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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Ocean Power Technologies / Equity Bottom-Up

<ul><li>Ocean Power Technologies entered a contract with WildAid and Caribbean Law Enforcement to provide a WAM-V 16 Uncrewed Surface Vessel (USV) equipped with an integrated quadcopter aerial drone that should help in protecting vital marine species and combat illegal, unreported, and unregulated (IUU) fishing activities in critical habitats.</li><li>OPT and WildAid and Caribbean Law Enforcement are teaming up to use unmanned surface and aerial vehicles to identify, track, and gather information on people who are harming marine life and ecosystems through illegal activities</li><li>Additionally, the company also received an additional volume order from Sulmara worth $1.6 million, a prominent player in offshore services, of WAMV 16 uncrewed surface vehicles (USVs), making this the largest single order of WAM-Vs to date.</li></ul>

Ocean Power Technologies entered a contract with WildAid and Caribbean Law Enforcement to provide a WAM-V 16 Uncrewed Surface Vessel (USV) equipped with an integrated quadcopter aerial drone that should help in protecting vital marine species and combat illegal, unreported, and unregulated (IUU) fishing activities in critical habitats.OPT and WildAid and Caribbean Law Enforcement are teaming up to use unmanned surface and aerial vehicles to identify, track, and gather information on people who are harming marine life and ecosystems through illegal activitiesAdditionally, the company also received an additional volume order from Sulmara worth $1.6 million, a prominent player in offshore services, of WAMV 16 uncrewed surface vehicles (USVs), making this the largest single order of WAM-Vs to date.

Ocean Power Technologies, Inc - Contract Award with WildAid and Caribbean Law Enforcement

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Ocean Power Technologies reported 4Q23 revenue of $0.1 million, up 29.6% Y/Y from $0.8 million in 4Q22 driven by sales of WAM-V autonomous vehicles and an increase in strategic consulting services.</p></li><li><p>OPT completed a $0.5M extension of its lease contract to continue providing their WAM-V to a U.S. Government agency.</p></li><li><p>The company deployed the scalable MOSWEC PowerBuoy, as part of US DoE Phase II development project worth $1.1m.</p></li></ul></div></div></div></div>

Ocean Power Technologies reported 4Q23 revenue of $0.1 million, up 29.6% Y/Y from $0.8 million in 4Q22 driven by sales of WAM-V autonomous vehicles and an increase in strategic consulting services.OPT completed a $0.5M extension of its lease contract to continue providing their WAM-V to a U.S. Government agency.The company deployed the scalable MOSWEC PowerBuoy, as part of US DoE Phase II development project worth $1.1m.

Ocean Power Technologies, Inc. - 4Q23 Results: Net Loss Widens

<ul><li>Revenue grew 51.7% Y/Y to $0.7 million, compared with $0.5 million in 3Q22.</li><li>Growth in the top-line figure was primarily driven by sales of WAM-V autonomous vehicles and better margins derived from Strategic Consulting Services. </li><li>A key driver of the revenue trajectory is the order activity, which is up 111% to $3.8 million YTD, with significant additional order activity in various stages of negotiation.</li></ul>

Revenue grew 51.7% Y/Y to $0.7 million, compared with $0.5 million in 3Q22.Growth in the top-line figure was primarily driven by sales of WAM-V autonomous vehicles and better margins derived from Strategic Consulting Services. A key driver of the revenue trajectory is the order activity, which is up 111% to $3.8 million YTD, with significant additional order activity in various stages of negotiation.

3Q23 Results: Revenue Grows 51.7% Y/Y as Order Activity and Gross Margin Shoot Up

A Primer on the Company’s Background, Technology, Business Model, and More

Weekly Sustainable Investing Surveyor: Week Ended December 16, 2022

United States

Ocean Power Technologies, Inc. manufactures equipment that generates electricity from the motion of ocean waves. The Company develops wave energy technology and converts ocean waves energy into electricity. Ocean Power Technologies serves customers worldwide.

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Ocean Power Technologies (OPTT US)

Ocean Power Technologies, Inc - Contract Award with WildAid and Caribbean Law Enforcement

OPT and WildAid and Caribbean Law Enforcement are teaming up to use unmanned surface and aerial vehicles to identify, track, and gather information...

Water Tower Research

Ocean Power Technologies, Inc. - 4Q23 Results: Net Loss Widens

Ocean Power Technologies reported 4Q23 revenue of $0.1 million, up 29.6% Y/Y from $0.8 million in 4Q22 driven by sales of WAM-V autonomous vehicles

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3Q23 Results: Revenue Grows 51.7% Y/Y as Order Activity and Gross Margin Shoot Up

Growth in the top-line figure was primarily driven by sales of WAM-V autonomous vehicles and better margins derived from Strategic Consulting...

Water Tower Research

A Primer on the Company’s Background, Technology, Business Model, and More

KEY POINTS Over the past few years, OPT has materially shifted its focus by providing autonomous, roaming, or stationary solutions to power ocean...

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended December 16, 2022

SUMMARY Last Week’s Research Ocean Power Technologies, Inc. (OPTT) 2Q23 Results: Revenue Up 22.7% Y/Y; Gross Margin Improves by 34.4%; Consulting...

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