Ocean Power Technologies Q2 revenue triples to $0.9M; net loss widens to $7.2M

Ocean Power Technologies, Inc.

2024-Q2 EPS reported -$0.24 revenue$2,161,000

Revenue $0.9M vs $0.3M YoY; gross profit $0.5M vs $39K; net loss $7.2M vs $4.8M.
Pipeline grew 221% YoY to ~$93M; backlog $4.5M at Oct 31.
Expects cashflow positive within calendar year 2025 after pivot to commercial activities.
Received letter contract for multi-buoy array with $6.5M ceiling for US government agencies.
Appointed Matt Burdyny as Chief Commercial Officer and Rear Admiral Mercado as special advisor.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Ocean Power Technologies, Inc. reported fiscal second quarter ended October 31, 2023 results: revenue $0.9 million.

Period: fiscal second quarter ended October 31, 2023
Revenue: $0.9 million
Result: reported results

Exact text from the filing

31, 2022. The pipeline continues to grow, reflecting a significant increase in defense and security activity as well as an expansion of commercial opportunities. ● Revenues of $0.9 million for Q224 grew $0.6 million over revenues of $0.3 million for the fiscal quarter ended October 31, 2022 (“Q223”). Revenue for the six months ended October 31, 2023 was $2.2

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Source: SEC EDGAR

accession 0001493152-23-044738

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