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
根據創紀錄的季度收入和大幅減少的支出，確認2025年底實現盈利的途徑
新澤西州門羅鎮，2024年12月2日（GLOBE NEWSWIRE）——海洋動力技術有限公司（「OPT」 或 「公司」）（紐約證券交易所美國股票代碼：OPTT）今天公佈了截至2024年10月31日的第二季度初步財務業績（Q2FY25）。本新聞稿中包含的初步結果可能會發生變化，尚未經過我們的獨立核數師的審計或審查。該公司預計將在12月中旬提交第二季度財務業績和最新情況。
Q2FY25 初步財務摘要
（所有數據均爲初步數據，未經審計，尚待最終確定）：
- 收入：估計將超過200萬美元，而去年同期爲90萬美元，增長了2倍以上。
- 淨虧損：預計淨虧損約400萬美元，而去年同期爲720萬美元，淨虧損同比下降40％以上。
- 運營費用減少了約40％，其中包括外部支出的減少，從而大幅減少了第三方支出。
- 用於經營活動的現金：估計不到470萬美元，而去年同期爲750萬美元，同比下降約40％。
業務和運營亮點
- 在 Q2FY25 期間，該公司作爲 EpisCI 的分包商完成了先前宣佈的後續合同的第二輪演習，並作爲項目過度競賽的一部分，在任務自主試驗場 (MAPG) 期間成功部署了幾臺 Wam-V 自動水面飛行器。Project Overmatch 是美國海軍的一項計劃，旨在通過利用先進的數據網絡、人工智能 (AI) 和機器學習來實現無縫和高度集成的作戰能力。根據該合同，OpT繼續加強和增強其自主海事技術的作戰能力，以支持美軍及其盟友。第一批演習已於夏季結束，最近這些活動的完成促進了上述收入的確認。
- 該公司向拉丁美洲的客戶交付了幾輛用於商業調查服務的車輛。
- 該公司簽署了第一份爲車輛提供多年支持服務的服務合同。
- 自本季度末以來，OpT已獲得在蒙特雷灣安裝先前宣佈的配備AT＆TS 5G設備的PowerBuoy的最終許可。
- 該公司重申其先前發佈的指導方針，即認爲將在2025年第四季度實現盈利（不包括意外特別支出）。迄今爲止的業績反映了對產品的強勁需求、有效的成本管理和戰略舉措的進展。最近取得的成就，包括最近宣佈的合作伙伴關係以及有關成功演習和持續交付客戶的運營里程碑，進一步支持了公司實現這一既定目標的軌跡。
OPT首席執行官兼總裁菲利普·斯特拉特曼表示：「我們認爲，我們的初步結果突顯了我們戰略舉措的成功，例如專注於國家安全和關鍵基礎設施解決方案，以及有針對性的國際擴張和我們爲客戶執行的能力。最近，我們看到國內外對我們服務的需求有所增加，並將繼續通過未來的交付和額外的資產部署機會將我們的渠道轉化爲預訂，並最終轉化爲收入，我們將繼續致力於爲股東創造長期價值。我們最近一個季度的成功促使我們重新確認了2025年末的盈利之路。」
電話會議和網絡直播信息
討論OPT財務業績的電話會議將於美國東部時間2024年12月17日星期二上午9點舉行。首席執行官菲利普·斯特拉特曼和首席財務官鮑勃·鮑爾斯將主持電話會議。
- 電話會議的撥入號碼是 877-407-8291 或 201-689-8345。
- 網絡直播：網絡直播 | Ocean Power Technologies FY2025 第二季度業績電話會議（choruscall.com）
- 通話重播：通話結束大約兩小時後，將通過電話進行電話重播。你可以從美國撥打 877-660-6853 觀看重播，國際來電者撥打 201-612-7415，然後使用會議編號13748550。
- 網絡直播重播：存檔的網絡直播將在其網站的OpT投資者關係欄目上播出。
個人會議信息
爲了增進與機構投資者的關係，OpT管理層專門安排了與投資組合經理和分析師的個人會議。如果您有興趣與OpT管理層安排會議，請聯繫：
- 電子郵件：InvestorRelations@oceanpowertech.com，或
- 致電：609-730-0400 x401
關於海洋動力技術
OpT提供智能海事解決方案和服務，爲國防和安全、石油和天然氣、科學和研究以及海上風電市場（包括Merrows）提供更安全、更清潔、更高效的海上運營，Merrows提供具有人工智能功能的跨平台海域感知系統的無縫集成。我們的 PowerBuoy 平台爲遠程海事和海底應用提供清潔可靠的電力和實時數據通信。我們還提供 Wam-V 自主水面艦艇 (ASV) 和海上機器人服務。該公司的總部位於新澤西州門羅鎮，並在加利福尼亞州里士滿增設辦事處。要了解更多信息，請訪問。
前瞻性陳述
本新聞稿可能包含前瞻性陳述，這些陳述符合1995年《私人證券訴訟改革法》的安全港條款。前瞻性陳述由某些詞語或短語來識別，例如 「可能」、「將」、「目標」、「可能的結果」、「相信」、「期望」、「將繼續」、「預測」、「打算」、「計劃」、「考慮」、「尋求」、「未來」、「目標」、「項目」、「應該」、「將追求」 和類似表述或此類表達方式的變體。這些前瞻性陳述反映了公司當前對其未來計劃和業績的預期。這些前瞻性陳述依賴於許多假設和估計，這些假設和估計可能不準確且存在風險和不確定性。實際業績可能與公司任何前瞻性陳述中的預期或表達的業績存在重大差異。有關這些風險和不確定性的進一步討論，請參閱公司最新的10-Q和10-k表格以及隨後向美國證券交易委員會提交的文件。公司不承擔任何更新前瞻性陳述以反映本新聞稿發佈之日之後的事件或情況或在未來提供進一步的中期更新的義務或意圖。
聯繫人：聯繫信息
投資者：609-730-0400 x401 或 InvestorRelations@oceanpowertech.com
媒體：609-730-0400 x402 或 MediaRelations@oceanpowertech.com
