Ocean Power Technologies completed WAM-V® 22 sea trials in New Jersey, enabling year-round testing for customers.
Quiver AI Summary
Ocean Power Technologies, Inc. (NYSE American: OPTT) has successfully completed its first sea trials of the WAM-V® 22 unmanned surface vehicle for a major customer operating in Sub Saharan Africa. The trials were conducted at OPT’s newly permitted test site in Southern New Jersey, following evaluations by the US Coast Guard. CEO Philipp Stratmann highlighted the significance of these trials, stating they represent a progress for the company and enable year-round testing on both coasts, which streamlines product delivery and revenue recognition for customers. The company specializes in innovative solutions for marine operations, including AI-capable systems and clean power solutions for various industries.
Potential Positives
- Successful completion of the first WAM-V® 22 sea trials demonstrates the company's capability and commitment to advancing maritime technology.
- Establishment of a newly permitted test site in Southern New Jersey allows for year-round testing, improving operational efficiency and customer service.
- The sea trials were conducted for a major offshore services customer, potentially enhancing the company's reputation and business relationships in the industry.
- The COO's positive remarks highlight the significance of these developments for the company's future growth and revenue recognition.
Potential Negatives
- Details on the customer for the sea trials are vague, raising questions about the client's significance and the project's impact on future revenues.
- The reliance on forward-looking statements introduces uncertainty regarding the company's future performance, which may concern investors.
- The press release does not provide specific metrics or outcomes from the sea trials, possibly limiting transparency and accountability.
FAQ
What are WAM-V® 22 sea trials?
The WAM-V® 22 sea trials are tests conducted to evaluate the performance of unmanned surface vehicles for maritime operations.
Where were the WAM-V® 22 sea trials conducted?
The sea trials were conducted at Ocean Power Technologies' newly permitted test site in Southern New Jersey.
What is the significance of these sea trials for OPT?
These sea trials mark a major achievement for OPT, allowing year-round testing and faster product deliveries to customers.
What services does Ocean Power Technologies provide?
OPT offers intelligent maritime solutions, including AI-driven systems, clean power sources, and marine robotics for various industries.
What industries benefit from OPT's maritime solutions?
OPT's solutions benefit the defense, oil and gas, science and research, and offshore wind industries.
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 1 times in the past 6 months. Of those trades, 1 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:
- 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 22 institutional investors add shares of $OPTT stock to their portfolio, and 27 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- VANGUARD GROUP INC added 3,025,845 shares (+93.7%) to their portfolio in Q1 2025, for an estimated $1,379,180
- BLACKROCK, INC. added 2,240,713 shares (+388.1%) to their portfolio in Q1 2025, for an estimated $1,021,316
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 1,330,879 shares (-67.5%) from their portfolio in Q1 2025, for an estimated $606,614
- UBS GROUP AG added 928,979 shares (+108779.7%) to their portfolio in Q1 2025, for an estimated $423,428
- GEODE CAPITAL MANAGEMENT, LLC added 547,095 shares (+54.0%) to their portfolio in Q1 2025, for an estimated $249,365
- SARGENT INVESTMENT GROUP, LLC removed 500,000 shares (-94.7%) from their portfolio in Q1 2025, for an estimated $227,900
- J.W. COLE ADVISORS, INC. added 215,140 shares (+inf%) to their portfolio in Q1 2025, for an estimated $98,060
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MONROE TOWNSHIP, N.J., May 22, 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 that it has completed its first WAM-V ® 22 sea trials for a customer with substantial operations in Sub Saharan Africa. The sea trials were carried out at OPT’s newly permitted test site in Southern New Jersey following site visits and operational reviews by the US Coast Guard.
Philipp Stratmann, CEO of the Company, commented, "This is a great step ahead for OPT. We are pleased that we have completed the sea trials of a WAM-V ® for a major specialized offshore services customer and were able to do so at our newly permitted test site. This now enables us to test year-round on either coast, making it easier for customers to receive their products and further decreasing the time from booking to revenue recognition."
For additional details on Ocean Power Technologies and its services and solutions for the defense, security and ocean energy industries, 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 ® unmanned surface vehicles (USV’s) and marine robotics services. The Company’s headquarters is located 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 potential continuing success with the delivery of customer products and 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.
