Ocean Power Technologies Inc (OPTT)

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March 15 earnings news…

https://www.sec.gov/Archives/edgar/data/0001378140/000149315222006809/ex99-1.htm

Ocean Power Technologies, Inc. Announces Third Quarter Fiscal 2022 Results

Revenues Grow 53%; New VP Global Sales & Marketing Appointed

MONROE TOWNSHIP, N.J., March 14, 2022 (GLOBE NEWSWIRE) – Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine data, power, and consulting service solutions, today announced financial results for its third quarter ended January 31, 2022.

MONROE TOWNSHIP, N.J., March 14, 2022 (GLOBE NEWSWIRE) – Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine data, power, and consulting service solutions, today announced financial results for its third quarter ended January 31, 2022.

BUSINESS HIGHLIGHTS

? As previously announced, the Company completed its acquisition of Marine Advanced Robotics (MAR) on November 15, 2021, expanding OPT’s commercial offering into autonomous vehicles for maritime data services. MAR is expected to contribute approximately $2.0 million to revenue for Fiscal Year 2023. In the 3Q22, the Company recognized $257,000 of revenue related to MAR.
? Revenues grew 53% to $484,000 in the third quarter of Fiscal Year 2022 compared to $317,000 for the third quarter of Fiscal Year 2021, driven by MAR and the growth of Strategic Consulting Services.
? OPT continued development of its proprietary next-generation Maritime Domain Awareness (“MDA”) software, configured to provide cyber-secure autonomous monitoring of large ocean areas, such as windfarms, marine protected areas, and areas of interest to national security, suitable for installation on buoys and vehicles.
? The Company continued its offshore testing off the coast of New Jersey for OPT’s continued development of this leading-edge MDA solution.
? Subsequent to quarter-end, Matthew Burdyny, a seasoned marine technology sales and strategy executive, joined OPT as Vice President, Global Sales & Marketing.

Management Commentary – Philipp Stratmann, OPT’s President and Chief Executive Officer

“Our third quarter was headlined by our largest acquisition to date – Marine Advanced Robotics (MAR), a manufacturer of autonomous surface vehicles, that brings new customers, revenue, and an excellent team to OPT, all of which further support our mission to become the recognized leader for Marine Domain Awareness. The addition of roaming platforms enables us to deploy our ocean data as a service solution to a more expansive customer base and allows us to expand further into the subsea data market, such as for infrastructure surveys.

“Through the continued development of our Data-as-a-Service and Power-as-a-Service business models, in combination with our Consulting Services offerings, we are attracting a broader customer group and expanding our revenue opportunities. I am excited that Matt is joining OPT. His experience in selling marine technology services and solutions will further drive our growth. We are optimistic about the direction we are heading and the momentum we are starting to feel.”


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