Ocean Power Technologies Completes AI-Enabled Merrows PowerBuoy for Delivery to the Middle East

Contractual milestone triggers revenue recognition

MONROE TOWNSHIP, NJ, September 10, 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 that it has completed a key contractual milestone and has readied the previously announced AI-capable Merrows PowerBuoy for shipment to a customer in the Middle East. This milestone marks the next phase of revenue recognition of the fully integrated system. Once delivered to the customer, the AI-capable Merrows PowerBuoy will be deployed and final revenue recognition will occur.

Philipp Stratmann, CEO and President of OPT, expressed his excitement about this milestone, saying: “We believe this delivery of a solar and wind powered system underscores our ability to serve nearly all marine environments around the world. As we continue to scale, our team is working tirelessly to convert pipelines from backlogs to revenues, delivering to our customers worldwide and enabling them to effectively provide ocean security. We look forward to future deliveries and additional opportunities to continue our expansion in the Middle East.”