Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) expects its contract orders to more than double to $15 million in the 2024 financial year, the intelligence maritime solutions and services provider highlighted when handing down its latest quarterly results.
Analysts at Water Tower Research noted this expected contract growth, which is projected to be driven by the ramp-up of OPT’s data-as-a-service (DaaS) line, wave adaptive module vehicle (WAM-V) sales and leases, and consulting business inflows.
“Order pipeline stands at $68 million compared to a pipeline order book of $20 million to $30 million last year,” the analysts wrote in a note to clients.
“Typically, 60% to 70% of order activity is with government agencies and 20% to 25% is with energy companies. The pipeline consists of 30% to 40% WAM-Vs while 50% of the pipeline is PowerBuoys.”
The analysts also noted that the company is building out its WAM-V inventory to enable the rental or lease of fleet vehicles for short-term client requirements.
OPT shares were trading up 3.2% at US$0.74 late morning on Tuesday.
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