Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q1 2020 Earnings Conference Call - Final Transcript

Sep 18, 2019 • 11:00 am ET

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Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q1 2020 Earnings Conference Call - Final Transcript

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Q & A
Executive
George H. Kirby

our expectations. So I'm glad that we invested in having the buoy stationed there and having this event, having people in. It ended up being a really important marketing event for us and for our customers to let them know what the solution looks like, what the payloads actually look like when they're integrated on the PowerBuoy.

Analyst
Peter Ruggiere

Sounds like everything is right there right now, it's great.

Executive
George H. Kirby

It is, we feel as though it is. We are positioned right now where we have to strike and that's why we're staffing up with the right salespeople, people that can hit the ground running, that already know the customers that we're calling on. They have relationships, they understand our technology. They understand our value proposition. There is very little ramp-up time for the people that we're bringing on board. And we expect big things from them. It's just the way that it is. As I mentioned before, everybody -- all of our salespeople have a revenue target, some of them are quite steep in terms of dollar value. But that's more than just expectations around their performance. It's what we're seeing in the market and what we believe the market can bear and what the market needs in terms of our solutions.

Analyst
Peter Ruggiere

You know what, somebody else asked about the stock price, it's pretty funny as you guys are trading under cash value.

Executive
George H. Kirby

Yeah, I don't know if I would characterize that as funny, Peter. But I know what you're saying. It's frustrating, right? Because we come here every day and we're executing. We're making progress, but I understand and I share the sentiment of shareholders. We need contracts.

Analyst
Peter Ruggiere

Right, you sound pretty close, I think we thank you.

Executive
George H. Kirby

Thank you, Peter, appreciate the dialogue.

Operator
Operator

[Operator Instructions] Thank you. At this time, I'd like to turn the floor back over to management for any additional or closing comments.

Executive
George H. Kirby

Thank you, operator. Before we conclude, I really want to thank everyone, who's been a stakeholder in the company, including our employees, our customers, our vendors and our loyal shareholders. I want to invite everyone to follow us on social media, including LinkedIn, Facebook, Twitter and to watch our YouTube channel for some terrific footage. Thank you very much for joining and we'll be speaking with you again very soon.

Operator
Operator

[Operator Closing Remarks]