Ocean Power Technologies Inc (NYSE-A:OPTT) has reported its financial results for the fiscal second quarter of 2025 marked by a 2.7x year-over-year increase in revenue to $2.4 million and a 46% reduction in its net loss to $3.9 million.
The company reduced its operating expenses by 41% from the year-ago quarter.
Operational highlights included securing a $3 million partnership in Latin America over three years, driven by demand for its Wave Adaptive Modular Vessels (WAM-V) unmanned surface vehicles (USVs).
In the Middle East, the company partnered with Unique Group, signed a distributor agreement with Remah International Group for defense applications, and began exploring offshore energy projects in Kuwait with 3B General Trading.
Domestically, OPT completed its second set of exercises under Project Overmatch with the U.S. Navy, deploying WAM-V USVs and advancing autonomous maritime technology for defense applications.
“Our strategic emphasis on national security, critical infrastructure, and international market expansion continues to deliver results,” OPT CEO Philipp Stratmann said in a statement.
“This reflects not just broader macro-economic trends but our ability to penetrate diverse markets and execute for new customers.”
OPT reiterated that it expects it will reach profitability during the fourth quarter of calendar 2025 driven by strong product demand and cost management and progress on its strategic initiatives.
“Our ability to scale and deliver on large contracts positions us for sustained growth, and we’re confident in our ability to capitalize and build on this momentum,” Stratmann concluded.