Ocean Power Technologies Advances U.S. Homeland Security Contract with Shipment of First PowerBuoy®

Ocean Power Technologies (NYSE: OPTT) shipped the first PowerBuoy under a $6.5M U.S. Department of Homeland Security contract, marking the program's move from development to operational deployment.

Rhea-AI Summary

Ocean Power Technologies (NYSE: OPTT) shipped the first PowerBuoy under a $6.5M U.S. Department of Homeland Security contract, marking the program's move from development to operational deployment.

The system will be deployed off the coast of California to provide persistent, autonomous offshore surveillance supporting U.S. Coast Guard maritime domain awareness; integration with Anduril is ongoing and deployment awaits final site preparations and operational readiness.

Positive

• $6.5M DHS contract secured and active
• Shipment of the first PowerBuoy under the contract
• Transition from development to operational deployment milestone

Negative

• Deployment contingent on final site preparations and readiness

Argus Mar 24 session

+1.35% close to close Open Argus

Details

News Market Reaction – OPTT

On Mar 24, the day this news came out, OPTT closed 1.35% above the previous close.

Data tracked by StockTitan Argus for the Mar 24 session.

Key Figures

DHS contract value: $6.5M

DHS contract value

$6.5M

Previously announced DHS PowerBuoy contract referenced in this shipment milestone

Historical Context

5 past events · Latest: Mar 17

5 events

1. Mar 17

   Q3 FY2026 results

   24h Move

   -9.2%

   Reported weaker quarterly results with widening net losses despite record backlog.

2. Mar 11

   Q3 prerelease

   24h Move

   -12.0%

   Preliminary Q3 data showed lower revenue and larger net loss alongside DHS contract.

3. Mar 05

   Earnings date set

   24h Move

   -0.7%

   Announced timing and call details for fiscal 2026 third quarter results.

4. Mar 02

   Security demand update

   24h Move

   +5.5%

   Highlighted strategic role of autonomous systems amid heightened regional tensions.

5. Feb 24

   USCG deployment order

   24h Move

   -4.9%

   Received ~$1.5M Coast Guard order to install and deploy buoy systems.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

maritime domain awareness, autonomous offshore surveillance, situational awareness

3 terms

maritime domain awareness technical

"The system will support maritime domain awareness operations for the U.S. Coast Guard."

Maritime domain awareness is the continuous tracking and understanding of activity on and under the sea—ships, cargo, ports, and coastal operations—so authorities and businesses can spot risks, disruptions, or illegal activity early. Like a weather and traffic map for shipping, it matters to investors because gaps in this visibility can lead to supply-chain delays, higher insurance and security costs, regulatory fines, or sudden losses in asset value tied to maritime trade and infrastructure.

autonomous offshore surveillance technical

"to provide persistent, autonomous offshore surveillance capabilities supporting DHS mission requirements."

Autonomous offshore surveillance means using unmanned platforms—such as drones, robotic vessels and fixed sensors—combined with software to monitor ships, infrastructure and ocean activity without a human operator on site. For investors it matters because these systems can cut monitoring costs, improve safety and regulatory compliance, and generate real‑time data that affects revenue and risk for companies in energy, shipping, defense and environmental services.

situational awareness technical

"designed to enhance situational awareness and support critical security operations."

Awareness of the real-time business, market and regulatory conditions that could affect an investment; like a driver scanning the road for hazards, it means continuously noting news, price moves, regulatory signals and other forces that change a company’s prospects. Investors rely on situational awareness to react quickly to risks and opportunities, adjust position size, protect capital and seize short‑lived advantages before the environment shifts.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MONROE TOWNSHIP, N.J., March 24, 2026 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced the shipment of the first PowerBuoy® system under its previously announced $6.5M contract with the U.S. Department of Homeland Security (DHS). The system will support maritime domain awareness operations for the U.S. Coast Guard.

The shipment marks a key milestone in the program and represents the transition from system development and integration into operational deployment. This PowerBuoy® system, together with others under the contract, will be deployed off the coast of California to provide persistent, autonomous offshore surveillance capabilities supporting DHS mission requirements. Integration with Anduril’s systems is progressing in parallel.

“This shipment represents an important milestone in the execution of our DHS program and highlights the progress we have made in delivering innovative maritime infrastructure to support national security missions,” said Jason Weed, SVP Commercial Sales of Ocean Power Technologies. “We believe our PowerBuoy platform provides a unique capability for persistent offshore monitoring, enabling government agencies to enhance maritime domain awareness while reducing operational costs and logistical complexity.”

The system is expected to be deployed following final site preparations and operational readiness procedures. Once installed, the PowerBuoy network will support maritime surveillance operations as part of DHS’s broader efforts to strengthen coastal and offshore monitoring capabilities.

OPT continues to work closely with DHS and its technology partners to deliver autonomous maritime monitoring solutions designed to enhance situational awareness and support critical security operations.

For additional information about OPT, please visit our website Ocean Power Technologies.

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 about OPT’s groundbreaking products, services and solutions, 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, including the continuing successful operations of the PowerBuoy® to be deployed in support of DHS, the delivery of customer services, the conversion of potential customers to contracts and the realization of the potential revenue thereunder. 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.

CONTACT INFORMATION

Investors: 203-561-6945 or investorrelations@oceanpowertech.com

Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Ocean Power Technologies (OPTT) announce on March 24, 2026 about the DHS contract?

They announced shipment of the first PowerBuoy under a $6.5M DHS contract, marking a move toward operational deployment. According to the company, this shipment supports maritime domain awareness and will be deployed off California pending site preparations.

How will the OPTT PowerBuoy support U.S. Coast Guard operations under the DHS contract?

The PowerBuoy will provide persistent, autonomous offshore surveillance to support maritime domain awareness. According to the company, the system is designed to enhance situational awareness while reducing operational costs and logistical complexity for Coast Guard missions.

Where will the PowerBuoy systems from OPTT’s DHS contract be deployed and when?

Systems will be deployed off the coast of California following final site preparations and operational readiness. According to the company, shipment signals transition to deployment but installation timing depends on completion of site work and readiness procedures.

Does Ocean Power Technologies (OPTT) coordinate with partners for the DHS PowerBuoy deployment?

Yes. OPTT is integrating its PowerBuoy with partner systems as part of the program. According to the company, integration with Anduril’s systems is progressing in parallel with shipment and deployment preparations.

What does the first PowerBuoy shipment mean for OPTT shareholders and the program?

The shipment represents progress from development to operational deployment under a government contract. According to the company, it is a key program milestone supporting DHS mission requirements and further system deployments under the $6.5M award.

Is the OPTT PowerBuoy already operational after the March 24, 2026 shipment?

No; the system shipment precedes installation and activation, which require final site preparations and operational readiness checks. According to the company, deployment and operational use will follow completion of those preparatory steps.