Ocean Power Technologies sees 1Q revenue climb as sales pipeline surges
Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to share details of the company's fiscal first quarter for 2023.
The results showcased significant growth, with revenues reaching $1.3 million, up from $0.7 million in the same period the previous year. The positive financial performance was attributed to various factors, including sales of WAM-V autonomous vehicles, revenue generated from a previously announced contract with the Department of Energy, and strategic consulting services.
Stratmann highlighted the remarkable growth in the company's sales pipeline, which has increased by an impressive 215% year over year, now standing at approximately $85 million. This surge is attributed to several factors, including a substantial increase in defense and security activity and expanding commercial opportunities.
Notably, there is growing interest from offshore wind companies seeking autonomous monitoring, surveillance, and survey-related services at various stages of project development.
Ocean Power Technologies is uniquely positioned as a provider of ocean energy and intelligent data services. The company's innovative, low-carbon distributed and autonomous ocean power and data solutions, coupled with offshore engineering and design services, positions it as a key player in the evolving landscape of sustainable energy and ocean-related services.
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Ocean Power Technologies Inc