CORRECTION — Ocean Power Technologies, Inc. – GlobeNewswire
| Source: Ocean Power Technologies, Inc.
Monroe Twp., New Jersey, UNITED STATES
MONROE TOWNSHIP, N.J., Sept. 13, 2022 (GLOBE NEWSWIRE) — In a release issued on Monday, September 12 by Ocean Power Technologies, Inc. (NYSE American: OPTT), please note that the headline should have read “Fiscal 2023” and not “Fiscal 2022”. The complete and corrected release follows:
Ocean Power Technologies, Inc. Announces First Quarter Fiscal 2023 Results
Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine data, power, and consulting service solutions, today announced financial results for its first quarter ended July 31, 2022.
1Q23 HIGHLIGHTS:
Management Commentary – Philipp Stratmann, OPT’s President and Chief Executive Officer
“I was pleased with our results this quarter, particularly with the progress within business development, and I remain encouraged with our ability to achieve our $9.0 million bookings target for fiscal 2023. An example of our success was winning the DOE award for Phase II development of next generation technologies, which further advances our leading ocean energy generation capabilities and supports US Government led Energy Transition efforts. Additionally, we are experiencing increased demand for our WAM-V based solutions, from new and recurring customers, as well as continued traction within Strategic Consulting Services. We look forward to sharing our continued progress in the coming quarters.”
FINANCIAL HIGHLIGHTS – 1Q23
Income Statement:
Balance Sheet and Cash Flow:
Conference Call & Webcast
As announced on August 12, 2022, OPT will host a conference call and webcast to review its financial and operating results tomorrow morning, Tuesday, September 13, 2022, at 9:00 a.m. Eastern time. Philipp Stratmann, CEO, Bob Powers, CFO, and Joseph DiPietro, Treasurer and Controller, will host the call.
A replay will be available by telephone approximately two hours after the call’s completion until December 13, 2022. You may access the replay by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID 1373 2125. The archived webcast will also be available on the OPT investor relations section of its website.
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. 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 (ASV) and marine robotics services through our wholly owned subsidiary Marine Advanced Robotics and strategic consulting services including simulation engineering, software engineering, concept design and motion analysis through our wholly owned subsidiary 3Dent. We are headquartered in Monroe Township, New Jersey, and have offices in Houston, Texas, and 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. 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.
Financial Tables Follow
Additional information may be found in the Company’s Quarterly Report on Form 10-Q that has been filed with the U.S. Securities and Exchange Commission. The Form 10-Q is accessible at www.sec.gov or the Investor Relations section of the Company’s website (www.OceanPowerTechnologies.com/investor-relations).
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
Ocean Power Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)
Ocean Power Technologies, Inc., and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share data)
OCEAN POWER TECHNOLOGIES, INC., AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)