Ocean Power Technologies reported revenue of $5.5 million for fiscal year 2024, representing a 102% increase from $2.7 million in FY2023. The growth was primarily driven by a $1.7 million increase in USV product sales/leases and $1.5 million increase in buoy products. However, the company recorded a net loss of $27.5 million compared to $26.3 million in the prior year.The company made significant strategic progress, including launching Merrows - a comprehensive ocean surveillance solution, securing multiple government contracts including three NOAA IDIQ awards, and receiving its largest WAM-V order to date from Latin America worth over $1.6 million. The company also completed its research and development phase to focus on commercial activities, resulting in approximately $4.5 million in annual cost savings.Management reported a backlog of $4.9 million as of...Show More

Ocean Power Technologies reported revenue of $5.5 million for fiscal year 2024, representing a 102% increase from $2.7 million in FY2023. The growth was primarily driven by a $1.7 million increase in USV product sales/leases and $1.5 million increase in buoy products. However, the company recorded a net loss of $27.5 million compared to $26.3 million in the prior year.The company made significant strategic progress, including launching Merrows - a comprehensive ocean surveillance solution, securing multiple government contracts including three NOAA IDIQ awards, and receiving its largest WAM-V order to date from Latin America worth over $1.6 million. The company also completed its research and development phase to focus on commercial activities, resulting in approximately $4.5 million in annual cost savings.Management reported a backlog of $4.9 million as of April 30, 2024, up from $4.0 million year-over-year. However, the company faced increased expenses of $3.9 million related to activist shareholder litigation. With cash and investments of $3.3 million at fiscal year-end, down from $34.9 million last year, the company raised additional capital of $6.2 million post year-end through its ATM facility to support growth initiatives.