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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, Inc. (OPT) substantially completed its research and development (R&amp;D) phase and has witnessed meaningful progress in orders, pipeline, and backlog across its business.</li><li>Additionally, the company has reallocated headcount toward execution and commercialization to bolster its next phase of evolution.</li><li>OPT’s cutting-edge suite of products provides comfort against macro headwinds and also positions the company for commercial success and profitability in 2025.</li></ul>

Ocean Power Technologies, Inc. (OPT) substantially completed its research and development (R&amp;D) phase and has witnessed meaningful progress in orders, pipeline, and backlog across its business.Additionally, the company has reallocated headcount toward execution and commercialization to bolster its next phase of evolution.OPT’s cutting-edge suite of products provides comfort against macro headwinds and also positions the company for commercial success and profitability in 2025.

Update Note - Ocean Power Technologies, Inc.

<ul><li>Ocean Power Technologies reported 2QFY24 revenue of $0.9 million, up 193% Y/Y from $0.3 million in 2QFY23, driven by sales of WAM-V autonomous vehicles, the contract with the Department of Energy (DOE), and an increase in strategic consulting services.</li><li>The previous quarter had revenue of $0.2 million from leased boats.</li><li>The company reported 2QFY24 gross profit of $0.5 million, compared with a profit of $39,000 in 2QFY23.</li></ul>

Ocean Power Technologies reported 2QFY24 revenue of $0.9 million, up 193% Y/Y from $0.3 million in 2QFY23, driven by sales of WAM-V autonomous vehicles, the contract with the Department of Energy (DOE), and an increase in strategic consulting services.The previous quarter had revenue of $0.2 million from leased boats.The company reported 2QFY24 gross profit of $0.5 million, compared with a profit of $39,000 in 2QFY23.

Ocean Power Technologies, Inc. - 2QFY24 Results: Revenue Increases 193%

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index was up by 0.9% W/W versus the S&amp;P 500 Index (up 0.8%), the Russell 2000 Index (up 3.1%), and the Nasdaq Index (up 0.1%).</li><li>Energy Technology (13.7% of the index) was up by 11.3%, while Industrial Climate and Ag Technology (49.8% of the index) was up 1.7%, ClimateTech Mining was down 2.7%, and Advanced Transportation Solutions was down 4.2%.</li><li>Top 10 Performers<span style="font-size: var(--content-font-size);">: HTOO, FLNC, HLGN, PLUG, REX, OPTT, STEM, RUN, MVST, AMRS</span></li></ul>

The WTR Sustainable Index was up by 0.9% W/W versus the S&amp;P 500 Index (up 0.8%), the Russell 2000 Index (up 3.1%), and the Nasdaq Index (up 0.1%).Energy Technology (13.7% of the index) was up by 11.3%, while Industrial Climate and Ag Technology (49.8% of the index) was up 1.7%, ClimateTech Mining was down 2.7%, and Advanced Transportation Solutions was down 4.2%.Top 10 Performers: HTOO, FLNC, HLGN, PLUG, REX, OPTT, STEM, RUN, MVST, AMRS

Industry Report - Climatetech & Sustainable Investing

<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

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)

Update Note - Ocean Power Technologies, Inc.

Ocean Power Technologies, Inc. (OPT) substantially completed its research and development (R&D) phase and has witnessed meaningful progress in...

Water Tower Research

Ocean Power Technologies, Inc. - 2QFY24 Results: Revenue Increases 193%

Ocean Power Technologies reported 2QFY24 revenue of $0.9 million, up 193% Y/Y from $0.3 million in 2QFY23, driven by sales of WAM-V autonomous...

Water Tower Research

Industry Report - Climatetech & Sustainable Investing

The WTR Sustainable Index was up by 0.9% W/W versus the S&P 500 Index (up 0.8%), the Russell 2000 Index (up 3.1%), and the Nasdaq Index (up 0.1%).

Water Tower Research

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

Water Tower Research

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