The company did not provide specific financial guidance for the current or future periods.
Analyst coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell".
The average consensus recommendation for the renewable energy equipment & services peer group is "buy".
Wall Street's median 12-month price target for Ocean Power Technologies Inc is $1.50, about 1,307.1% above its Sept. 11 closing price of $0.11.
Q1 results and drivers
Ocean Power Technologies said fiscal Q1 revenue rose 44% year over year to $1.7 million.
The company posted a net loss of $10.5 million, with loss per share unchanged year over year.
Backlog and sales pipeline grew, but gross loss widened on strategic investments.
The company said its largest deployment and recurring revenue contract in company history was supported by PowerBuoy systems for DHS maritime operations.
Gross loss widened due to investments in strategic customer programs and technology development, including contracts accepted to establish long-term relationships.
The acquisition of subsea technology assets from Columbia Power Technologies extended operational infrastructure capabilities.
OPTT•
