Ocean Power Technologies Q1 revenue rises to $1.3M, pipeline jumps 215% to $85M

Ocean Power Technologies, Inc.

2024-Q1 EPS reported -$0.12 revenue$1,272,000

Revenue $1.3M (+86% YoY); gross profit $0.7M vs $0.2M; gross margin 52.1% vs 27.2%.
Net loss widened to $7.0M from $5.9M; cash & equivalents $26.7M vs $51.9M year ago.
Pipeline reached $85M, up 215% YoY, driven by defense/security and offshore wind demand.
Awarded 3-year NOAA IDIQ contract with up to $10M total value (not in pipeline).
Opened new marine robotics production facility in Richmond, CA; WAM-V remote charging demo completed.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Ocean Power Technologies, Inc. reported fiscal first quarter ended July 31, 2023 results: revenue $1.3 million, net income $7.0 million.

Period: fiscal first quarter ended July 31, 2023
Revenue: $1.3 million
Net income: $7.0 million
Result: reported results

Exact text from the filing

interest from offshore wind companies for autonomous monitoring, surveillance and survey-related services during various stages of the project development cycle. ● Revenues of $1.3 million for Q124 grew $0.6 over revenues of $0.7 million for the fiscal quarter ended July 31, 2022 (“Q123)”. ● Gross profit for Q124 was $0.7 million, compared to gross profit of $0.2

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Source: SEC EDGAR

accession 0001493152-23-032567

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