Ocean Power Technologies Preliminary Q2 2025 Revenue Estimated To Be Greater Than $2M, Compared To $900K For The Same Period Last Year; Net Loss Anticipated Net Loss Of ~$4M, Compared To $7.2M In The Prior Year Period And Representing A YoY Decrease In Net Loss Of More Than 40%

Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE:OPTT), today announced preliminary financial results for the second quarter ended October 31, 2024 (Q2FY25). The preliminary results included in this press release are subject to change and have not been audited or reviewed by our independent auditor. The Company expects to file its second quarter financial results and update in mid‐December.

Preliminary Q2FY25 Financial Highlights
(All figures are preliminary, unaudited, and subject to finalization):

• Revenue: Estimated to be greater than $2 million, compared to $0.9 million for the same period last year, representing a more than 2x increase.
• Net Loss: Anticipated net loss of approximately $4 million, compared to $7.2 million in the prior year period and representing a year-over-year decrease in net loss of more than 40%.
  • Operating expenses have been reduced by approximately 40%, including reduced external expenditures leading to a material reduction in third party spend.
• Cash Used in Operating Activities: Estimated to be less than $4.7 million, compared to $7.5 million in the prior-year period and representing a year-over-year decrease of approximately 40%.