Ocean Power Technologies (OPTT) Fireside Chat summary

Introduction and agenda

• Focus on growth opportunities as the company transitions from R&D to commercialization, with emphasis on scaling deployments and business development.

Current industry trends

• Uptick in commercial activity, with more orders and demonstrations, and a shift from demo projects to full commercial deployments.

• Customers now expect proven, reliable products and seek customized sensor integrations for specific applications.

• Growing interest from new sectors, such as offshore wind, and expansion into mine countermeasures and counter-UUV capabilities.

• Industry-wide shift toward offshore autonomy and increased global demand for integrated solutions.

Challenges and overcoming obstacles

• Retooled sales and operations teams to match market needs, including hiring veterans and those with security clearances.

• Focused on building demonstration assets for rapid customer engagement and shortened sales cycles.

• Addressed manufacturing and support by leveraging a made-in-America supply chain and final assembly/integration in-house.

• Carefully managed headcount and regional expansion to ensure quality and reliable support.

• Main challenge is maintaining product quality and customer satisfaction amid rapid growth and global expansion.