Ocean Power Technologies, Inc.

Good morning and welcome to the Ocean Power Technologies first quarter of fiscal year 2024 earnings conference call. A webcast of this call is also available and can be accessed by a link 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 Stratman, 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. It's now my pleasure to turn the call over to Joseph DiPietro. Please go ahead, sir.

Thank you, and good morning. After the market closed yesterday, we issued our earnings press release and filed our report on Form 10Q for the quarter ended July 31, 2023. Our public filings are available on the SEC website and within the investor relations section of the OPT website. During this call, we will make 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 within 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. Philip Stratton.

Thank you, Joe. Good morning, everyone. We're pleased to have you join us on this call when your continued support is greatly valued. Before we delve into the numbers, I would like to highlight that I'm pleased with our quarterly results and the positive momentum we are building. The market is sending clear signals. Our customers are looking for more assets that protect marine environments, collect essential ocean data, and enhance national security. We are converting our pipeline of opportunities into backlog and revenues, as seen with recent wins like the NOAA IDIQ. We believe we are well positioned to translate this momentum into profitable growth and value for our shareholders. Let's talk about some recent developments. On September 1, 2023, we secured three significant three-year indefinite delivery indefinite quantity contracts with a total contract value expected to be in the millions of dollars from the National Oceanic and Atmospheric Administration. These projects emphasize our commitment to marine conservation and research. In August, we celebrated the opening of our marine robotics production facility in Richmond, California. This then showcased our dedication to innovation, particularly in autonomous vehicles and wave energy buoys, supporting America's energy independence and national security. In August, we achieved a milestone by demonstrating the wave-adaptive modular vehicle attaching itself remotely to a buoy. This accomplishment showcases our advanced autonomous capabilities and opens doors to various maritime applications. During the quarter, we continued our work with a U.S. government agency supporting autonomous vehicle demonstrations for a range of services. We also continued our work with the Department of Energy related to the full-scale operations of the MOSWEG system. We are enthusiastic about future partnerships, reinforcing our commitment to both the commercial and security sectors. Our opportunity pipeline continues to grow. In addition to pulling down several million dollars from this into purchase orders, we've also continued to add to the top of the pipeline, with it currently sitting above $78 million for a net gain exceeding 11 million in just the first few months of the fiscal year. We're continuing to grow our revenues and our gross profit margins are increasing. Our strategy is working and we see additional opportunity for multi-system orders on the horizon. Now, before we dive into the financial highlights, I would like to introduce our CFO, Bob Powers. Bob will provide you with more detailed information about our financial performance in Q1 fiscal 24. Thanks, Philip.