Ocean Power Technologies demonstrated the WAM-V's autonomous offshore survey capabilities, enabling multi-day operations without returning to base.
Quiver AI Summary
Ocean Power Technologies, Inc. (OPT) announced the successful completion of a series of exercises in California demonstrating the autonomous capabilities of its WAM-V technology, which can conduct offshore surveys for multiple days without returning to base. The WAM-V 22 was equipped with a full seabed survey payload, enabling real-time hydrographic data collection. CEO Philipp Stratmann emphasized this milestone enhances operational efficiency for customers and opens new market opportunities for the company. OPT continues to provide innovative maritime solutions, including their PowerBuoy and WAM-V autonomous surface vessels, aimed at improving ocean operations across various industries.
Potential Positives
- Successfully demonstrated the autonomous capability of the WAM-V for multi-day offshore surveys, indicating significant advancements in operational efficiency.
- The new design changes allow for extended operations without returning to base, opening up new markets and enhancing service offerings for customers.
- Positive CEO remarks highlight the milestone as groundbreaking for the company, suggesting confidence in growth and innovation.
- The involvement in diverse markets, including defense, oil and gas, and offshore wind, showcases the company's versatility and potential for widespread application of its technology.
Potential Negatives
- The reliance on forward-looking statements in the press release highlights the company's uncertainty regarding future performance, which may raise concerns among investors about its ability to deliver on promises.
- The mention of potential risks and uncertainties related to customer service delivery and contract conversion may indicate that the company faces significant challenges in securing revenue, which could impact its financial stability.
- The emphasis on recent design changes suggests past technological limitations, which may affect confidence in the company's ability to compete effectively in the market.
FAQ
What recent milestone did Ocean Power Technologies achieve?
Ocean Power Technologies successfully demonstrated the autonomous capability of the WAM-V to conduct multi-day offshore surveys without returning to base.
How does the WAM-V enhance offshore survey capabilities?
The WAM-V provides greater persistence at sea, allowing for longer operations with various offshore instrumentation for data collection.
What industries benefit from Ocean Power Technologies' solutions?
OPT provides services for defense and security, oil and gas, science and research, and offshore wind markets among others.
Where are Ocean Power Technologies' offices located?
The company's headquarters is in Monroe Township, New Jersey, with an additional office in Richmond, California.
What innovative technologies does Ocean Power Technologies offer?
OPT offers intelligent maritime solutions including autonomous surface vessels, the PowerBuoy platform, and AI-integrated Maritime Domain Awareness Systems.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OPTT Insider Trading Activity
$OPTT insiders have traded $OPTT stock on the open market 2 times in the past 6 months. Of those trades, 2 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $OPTT stock by insiders over the last 6 months:
- TERENCE JAMES CRYAN purchased 100,000 shares for an estimated $14,800
- PETER E. SLAIBY purchased 35,000 shares for an estimated $6,713
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$OPTT Hedge Fund Activity
We have seen 17 institutional investors add shares of $OPTT stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- GEODE CAPITAL MANAGEMENT, LLC added 270,249 shares (+56.5%) to their portfolio in Q3 2024, for an estimated $42,104
- SARGENT INVESTMENT GROUP, LLC added 200,000 shares (+inf%) to their portfolio in Q3 2024, for an estimated $31,160
- HRT FINANCIAL LP removed 182,780 shares (-87.3%) from their portfolio in Q3 2024, for an estimated $28,477
- XTX TOPCO LTD added 149,409 shares (+inf%) to their portfolio in Q3 2024, for an estimated $23,277
- UBS GROUP AG removed 114,006 shares (-99.3%) from their portfolio in Q3 2024, for an estimated $17,762
- JANE STREET GROUP, LLC removed 107,097 shares (-67.2%) from their portfolio in Q3 2024, for an estimated $16,685
- ARKADIOS WEALTH ADVISORS added 100,000 shares (+inf%) to their portfolio in Q4 2024, for an estimated $102,000
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MONROE TOWNSHIP, N.J., Jan. 21, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative, cost-effective, low-carbon and artificial intelligence maritime services that enable safer and more productive ocean operations and related power, data, and service solutions, today announced that it has completed a major set of exercises in California and successfully demonstrated the autonomous capability of the WAM-V to provide offshore survey capabilities for multiple days without needing to return to base.
During the exercises, the WAM-V 22 operated for several days while hosting a complete seabed survey payload providing real time hydrographic and survey data collection. This multi-day operational capability is designed to offer greater persistence at sea while hosting an array of offshore instrumentation for longer and more power intensive requirements.
Philipp Stratmann, CEO of Ocean Power Technologies, commented, "This is a groundbreaking milestone for OPT. The technological capabilities of our WAM-Vs can now be deployed for multiple days in over the horizon operations. Having previously demonstrated the ability to deploy for multiple days, the recently implemented design changes now enable full operations over extended time periods. This opens up entirely new operating approaches for our customers, leading to enhanced efficiencies and opening up new markets for OPT."
For additional details on Ocean Power Technologies and their involvement in Project Overmatch, please visit
www.oceanpowertechnologies.com
.
ABOUT
OCEAN
POWER
TECHNOLOGIES
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets, including Merrows™, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy
®
platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V
®
autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit
www.OceanPowerTechnologies.com.
FORWARD-LOOKING STATEMENTS
This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties, including the potential continuing success with the delivery of customer services over extended timeframes, the conversion of potential customers to contracts and the realization of the potential revenue thereunder. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
