Ocean Power Technologies Reports Q1 2025 Earnings

Ocean Power ( (OPTT) ) has released its Q3 earnings. Here is a breakdown of the information Ocean Power presented to its investors.

Ocean Power Technologies, Inc. is a company specializing in ocean data collection, marine power, and offshore communications, primarily serving industries like government, offshore energy, and construction with unique autonomous and low-carbon solutions.

In its latest earnings report for the quarter ending January 31, 2025, Ocean Power Technologies reported a decrease in revenue compared to the previous year, with total revenues of $825,000 for the quarter and $4.5 million for the nine months. The company continues to face financial challenges, posting a net loss of $6.7 million for the quarter and $15.1 million for the nine months.

Key financial metrics highlighted in the report include a significant increase in cash and cash equivalents to $10 million from $3.1 million, driven by successful capital raises. Despite a reduction in operating expenses from the previous year, the company still reported an operating loss of $5.9 million for the quarter. The company’s strategic focus remains on expanding its product offerings and customer base, with a notable increase in contract assets and a backlog of $7.5 million.

Looking forward, Ocean Power Technologies aims to leverage its recent capital influx to support growth and innovation in its product lines, although management acknowledges the ongoing financial risks and uncertainties that could impact future performance. The company remains committed to achieving positive cash flow through the commercialization of its products and services.