Ocean Power reports Q4 revenue $1M grew 29.5% over last year

Reports Total orders for Q4 were $2.3M, as compared to $0.7M for the fourth quarter ended April 30. Reports Q4 revenue $1M grew 29.5% over 4Q22 revenues. “Fiscal 2023 was a milestone year for our Company as we put our strategy of becoming a leading provider of autonomous vehicles and Data-as-a-Service for the marine industry in motion. Highlights include significant progress on MDAS platform and expanding the government agencies we work with. In addition, we had our best year of revenue generation since fiscal 2015 and generated a positive gross margin for the first time since fiscal 2016. Most importantly, as we look to the future, we continue to grow our order pipeline, which now stands at approximately $68 million, which gives us confidence that we will meet or exceed $15 million of contracted orders in fiscal 2024. I am pleased with our progress this past year and with the interest that our company is generating.”