Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE
American: OPTT), a leader in innovative and cost-effective
low-carbon marine power, data, and service solutions, today
announced it has completed several previously announced milestones
and initiatives – including reallocation of headcount towards
commercialization – that it believes will enhance shareholder
value.
OPT now has fully commercialized customer
solutions, a robust pipeline, and several recent commercial wins.
The Company now expects to achieve profitability in calendar year
2025.
OPT CEO and President Dr. Philipp Stratmann
commented: “Now that OPT’s research and development phase has been
substantially completed, we have reallocated headcount towards
execution and commercialization and are fully focused on this next
phase of the Company’s evolution. As we have consistently stated,
we are seeing meaningful progress in orders, pipeline, and backlog
across our business. Despite current economic headwinds, we have
built a cutting-edge suite of products that we believe will be the
basis for our current and future commercial success and that will
help drive profitability in calendar year 2025. We are fully
committed to executing our strategy to generate value for all
shareholders.”
As part of the Company’s transition, OPT has
divested its strategic consulting team so that it can more fully
focus its efforts and resources on commercialization – particularly
for the national security and defense markets. In addition to the
divesture, the Company also announced that recent achievements in
R&D, such as the WAM-V charging demonstration and the
Mass-On-Spring-Wave-Energy-Converter (MOSWEC) developments, have
enabled additional reallocation of headcount and a material
reduction in third-party expenditure. As a result, more than 50% of
OPT’s employees are now dedicated to customer delivery.
OPT expects that recent meaningful contract
wins, the growth in OPT’s commercial pipeline, the cessation of
material R&D efforts, and the corresponding savings from the
divestiture of its consulting team and reduction of its engineering
team will enable it to reach profitability during calendar year
2025 using current capital resources.
For more information from Ocean Power
Technologies, please visit the following link where a new Investor
Relations presentation has been published:
OPT Investor Relations Presentation
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. 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 press release contains forward-looking
statements that are within the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements in this release include, but are not
limited to, those statements relating to OPT’s future operating and
financial performance, the impact of the completion by OPT of
various milestones and initiatives – including the reallocation of
headcount towards commercialization – on the enhancement of
stockholder value and OPT’s future operating and financial
performance, OPT’s expectation that it will reach profitability
during calendar year 2025 using current capital resources the
growth in OPT’s opportunity pipeline and backlog, OPT’s ability to
monetize such opportunities and backlog into actual revenue, and
the impact on OPT of expanding its executive leadership team, OPT’s
ability to drive the next phase of its growth and the
commercialization of its products, the current and future
commercial viability and success of OPT’s suite of products and
their ability to drive OPT’s profitability during calendar year
2025, OPT’s belief that it is well-positioned to drive shareholder
value creation, OPT’s ability to execute on its strategy and create
value for its stockholders, the expenses that OPT will incur to
respond to the actions of Paragon Technologies, Inc., including,
but not limited to, the litigation Paragon has brought against OPT
in the Delaware Court of Chancery, OPT’s ability to finance its
operations without seeking additional capital from financing
sources, the impact on OPT of recent contract wins, the growth in
OPT’s commercial pipeline, the cessation of OPT’s material R&D
efforts, the divestiture of OPT’s strategic consulting team and the
projected savings therefrom, and the projected savings from the
reduction of OPT’s engineering team, other statements relating to
OPT’s future economic and operating performance, plans, or
objectives, and all other statements contained in this press
release that are not historical facts. Other 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 OPT’s
current expectations about its future performance, plans, and
objectives. By their nature, forward-looking statements rely on a
number of assumptions and estimates that could be inaccurate and
involve risks and uncertainties that could cause actual results to
materially differ from those anticipated or expressed in any
forward-looking statement. These estimates and assumptions reflect
our best judgment based on currently known market conditions and
other factors. Although we believe such estimates and assumptions
to be reasonable, they are inherently uncertain and involve a
number of risks and uncertainties that are beyond our control,
including, without limitation risks related to our ability to
execute on our strategy, drive growth, and create value for our
stockholders; our ability to develop, market, and commercialize our
products; our ability to monetize our opportunity pipeline; our
ability to achieve and, thereafter, sustain profitability; our
ability to win government contracts, including in the defense and
security sectors; the possibility that we may not be able to obtain
the necessary facility and personnel clearances to qualify for
certain government contracts, including in the defense and security
sectors; our ability to continue the development of our proprietary
technologies; our expected continued use of cash from operating
activities unless or until we achieve positive cash flow from the
commercialization of our products and services; our ability to
obtain additional funding, as and if needed; our history of
operating losses, which we expect to continue for at least the
short term and possibly longer; our ability to control our
expenses; our ability to attract and retain qualified personnel,
including executive management; our ability to manage and mitigate
risks associated with our internal cyber security protocols and
protection of the data we collect and distribute; our ability to
protect our intellectual property portfolio; the impact of
inflation related to the U.S. dollar on our business, operations,
customers, suppliers and manufacturers, and personnel; our ability
to meet product development, manufacturing and customer delivery
deadlines; our ability to identify and penetrate markets for our
products, services, and solutions; and the risks related to
the actions of Paragon Technologies, Inc. against OPT and the
related litigation brought against OPT in the Delaware Court of
Chancery, including the amount of related costs incurred by OPT and
the disruption caused to OPT’s business activities by these
actions.
Many of these factors are beyond our ability to
control or predict. These factors are not intended to represent a
complete list of the general or specific factors that may affect
us. Additional factors are described in OPT’s Form 10-K, Form 10-Q,
and Form 8-K reports (including all amendments to those reports).
Any forward-looking statements speak only as of the date on which
such statements are made, and OPT undertakes no obligation or
intent to update such forward-looking statements to reflect events
or circumstances arising after such date. OPT cautions investors
not to place undue reliance on any such forward-looking statements.
These cautionary statements qualify all forward-looking statements
attributable to us or persons acting on our behalf.
Important Additional Information And
Where To Find It
OPT has filed with the SEC a revised definitive
proxy statement on Schedule 14A on December 4, 2023, including a
form of WHITE proxy card, and other relevant
documents with respect to its solicitation of proxies for OPT’s
2023 Annual Meeting of Stockholders scheduled to be held on January
31, 2024 (the “2023 Annual Meeting”). INVESTORS AND
SECURITY HOLDERS ARE URGED TO READ THE REVISED DEFINITIVE PROXY
STATEMENT (INCLUDING THE SUPPLEMENT THERETO FILED WITH THE SEC ON
JANUARY 3, 2024 AND ANY OTHER AMENDMENTS OR SUPPLEMENTS TO OPT’S
REVISED DEFINITIVE PROXY STATEMENT) FILED BY OPT AND ANY OTHER
RELEVANT DOCUMENTS THAT OPT FILES WITH THE SEC CAREFULLY AND IN
THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT OPT’S SOLICITATION. Investors and
security holders may obtain copies of these documents and other
documents filed with the SEC by OPT free of charge through the
website maintained by the SEC at www.sec.gov. Copies of the
documents filed by OPT are also available free of charge by
accessing OPT’s corporate website at
www.oceanpowertechnologies.com, by writing to OPT’s Corporate
Secretary at Ocean Power Technologies, Inc., 28 Engelhard Drive,
Suite B, Monroe Township, NJ 08831, or by contacting OPT at (609)
730-0400.
Certain Participant
Information
OPT, its directors, and executive officers may
be deemed to be participants in the solicitation of proxies with
respect to a solicitation by OPT in connection with matters to be
considered at OPT’s 2023 Annual Meeting. Information about OPT’s
executive officers and directors, including information regarding
the direct and indirect interests, by security holdings or
otherwise, is available in OPT’s revised definitive proxy statement
for the 2023 Annual Meeting (including the schedules and appendices
thereto), which was filed with the SEC on December 4, 2023. To the
extent holdings of OPT securities reported in the definitive proxy
statement for the 2023 Annual Meeting have changed or subsequently
change, such changes have been or will be reflected on Statements
of Change in Ownership on Forms 3, 4, or 5 filed with the SEC.
These documents are or will be available free of charge at the
SEC’s website at www.sec.gov.
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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