Ocean Power Technologies Inc
F:RUOC
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Ocean Power Technologies Inc
Ocean Power Technologies, Inc. engages in commercializing proprietary systems that generate electricity predominantly by harnessing the renewable energy of ocean waves. The company is headquartered in Monroe Township, New Jersey. The company went IPO on 2003-10-31. The firm's PowerBuoy systems use technologies that convert the mechanical energy created by the rising and falling of ocean waves into electricity. The firm focuses on developing its PowerBuoy product line, which is based on modular, ocean-going buoys. Its autonomous PowerBuoy generates power for use in remote locations, independent of an existing power grid. The firm focuses on developing and commercializing its PowerBuoy products and services for use in autonomous power applications. The firm markets its PowerBuoys in the United States and internationally. The autonomous PowerBuoy integrates a power take-off (PTO) and onboard system for energy storage and management. Its PowerBuoy product is the PB3. PB3 can act as an uninterruptable power supply (UPS), which recharges itself by harvesting energy from the waves.
Ocean Power Technologies, Inc. engages in commercializing proprietary systems that generate electricity predominantly by harnessing the renewable energy of ocean waves. The company is headquartered in Monroe Township, New Jersey. The company went IPO on 2003-10-31. The firm's PowerBuoy systems use technologies that convert the mechanical energy created by the rising and falling of ocean waves into electricity. The firm focuses on developing its PowerBuoy product line, which is based on modular, ocean-going buoys. Its autonomous PowerBuoy generates power for use in remote locations, independent of an existing power grid. The firm focuses on developing and commercializing its PowerBuoy products and services for use in autonomous power applications. The firm markets its PowerBuoys in the United States and internationally. The autonomous PowerBuoy integrates a power take-off (PTO) and onboard system for energy storage and management. Its PowerBuoy product is the PB3. PB3 can act as an uninterruptable power supply (UPS), which recharges itself by harvesting energy from the waves.
Backlog Growth: Backlog reached $15 million, up $11.2 million from last year, reflecting strong demand and government activity resuming.
Pipeline Expansion: Sales pipeline expanded to over $137 million, showing increasing customer engagement and larger, more strategic opportunities.
Revenue Decline: Quarterly revenue fell to $0.4 million from $2.4 million last year, mainly due to shutdown-related delays.
Operational Losses: Gross profit was a loss of $1.4 million, and net loss for the quarter was $10.8 million, both down from prior year.
Headcount Investment: Company increased commercial and operational staff to support growth, especially in government and international markets.
International Focus: Ongoing demonstrations and projects in Latin America, the UAE, Africa and Taiwan are building the international business, primarily in offshore oil and gas.
