MONROE TOWNSHIP, N.J. - Ocean Power Technologies, Inc. (NYSE American: OPTT), a company specializing in low-carbon marine power and service solutions, announced today a milestone achievement with its largest-ever order. The purchase, exceeding $1.5 million, comes from a key offshore energy service client in Latin America, for multiple Wave Adaptive Modular Vessels (WAM-V) Unmanned Surface Vehicles (USVs).
The WAM-V USVs are noted for their advanced technology and flexibility, intended for hydrographic applications in the region. This significant order reflects a growing market demand for Ocean Power Technologies' products and reinforces the company's status in the marine robotics sector.
Philipp Stratmann, President and CEO of OPT, commented on the development, "We are thrilled to see the growing interest and confidence in our technologies, particularly from our strategic partners in Latin America. This order marks a pivotal moment for OPT, highlighting our continued commitment to delivering unparalleled solutions to the region that redefine possibilities in marine robotics."
OPT is recognized for its PowerBuoy platforms that offer clean, reliable electric power and real-time data communications for remote maritime and subsea operations. They also provide WAM-V autonomous surface vessels and marine robotics services. The company is headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California.
The announcement signifies Ocean Power Technologies' ongoing dedication to innovation and customer satisfaction, as the company continues to strengthen its partnerships and extend its global reach in the maritime industry. This news is based on a press release statement from the company.
InvestingPro Insights
Ocean Power Technologies' recent announcement of its largest-ever order is a testament to the company's growth potential and its strengthening position in the marine robotics market. Notably, the company holds more cash than debt on its balance sheet, which is a positive sign for investors looking at the financial health of OPTT. This is particularly relevant as the company is expanding its operations and taking on large-scale projects.
InvestingPro data further highlights the company's dynamic financial status, with a significant revenue growth of 96.69% in the last twelve months as of Q3 2024. This impressive growth is a clear indicator of the company's expanding market presence and may be of interest to investors seeking companies with strong upward trends in revenue.
However, it is important to consider that OPTT is not currently profitable, with an operating income margin of -640.83% for the same period. Additionally, the stock has experienced significant price volatility, with a 1-week price total return of -14.3% and a 1-year price total return of -50.57%. These figures suggest that while OPTT is growing its top line, it is doing so at a considerable cost, and the market is reacting to this with increased volatility in the stock price.
For those interested in a deeper dive into Ocean Power Technologies' financial metrics and stock performance, there are currently 15 additional InvestingPro Tips available, which can provide further insights into the company's financial health and market position. Prospective investors and current shareholders may find these tips particularly useful in making informed decisions.
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