Q1 2025 Ocean Power Technologies Inc Earnings Call Transcript
Key Points
- Ocean Power Technologies Inc (OPTT) completed over four months of successful offshore testing of their next-generation PowerBuoy, demonstrating 100% data uptime and over 90% battery charge.
- The company announced a significant increase in their pipeline, now standing at approximately $92 million, the largest in the company's history.
- Operating expenses for Q1 '25 decreased by 39% compared to the previous year, reflecting effective cost management strategies.
- Ocean Power Technologies Inc (OPTT) has advanced strategic partnerships with industry leaders like AT&T and Teledyne Marine, enhancing their technological capabilities and market reach.
- The company remains debt-free, maintaining a strong balance sheet with no bank debt, which provides financial stability and flexibility.
- Revenues for Q1 '25 remained flat at $1.3 million, showing no growth compared to Q1 '24.
- The company's cash and short-term investments significantly decreased to $3.3 million from $26.9 million in the previous year, indicating a substantial cash burn.
- Several opportunities in the backlog experienced delays beyond the company's control, pushing expected realizations to Q2 and Q3 of FY25.
- Net cash used in operating activities for the first quarter amounted to $6.1 million, reflecting ongoing financial challenges.
- Despite the reduction in operating expenses, the company still reported a net loss, albeit reduced by over 35% compared to the previous year.
Greetings, and welcome to the Ocean Power Technologies' fiscal year 2025 Q1 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It's now my pleasure to turn the call over to Chief Financial Officer, Bob Powers. Please go ahead, sir.
Thank you, and good morning. After the market closed yesterday, we issued our earnings press release and filed our quarterly report on Form 10-Q for the period ended July 31, 2024. Our public filings are available on the SEC website and within the Investor Relations section of the OPT website.
During this call, we will make forward-looking statements that are within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may include financial projections or other statements of the company's plans, objectives, expectations, or intentions. These statements are based on the assumptions made by management regarding
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
