Ocean Power Technologies grows defense footprint as backlog rises in fiscal Q1

Ocean Power Technologies grows defense footprint as backlog rises in fiscal Q1

Tue, September 15, 2026 at 3:30 PM GMT+3 2 min read

• OPTT -11.22%
• ANIN.PVT

Ocean Power Technologies Inc (NYSE-A:OPTT) reported first-quarter fiscal 2027 revenue of $1.7 million, up 44% from a year earlier, as the company expanded its work with US defense and security customers and moved forward with a strategic review process.

Ocean Power Technologies ran three PowerBuoy systems off Southern California for a U.S. Department of Homeland Security maritime domain awareness program, integrated with Anduril's Lattice platform and including a deployment beyond 1,000 meters depth, calling it the company's largest deployment and recurring revenue contract to date.

Ocean Power Technologies also deployed a PowerBuoy system off New Jersey for Rutgers University and delivered a WAM-V unmanned surface vehicle to Stevens Institute of Technology within five weeks of receiving the order.

The company demonstrated autonomous docking, charging and redeployment of a WAM-V, a capability it is working to integrate with the PowerBuoy platform to support longer autonomous missions. It also acquired subsea developmental technology assets from Columbia Power Technologies, extending its capabilities from the ocean surface to the seabed.

Ocean Power Technologies achieved Cybersecurity Maturity Model Certification Level 2 compliance, positioning it to pursue defense programs requiring protection of controlled unclassified information. After the quarter ended, the company was selected as one of six potential awardees under a $40 million multiple-award contract supporting the Naval Oceanographic Office, creating an opportunity to compete for ocean-floor mapping task orders using unmanned surface vehicles.

The company also began implementing Palantir Foundry through the Palantir for Builders program, with Foxtrot Professional Services leading the rollout, to connect data and workflows across manufacturing, supply chain and fleet operations as it builds toward a more scalable operating model.

Backlog stood at $19.1 million at July 31, 2026, compared with $15 million a year earlier. Sales pipeline rose 13% to $150.8 million from $133.5 million.

"Our team remains focused on serving customers, converting backlog into revenue, expanding recurring services and strengthening the company's financial position," said Philipp Stratmann, OPT's CEO.

The company's board has initiated a review of strategic alternatives aimed at accelerating growth and strengthening its financial position. No timetable has been set for the review.

Combined unrestricted cash, cash equivalents and short-term investments totaled $7.4 million at July 31, 2026.