Q4 2024 Ocean Power Technologies Inc Earnings Call Transcript
Key Points
- Ocean Power Technologies Inc (OPTT) achieved a 102% increase in revenue for fiscal year 2024, reaching $5.5 million.
- The company successfully demonstrated the WAM-V attaching itself remotely to a buoy for sustainable charging, showcasing technological advancements.
- OPT's next-generation PowerBuoy has accelerated average energy production by combining solar, wind, and wave energy capabilities.
- The launch of Merrows, an AI-capable ocean surveillance solution, positions OPT as a leader in maritime security and data analysis.
- Strategic alliances with industry leaders like Red Cat Holdings, Teledyne Marine, and Unique Group are expected to enhance product offerings and drive growth.
- Operating expenses for fiscal 2024 were high at $32.2 million, including $3.9 million in extraordinary expenses related to litigation and shareholder disputes.
- The company reported a net loss of $27.5 million for fiscal 2024, slightly higher than the previous year's net loss of $26.3 million.
- Challenges from a dissident shareholder led to significant costs and impacted fiscal 2024 results.
- Despite revenue growth, the company remains unprofitable and aims to achieve profitability only by the second half of calendar 2025.
- Inventory levels increased by $3.8 million, reflecting the need to satisfy backlog and planned growth, which could tie up capital.
Good morning, and welcome to the Ocean Power Technologies fourth quarter and full fiscal year 2024 earnings conference call. A webcast of this call is also available and could be accessed by a link on the company's website at www.oceanpowertechnologies.com. This conference call is being recorded and will be available for replay shortly after its completion.
On the call today are Dr. Philipp Stratmann, President and Chief Executive Officer; and Bob Powers, Senior Vice President and Chief Financial Officer. Following the prepared remarks, there will be a question-and-answer session.
Now I am pleased to introduce Bob Powers.
Thank you, and good morning. After the market closed yesterday, we issued our earnings press release and filed our annual report on Form 10-K for the period ended April 30, 2024. Our public filings are available on the SEC website and within the Investor
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