Ocean Power announces plan to achieve profitability in calendar year 2025

Ocean Power Technologies announced several milestones and initiatives it believes will enhance shareholder value, including: OPT is divesting its non-core strategic consulting team; With its research and development phase substantially completed, the Company now expects to achieve profitability in calendar year 2025; Matt Burdyny has been appointed to the newly created role of Chief Commercial Officer to drive commercialization efforts that will support OPT’s financial goals. OPT CEO and President Dr. Philipp Stratmann commented: “As we have consistently stated, we are seeing meaningful progress in orders, pipeline, and backlog across our business, especially with the completion of our product development efforts. Despite current economic headwinds, we have built a cutting-edge suite of products that we believe will be the basis for our current and future commercial success and that will help drive profitability in calendar year 2025. Matt’s promotion to the newly created Chief Commercial Officer role aligns with our strategy of focusing on meeting our customers’ needs and emphasizing commercialization as we move away from the R&D phase of our evolution. Our focus remains first and foremost on executing our strategy in order to generate value for our shareholders.”