Ocean Power Technologies, Inc. First Quarter Fiscal 2026 Results
Ocean Power Technologies (NYSE American: OPTT) reported its Q1 fiscal 2026 results, highlighting significant growth in backlog and pipeline. The company's backlog surged 184% to $15.0 million, while the pipeline increased 45% to $133.5 million. Q1 revenues were $1.2 million, down 9% year-over-year.
Key developments include an expanded partnership with UAE-based Unique Group, major upgrades to their AI-enabled Merrows™ Maritime Domain Awareness Solution, and a new office in Washington, D.C. The company reported a net loss of $7.4 million, primarily due to increased non-cash stock compensation expenses. Cash position stood at $10.0 million as of July 31, 2025.
Ocean Power Technologies (NYSE American: OPTT) ha riportato i risultati del primo trimestre dell’esercizio 2026, evidenziando una crescita significativa dell’order backlog e della pipeline. L’order backlog della società è salito del 184% a 15,0 milioni di dollari, mentre la pipeline è aumentata del 45% a 133,5 milioni di dollari. I ricavi del primo trimestre sono stati di 1,2 milioni di dollari, in diminuzione del 9% su base annua. Tra gli sviluppi chiave figurano l’ampliamento della partnership con Unique Group, gruppo con sede negli Emirati Arabi Uniti, significativi aggiornamenti della loro soluzione Merrows™ Maritime Domain Awareness abilitata all’AI e una nuova sede a Washington, D.C. L’azienda ha registrato una perdita netta di 7,4 milioni di dollari, principalmente a causa di maggiori oneri non monetari legati alla stock compensation. La posizione di cassa era di 10,0 milioni di dollari al 31 luglio 2025.
Ocean Power Technologies (NYSE American: OPTT) presentó sus resultados del primer trimestre fiscal 2026, destacando un crecimiento significativo en el backlog y en la pipeline. El backlog de la empresa creció un 184% hasta 15,0 millones de dólares, mientras que la pipeline aumentó un 45% hasta 133,5 millones de dólares. Los ingresos del primer trimestre fueron de 1,2 millones de dólares, una caída del 9% interanual. Entre los desarrollos clave se encuentran una ampliación de la asociación con Unique Group, con sede en los EAU, importantes actualizaciones de su solución Merrows™ Maritime Domain Awareness impulsada por IA y una nueva oficina en Washington, D.C. La empresa reportó una pérdida neta de 7,4 millones de dólares, principalmente debido a mayores gastos de compensación de stock no monetarios. La posición de efectivo fue de 10,0 millones de dólares a 31 de julio de 2025.
Ocean Power Technologies (NYSE American: OPTT) 는 2026 회계연도 1분기 실적을 발표했으며, 백로그(backlog)와 파이프라인의 상당한 성장을 강조했습니다. 회사의 백로그는 184% 증가하여 1,500만 달러가 되었고, 파이프라인은 45% 증가하여 1억 3,350만 달러가 되었습니다. 1분기 매출은 120만 달러로 전년 동기 대비 -9%를 기록했습니다. 주요 개발로는 UAE에 본사를 둔 Unique Group과의 파트너십 확장, AI 기반 Merrows™ 해양 영역 인지 솔루션의 대대적 업그레이드, 워싱턴 D.C.에 새로운 사무소 이전이 있습니다. 회사는 740만 달러의 순손실을 보고했고, 이는 주로 비현금 주식 보상 비용 증가 때문이었습니다. 현금 보유액은 2025년 7월 31일 기준 1000만 달러였습니다.
Ocean Power Technologies (NYSE American: OPTT) a publié ses résultats du premier trimestre fiscal 2026, mettant en évidence une croissance significative du backlog et de la pipeline. Le backlog de l’entreprise a flambé de 184% pour atteindre 15,0 millions de dollars, tandis que la pipeline a augmenté de 45% pour atteindre 133,5 millions de dollars. Les revenus du premier trimestre s’élèvent à 1,2 million de dollars, en baisse de 9% sur un an. Parmi les développements clés, on compte l’expansion du partenariat avec Unique Group, basé aux Émirats arabes unis, d’importantes mises à niveau de leur solution Merrows™ Maritime Domain Awareness activée par l’IA, et un nouveau bureau à Washington, D.C. L’entreprise a enregistré une perte nette de 7,4 millions de dollars, principalement en raison de l’augmentation des dépenses non monétaires liées à la rémunération en actions. La position de trésorerie s’élevait à 10,0 millions de dollars au 31 juillet 2025.
Ocean Power Technologies (NYSE American: OPTT) hat seine Ergebnisse für das erste Quartal des Geschäftsjahres 2026 bekannt gegeben und dabei ein deutliches Wachstum bei Auftragsbestand und Pipeline hervorgehoben. Der Auftragsbestand stieg um 184% auf 15,0 Millionen US-Dollar, während die Pipeline um 45% auf 133,5 Millionen US-Dollar zunahm. Der Umsatz im ersten Quartal betrug 1,2 Millionen US-Dollar, ein Rückgang von 9% gegenüber dem Vorjahr. Zu den wichtigen Entwicklungen gehören eine erweiterte Partnerschaft mit der in den VAE ansässigen Unique Group, wesentliche Upgrades ihrer AI-fähigen Merrows™ Maritime Domain Awareness Solution und ein neues Büro in Washington, D.C. Das Unternehmen meldete einen Nettogewinnverlust von 7,4 Millionen US-Dollar, hauptsächlich aufgrund gestiegener nicht zahlungswirksamer Aktienvergütungen. Die Barbilanz betrug zum 31. Juli 2025 10,0 Millionen US-Dollar.
Ocean Power Technologies (NYSE American: OPTT) أعلنت عن نتائج الربع الأول من السنة المالية 2026، مع إبراز نمو كبير في رصيد الطلبات وخطة المشاريع. ارتفع الرصيد المتراكم للشركة بنسبة 184% ليصل إلى 15,0 مليون دولار، بينما زادت الخطة إلى 133,5 مليون دولار بنسبة 45%. كانت إيرادات الربع الأول 1,2 مليون دولار، بانخفاض 9% على أساس سنوي. من التطورات الرئيسية توسيع الشراكة مع Unique Group، ومقرها في الإمارات العربية المتحدة، وترقيات كبيرة لحل Merrows™ للوعي بالبحرية المدعوم بالذكاء الاصطناعي، وفتح مكتب جديد في واشنطن العاصمة. أعلنت الشركة عن صافي خسارة قدرها 7,4 ملايين دولار، ويرجع ذلك أساساً لزيادة مصروفات التعويض بالأسهم غير النقدية. وبلغت السيولة النقدية 10,0 ملايين دولار حتى 31 يوليو 2025.
Ocean Power Technologies（NYSE American: OPTT） 公布了2026财年第一季度的业绩，突出显示待处理订单和在产线的显著增长。公司的待处理订单增长了184%，达到1500万美元，而产线增长了45%，达到133.5万美元（注意：此处单位为百万美元，请核对原文单位，一致性为百万美元）
- Backlog increased significantly by 184% to $15.0 million
- Pipeline grew 45% to $133.5 million
- Strategic expansion in UAE through Unique Group partnership
- Cash position improved to $10.0 million from $3.3 million at fiscal year start
- Revenue declined 9% year-over-year to $1.2 million
- Net loss increased to $7.4 million from $4.5 million in Q1 2025
- Operating expenses increased 44% to $7.1 million
- Gross loss of $23,000 compared to $0.4 million gross profit in Q1 2025
Insights
OPT shows strong future potential with 184% backlog growth despite current quarter revenue decline and widening losses.
Ocean Power Technologies (OPT) presents a mixed financial picture in its Q1 fiscal 2026 results. While current quarterly revenue declined 9% to
However, the company's immediate financial performance shows concerning trends. OPT reported a gross loss of
Cash position improved to
The company's strategic initiatives—including the UAE partnership with Unique Group, enhancements to its AI-enabled Merrows™ platform, and expanding U.S. presence—align with its focus on maritime autonomy, renewable power, and advanced analytics. These developments, alongside policy leadership in marine energy, position OPT to potentially capitalize on its growing backlog. However, the company must demonstrate ability to convert this backlog into profitable revenue to justify investor confidence.
Ocean Power Technologies Backlog Surges
Drives Accelerating Growth Outlook
MONROE TOWNSHIP, N.J., Sept. 15, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for its fiscal first quarter (“1Q26”) Highlights include:
1Q26 RESULTS
- Backlog at July 31, 2025 was
$15.0 million , a184% increase over the 1Q25. - Pipeline as of July 31, 2025 was
$133.5 million , a45% increase over the$92.0 million pipeline at April July 31, 2024. - Cash operating expenses were consistent with the prior year’s cash operating expense levels, with the year-over-year increase detailed below attributable to non-cash stock compensation expense.
- Revenues for 1Q26 of
$1.2 million decreased9% compared to 1Q25 revenues of$1.3 million .
1Q26 and RECENT BUSINESS HIGHLIGHTS:
- We expanded our partnership with UAE-based Unique Group through a Master Services Agreement, strengthening our regional growth strategy. The agreement positions Unique Group as OPT’s execution partner for non-defense WAM-V® USV projects in the UAE, with immediate leasing of a WAM-V 22 and plans for fleet expansion and revenue sharing. OPT also plans to establish a dedicated MRO hub in the UAE, enhancing service capacity while creating a scalable path to recurring revenue and long-term growth.
- We unveiled a major upgrade to our AI-enabled Merrows™ Maritime Domain Awareness Solution (MDAS), significantly enhancing its performance, stability, and security while expanding interoperability across surface, subsurface, and aerial platforms. The enhanced Merrows™ strengthens its role as an ISR node, providing operators with persistent watch capabilities, multi-user monitoring, and seamless integration of third-party data sources including AIS, weather, and mapping feeds. Together with OPT’s PowerBuoy® and WAM-V® platforms, Merrows™ now delivers a scalable and autonomous monitoring network that positions OPT as a mission-critical partner within maritime security and intelligence.
- We expanded our U.S. presence with a new office at the Association for Uncrewed Vehicle Systems International (AUVSI) headquarters in Washington, D.C., strengthening our strategic position in the fast-growing uncrewed systems market. This move enhances our access to key government and industry stakeholders, creating new pathways for commercial opportunities and policy engagement that support long-term revenue growth.
- We reinforced our role as a policy and industry thought leader by testifying before the New Jersey Legislature on the state’s opportunity to lead the emerging U.S. marine energy sector. In his remarks, President and CEO Philipp Stratmann highlighted how OPT’s proven technologies and track record position the Company to help shape favorable policy, unlock new market opportunities, and drive long-term revenue growth. By leveraging its leadership in marine energy innovation, OPT is influencing national conversations that align renewable power, maritime security, and economic development.
Management Commentary – Dr. Philipp Stratmann, OPT's President and Chief Executive Officer
“Momentum across our markets continues to accelerate, as reflected in both our record backlog and the expansion of our pipeline. Customers are increasingly turning to OPT for solutions that combine maritime autonomy, renewable power, and advanced analytics to deliver critical ocean data as a service. With demand growing and our solutions gaining recognition globally as reliable, persistent, ready and primed, we believe OPT is exceptionally well positioned to capture new opportunities and expand our leadership in autonomous, persistent, and resident maritime systems.”
1Q26 FINANCIAL HIGHLIGHTS
- Revenues for 1Q26 decreased
$0.1 million to$1.2 million , a9% decrease from 1Q25 revenue of$1.3 million . - Gross loss for 1Q26 was
$23 thousand as compared to a gross profit of$0.4 million for 1Q25. - Operating expenses increased
$2.1 million or44% to$7.1 million in 1Q26, as compared to$4.9 million in 1Q25 due to a$2.1 million increase in non-cash stock compensation expenses. - Net loss was
$7.4 million for 1Q26, as compared to a net loss of$4.5 million for 1Q25, primarily driven by the$2.1 million increase in non-cash stock compensation . - Backlog increased
$9.7 million or184% to$15.0 million as of July 31, 2025 as compared to$5.3 million at July 31, 2024. Our backlog includes unfilled firm written orders for our products and services from commercial or governmental customers, which we call orders. We believe the disclosure of orders is a useful metric for investors, as it helps support our future revenue expectations and adds validity to our strategic growth plan. Company management uses orders as a tool to manage expected growth, budget and cash requirements, and to monitor the success of our sales and marketing efforts. If any of our orders were to be terminated, delayed or revised downward, our orders and our backlog would be reduced by the expected value of the remaining terms of such contract.
Balance Sheet and Cash Flows:
- Combined cash, unrestricted cash, cash equivalents and short-term investments as of July 31, 2025, was
$10.0 million , which compares to$3.3 million at the beginning of the fiscal year. - Net cash used in operating activities for 1Q26 was approximately
$5.6 million , compared to$6.1 million for 1Q25.
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. 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 located in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.
Non-GAAP Measures: Pipeline
Pipeline is not a term recognized under United States generally accepted accounting principles; however, it is a common measurement used in our industry. Our methodology for determining pipeline may not be comparable to the methodologies used by other companies. Pipeline is a representation of the journey potential customers take from the moment they become aware of our products and service to the moment they become a paying customer. The sales pipeline is divided into a series of phases, each representing a different milestone in the customer journey. It is a tool we use to track sales progress, identify potential roadblocks, and make data-driven decisions to improve our sales performance. Revenue estimates derived from our pipeline can be subject to change due to project accelerations, cancellations or delays due to various factors. These factors can also cause revenue amounts to be realized in periods and at levels different than originally projected.
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.. Except as may be required by applicable law, the Company undertakes no, and expressly disclaims any, obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, circumstances or otherwise after the date of this press release, and you are cautioned not to rely upon them unduly,
Financial Tables Follow
Additional information may be found in the Company's Annual Report on Form 10-K that will be filed with the U.S. Securities and Exchange Commission. The Form 10-K is accessible at www.sec.gov or the Investor Relations section of the Company's website (investors.oceanpowertechnologies.com).
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
| Ocean Power Technologies, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except share data) | ||||||||
| July 31, 2025 | April 30, 2025 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 9,860 | $ | 6,715 | ||||
| Accounts receivable, net | 2,207 | 1,191 | ||||||
| Contract assets | 555 | 1,088 | ||||||
| Inventory | 4,865 | 4,222 | ||||||
| Other current assets | 893 | 400 | ||||||
| Total current assets | 18,380 | 13,616 | ||||||
| Property and equipment, net | 4,703 | 3,444 | ||||||
| Intangibles, net | 3,456 | 3,490 | ||||||
| Right-of-use assets, net | 1,388 | 1,552 | ||||||
| Restricted cash, long-term | 154 | 154 | ||||||
| Goodwill | 8,537 | 8,537 | ||||||
| Total assets | $ | 36,618 | $ | 30,793 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,283 | $ | 568 | ||||
| Earnout payable | 250 | 300 | ||||||
| Convertible notes payable (Note 13) | 7,107 | — | ||||||
| Derivative liability (Note 13) | 570 | — | ||||||
| Accrued expenses | 1,293 | 1,271 | ||||||
| Right-of-use liabilities, current portion | 981 | 1,150 | ||||||
| Contract liabilities | 135 | — | ||||||
| Total current liabilities | 11,619 | 3,289 | ||||||
| Deferred tax liability | 203 | 203 | ||||||
| Right-of-use liabilities, less current portion | 606 | 649 | ||||||
| Total liabilities | 12,428 | 4,141 | ||||||
| Commitments and contingencies (Note 14) | ||||||||
| Shareholders’ Equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 178 | 172 | ||||||
| Treasury stock, at cost; 787,477 and 787,477 shares, respectively | (1,018 | ) | (1,018 | ) | ||||
| Additional paid-in capital | 361,508 | 356,588 | ||||||
| Accumulated deficit | (336,478 | ) | (329,090 | ) | ||||
| Accumulated other comprehensive loss | — | — | ||||||
| Total shareholders’ equity | 24,190 | 26,652 | ||||||
| Total liabilities and shareholders’ equity | $ | 36,618 | $ | 30,793 | ||||
| Ocean Power Technologies, Inc. and Subsidiaries Consolidated Statements of Operations (in thousands, except per share data) | ||||||||
| Three months ended July 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | $ | 1,182 | $ | 1,301 | ||||
| Cost of revenues | 1,205 | 854 | ||||||
| Gross margin | (23 | ) | 447 | |||||
| Operating expenses | 7,055 | 4,920 | ||||||
| Operating loss | (7,078 | ) | (4,473 | ) | ||||
| Interest (expense)/income, net | (310 | ) | 3 | |||||
| Other income, net | — | 17 | ||||||
| Loss before income taxes | (7,388 | ) | (4,453 | ) | ||||
| Income tax benefit | — | — | ||||||
| Net loss | (7,388 | ) | (4,453 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.04 | ) | $ | (0.05 | ) | ||
| Weighted average shares used to compute basic and diluted net loss per common share | 172,969,163 | 81,951,002 | ||||||
| OCEAN POWER TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) | ||||||||
| Three months ended July 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (7,388 | ) | $ | (4,453 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation of fixed assets | 194 | 204 | ||||||
| Amortization of intangible assets | 34 | 33 | ||||||
| Amortization of right of use asset | 231 | 207 | ||||||
| Share-based compensation | 2,399 | 259 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (1,016 | ) | (167 | ) | ||||
| Contract assets | 533 | (459 | ) | |||||
| Inventory | (643 | ) | (850 | ) | ||||
| Right of use asset | (66 | ) | — | |||||
| Other assets | (493 | ) | 962 | |||||
| Accounts payable | 715 | (1,625 | ) | |||||
| Earnout payable | (50 | ) | (50 | ) | ||||
| Accrued expenses | 22 | (208 | ) | |||||
| Right-of-use liabilities | (212 | ) | (121 | ) | ||||
| Contract liabilities | 135 | 144 | ||||||
| Net cash used in operating activities | $ | (5,605 | ) | $ | (6,124 | ) | ||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (1,453 | ) | (374 | ) | ||||
| Net cash used in investing activities | $ | (1,453 | ) | $ | (374 | ) | ||
| Cash flows from financing activities: | ||||||||
| Proceeds from convertible notes | $ | 9,866 | — | |||||
| Proceeds from issuance of common stock - At The Market offering, net of issuance costs | 337 | $ | 6,529 | |||||
| Net cash provided by financing activities | $ | 10,203 | $ | 6,529 | ||||
| Net increase in cash, cash equivalents and restricted cash | $ | 3,145 | $ | 31 | ||||
| Cash, cash equivalents and restricted cash, beginning of period | $ | 6,869 | $ | 3,305 | ||||
| Cash, cash equivalents and restricted cash, end of period | $ | 10,014 | $ | 3,336 | ||||
| Supplemental disclosure of noncash investing and financing activities: | ||||||||
| Common stock issued related to bonus and earnout payments | $ | — | $ | 630 | ||||
| Common stock issued related to conversion of convertible debt | 2,060 | — | ||||||
FAQ
What was Ocean Power Technologies (OPTT) revenue in Q1 2026?
How much did Ocean Power Technologies' backlog grow in Q1 2026?
What is OPTT's current cash position as of Q1 2026?
What strategic partnerships did Ocean Power Technologies announce in Q1 2026?
What caused the increase in OPTT's net loss for Q1 2026?
