798
0.0018 (0.38%)
Volume: 166,435
Day Range: 0.4648 - 0.4901
Last Trade Time: 8:00:00 PM EDT
$OPTT in oversold territory now and a golden cross on the daily.
8-K filing: https://www.sec.gov/ix?doc=/Archives/edgar/data/1378140/000149315223027012/form8-k.htm
Item 1.01 Entry into a Material Definitive Agreement.
On August 7, 2023, Ocean Power Technologies, Inc. (the “Company”) entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”), as sales agent, pursuant to which the Company may offer and sell, from time to time, through Cantor shares of its common stock, par value $0.001 per share (the “Shares”).
Upon delivery of a placement notice and subject to the terms and conditions of the Sales Agreement, Cantor will use commercially reasonable efforts consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations, and the rules of the NYSE American to sell the Shares from time to time based upon the Company’s instructions, including any price, time or size limits specified by the Company. Under the Sales Agreement, Cantor may sell the Shares by any method deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the U.S. Securities Act of 1933, as amended, or any other method permitted by law, including in negotiated transactions with our prior consent. Cantor’s obligations to sell the Shares under the Sales Agreement are subject to satisfaction of certain conditions, including customary closing conditions.
The Company will pay Cantor a commission of 3.0% of the aggregate gross proceeds from each sale of the Shares and has agreed to provide Cantor with customary indemnification rights. The Company has also agreed to reimburse Cantor for certain specified expenses. The Company is not obligated to sell any Shares under the Sales Agreement. The offering of the Shares pursuant to the Sales Agreement will terminate upon the termination of the Sales Agreement by Cantor or the Company, as permitted therein.
The foregoing description of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Sales Agreement, a copy of which is filed herewith and is incorporated herein by reference. A copy of the legal opinion of Porter Hedges LLP relating to the validity of the Shares under the Sales Agreement is filed herewith as Exhibit 5.1.
This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy any shares under the Sales Agreement, nor shall there be any sale of such shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Prospectus supplement…
https://www.sec.gov/Archives/edgar/data/1378140/000149315223027010/form424b5.htm
Same peeps here hoping for a trend other than down! Only hope for stock price growth is voting for the Paragon slate of board members if it comes out.
OPTT
Ocean Power Technologies Inc
0.5902
-0.007 (-1.17%)
Volume: 163,312
Day Range: 0.59 - 0.607
Last Trade Time: 3:15:03 PM EDT
Total Trades: 483
Optt .60 watching here
https://www.sec.gov/Archives/edgar/data/90045/000110465923085166/tm2322326d1_dfan14a.htm
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
On July 28, 2023, Paragon Technologies, Inc. issued a press release relating to Ocean Power Technologies, Inc., a copy of which is set forth below:
Paragon Technologies New Release
EASTON, PA – July 28, 2023
Paragon Technologies (OTC:PGNT), which owns approximately 4.0% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), has filed a complaint in the Delaware Court of Chancery to enforce its rights, pursuant to Section 220 of the Delaware General Corporation Law, to inspect the books and records of OPTT (the “Inspection Complaint”).
On July 17, 2023, Paragon sent a demand letter (the “Inspection Demand”) to OPTT requesting to inspect the Company’s books and records for the purpose of investigating apparent wrongdoing and/or mismanagement by OPTT’s Board of Directors (the “OPTT Board”) and/or members of management, inquiring into the independence of the members of the OPTT Board, assessing possible breaches of fiduciary duty by the Company’s directors and officers, and communicating with other OPTT stockholders regarding matters relating to their interests as stockholders.
Paragon believes that its Inspection Demand states a proper purpose and complies with the requirements of Delaware law. Nevertheless, OPTT has adamantly refused to produce any of the books and records requested by Paragon. OPTT’s actions lead us to believe that it must be hiding something that it does not want its stockholders to see.
The Inspection Complaint alleges multiple bases to infer that mismanagement and/or wrongdoing has occurred, justifying the Inspection Demand. Specifically, the Inspection Complaint alleges, among other things:
· In its filings, OPTT admits that, “[s]ince [its] inception, the cash flow from customer revenues have not been sufficient to fund [its] operations and provide the capital resources for [its] business.”
· OPTT further admits that it “ha[s] incurred net losses since [it] began operations in 1994.”
· OPTT has never been able to successfully commercialize any of its products or services, despite repeatedly issuing Form 10-Ks touting the enormous market size and opportunity for OPTT’s solutions.
· In 2021, the Company acquired Marine Advanced Robotics, Inc., but, as OPTT admits in its filings, it has “not achieved profitability of this product line” and does not know whether it will ever be able to do so.
· Under the current Board and management, OPTT’s financial decline has only accelerated, and the Board and management appear to have no viable strategy to successfully commercialize OPTT’s products, generate revenues, and put OPTT on a path to profitability.
· According to OPTT’s July 12, 2023 earnings report, the net cash used in operating activities for fiscal year 2023 was approximately $21.7 million, which was similar to the $21.3 million spent in fiscal year 2022. On the earnings call on July 13, 2023, OPTT CFO Robert Powers stated that OPTT “expect[s] [its] OpEx to be materially in line with [its] level of OpEx for fiscal 2023.”
· OPTT reported that, as of April 30, 2023, it had combined cash, unrestricted cash, cash equivalents, and short-term investments totaling $34.7 million.
· At OPTT’s current burn rate, we believe it will run out of cash in a little over one year or require additional capital that will likely be secured on terms that are very punitive for existing shareholders.
· Notwithstanding what we believe to be a disastrous financial record, the Board has been approving, and the directors and named executive officers have been receiving, compensation that significantly exceeds the total revenue of the Company, and that Paragon believes is wasteful and unfair to OPTT and its stockholders.
Considering the above facts, Paragon, as a large (and likely the largest) shareholder of OPTT, believes its demand to inspect the books and records of OPTT is justified and substantiated. Unfortunately, OPTT has denied our request and instead decided that the Company’s assets are better served fighting to hide the requested documents.
____________
Paragon Technologies, Inc. intends to make a filing with the Securities and Exchange Commission (the “SEC”) of a proxy statement to be used to solicit votes for the election of director nominees at the 2023 annual meeting of shareholders of Ocean Power Technologies, Inc., a Delaware corporation (the “company”).
Paragon Technologies, Inc. is the beneficial owner of 2,229,443 shares of common stock of the company, par value $0.001 per share (“Common Stock”).
Paragon Technologies, Inc., and Paragon’s director nominees will be the participants in the proxy solicitation. Updated information regarding the participants and their direct and indirect interests in the solicitation, by security holdings or otherwise, will be included in Paragon’s proxy statement and other materials filed with the SEC. SHAREHOLDERS OF THE COMPANY SHOULD READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS CAREFULLY AND IN THEIR ENTIRETY AS THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION RELATING TO THE COMPANY’S ANNUAL MEETING, PARAGON’S SOLICITATION OF PROXIES AND PARAGON’S NOMINEES TO THE BOARD. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT WWW.SEC.GOV OR FROM PARAGON TECHNOLOGIES, INC.
Please email us at ir@pgntgroup.com if you would like to learn more.
Breakout watch **
Golden cross on the daily in the works.
Optt Chart (6month) https://stockcharts.com/h-sc/ui
Optt .60 #1 target .77 #2nd $1.00
Amendment No. 1 to
Form S-3
https://www.sec.gov/Archives/edgar/data/1378140/000149315223025368/forms-3a.htm#alo_004
$OPTT just broke it's avg 10 day volume again.
$OPTT just broke it's avg 10 day volume in the first 40 mins of trading.
https://www.sec.gov/Archives/edgar/data/1378140/000149315223024338/ex99-1.htm
Ocean Power Technologies, Inc.
Announces Fourth Quarter Fiscal 2023 Results
Fiscal 2023 Revenues Increased 55%
MONROE TOWNSHIP, N.J., July 12, 2023 (GLOBE NEWSWIRE) – Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), today announced financial results for its fiscal fourth quarter (“4Q23”) and full-year ended April 30, 2023 (“FY23”). Highlights include:
4Q23 HIGHLIGHTS
? Total orders for the 4Q23 were $2.3 million, as compared to $0.7 million for the fourth quarter ended April 30, 2022 (“4Q22”).
? Revenues for the 4Q23 of $1.0 million grew 29.5% over 4Q22 revenues.
? In April 2023, OPT completed a $0.5M extension of its lease contract to continue providing their WAM-V® 22 Autonomous Surface Vehicle asset to a U.S. Government Agency Overseas for ongoing autonomous maritime activities.
? In March 2023, OPT deployed the scalable Mass-on-Spring Wave Energy Converter (MOSWEC) PowerBuoy® off the coast of New Jersey as part of the U.S. Department of Energy (DOE) Phase II development project, which is a $1.1 million follow-on project.
FY23 HIGHLIGHTS
? Total orders for FY23 were $6.3 million, a 250% increase when compared to total orders of $1.8 million for full year ended April 30, 2022 (“FY22”).
? Revenues for FY23 increased 55.3% to $2.7 million, over FY22.
? Gross profit for FY23 was $0.2 million, as compared to a gross loss of $(0.1) million in FY22.
? Partnered with Task Force 59 of the U.S. Navy on a new project in Bahrain to support the Digital Horizon exercise for use of Unmanned Surface Vehicles which was completed in January 2023.
? Awarded a minimum $0.4 million follow-on new contract with Task Force 59 in Bahrain to provide WAM-V’s to support the International Maritime Exercise 2023 (IMX23) because of the successful demonstrations during Digital Horizon.
? Obtained final acceptance for the buoy deployed at Enel Green Power Chile (EGP).
? Deployed the first WAM-V 16 leased to Sulmara Subsea, Inc. (Sulmara) and obtained follow on orders for additional WAM-V leases from Sulmara. The initial lease to Sulmara was noteworthy as it was the first WAM-V sale using our leasing model.
? Awarded contract for $0.5 million with Department of Homeland Security Science and Technology Directorate on Maritime Domain Awareness – Sensors (MDA-S) Initiative which is expected to be completed during fiscal 2024.
? Made considerable progress on the development of Maritime Domain Awareness Services (MDAS) platform.
? Completed Phase I for $0.2 million on the National Oceanic and Atmospheric Administration (NOAA) SBIR Dynamic Swarming of unmanned surface vehicles (USV’s) for Hydrographic Surveys in Disaster Recovery Project. The goal of the project is to design a command-and-control infrastructure to optimize sonar data and USV survey lines to facilitate many USV’s to autonomously survey a disaster area, such as those created by hurricanes.
? Entered final phase of integration of Marine Advanced Robotics (MAR), including the start of manufacturing WAM-Vs at our New Jersey facility.
Management Commentary – Dr. Philipp Stratmann, OPT’s President and Chief Executive Officer
“Fiscal 2023 was a milestone year for our Company as we put our strategy of becoming a leading provider of autonomous vehicles and Data-as-a-Service for the marine industry in motion. Highlights include significant progress on MDAS platform and expanding the government agencies we work with. In addition, we had our best year of revenue generation since fiscal 2015 and generated a positive gross margin for the first time since fiscal 2016. Most importantly, as we look to the future, we continue to grow our order pipeline, which now stands at approximately $68 million, which gives us confidence that we will meet or exceed $15 million of contracted orders in fiscal 2024. I am pleased with our progress this past year and with the interest that our company is generating.”
4Q23 FINANCIALS
? Revenues for the 4Q23 were $1.0 million, 29.5% growth over 4Q22 revenues.
? Gross loss for 4Q23 was $133 thousand, as compared to a gross loss of $44 thousand in Q422.
? Operating expenses were $8.8 million in the 4Q23, up sequentially from $7.2 million in 3Q23, due to timing of projects and programs.
? Net loss was ($9.5) million for 4Q23, as compared to a net loss of ($5.1) million for the 4Q22.
FY23 FINANCIALS
? Revenues for FY23 increased to $2.7 million, a 55.3% increase over FY22. This growth has been driven by sales of WAM-V autonomous vehicles and an increase in strategic consulting services during the year.
? Gross profit for FY23 was $0.2 million, as compared to a gross loss of $(0.1) million for FY22.
? Operating expenses were $28.3 million in FY23, as compared to $21.5 million in FY22, primarily due to the inclusion of a full year of activity related to our MAR acquisition, and strategic increases in bonus and headcount, including additional resource needs in the areas of sales and marketing.
? Net loss was ($26.3) million for FY23, as compared to a net loss of ($18.9) million for FY22 which included non-cash equity compensation expense of $1.5 million and $1.2 million for FY23 and FY22, respectively.
? Backlog was $4.0 million as of April 30, 2023. Our backlog includes unfilled firm written orders for our products and services from commercial or governmental customers, which we call orders. We believe the disclosure of orders is a useful metric for investors, as it helps support our future revenue expectations and adds validity to our strategic growth plan. Company management uses orders as a tool to manage expected growth, budget and cash requirements, and to monitor the success of our sales and marketing efforts. If any of our orders were to be terminated, delayed or revised downward, our orders and our backlog would be reduced by the expected value of the remaining terms of such contract.
Balance Sheet:
? Combined cash, unrestricted cash, cash equivalents and short-term investments as of April 30, 2023, was $34.7 million, which compares to $40.9 million as of January 31, 2023, and $57.3 million at the beginning of the fiscal year.
? The Company continues to have no bank debt as of April 30, 2023.
? Net cash used in operating activities for FY23 was approximately $21.7 million, compared to $21.3 million FY22.
Introduction of Fiscal 2024 Annual Guidance
The Company is also introducing the following select guidance for full-year fiscal 2024:
? Contracted orders for FY24 are expected to be approximately $15 million. This represents growth of more than 2x over FY23.
The Company’s anticipated order growth will be driven primarily by the continued ramp in its DaaS line, WAM-V sales and leases, and its strategic consulting business.
Conference Call & Webcast
As announced on June 15, 2023, a conference call to discuss OPT’s financial results will be held tomorrow morning, Thursday, July 13, 2023, at 9:00 a.m. Eastern time. Philipp Stratmann, CEO, Bob Powers, CFO, and Joseph Dipietro, Treasurer and Controller, will host the call.
? The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345.
? Live webcast: Link to 4Q23 Webcast for OPT
? Call Replay: Will be available by telephone approximately two hours after the call’s completion until August 13, 2023. You may access the replay by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID 1373 8942.
? Webcast Replay: The archived webcast will also be available on the OPT investor relations section of its website.
About Ocean Power Technologies
Ocean Power Technologies, Inc. provides ocean data collection and reporting, marine power, offshore communications and Domain Awareness Services products, integrated solutions, and consulting services. Our solutions focus on four major service areas: Data as a Service (“DaaS”), which includes data collected by our Wave Adaptive Modular Vessel (WAM-V®) autonomous vehicles or our PowerBuoy® product lines; Robotics as a Service (“RaaS”), which provides a lower cost subscription model for our customers to access use of our WAM-V’s®; Power as a Service (“PaaS”), which includes our PowerBuoy® and subsea battery products; and our Strategic Consulting Services. We offer our products and services to a wide range of customers, including those in government and offshore energy, oil and gas, construction, wind power and other industries. Our solutions are primarily suited to ocean and other offshore environments, and support generation of actionable intelligence on a standalone basis or working with other data sources. The Company is headquartered in Monroe Township, New Jersey. To learn more, visit www.OceanPowerTechnologies.com.
Click above link for enclosed financials…
8-K filing:https://www.sec.gov/ix?doc=/Archives/edgar/data/1378140/000149315223024338/form8-k.htm
Item 2.02. Results of Operations and Financial Condition.
On July 12, 2023, Ocean Power Technologies, Inc. (the “Company”) issued a press release announcing its financial results for its fiscal fourth quarter and fiscal year ended April 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information set forth in Item 2.02 and in the attached Exhibit 99.1 shall be deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number Description
*99.1 Press release dated July 12, 2023 regarding fiscal fourth quarter and fiscal year end earnings.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
OPTT
Ocean Power Technologies Inc
0.6362
0.0288 (4.74%)
Volume: 200,524
Day Range: 0.59 - 0.62
Last Trade Time: 8:00:00 PM EDT
$OPTT does seem that way Skinny. You must own common stock on 7/11/23 to qualify and then their 10k will be out on the 12th in the a/hs and conference call 09:00 hrs on the 13th. Maybe we'll get some idea of just what is coming or is already occurring?
Something's coming. In addition to the two issuances & tax plan just announced. Posted about them on ST. Sure don't have it all figured out. Especially, why is the company selling other shareholders' stock as an issuance???
In any case, the Preferred issuance is detailed in appendix C of the tax plan release. EFFECTIVELY $4/sh. You must own common stock on 7/11/23 to qualify. You can't even guesstimate how big/small issuance (right conversion) will be; but ceiling is $400M. If they sell any of this, proceeds would actually be anti-dilutive to current shareholders. But I can't find the justification for the insane premium they are charging.
I am bullish for the first time in AGES.
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