Business Context and Reporting Period
Company: Ocean Power Technologies, Inc. (OPT)
Filing Type: Form 8-K (Current Report)
Date of Report: June 4, 2007
Event: Entry into a Material Definitive Agreement with the Office of Naval Research, U.S. Navy.
Key Financial Metrics
This filing reports a specific contract value rather than comprehensive financial statements.
- Contract Value: $1.7 million (eligible for receipt upon work completion).
- Contract Term: 18 months.
- Revenue/Profit/Cash Flow: The filing text does not provide current period revenue, profit, cash flow, margins, debt, or liquidity figures.
Material Changes
The primary material change is the execution of a new government contract. OPT will design and fabricate an enhanced autonomous PowerBuoy system for the Navy's Deep Water Acoustic Detection System (DWADS) program. The company will also support ocean testing, mooring design, at-sea operations, deployment, data analysis, and program management.
Outlook, Risks, and Management Commentary
Management Commentary: The agreement was announced via press release on June 7, 2007. The contract is contingent on work completed over the 18-month term.
Risks/Contingencies: Payment is tied to the completion of work. Certain portions of the contract exhibit were filed separately with the SEC under a request for confidential treatment.
Investor Verification Checklist
- Verify the specific milestones required to release the $1.7 million payment.
- Review Exhibit 99.1 for the complete terms and any confidential redactions.
- Assess the impact of this 18-month contract on future revenue recognition schedules.
- Confirm the technical specifications of the enhanced PowerBuoy system for the DWADS program.