Ocean Power Technologies Secures Order for Fully Integrated WAM-V for an Underwater Research Customer in the Nordics
Ocean Power Technologies (NYSE American: OPTT) secured a contract on March 27, 2026 for a fully integrated WAM-V to a new Nordics-based underwater research customer, with assembly starting immediately and shipment planned upon completion.
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Rhea-AI Summary
Ocean Power Technologies (NYSE American: OPTT) secured a contract on March 27, 2026 for a fully integrated WAM-V to a new Nordics-based underwater research customer, with assembly starting immediately and shipment planned upon completion.
The order supports OPTT's announced regional expansion in the Nordics and reflects continued demand across defense, surface inspection, and autonomous underwater survey sectors, per company comments.
Details
News Market Reaction – OPTT
On Mar 27, the day this news came out, OPTT closed 4.68% below the previous close.
Data tracked by StockTitan Argus for the Mar 27 session.
Historical Context
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First PowerBuoy shipment under $6.5M DHS contract moving to deployment.
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Record $19.9M backlog but low revenue and widening net losses.
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Pre-release showing lower revenue, larger loss, and higher cash burn.
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Announcement of Q3 FY2026 release date and investor call details.
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Emphasis on autonomous maritime systems amid regional tensions and steady ops.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Assembly to Start Immediately
MONROE TOWNSHIP, N.J., March 27, 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 it has secured a contract from a new Nordics based underwater research customer for a fully integrated WAM-V for immediate delivery. This contract expands the Company’s previously announced expansion into certain regions in the Nordics, working with end customers and governments. The vehicle will be assembled immediately and shipped to the customer.
Jason Weed, SVP Commercial Sales of OPT, expressed his enthusiasm about this contract, stating, "We believe that securing this contract is testament that demand in the market is continuing to convert to backlog across multiple sectors. Recent efforts globally, whether focused on defense and security, surface inspections, or autonomous underwater survey, are continuing to drive interest in our systems. We continue to deliver systems to our customers. We look forward to future deliveries and additional opportunities to deploy our assets to our customer base here in the United States and to our partners in Latin America, the Middle East, the Nordics, and other allied nations."
For additional information about OPT and its services, 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 and has 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, including the success of the Norway WAM-V, continued success of its WAM-V operations and 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
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