Ocean Power Technologies Inc (NYSE-A:OPTT) has announced fiscal first quarter 2023 revenue of $1.3 million, up from $0.7 million a year earlier, driven by sales of WAM-V autonomous vehicles, revenue from its previously announced contract with the Department of Energy (DOE) and strategic consulting services.
The provider of ocean energy and intelligent data services also said its sales pipeline has increased 215% year over year to about $85 million as of July 31, 2023, which company attributed to a significant increase in defense and security activity as well as an expansion of commercial opportunities, due to growing interest from offshore wind companies for autonomous monitoring, surveillance and survey-related services during various stages of the project development cycle.
"The demand signals from the market are clear: our customers are looking for an increasing number of resident, persistent and roaming assets that protect and conserve marine environments, collect ocean data and enhance our national security," Ocean Power Technologies CEO Philipp Stratmann said in a statement.
"We continue to convert our pipeline of considerable opportunities into backlog and revenues, as evidenced by our most recent win with the NOAA IDIQ contract."
The company ended the quarter with combined cash, unrestricted cash, cash equivalents and short-term investments of $26.7 million as of July 31, 2023.
Its net loss for the period, meanwhile, widened to $7.0 million from $5.9 million during the same quarter last year.
Ocean Power Technologies is a provider of ocean energy and intelligent data services through its innovative, low-carbon distributed and autonomous ocean power and data solutions, combined with its offshore engineering and design services.
Contact Sean at sean@proactiveinvestors.com