NEWS
Ocean Power Technologies, Inc. Announces Fourth Quarter and Full Year Fiscal 2024 Results
Positive
▪️Revenue for FY24 increased 102% to $5.5 million
▪️Gross profit for FY24 improved to 51% ($2.8 million) from 9% ($0.2 million) in FY23
▪️Backlog increased 25% to $4.9 million as of April 30, 2024
▪️Pipeline stood at $71.6 million as of April 30, 2024
▪️Strategic partnerships signed with Teledyne Marine, Red Cat Holdings, and a major international defense contractor
▪️Contracted orders for FY25 expected to be approximately $12.5 million, nearly 2x growth over FY24
▪️Company expects to reach profitability during the second half of calendar year 2025
▪️Revenue for FY24 increased 102% to $5.5 million
▪️Gross profit for FY24 improved to 51% ($2.8 million) from 9% ($0.2 million) in FY23
▪️Backlog increased 25% to $4.9 million as of April 30, 2024
▪️Pipeline stood at $71.6 million as of April 30, 2024
▪️Strategic partnerships signed with Teledyne Marine, Red Cat Holdings, and a major international defense contractor
▪️Contracted orders for FY25 expected to be approximately $12.5 million, nearly 2x growth over FY24
▪️Company expects to reach profitability during the second half of calendar year 2025
Negative
▪️Net loss increased to $27.5 million for FY24, compared to $26.3 million for FY23
▪️Operating expenses increased to $32.2 million in FY24, up from $28.3 million in FY23
▪️Cash position decreased to $3.3 million as of April 30, 2024, down from $34.9 million at the beginning of the fiscal year
▪️Net cash used in operating activities for FY24 increased to $29.8 million, compared to $21.7 million in FY23
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