Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q1 2021 Earnings Conference Call - Final Transcript

Sep 15, 2020 • 11:00 am ET


Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q1 2021 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Ocean Power Technologies First Quarter Fiscal Year 2021 Conference Call. A webcast of this call is also available on the Company's website at www.oceanpowertechnologies.com. As a reminder, this conference call is being recorded and will be available for replay after its completion.

On the call today are George Kirby, President and Chief Executive Officer; and Matthew Shafer, Chief Financial Officer and Treasurer. Following prepared remarks, we will open the call to questions.

On September 14, 2020, OPT issued its earnings press release and filed its quarterly report on Form 10-Q for the quarter ended July 31st, 2020, with the Securities and Exchange Commission. All OPT public filings are available on the SEC website at sec.gov or in the Investor Relations section of the OPT website.

Please note that management's prepared remarks may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements statements are intended by -- identified by certain words or phrases such as may, will, aim, will likely result, believe, expect, will continue, anticipate, estimate, intend, plan, contemplate, seek to, future, objective, goal, project, should, will pursue, and similar expressions, or variations of such expressions. These forward-looking statements are based on assumptions made by management regarding future circumstances over which the Company may have little or no control and involve risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements.

Some of these factors include among others the following, future financial performance, expected cash flow, ability to reduce costs and improve operational efficiencies, revenue growth and increased sales volume, success in key markets, competition, ability to enter relationships with partners and other third parties, delivery and deployment of PowerBuoys, increasing the power output of PowerBuoys, expected cost of PowerBuoys products, hiring new key employees and building customer relationships.

Please refer to our most recent Form 10-K and subsequent filings with the SEC for further discussion of these risks and uncertainties. We disclaim any obligation or intent to update the forward-looking statements in order to reflect events or circumstances discussed in this call.

Now I am pleased to introduce Mr. George Kirby.

George H. Kirby

Thank you, and good morning everyone. I'm going to review our business operations and provide an update on our commercialization activities and developments during the first quarter of fiscal year 2021 and up to today. Matt will review our financials, and after that we'll open the line for questions.

In recent months, OPT has made substantial advances in its sales and business development efforts, including the introduction of three new products and solutions. The Company also saw the addition of an Indonesia-based sales rep and the opening of the Houston, Texas sales office, and expansion into additional emerging markets, including fisheries protection, and surveillance and monitoring of marine protected areas.

Our first new product, the hybrid PowerBuoy uses solar panels and an efficient