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Ocean Power Technologies Awarded Contract for Delivery of AI Capable Buoy in the USA

1. OPTT awarded contract for PowerBuoy® delivery in the USA. 2. Contract enhances integration of surface and subsurface sensors. 3. CEO emphasizes growth in PowerBuoy® and WAM-V® business. 4. Product offers opportunities in research and security monitoring. 5. No further contractual details due to confidentiality.

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FAQ

Why Bullish?

The awarded contract indicates revenue growth potential, similar to past successful contracts that boosted shareholder confidence in the company's capabilities.

How important is it?

The announcement of a new contract could bolster investor confidence and result in increased stock activity.

Why Short Term?

Immediate delivery suggests near-term revenue impact; previous contracts led to quick stock price responses.

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System includes surface and subsurface sensors March 24, 2025 08:15 ET  | Source: Ocean Power Technologies, Inc. MONROE TOWNSHIP, N.J., March 24, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has been awarded a contract for a PowerBuoy® for an immediate delivery in the USA. This contract enables the future integration of surface and subsea sensors, and the buoy will be deployed on the East Coast. Due to the confidential nature of the contract, further details are not being disclosed. Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this revenue generating contract, stating, "In addition to the material growth of our WAM-V® business, we are excited to continue growing our PowerBuoy® business. We believe that providing persistent and resident monitoring offers a lot of opportunities for our solutions in research and security applications. Offering proven technology solutions makes it easy for our potential customers to integrate additional WAM-V®s and PowerBuoy®s into their operations.” For additional information about OPT and its services, please visit our website Ocean Power Technologies. 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, including Merrows™, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. 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® unmanned surface vehicles (USV’s) and marine robotics services. The Company’s headquarters is located in Monroe Township, New Jersey and has an additional office in Richmond, California. 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 release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties, including the continued success of its Powerbuoy® products and Merrows™ solution and the realization of the potential revenue thereunder. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release. Contact Data CONTACT INFORMATION Investors: 203-561-6945 or Media: 609-730-0400 x402 or

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