The following is a summary of the Ocean Power Technologies, Inc. (OPTT) Q4 2024 Earnings Call Transcript:

Financial Performance:

• Ocean Power Technologies reported Q4 revenue of $1.6 million, with total annual revenue reaching $5.5 million, a 102% year-over-year increase.

• Gross profit for the year was $2.8 million, significantly improved from the previous year's $0.2 million, indicating a dramatic increase in profitability and efficiency.

• Net loss for the fiscal year was $27.5 million, despite challenges including legal expenses from a shareholder dispute.

• The company achieved a backlog of $4.9 million and expects continued growth moving forward.

Business Progress:

• Significant technological breakthroughs were achieved, including the successful demonstration of the WAM-V and the launch of next-generation PB integrating solar, wind, and wave energy. This positions the company as a leader in non-grid connected marine energy production.

• Strategic partnerships with Red Cat Holdings, Inc., a major international defense contractor, and Teledyne Marine were formed to enhance technological integration and market outreach.

• The company advanced its newest AI technology 'Merrows,' which is set to revolutionize ocean surveillance and security.

Opportunities:

• The launch of 'Merrows' positions OPT to expand further into the ocean security and surveillance market, leveraging advanced AI technologies.

• Strategic alliances and expansions into Latin America and the Middle East are expected to open new markets and opportunities for growth.

• Partnerships with industry leaders in technology and defense sectors will enhance product offerings and operational capabilities, enabling expansion into new geographical regions.

Risks:

• Challenges remain in converting pipeline opportunities into revenue, with risks associated with the timing and execution of delivering systems abroad.

• The company must continuously navigate risks related to customer decision timelines, especially as it expands into new markets like Latin America and the Middle East.

More details: Ocean Power Technologies IR

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