Ocean Power Technologies Inc (NYSE-A:OPTT) said on Monday it remains fully operational and does not expect any material impact from global supply chain disruptions, citing its majority domestic supply chain and US-based workforce.
The New Jersey-based company, which develops ocean energy solutions for commercial and defense sectors, said its inventory levels and procurement processes remain stable despite international logistics constraints and raw material availability issues.
“Our strong domestic supply chain is a key differentiator for OPT, particularly in times of global economic uncertainty,” said CEO Philipp Stratmann in a statement. “We are proud to maintain a fully US-based workforce, consisting of over 20% veterans, while continuing to collaborate effectively with our international partners.”
OPT said demand is rising for dual-use technologies that serve both renewable energy and defense applications. The company’s current operational footprint is structured to support that growth while maintaining high standards for delivery and performance, it added.
Stratmann added that OPT’s focus on US manufacturing and engineering enables the company to remain “agile, responsive, and competitive” across key sectors.
The company said it continues to fulfill customer commitments on schedule.