Ocean Power Technologies Inc (NYSE-A:OPTT) has reported significant year-over-year improvements in revenue and profits for fiscal 2024.
For the year ended April 30, 2024, the provider of intelligent maritime solutions saw its revenue increase by 102% to $5.5 million from $2.7 million in fiscal 2023.
Gross profit was $2.8 million, compared to $0.2 million for the previous year.
OPT's backlog of unfilled firm written orders for products and services is $4.9 million, a 25% increase from $4 million a year ago.
Its pipeline as of April 30, 2024, was $71.6 million.
Operational highlights for the year included a collaboration with Unique Group to deploy OPT’s WAM-Vs in the United Arab Emirates and Gulf Collaboration Council; the signing of a reseller agreement with Survey Equipment Services to provide OPT’s WAM-Vs domestically; and the receipt of multiple orders for WAM-V unmanned surface vehicles from clients in Latin America.
Further, OPT introduced select guidance for fiscal 2025, forecasting that contracted orders are expected to be approximately $12.5 million.
This represents growth of almost two times over fiscal 2024, anticipated to be driven primarily by the ramp-up in OPT’s DaaS line and WAM-V sales and leases.
CEO Philipp Stratmann hailed fiscal 2024 as a “landmark year” for the company, noting significant increases in pipeline, backlog and revenue.
“As a result of the foundation and opportunities achieved during fiscal 2024, we remain on track to achieve our previously stated goal of attaining profitability during the second half of calendar 2025,” Stratmann said.
“Moving forward, we plan to leverage these opportunities to increase our market presence, expand our geographical focus, and improve operational efficiencies. We are confident that these efforts will drive sustainable growth and create long-term value for our shareholders.”
OPT reported a net loss for fiscal 2024 of $27.5 million, compared to a net loss of $26.3 million for fiscal 2023.