OPT Signs Key Agreement for Delivery of Marine Power Systems to US Government, Financial Terms Undisclosed
Portfolio Pulse from Benzinga Newsdesk
Ocean Power Technologies, Inc. (NYSE:OPTT) has signed a key agreement for the delivery of multiple WAM-Vs to a US Government department. The contract is a Firm-Fixed-Price purchase order on a noncompetitive basis, with revenue recognized over the course of the contract. Financial terms are undisclosed.
June 26, 2024 | 12:01 pm
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Ocean Power Technologies (NYSE:OPTT) has secured a significant contract with the US Government for the delivery of multiple WAM-Vs. This contract is expected to generate revenue over its duration, although financial terms remain undisclosed.
The contract with the US Government is a significant revenue-generating opportunity for OPTT. The noncompetitive nature and the recognition of revenue over the contract period are positive indicators for the company's financial health and future prospects.
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