Confirms pathway to profitability in late 2025 based on record quarterly revenues and materially reduced expenses
MONROE TOWNSHIP, N.J., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: 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%.
Business and Operational Highlights
- During Q2FY25, the Company completed the second set of exercises of the previously announced follow-on contract as a subcontractor to EpiSci and successfully deployed several WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch. Project Overmatch is a United States Navy initiative aimed at achieving a seamless and highly integrated warfighting capability by leveraging advanced data networks, artificial intelligence (AI), and machine learning. Under this contract, OPT continues to ruggedize and enhance the operational capability of its autonomous maritime technologies to support the U.S. military and its allies. The first set of exercises was concluded over the summer and the completion of these most recent exercises contributed to the revenue recognition noted above.
- The Company delivered several vehicles to customers in Latin America for commercial survey services.
- The Company signed its first service contract for multi-year support services for vehicles.
- Since the end of the quarter, OPT has received the final permits to install the previously announced PowerBuoy equipped with AT&Ts 5G equipment in Monterey Bay.
- The Company reaffirms its previously issued guidance that it believes it will reach profitability (excluding unanticipated extraordinary expenses) during the fourth quarter of calendar 2025. Performance to date reflects strong demand for products, effective cost management, and progress in strategic initiatives. Recent achievements, including recently announced partnerships and operational milestones regarding successful exercises and continued customer deliveries, further support the Company's trajectory toward achieving this stated objective.
Philipp Stratmann, OPT's CEO and President, stated "We believe our preliminary results underscore the success of our strategic initiatives, such as focusing on national security and critical infrastructure solutions, coupled with targeted international expansion and our ability to execute for our customers. We have seen a recent uptick in demand for our services domestically and overseas and will continue to convert our pipeline to bookings and ultimately to revenue through future deliveries and additional opportunities to deploy our assets, and we remain committed to delivering long-term value for our shareholders. The success of our most recent quarter leads us to reconfirm our pathway to profitability in late calendar 2025."
CONFERENCE CALL AND WEBCAST INFORMATION
A conference call to discuss OPT's financial results will be held on Tuesday, December 17, 2024 at 9:00 AM EDT. Philipp Stratmann, CEO, and Bob Powers, CFO will host the call.
- The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345.
- Live webcast: Webcast | Ocean Power Technologies FY2025 Q2 Earnings Conference Call (choruscall.com)
- Call Replay: Call replay will be available by telephone approximately two hours after the call's completion. 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 13748550.
- Webcast Replay: The archived webcast will be on the OPT investor relations section of its website.
INDIVIDUAL MEETING INFORMATION
In an effort to increase relations with institutional investors, OPT management has dedicated time to hosting individual meetings with portfolio managers and analysts. If you are interested in scheduling a meeting with OPT management, please contact:
- Email: InvestorRelations@oceanpowertech.com, or
- Call: 609-730-0400 x401
ABOUT OCEAN POWER TECHNOLOGIES
OPT 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, including Merrows, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. 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 (ASVs) and marine robotics services. The Company's headquarters is in Monroe Township, New Jersey, with an additional office in Richmond, California. To learn more, visit .
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 or to provide further interim updates in the future.
CONTACT: CONTACT INFORMATION
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
根据创纪录的季度收入和大幅减少的支出，确认2025年底实现盈利的途径
新泽西州门罗镇，2024年12月2日（GLOBE NEWSWIRE）——海洋动力技术有限公司（“OPT” 或 “公司”）（纽约证券交易所美国股票代码：OPTT）今天公布了截至2024年10月31日的第二季度初步财务业绩（Q2FY25）。本新闻稿中包含的初步结果可能会发生变化，尚未经过我们的独立审计师的审计或审查。该公司预计将在12月中旬提交第二季度财务业绩和最新情况。
Q2FY25 初步财务摘要
（所有数据均为初步数据，未经审计，尚待最终确定）：
- 收入：估计将超过200万美元，而去年同期为90万美元，增长了2倍以上。
- 净亏损：预计净亏损约400万美元，而去年同期为720万美元，净亏损同比下降40％以上。
- 运营费用减少了约40％，其中包括外部支出的减少，从而大幅减少了第三方支出。
- 用于经营活动的现金：估计不到470万美元，而去年同期为750万美元，同比下降约40％。
业务和运营亮点
- 在 Q2FY25 期间，该公司作为 EpisCI 的分包商完成了先前宣布的后续合同的第二轮演习，并作为项目过度竞赛的一部分，在任务自主试验场 (MAPG) 期间成功部署了几台 Wam-V 自动水面飞行器。Project Overmatch 是美国海军的一项计划，旨在通过利用先进的数据网络、人工智能 (AI) 和机器学习来实现无缝和高度集成的作战能力。根据该合同，OpT继续加强和增强其自主海事技术的作战能力，以支持美军及其盟友。第一批演习已于夏季结束，最近这些活动的完成促进了上述收入的确认。
- 该公司向拉丁美洲的客户交付了几辆用于商业调查服务的车辆。
- 该公司签署了第一份为车辆提供多年支持服务的服务合同。
- 自本季度末以来，OpT已获得在蒙特雷湾安装先前宣布的配备AT＆TS 5G设备的PowerBuoy的最终许可。
- 该公司重申其先前发布的指导方针，即认为将在2025年第四季度实现盈利（不包括意外特别支出）。迄今为止的业绩反映了对产品的强劲需求、有效的成本管理和战略举措的进展。最近取得的成就，包括最近宣布的合作伙伴关系以及有关成功演习和持续交付客户的运营里程碑，进一步支持了公司实现这一既定目标的轨迹。
OPT首席执行官兼总裁菲利普·斯特拉特曼表示：“我们认为，我们的初步结果突显了我们战略举措的成功，例如专注于国家安全和关键基础设施解决方案，以及有针对性的国际扩张和我们为客户执行的能力。最近，我们看到国内外对我们服务的需求有所增加，并将继续通过未来的交付和额外的资产部署机会将我们的渠道转化为预订，并最终转化为收入，我们将继续致力于为股东创造长期价值。我们最近一个季度的成功促使我们重新确认了2025年末的盈利之路。”
电话会议和网络直播信息
讨论OPT财务业绩的电话会议将于美国东部时间2024年12月17日星期二上午9点举行。首席执行官菲利普·斯特拉特曼和首席财务官鲍勃·鲍尔斯将主持电话会议。
- 电话会议的拨入号码是 877-407-8291 或 201-689-8345。
- 网络直播：网络直播 | Ocean Power Technologies FY2025 第二季度财报电话会议（choruscall.com）
- 通话重播：通话结束大约两小时后，将通过电话进行电话重播。你可以从美国拨打 877-660-6853 观看重播，国际来电者拨打 201-612-7415，然后使用会议编号13748550。
- 网络直播重播：存档的网络直播将在其网站的OpT投资者关系栏目上播出。
个人会议信息
为了增进与机构投资者的关系，OpT管理层专门安排了与投资组合经理和分析师的个人会议。如果您有兴趣与OpT管理层安排会议，请联系：
- 电子邮件：InvestorRelations@oceanpowertech.com，或
- 致电：609-730-0400 x401
关于海洋动力技术
OpT提供智能海事解决方案和服务，为国防和安全、石油和天然气、科学和研究以及海上风电市场（包括Merrows）提供更安全、更清洁、更高效的海上运营，Merrows提供具有人工智能功能的跨平台海域感知系统的无缝集成。我们的 PowerBuoy 平台为远程海事和海底应用提供清洁可靠的电力和实时数据通信。我们还提供 Wam-V 自主水面舰艇 (ASV) 和海上机器人服务。该公司的总部位于新泽西州门罗镇，并在加利福尼亚州里士满增设办事处。要了解更多信息，请访问。
前瞻性陈述
本新闻稿可能包含前瞻性陈述，这些陈述符合1995年《私人证券诉讼改革法》的安全港条款。前瞻性陈述由某些词语或短语来识别，例如 “可能”、“将”、“目标”、“可能的结果”、“相信”、“期望”、“将继续”、“预测”、“打算”、“计划”、“考虑”、“寻求”、“未来”、“目标”、“项目”、“应该”、“将追求” 和类似表述或此类表达方式的变体。这些前瞻性陈述反映了公司当前对其未来计划和业绩的预期。这些前瞻性陈述依赖于许多假设和估计，这些假设和估计可能不准确且存在风险和不确定性。实际业绩可能与公司任何前瞻性陈述中的预期或表达的业绩存在重大差异。有关这些风险和不确定性的进一步讨论，请参阅公司最新的10-Q和10-k表格以及随后向美国证券交易委员会提交的文件。公司不承担任何更新前瞻性陈述以反映本新闻稿发布之日之后的事件或情况或在未来提供进一步的中期更新的义务或意图。
联系人：联系信息
投资者：609-730-0400 x401 或 InvestorRelations@oceanpowertech.com
媒体：609-730-0400 x402 或 MediaRelations@oceanpowertech.com
