4Q23 Results: Revenue Increases 29%; FY24E Contract Orders Expected to Double to $15 Million
Ocean Power Technologies reported 4Q23 revenue of $0.1 million, up 29.6% Y/Y from $0.8 million in 4Q22 driven by sales of WAM-V autonomous vehicles and an increase in strategic consulting services. OPT completed a $0.5M extension of its lease contract to continue providing their WAM-V to a U.S. Government agency. The company deployed the scalable MOSWEC PowerBuoy, as part of US DoE Phase II development project worth $1.1m. The company reported a gross loss of $0.1 million, compared with a loss of $0.04 million in 4Q22. On a full year basis, the company reported gross profit of $0.2m, its first gross profit since FY16. Operating expenses increased by 51.6% Y/Y to $8.8 million, driven by timing of projects and programs, full year inclusion of MAR acquisition and increase in strategic headcount. At the end of FY23, cash stood at $6.9 million, while debt continued to be zero. As of April 30, 2023, the company's backlog was $4.0 million, which represents unfilled firm written orders for their products and services from commercial or governmental customers. The company expects contracted orders for FY24E to be $15 million, which is more than double the amount of contracted orders for fiscal year 2023 driven by the ramp in its DaaS line, WAM-V sales and leases coupled with consulting business inflows. Order pipeline stands at $68 million compared to a pipeline order book of $20-30 million last year. Typically, 60-70% of order activity is with government agencies and 20-25% is with energy companies. The pipeline consists of 30-40% WAMVs while 50% of the pipeline is PowerBuoys. The company is building out WAMV inventory to enable the rental or lease of fleet vehicles for short term client requirements.Ocean Power Technologies is developing and commercializing its proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The company uses proprietary technologies that convert the mechanical energy created by the heaving motion of ocean waves into electricity. The company's principal product is its PB3 PowerBuoy?, which is designed to generate power for use independent of the power grid in remote offshore locations. It consists of a main hull structure loosely moored to the seabed and surrounded by a floating buoy-like device that can freely move up and down in response to the passage of the waves.
Water Tower Research is built on the foundation of democratizing information flow. We bridge the growing information gap between companies and investors through our investor engagement strategies and open-access research platform.
Our research analysts are Wall Street veterans with the experience and knowledge to work with companies and investors in tandem. We provide access to the information and content that anchors the due diligence process for both professional money managers and individual investors. We leverage traditional research distribution channels and the best of modern digital strategies and tactics to amplify this information flow globally to engage all categories of investors and stakeholders.
Information flow is the foundation for creating investor awareness, knowledge, and engagement. Our mission is to help companies and investors have the tools they need and achieve their goals.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.