Ocean Power Technologies, Inc.

Good morning and welcome to the Ocean Power Technologies first quarter fiscal 2023 earnings conference call. A webcast of this call is also available on the company's website at www.oceanpowertechnologies.com. This conference call is being recorded and will be available for replay shortly after its completion. On the call today are Dr. Philip Stratton, President and Chief Executive Officer, Bob Powers, Senior Vice President and Chief Financial Officer, and Joseph DiPietro, Controller, Treasurer, and Principal Accounting Officer. Following the prepared remarks, there will be a question and answer session. Now, I am pleased to introduce Joseph DiPietro. Thank you, sir. You may proceed.

After the market closed yesterday, we issued our earnings press release and filed our quarterly report on Form 10-Q for the period ended July 31st, 2022. All OPT public filings are available on the SEC website and within the investor relations section of the OPT website. This call will include forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include financial projections or other statements of the company's plans, objectives, expectations, or intentions. These statements are based on assumptions made by management regarding future circumstances over which the company may have little or no control and involve risks uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. Additional information about these risks and uncertainties can be found in the company's Form 10-K and subsequent filings with the SEC. The company disclaims any obligation or intention to update the forward-looking statements made on this call. Finally, we posted an updated investor presentation on our IR website. Please take a moment to review it as it provides a nice overview of our company and strategy. Now I am pleased to introduce Dr. Phil Stratman.

Thank you, Joe, and good morning, everyone. We're at a relatively straightforward quarter, so my comments will be fairly limited this quarter. Most importantly, we had a good order activity and are on pace for our 9 million order goal for the fiscal year. The most notable activity from our sales and business development teams was the US Department of Energy selected us for the phase two development of a next generation wave energy converter. We will receive up to $1.1 million over the next 24 months to develop and test a modular and scalable mass on spring wave energy converter power buoy. This is a continuation from phase one, which was completed in April 2022. Our strategy is clear. We have the business on a solid foundation and are executing on each of the three components of our stated strategy. First is data as a service. We had a good quarter on our pipeline of order activity of WAMVs and the transition of manufacturing to our New Jersey plant has gone well so far. We also made progress on our MDA solution, which is currently in the final phases of testing and remains on pace to deliver revenue by October. Since the end of the quarter, we demonstrated the MDA solution at Antex in California. The MDA solution provides a wide range of valuable data and enables 24-7 data collection that can automatically be analyzed by artificial intelligence systems, materially increasing the granularity of data to improve decision-making. Our pipeline has grown to include multiple government opportunities, and we've maintained a strong recurring customer base, especially for our WAMVs. Second is power as a service. which is our most mature aspect of the business and has the longest sales cycle. During the quarter, we continue to cultivate our pipeline of customers and remain confident that we will convert these to orders and ultimately sales. This includes both recurring fee business for power produced as well as leased and owned power buoys, hybrid power buoys and subsea batteries. We continue to advance our partnerships with ancillary equipment providers to offer complete seabed surface solutions. Third is our strategic consulting services. Each quarter, our ability to serve as our clients only gets deeper and stronger. We continue to help our broad client base with offshore energy-related engineering consulting services. We have the most success with simulation engineering, software engineering, concept design, and motions monitoring. With that, I will turn it over to Bob for a discussion on our financials.