Ocean Power Technologies Inc (NYSE-A:OPTT) has announced that it has delivered a WAM-V unmanned surface vehicle to Stevens Institute of Technology, completing an order that the company first announced in June.
The company said the vehicle was delivered five weeks after the order was placed and will be used to support marine research and development initiatives at Stevens Institute while expanding Ocean Power Technologies' presence in the academic research market.
OPT said the delivery completes the customer order and contributes to converting its existing backlog into revenue and operating cash flow. The company attributed the delivery timeline to investments in inventory and capital expenditures.
"We believe completing this delivery reflects the strength of our manufacturing and operational capabilities while further validating our ability to deliver for customers on schedule,” CEO Philipp Stratmann said.
“As we continue building our installed base across research, commercial, and defense markets, we believe disciplined execution will drive long-term value creation for our shareholders."
The company said it views the academic research market as a growth opportunity, citing ongoing research programs, technology development, recurring funding opportunities, and the potential for follow-on orders and long-term customer relationships.
Shares of OPT were up around 9.4% on Thursday morning.