Ocean Power Technologies Completes New WAM-V for Immediate Delivery to Latin America

Contractual milestone generates more than $0.3 million in revenue recognition

MONROE TOWNSHIP, NJ, September 9, 2024 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon maritime energy, data and service solutions, today announced it has achieved a significant contractual milestone and completed construction of a new unmanned surface vehicle for delivery to a survey customer in Latin America. This delivery is part of the company’s previously announced expansion in the region, working with end customers and resellers. This milestone results in revenue recognition for the fully integrated system, including survey equipment.

Philipp Stratmann, CEO and President of OPT, expressed his excitement about this milestone, saying, “We believe the delivery of this vehicle is a testament to our team’s execution power and our ability to deliver fully integrated systems, including measurement equipment from our OEM partners. We continue to convert pipelines into backlogs into revenues into payments. We look forward to future deliveries and additional opportunities to deploy our assets in Latin America.”