---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-032567"
form_type: "8-K"
ticker: "OPTT"
cik: "0001378140"
company_name: "Ocean Power Technologies, Inc."
filed_at: "2023-09-14T23:59:59+00:00"
generated_at: "2026-06-10T17:28:16.362974+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-23-032567
- form_type: 8-K
- ticker: OPTT
- cik: 0001378140
- company_name: Ocean Power Technologies, Inc.
- filed_at: 2023-09-14T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1378140/000149315223032567/0001493152-23-032567-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1378140/000149315223032567/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-032567
- JSON: https://secwatch.observer/filing/0001493152-23-032567.json
- Plain text: https://secwatch.observer/filing/0001493152-23-032567.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1378140/000149315223032567/0001493152-23-032567-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.