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MONROE TOWNSHIP, N.J., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") OPTT , today announced preliminary financial results for the second quarter ended October 31, 2024 (Q2FY25). The preliminary results included in this press release are subject to change and have not been audited or reviewed by our independent auditor. The Company expects to file its second quarter financial results and update in mid‐December. Preliminary Q2FY25 Financial Highlights (All figures are preliminary, unaudited, and subject to finalization): Revenue : Estimated to be greater than $2 million, compared to $0.9 million for the same period last year, representing a more than 2x increase. Net Loss : Anticipated net loss of approximately $4 million, compared to $7.2 million in the prior year period and representing a year-over-year decrease in net loss of more than 40%. Operating expenses have been reduced by approximately 40%, including reduced external expenditures leading to a material reduction in third party spend. Cash Used in Operating Activities : Estimated to be less than $4.7 million, compared to $7.5 million in the prior-year period and representing a year-over-year decrease of approximately 40%. Business and Operational Highlights During Q2FY25, the Company completed the second set of exercises of the previously announced follow-on contract as a subcontractor to EpiSci and successfully deployed several WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch. Project Overmatch is a United States Navy initiative aimed at achieving a seamless and highly integrated warfighting capability by leveraging advanced data networks, artificial intelligence (AI), and machine learning. Under this contract, OPT continues to ruggedize and enhance the operational capability of its autonomous maritime technologies to support the U.S. military and its allies. The first set of exercises was concluded over the summer and the completion of these most recent exercises contributed to the revenue recognition noted above. The Company delivered several vehicles to customers in Latin America for commercial survey services. The Company signed its first service contract for multi-year support services for vehicles. Since the end of the quarter, OPT has received the final permits to install the previously announced PowerBuoy equipped with AT&Ts 5G equipment in Monterey Bay. The Company reaffirms its previously issued guidance that it believes it will reach profitability (excluding unanticipated extraordinary expenses) during the fourth quarter of calendar 2025. Performance to date reflects strong demand for products, effective cost management, and progress in strategic initiatives. Recent achievements, including recently announced partnerships and operational milestones regarding successful exercises and continued customer deliveries, further support the Company's trajectory toward achieving this stated objective. Philipp Stratmann, OPT's CEO and President, stated "We believe our preliminary results underscore the success of our strategic initiatives, such as focusing on national security and critical infrastructure solutions, coupled with targeted international expansion and our ability to execute for our customers. We have seen a recent uptick in demand for our services domestically and overseas and will continue to convert our pipeline to bookings and ultimately to revenue through future deliveries and additional opportunities to deploy our assets, and we remain committed to delivering long-term value for our shareholders. The success of our most recent quarter leads us to reconfirm our pathway to profitability in late calendar 2025." CONFERENCE CALL AND WEBCAST INFORMATION A conference call to discuss OPT's financial results will be held on Tuesday, December 17, 2024 at 9:00 AM EDT. Philipp Stratmann, CEO, and Bob Powers, CFO will host the call. The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345. Live webcast: Webcast | Ocean Power Technologies FY2025 Q2 Earnings Conference Call (choruscall.com) Call Replay: Call replay will be available by telephone approximately two hours after the call's completion. You may access the replay by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID 13748550. Webcast Replay: The archived webcast will be on the OPT investor relations section of its website. INDIVIDUAL MEETING INFORMATION In an effort to increase relations with institutional investors, OPT management has dedicated time to hosting individual meetings with portfolio managers and analysts. If you are interested in scheduling a meeting with OPT management, please contact: Email: InvestorRelations@oceanpowertech.com , or Call: 609-730-0400 x401 ABOUT OCEAN POWER TECHNOLOGIES OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets, including Merrows, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company's headquarters is in Monroe Township, New Jersey, with an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com . FORWARD-LOOKING STATEMENTS This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release or to provide further interim updates in the future. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Some Dems frustrated
The Director, Directorate of General Studies at the Nigerian Defence Academy, Kaduna, Kaduna state, Prof. Zakaree Saheed, has called for the application of strategic management expertise to address Nigeria’s persistent socio-economic challenges. He spoke Thursday night in Abuja night at the Annual Corporate Dinner 2024, organised by the Nigerian Institute of Management (Chartered), Maitama Chapter, Abuja. Speaking on the theme “Managing Uncertainty: Leveraging Management Expertise in Overcoming Socio-economic Challenges,” Saheed noted the country’s struggles with infrastructure, unemployment, poverty, insecurity, and political instability. He argued that a strategic application of management expertise organising, coordinating, and optimising resources is key to overcoming these challenges. He stressed the importance of human capital development, particularly in Nigeria’s youthful population, and the need for education reform. Saheed said, “Nigeria remains the largest economy in Africa, endowed with significant natural and human resources. Yet, it continues to grapple with inadequate infrastructure, low industrial productivity, and challenging business environments. There are compounding multifaceted socio-economic issues, such as high unemployment, deficits in education, rising poverty, and insecurity stemming from insurgency and poor governance. “These problems erode public confidence and economic stability, further escalated by political instability, which creates a climate of uncertainty for policymakers, businesses, and individuals. “We need to address the root causes of these problems before we can find lasting solutions. This requires a strategic application of management expertise to navigate a sustainable path forward. By management expertise, I mean the ability to organise, coordinate, and optimise resources to achieve desired outcomes. “I believe that a clearly defined vision and mission form the foundation of policy formation and the establishment of a national agenda. If we know what we want -whether it is to become a technology-driven society, an educational hub, or an agricultural powerhouse – based on that, we can establish a national agenda,” he said. The chairman of the Maitama Chapter, Engr. Abdul Lawal Zubair, said the dinner provided an opportunity to connect and reflect, as it collectively advances the principles and values of effective management across all sectors of the nation. “As we enjoy the evening’s agenda, from insightful presentations and captivating performances to a delightful dining experience, let us also take this moment to strengthen the bonds that unite us as professional managers and ambassadors of excellence.”
Ardelyx CEO Michael Raab sells $153,328 in common stock
ITV Emmerdale viewers say 'too far' as April Windsor 'learns lesson'A range of independent TDs are contemplating the prospect of entering Ireland’s next coalition government as Fianna Fail and Fine Gael consider ways to secure a solid majority. Three long days of counting in the General Election finished late on Monday night when the final two seats were declared in the constituency of Cavan-Monaghan. Fianna Fail was the clear winner of the election, securing 48 of the Dail parliament’s 174 seats. Sinn Fein took 39 and Fine Gael 38. Labour and the Social Democrats both won 11 seats; People Before Profit-Solidarity took three; Aontu secured two; and the Green Party retained only one of its 12 seats. Independents and others accounted for 21 seats. The return of a Fianna Fail/Fine Gael-led coalition is now highly likely. However, their combined seat total of 86 leaves them just short of the 88 needed for a majority in the Dail. While the two centrist parties that have dominated Irish politics for a century could look to strike a deal with one of the Dail’s smaller centre-left parties, such as the Social Democrats or Labour, a more straightforward route to a majority could be achieved by securing the support of several independent TDs. For Fianna Fail leader Micheal Martin and current taoiseach and Fine Gael leader Simon Harris, wooing like-minded independents would be likely to involve fewer policy concessions, and financial commitments, than would be required to convince another party to join the government benches. Longford-Westmeath independent TD Kevin “Boxer” Moran, who served in a Fine Gael-led minority government between 2017 and 2020, expressed his willingness to listen to offers to join the new coalition in Dublin. “Look, my door’s open,” he told RTE. “Someone knocks, I’m always there to open it.” Marian Harkin, an independent TD for Sligo-Leitrim, expressed her desire to participate in government as she noted that Fianna Fail and Fine Gael were within “shouting distance” of an overall majority. “That means they will be looking for support, and I certainly will be one of those people who will be speaking to them and talking to them and negotiating with them, and I’m looking forward to doing that, because that was the reason that I ran in the first place,” she said. Meanwhile, the Social Democrats and Irish Labour Party both appear cautious about the prospect of an alliance with Fianna Fail and Fine Gael. They will no doubt be mindful of the experience of the Green Party, the junior partner in the last mandate. The Greens experienced near wipeout in the election, retaining only one of their 12 seats. Sinn Fein appears to currently have no realistic route to government, given Fianna Fail and Fine Gael’s ongoing refusal to share power with the party. Despite the odds being stacked against her party, Sinn Fein president Mary Lou McDonald contacted the leaders of the Social Democrats and Labour on Monday to discuss options. Earlier, Fianna Fail deputy leader and outgoing Finance Minister Jack Chambers predicted that a new coalition government would not be in place before Christmas. Mr Chambers said planned talks about forming an administration required “time and space” to ensure that any new government will be “coherent and stable”. After an inconclusive outcome to the 2020 election, it took five months for Fianna Fail, Fine Gael and the Greens to strike the last coalition deal. Mr Chambers said he did not believe it would take that long this time, as he noted the Covid-19 pandemic was a factor in 2020, but he also made clear it would not be a swift process. He said he agreed with analysis that there was no prospect of a deal before Christmas. “I don’t expect a government to be formed in mid-December, when the Dail is due to meet on December 18, probably a Ceann Comhairle (speaker) can be elected, and there’ll have to be time and space taken to make sure we can form a coherent, stable government,” he told RTE. “I don’t think it should take five months like it did the last time – Covid obviously complicated that. But I think all political parties need to take the time to see what’s possible and try and form a stable government for the Irish people.” Fine Gael minister of state Peter Burke said members of his parliamentary party would have to meet to consider their options before giving Mr Harris a mandate to negotiate a new programme for government with Fianna Fail. “It’s important that we have a strong, stable, viable government, whatever form that may be, to ensure that we can meet the challenges of our society, meet the challenges in terms of the economic changes that are potentially going to happen,” he told RTE. Despite being set to emerge with the most seats, it has not been all good news for Fianna Fail. The party’s outgoing Health Minister Stephen Donnelly became one of the biggest casualties of the election when he lost his seat in Wicklow in the early hours of Monday morning. Mr Donnelly was always predicted to face a fight in the constituency after boundary changes saw it reduced from five to four seats. If it is to be a reprise of the Fianna Fail/Fine Gael governing partnership of the last mandate, one of the major questions is around the position of taoiseach and whether the parties will once again take turns to hold the Irish premiership during the lifetime of the new government. The outcome in 2020 saw the parties enter a coalition on the basis that the holder of the premier position would be exchanged midway through the term. Fianna Fail leader Mr Martin took the role for the first half of the mandate, with Leo Varadkar taking over in December 2022. Current Fine Gael leader Mr Harris succeeded Mr Varadkar as taoiseach when he resigned from the role earlier this year. However, this time Fianna Fail has significantly increased its seat lead over Fine Gael, compared with the last election when there were only three seats between the parties. The size of the disparity in party numbers is likely to draw focus on the rotating taoiseach arrangement, raising questions as to whether it will be re-run in the next coalition and, if it is, on what terms. On Sunday, Simon Coveney, a former deputy leader of Fine Gael, said a coalition that did not repeat the rotating taoiseach arrangement in some fashion would be a “difficult proposition” for his party. Meanwhile, Fine Gael minister Paschal Donohoe said he would be making the case for Mr Harris to have another opportunity to serve as taoiseach. On Monday, Mr Chambers said while his party would expect to lead the government it would approach the issue of rotating the taoiseach’s role on the basis of “mutual respect” with Fine Gael. “I think the context of discussions and negotiations will be driven by mutual respect, and that’s the glue that will drive a programme for government and that’s the context in which we’ll engage,” he said. On Monday, Labour leader Ivana Bacik reiterated her party’s determination to forge an alliance with fellow centre-left parties with the intention of having a unified approach to the prospect of entering government. Asked if Labour was prepared to go into government with Fianna Fail and Fine Gael on its own, she told RTE: “No, not at this stage. We are absolutely not willing to do that. “We want to ensure there’s the largest number of TDs who share our vision and our values who want to deliver change on the same basis that we do.” The Social Democrats have been non-committal about any potential arrangement with Fianna Fail and Fine Gael, and have restated a series of red lines they would need to achieve before considering taking a place in government. Leader Holly Cairns, who gave birth to a daughter on polling day on Friday, said in a statement: “The party is in a very strong position to play an important role in the next Dail. In what position, government or opposition, remains to be seen.” Fianna Fail secured the most first preference votes in Friday’s proportional representation election, taking 21.9% to Fine Gael’s 20.8%. Sinn Fein came in third on 19%. While Sinn Fein’s vote share represented a marked improvement on its disappointing showing in June’s local elections in Ireland, it is still significantly down on the 24.5% poll-topping share it secured in the 2020 general election. The final breakdown of first preferences also flipped the result of Friday night’s exit poll, which suggested Sinn Fein was in front on 21.1%, with Fine Gael on 21% and Fianna Fail on 19.5%.Middle East latest: Israel and Hezbollah trade fire, threatening Lebanon ceasefire
New York, Dec 7 (AP) He's making threats, travelling abroad and negotiating with world leaders. Donald Trump has more than a month and a half to go before he's sworn in for a second term. But the Republican president-elect is already moving aggressively not just to fill his Cabinet and outline policy goals, but to achieve those priorities. Trump has threatened to impose a 25 per cent tariff on goods from Canada and Mexico, prompting emergency calls and a visit from Canada's prime minister that resulted in what Trump claimed were commitments from both US allies on new border security measures. The incoming president has warned there will be “ALL HELL TO PAY" if, before his inauguration on January 20, 2025, Hamas does not release the hostages being held in Gaza . He has threatened to block the purchase of US Steel by a Japanese company, warning "Buyer Beware!!!” And this weekend, Trump was returning to the global stage, joining a host of other foreign leaders for the reopening of the Notre Dame Cathedral five years after it was ravaged by a fire. On Saturday, he met with French President Emmanuel Macron — joined at the last minute by Ukrainian President Volodymyr Zelenskyy — and had plans to see Britain's Prince William also in Paris. Absent in Paris: lame duck President Joe Biden, who has largely disappeared from headlines, except when he issued a pardon of his son, Hunter, who was facing sentencing for gun crimes and tax evasion. First lady Jill Biden is attending in his place. “I think you have seen more happen in the last two weeks than you've seen in the last four years. And we're not even there yet,” Trump said in an over-the-top boast at an awards ceremony Thursday night. For all of Trump's bold talk, though, it is unclear how many of his efforts will bear fruit. Breaking precedent The pre-inauguration threats and deal-making are highly unusual, like so much of what Trump does, said Julian Zelizer, a political historian at Princeton University. “Transitions are always a little complicated in this way. Even though we talk about one president at a time," he said, “the reality is one president plus. And that plus can act assertively sometimes." Zelizer said that is particularly true of Trump, who was president previously and already has relationships with many foreign leaders such as Macron, who invited both Trump and Biden to Paris this weekend as part of the Notre Dame celebration. “Right now he's sort of governing even though he's not the president yet. He's having these public meetings with foreign leaders, which aren't simply introductions. He's staking out policy and negotiating things from drug trafficking to tariffs," Zelizer said. Foreign leader meetings Trump already has met with several foreign leaders, in addition to a long list of calls. He hosted Argentinian President Javier Milei in Florida at his Mar-a-Lago club in November. After the tariff threat, Canadian Prime Minister Justin Trudeau made a pilgrimage to Mar-a-Lago for a three-hour dinner meeting. Canadian officials later said the country is ready to make new investments in border security, with plans for more helicopters, drones and law enforcement officers. Last Sunday, Trump dined with Sara Netanyahu, wife of the Israeli prime minister. Incoming Trump aides have also been meeting with their future foreign counterparts. On Wednesday, several members of Trump's team, including incoming national security adviser Mike Waltz, met with Andriy Yermak, a top aide to Zelenskyy, in Washington, as Ukraine tries to win support for its ongoing efforts to defend itself from Russian invasion, according to a person familiar with the meeting. Yermak also met with Trump officials in Florida, he wrote on X. That comes after Trump's incoming Middle East envoy, Steve Witkoff, travelled to Qatar and Israel for high-level talks about a cease-fire and hostage deal in Gaza, according to a US familiar with the efforts, meeting with the prime ministers of both countries. One president, two voices There is no prohibition on incoming officials or nominees meeting with foreign officials, and it is common and fine for them to do so — unless those meetings are designed to subvert or otherwise impact current US policy. Trump aides were said to be especially cognizant of potential conflicts given their experience in 2016, when interactions between Trump allies and Russian officials came under scrutiny. That included a phone call in which Trump's incoming national security adviser, Michael Flynn, discussed new sanctions with Russia's ambassador to the United States, suggesting things would improve after Trump became president. Flynn was later charged with lying to the FBI about the conversation. Trump's incoming press secretary Karoline Leavitt said that, “All transition officials have followed applicable laws in their interactions with foreign nationals.” She added: “World leaders recognise that President Trump is returning to power and will lead with strength to put the best interests of the United States of America first again. That is why many foreign leaders and officials have reached out to correspond with President Trump and his incoming team.” Such efforts can nonetheless cause complications. If, say, Biden is having productive conversations on a thorny foreign policy issue and Trump weighs in, that could make it harder for Biden “because people are hearing two different voices” that may be in conflict, Zelizer said. Leaders like Russia's Vladimir Putin and Netanyahu may also anticipate a more favourable incoming administration and wait Biden out, hoping for more a better deal. Coordination between incoming and outgoing administrations It also remains unclear how extensively the Biden administration has been kept apprised of Trump transition efforts. Although there is no requirement that an incoming administration coordinate calls and meetings with foreign officials with the State Department or National Security Council, that has long been considered standard practice. That is, in part, because transition teams, particularly in their early days and weeks, do not always have the latest information about the state of relations with foreign nations and may not have the resources, including interpretation and logistical ability, to handle such meetings efficiently. Still, the Biden and Trump teams have been talking, particularly on the Middle East, with the incoming and outgoing administrations having agreed to work together on efforts to free hostages who remain in held in Gaza, according to a US official, who, like others, was not authorised to comment publicly about the sensitive talks and spoke on condition of anonymity. Taking credit already Trump's team, meanwhile, is already claiming credit for everything from gains in the stock and cryptocurrency markets to a decision by Walmart to roll back diversity, equity and inclusion policies Trump opposes. (AP) GRS GRS (This story has not been edited by THE WEEK and is auto-generated from PTI)Complaint lodged alleging reelected Hyogo governor violated election law76ers' Paul George to Miss Extended Time With Severe Bone Bruise InjuryWhat happens when 'The Simpsons' join 'Monday Night Football'? Find out during Bengals-Cowboys
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Thames Valley Police has released crime data from September 2024 which shows that there were a total of 167 incidents of anti-social behaviour were reported. This is a reduction in the anti-social behaviour reported to police in Reading in September 2023 when 218 crimes were reported. Using our interactive map you can see what was reported in your area: Thames Valley Police marked... Nicole McBrideMount Clemens clears the path for sale of Ice Arena