Ocean Power Technologies ships an autonomous WAM-V® vessel for continuous, long-duration offshore surveys, enhancing maritime operations.
Quiver AI Summary
Ocean Power Technologies, Inc. has announced the successful shipment of a WAM-V® 22’ autonomous vessel capable of conducting offshore surveys continuously for several days without returning to base. The vessel recently demonstrated its capabilities during a three-day fully remote survey operation using a simulated payload. CEO Philipp Stratmann highlighted the significance of this development for customers operating in the vastness of the Pacific Ocean, emphasizing its applications in survey, maritime security, and environmental research. Ocean Power Technologies focuses on innovative maritime solutions, including autonomous surface vessels, power systems, and AI integration to enhance ocean operations across various sectors.
Potential Positives
- Ocean Power Technologies successfully shipped a WAM-V® 22’ autonomous vessel, demonstrating its capability to perform 24/7 offshore surveys, which enhances its service offerings.
- The recent three-day successful demonstration of the WAM-V® 22’ indicates the vessel's operational reliability and potential for long-duration missions, appealing to various markets.
- CEO Philipp Stratmann emphasized the significance of this accomplishment for customers operating in the vast Pacific Ocean, suggesting increased market relevance and potential demand.
Potential Negatives
- Forward-looking statements indicate reliance on assumptions that could prove inaccurate, creating uncertainty around the company's future performance and plans.
- The company does not provide specific details about the financial implications or market reception of the newly shipped WAM-V®, which may raise concerns about demand and profitability.
- There is a lack of concrete information regarding customer contracts or commitments following the demonstration, suggesting potential vulnerabilities in securing future business.
FAQ
What are the key features of the WAM-V® 22’?
The WAM-V® 22’ offers autonomous capabilities for continuous offshore surveys, enabling operation for multiple days without returning to base.
How does Ocean Power Technologies support maritime operations?
OPT provides innovative solutions for safer, cleaner, and more efficient ocean operations, including AI-driven services and autonomous vessels.
Where is Ocean Power Technologies headquartered?
Ocean Power Technologies is headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California.
What industries does OPT serve?
OPT serves various sectors, including defense, oil and gas, scientific research, and offshore wind markets.
What is the significance of the recent WAM-V® demonstration?
The demonstration highlighted the WAM-V®'s ability to operate continuously in remote conditions, enhancing capabilities for surveys and marine security.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OPTT Insider Trading Activity
$OPTT insiders have traded $OPTT stock on the open market 2 times in the past 6 months. Of those trades, 2 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $OPTT stock by insiders over the last 6 months:
- TERENCE JAMES CRYAN purchased 100,000 shares for an estimated $14,800
- PETER E. SLAIBY purchased 35,000 shares for an estimated $6,713
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$OPTT Hedge Fund Activity
We have seen 24 institutional investors add shares of $OPTT stock to their portfolio, and 13 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 1,970,634 shares (+inf%) to their portfolio in Q4 2024, for an estimated $2,010,046
- VANGUARD GROUP INC added 1,470,761 shares (+83.6%) to their portfolio in Q4 2024, for an estimated $1,500,176
- SARGENT INVESTMENT GROUP, LLC added 328,000 shares (+164.0%) to their portfolio in Q4 2024, for an estimated $334,560
- GEODE CAPITAL MANAGEMENT, LLC added 264,382 shares (+35.3%) to their portfolio in Q4 2024, for an estimated $269,669
- STATE STREET CORP added 181,100 shares (+92.3%) to their portfolio in Q4 2024, for an estimated $184,722
- XTX TOPCO LTD removed 120,682 shares (-80.8%) from their portfolio in Q4 2024, for an estimated $123,095
- ARKADIOS WEALTH ADVISORS added 100,000 shares (+inf%) to their portfolio in Q4 2024, for an estimated $102,000
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MONROE TOWNSHIP, N.J., April 30, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) ("OPT" or the "Company"), a leader in innovative, cost-effective, low-carbon and artificial intelligence maritime services that enable safer and more productive ocean operations and related power, data, and service solutions, today announced the shipment of a WAM-V ® 22’ with autonomous capabilities designed to provide offshore surveys with 24/7 operational payloads for multiple days without requiring a return to base.
This WAM-V ® recently completed a successful demonstration, conducting a three day fully remote, continuous survey operation, while deploying a simulated survey payload.
Philipp Stratmann, CEO of Ocean Power Technologies, commented, "This is a great milestone for OPT. The vastness of the Pacific Ocean makes this an important capability for our customers. This design enables the WAM-V ® to conduct prolonged operations inclusive of survey, maritime security, and/or environmental research with a complex array of above and below the waterline sensing capability."
For additional details on Ocean Power Technologies, please visit www.oceanpowertechnologies.com .
ABOUT OCEAN POWER TECHNOLOGIES
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets, including Merrows™, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy ® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V ® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com .
FORWARD-LOOKING STATEMENTS
This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties, including the continued shipment of WAM-V ® s with autonomous capabilities designed to provide offshore surveys for multiple days without requiring a return to base, the potential continuing success with the delivery of customer services over extended timeframes, the conversion of potential customers to contracts and the realization of the potential revenue thereunder. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
