Ocean Power Technologies, Inc. (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, announced it has completed several major contractual milestones and delivered new unmanned surface vehicles, a WAM-V 16 and a WAM-V 22, to previously announced survey customers in Latin America. This delivery is part of the Company’s ongoing expansion into the region, working with end customers and resellers. This milestone supports revenue recognition of the fully integrated system, including survey equipment. The Company also announced it has secured a follow-on order from one of these customers for a WAM-V 8.
Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, "The delivery of these vehicles is testament to the execution ability of our team and our ability to deliver fully integrated systems, including survey equipment from our OEM partners. We believe securing a follow-on order enables us to continue our growth in the region and further execute on our path to profitability. We continue to convert pipeline to revenues and payments. We look forward to future deliveries and additional opportunities to deploy our assets in Latin America, including to our existing and potential customers in Mexico, Costa Rica, and Brazil.”
