The successful delivery marks the completion of the customer order and represents another milestone in OPT’s continued delivery of customer backlog into revenue and operating cash flow. In this case, OPT delivered the WAM-V in five weeks from order to delivery, which underscores OPT’s increased investment in inventory and capital investments. The WAM-V will support advanced marine research and development initiatives at Stevens while further expanding OPT’s presence within the academic research market.
Philipp Stratmann, Chief Executive Officer of OPT, commented: “Successfully delivering this WAM-V demonstrates our ability to execute and consistently convert customer demand into revenue. Execution is a critical priority as we continue to grow our business. We believe completing this delivery reflects the strength of our manufacturing and operational capabilities while further validating our ability to deliver for customers on schedule. As we continue building our installed base across research, commercial, and defense markets, we believe disciplined execution will drive long-term value creation for our shareholders.”
The academic research market continues to represent an attractive opportunity for OPT, characterized by ongoing research initiatives, technology development, recurring funding opportunities, and the potential for follow-on procurements and long-term customer relationships. The successful completion of the Stevens order further demonstrates the Company’s ability to serve a diverse customer base while capitalizing on its expanding commercial pipeline.
The Stevens delivery represents another example of OPT’s disciplined execution as the Company continues converting its growing backlog into revenue and cash generation. Together with the recently completed Rutgers PowerBuoy® deployment, the Company believes this milestone highlights its ability to consistently move customer programs from award to delivery and deployment, reinforcing confidence in the Company’s operational execution as it scales its autonomous maritime solutions business.
