Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) has reported significant growth in orders and revenues in its financial results for the fourth quarter (4Q23) and full year ended April 30, 2023.
In 4Q23, OPT received total orders of $2.3 million, a notable increase compared to $0.7 million in the same quarter of the previous year. Revenues for 4Q23 reached $1.0 million, representing a 29.5% growth over 4Q22.
During the period, OPT extended its lease contract for the WAM-V 22 Autonomous Surface Vehicle asset, securing ongoing autonomous maritime activities with a US Government Agency Overseas.
Looking ahead, OPT said it expects contracted orders for FY24 to reach approximately $15 million, driven by the growth of its DaaS line, WAM-V sales and leases, and strategic consulting business.
For the full-year 2023 (FY23), OPT achieved a total order value of $6.3 million, marking a 250% increase from the previous fiscal year. Revenues for FY23 increased by 55.3% to $2.7 million, and the company generated a gross profit of $0.2 million, a significant improvement compared to a gross loss of $(0.1) million in FY22.
In a statement, Dr Philipp Stratmann, OPT's president and CEO, commented: “Fiscal 2023 was a milestone year for our company as we put our strategy of becoming a leading provider of autonomous vehicles and Data-as-a-Service for the marine industry in motion. Highlights include significant progress on MDAS platform and expanding the government agencies we work with. In addition, we had our best year of revenue generation since fiscal 2015 and generated a positive gross margin for the first time since fiscal 2016."
"Most importantly," he added, "as we look to the future, we continue to grow our order pipeline, which now stands at approximately $68 million, which gives us confidence that we will meet or exceed $15 million of contracted orders in fiscal 2024. I am pleased with our progress this past year and with the interest that our company is generating.”
Financially, OPT reported revenues of $1.0 million and a gross loss of $133 thousand for 4Q23. Operating expenses for the quarter amounted to $8.8 million. The net loss for 4Q23 was ($9.5) million, compared to ($5.1) million in 4Q22.
For FY23, OPT recorded revenues of $2.7 million, a 55.3% increase over FY22, and a gross profit of $0.2 million. Operating expenses for the year totaled $28.3 million. The net loss for FY23 was ($26.3) million, with the inclusion of non-cash equity compensation expenses.
OPT's order backlog as of April 30, 2023, was $4.0 million, reflecting unfilled firm written orders and the company's cash and cash equivalents stood at $34.7 million, with no bank debt as of the same date.
Contact the author at jon.hopkins@proactiveinvestors.com