Business Context and Reporting Period
Ocean Power Technologies, Inc. (OPTT) filed this Form 8-K on November 5, 2008, reporting events occurring on October 31, 2008. The company is a Delaware corporation focused on ocean energy technologies.
Key Financial Metrics
This filing does not contain comprehensive financial statements, revenue, profit, cash flow, or debt metrics. The only specific financial figure disclosed is the potential value of a new contract.
- Contract Value: OPTT is eligible to receive $3.0 million under a new agreement.
Material Changes
The primary material change reported is the entry into a definitive agreement with the Office of Naval Research of the US Navy on October 31, 2008.
- Agreement Scope: OPTT will design and fabricate an enhanced autonomous PowerBuoy system for the Navy's Deep Water Active Detection System (DWADS) program.
- Services: The company will support ocean testing, mooring design, at-sea operations, deployment, data analysis, and program management.
Guidance, Outlook, and Risks
The filing does not provide updated financial guidance or general outlook commentary beyond the specific contract details. The text notes that the description of the agreement is qualified by reference to the full contract, which will be filed as an exhibit to the next Form 10-Q.
Investor Verification Checklist
- Verify the specific terms and payment milestones of the $3.0 million Navy agreement in the full contract text (to be filed in the next 10-Q).
- Confirm the impact of this contract on the company's cash flow and revenue recognition timeline.
- Review the upcoming Form 10-Q for the period ended October 31, 2008, for comprehensive financial results not included in this 8-K.