Ocean Power Technologies Selected for Participation in $40 Million U.S. Navy Project for Autonomous Ocean Mapping

Rhea-AI Summary

Ocean Power Technologies (NYSE American: OPTT) has been selected as one of six potential awardees on a $40 million multiple-award, firm-fixed-price IDIQ contract supporting the U.S. Navy’s Naval Oceanographic Office for high-resolution ocean-floor mapping using long-endurance unmanned surface vehicles.

The contract covers work in the Indian and Pacific Ocean basins and includes a two-year ordering period expected from August 2026 through July 2028. According to Ocean Power Technologies, the multiple-award structure means task orders will be competitively awarded among all holders, with the $40 million serving as the aggregate contract ceiling across all awardees. The company views this as a pathway to pursue task orders, support critical ocean-mapping missions, and advance its Robotics as a Service strategy.

Positive

• $40 million NAVOCEANO IDIQ contract ceiling across all six awardees
• Two-year ordering period from August 2026 to July 2028
• Selection expands access to U.S. Government maritime program opportunities

Negative

• IDIQ structure provides no guaranteed revenue or minimum order quantity
• Task orders will be competitively awarded among six contract holders

Market Reaction – OPTT

+1.75% $0.19

15m delay

+1.75% Vs previous close

$0.19 Last Price

$0.18 $0.22 Day Range

$49.48M Market Cap

0.7x Rel. Volume

Following this news, OPTT has gained 1.75%, reflecting a mild positive market reaction. Our momentum scanner has triggered 7 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $0.19.

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Market Context

The stock is up +6.1% following this news. Historical event 1086471 recorded a -18.35% 24-hour react...

Analysis

The stock is up +6.1% following this news. Historical event 1086471 recorded a -18.35% 24-hour reaction, showing that OPT announcements have not uniformly translated into gains. This award adds a government-contract catalyst, while task-order competition remains a risk.

Key Figures

Contract ceiling: $40 million Potential awardees: Six awardees Ordering period: Two years +2 more

5 metrics

Contract ceiling $40 million Aggregate ceiling across all awardees

Potential awardees Six awardees Multiple-award IDIQ contract

Ordering period Two years Anticipated August 2026 through July 2028

Contract start August 2026 Anticipated beginning of ordering period

Contract end July 2028 Anticipated end of ordering period

Historical Context

5 past events · Latest: Jul 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 23	Strategic acquisition	Positive	-18.4%	Subsea technology asset acquisition expanded OPT's maritime infrastructure capabilities.
Jul 23	Earnings report	Negative	-18.4%	Fiscal results showed lower revenue, larger losses, and an expanded operating deficit.
Jul 23	Earnings scheduling	Neutral	+0.4%	The company scheduled release of fourth-quarter and fiscal-year results.
Jul 17	Government assessment	Positive	-0.6%	U.S. Government selected OPT's WAM-V technology for further technical engagement.
Jul 01	International expansion	Positive	+3.7%	European maritime-security engagements included training, handovers, and forum participation.

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

Pattern Detected

OPT's recent positive or expansion-related announcements produced mixed reactions, including declines of 18.35% and 0.56% and a gain of 3.74%.

Key Terms

indefinite-delivery/indefinite-quantity, idiq, firm-fixed-price contract, task-orders, +1 more

5 terms

indefinite-delivery/indefinite-quantity regulatory

"a $40 million multiple-award, indefinite-delivery/indefinite-quantity ("IDIQ") contract"

An indefinite-delivery/indefinite-quantity (IDIQ) contract is a purchasing agreement used mainly by governments where the buyer commits to buy goods or services over a set time but does not specify exact quantities or delivery dates up front. For investors this matters because an IDIQ can create a steady pipeline of potential orders and recurring revenue like a standing grocery list a store can draw from, while leaving total future sales and timing uncertain.

idiq regulatory

"indefinite-delivery/indefinite-quantity ("IDIQ") contract supporting the Naval Oceanographic Office"

An IDIQ (Indefinite Delivery/Indefinite Quantity) is a type of government procurement contract that sets terms and maximum limits for buying goods or services over a period without specifying exact delivery dates or quantities up front. For investors, an IDIQ signals a potential steady revenue stream and easier repeat business because it gives a company preferred access to future orders under agreed terms—think of it as a standing shopping account that can generate unpredictable but recurring sales.

firm-fixed-price contract financial

"The firm-fixed-price contract will support high-resolution ocean-floor mapping services"

A firm-fixed-price contract is an agreement where a buyer and a seller agree on one nonchanging price for goods or services, so the seller is paid that amount regardless of its actual costs. Think of hiring a contractor to build a deck for a set fee: the contractor bears the risk if materials or labor cost more than expected, while the buyer gets price certainty. For investors, these contracts mean predictable revenue but higher exposure of the seller’s profit margin to cost overruns and efficiency, affecting earnings stability and cash flow forecasts.

task-orders regulatory

"individual task-orders will be competed among the contract holders"

A task-order is a specific work assignment issued under a broader master or indefinite-delivery contract that tells a supplier what to do, when, and for how much. Common in government and large corporate buying, each task-order details scope, schedule and price for a discrete piece of work, like an individual job ticket under a standing agreement. Investors watch task-orders because they create near-term revenue, firm backlog and visibility into a supplier’s upcoming workload.

unmanned surface vehicles technical

"using long-endurance unmanned surface vehicles"

Unmanned surface vehicles (USVs) are boats or ships that operate on the water without a person on board, controlled remotely or by on-board computer systems. Think of them as self-driving cars for the sea; they can perform tasks like surveying, delivering cargo, monitoring security, or conducting research. Investors care because USVs can cut labor and operating costs, open new service markets, and face regulatory and safety risks that affect returns and valuation.

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

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MONROE TOWNSHIP, N.J., Aug. 05, 2026 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE American: OPTT), a leader in maritime operational infrastructure and autonomous ocean systems, today announced that it has been selected as one of six potential awardees under a $40 million multiple-award, indefinite-delivery/indefinite-quantity (“IDIQ”) contract supporting the Naval Oceanographic Office (“NAVOCEANO”).

The firm-fixed-price contract will support high-resolution ocean-floor mapping services using long-endurance unmanned surface vehicles. Work will be performed across the Indian and Pacific Ocean basins based on NAVOCEANO mission requirements.

The contract has a two-year ordering period anticipated to begin in August 2026 and continue through July 2028. Under the multiple-award structure, individual task-orders will be competed among the contract holders. The $40 million represents the aggregate contract ceiling across all awardees.

“We believe this award is a strong validation of the work we have undertaken over the past year and beyond to demonstrate that commercially proven maritime technologies can be transitioned into operational capabilities for Department of War customers,” said Jason Weed, Senior Vice President, Commercial Sales at Ocean Power Technologies. “Our deployment history across both the WAM-V® and PowerBuoy® product lines provides a proven foundation for long-endurance ocean operations. This contract creates an important pathway for OPT to compete for task orders supporting critical ocean-mapping missions while continuing to advance our Robotics as a Service strategy.”

The award further expands OPT’s ability to support U.S. Government maritime programs and reflects the Company’s continued transition to a maritime technology provider with an integrated set of deployable platforms, data, operational support, and recurring services.

For more information about Ocean Power Technologies, visit www.OceanPowerTechnologies.com.

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® unmanned surface vessels (USVs) 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 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 Company’s ability to compete for and receive task orders under the NAVOCEANO IDIQ contract and successfully deploy its technologies and services in support of those task orders, 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

What did Ocean Power Technologies (OPTT) announce on August 5, 2026 about the U.S. Navy project?

Ocean Power Technologies announced its selection as one of six potential awardees on a U.S. Navy NAVOCEANO IDIQ contract. According to Ocean Power Technologies, the contract supports autonomous high-resolution ocean-floor mapping using long-endurance unmanned surface vehicles across the Indian and Pacific Ocean basins.

What is the value and structure of the $40 million NAVOCEANO contract involving OPTT?

The NAVOCEANO contract has a $40 million aggregate ceiling shared among six awardees under a multiple-award, firm-fixed-price IDIQ structure. According to Ocean Power Technologies, individual task orders will be competed among all contract holders, so revenue is not guaranteed for any single company.

When does the U.S. Navy NAVOCEANO IDIQ contract for Ocean Power Technologies run?

The contract’s two-year ordering period is expected to begin in August 2026 and run through July 2028. According to Ocean Power Technologies, task orders for ocean-floor mapping missions can be issued during this timeframe based on NAVOCEANO mission requirements.

What services will Ocean Power Technologies (OPTT) provide under the NAVOCEANO ocean mapping contract?

Ocean Power Technologies will support high-resolution ocean-floor mapping using long-endurance unmanned surface vehicles. According to Ocean Power Technologies, work will be performed across the Indian and Pacific Ocean basins and leverages its WAM-V and PowerBuoy platforms and Robotics as a Service strategy.

Does the $40 million U.S. Navy IDIQ contract guarantee revenue for Ocean Power Technologies (OPTT)?

No, the IDIQ contract does not guarantee revenue for Ocean Power Technologies. According to Ocean Power Technologies, the $40 million is an aggregate ceiling, and individual task orders will be competitively awarded among the six contract holders based on NAVOCEANO needs.

How could the NAVOCEANO IDIQ contract impact Ocean Power Technologies’ Robotics as a Service strategy?

The contract creates a pathway for Ocean Power Technologies to compete for recurring mapping missions, supporting its Robotics as a Service strategy. According to Ocean Power Technologies, it leverages deployed WAM-V and PowerBuoy systems to provide long-endurance operations and ongoing maritime services to U.S. Government customers.