On Monday, Ocean Power Technologies, Inc. (AMEX:OPTT) reported preliminary results for the second quarter.

The company expects revenue to exceed $2 million, more than doubling from $0.9 million in the prior year.

Also, the company expects its net loss to decrease by over 40% to approximately $4 million, compared to a $7.2 million loss the prior year.

Ocean Power projects cash used in operating activities to be below $4.7 million, a reduction of roughly 40% compared to the $7.5 million used last year.

In the quarter, the company completed the second phase of exercises under its follow-on contract with EpiSci, deploying WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG) as part of the U.S. Navy’s Project Overmatch.

This initiative aims to achieve seamless warfighting integration through advanced data networks, AI, and machine learning.

Additionally, the company delivered vehicles to Latin America for commercial survey services and signed its first multi-year service contract for vehicle support.

Outlook: The company reaffirms its guidance of achieving profitability, excluding unforeseen extraordinary expenses, by fourth-quarter 2025.

Philipp Stratmann, OPT’s CEO and President, said, “We have seen a recent uptick in demand for our services domestically and overseas and will continue to convert our pipeline to bookings and ultimately to revenue through future deliveries and additional opportunities to deploy our assets, and we remain committed to delivering long-term value for our shareholders.”

Price Action: OPTT shares are down 46.3% at $0.3759 at the last check Tuesday.

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