Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has completed the build of an unmanned surface vehicle for a survey customer in Latin America.
The provider of intelligent maritime solutions said the delivery of this vehicle of part of its previously announced expansion into the region, working with end customers and resellers.
This major contractual milestone triggers more than $0.3 million in revenue recognition, it added.
"We believe that the delivery of this vehicle is testament to the execution ability of our team and our ability to deliver fully integrated systems, including survey equipment from our OEM partners,” OPT CEO Philipp Stratmann said in a statement.
“We continue to convert pipeline to backlog to revenues to payments. We look forward to future deliveries and additional opportunities to deploy our assets in Latin America.”