Overview

* Ocean Power Technologies ( OPTT ) fiscal Q1 revenue falls 9% yr/yr to $1.2 mln

* Backlog surges 184% to $15 mln

* Net loss widens to $7.4 mln due to increased non-cash stock compensation

Outlook

* Company expects regional growth from UAE partnership with Unique Group

* Company sees new D.C. office enhancing commercial opportunities

Result Drivers

* BACKLOG GROWTH - Backlog surged 184% to $15 mln, driven by increased customer demand for maritime solutions

* AI SOLUTION UPGRADE - Major upgrade to AI-enabled Merrows solution enhances performance and interoperability, supporting growth

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q1 $1.20

Revenue mln

Q1 Net -$7.40

Income mln

Q1 $7.10

Operatin mln

g

Expenses

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)