Ocean Power Technologies (NYSE: OPTT) reveals Q3 prelims, $6.5M DHS maritime contract
Rhea-AI Filing Summary
Ocean Power Technologies released preliminary results for its fiscal Q3 ended January 31, 2026 and highlighted strong order momentum in maritime defense. Backlog reached about $19.9 million, up $12.4 million or 165% from the prior-year period, while its sales pipeline grew to $163.9 million, an 84% increase from $89.2 million at October 31, 2025.
The company secured a multi-buoy contract of roughly $6.5 million from the U.S. Department of Homeland Security to support a U.S. Coast Guard mission near San Diego, with deliveries of four MERROWS-equipped PowerBuoy systems beginning in fiscal Q4 2026. Despite this commercial progress, Q3 revenue is estimated at only $0.4–$0.6 million, down from $0.8 million a year earlier, and the anticipated net loss widened to about $11.3–$11.5 million versus $6.7 million in the prior-year quarter.
Cash used in operating activities for the quarter is expected to be under $20.0 million, compared with $14.6 million a year ago, reflecting continued investment and operating losses. Management also reported progress on global deployments, including shipping a WAM-V autonomous surface vehicle to Greece and advancing an autonomous docking and charging solution toward a targeted calendar 2026 early-access commercial launch, supporting its strategy to build a scalable maritime autonomy infrastructure.
Positive
- Order momentum and visibility: Backlog reached about $19.9 million, up $12.4 million and 165% year over year, and the sales pipeline increased to $163.9 million, an 84% rise from $89.2 million at October 31, 2025.
- Strategic DHS contract: A multi-buoy award of approximately $6.5 million from the U.S. Department of Homeland Security for a Coast Guard mission provides multi-quarter revenue visibility and strengthens positioning in U.S. maritime defense infrastructure.
Negative
- Widening losses and higher cash use: Estimated Q3 net loss of about $11.3–$11.5 million versus $6.7 million a year earlier, and cash used in operating activities expected to be under $20.0 million compared with $14.6 million, indicate rising operating strain.
- Declining quarterly revenue: Q3FY26 revenue is estimated at only $400–$600 thousand, below the $0.8 million recorded in the prior-year quarter despite the larger backlog and pipeline.
Insights
Backlog and DHS win improve visibility, but cash burn and losses remain high.
Ocean Power Technologies is showing strong commercial traction despite modest current revenue. Backlog of
The new
Financially, though, estimated Q3 revenue of
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| Item 2.02 | Results of Operation and Financial Condition |
On March 11, 2026, Ocean Power Technologies, Inc. (the “Company”) issued an earnings flash announcing preliminary results of operations for the quarter ended January 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1. In accordance with General Instruction B.2 of Form 8-K, the information set forth in Item 2.02 and in the attached Exhibit 99.1 shall be deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibits
| 99.1 | Press release dated March 11, 2026. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Ocean Power Technologies, Inc. | |
| Dated: March 13, 2026 | /s/ Philipp Stratmann |
| Philipp Stratmann | |
| President and Chief Executive Officer |
Exhibit 99.1
Ocean Power Technologies, Inc.
Pre Releases Third Quarter Fiscal 2026 Results
Record Backlog and Strategic DHS Win Accelerate Maritime Defense Platform Strategy
MONROE TOWNSHIP, N.J., March 11, 2026 (GLOBE NEWSWIRE) – Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), today announced preliminary financial results for the third quarter ended January 31, 2026 (Q3FY26). The preliminary results included in this press release are subject to change and have not been audited or reviewed by our independent auditor. The Company expects to file its third quarter financial results and update after market close on March 17, 2026.
3Q26 RESULTS and RECENT HIGHLIGHTS
| ● | Backlog as of January 31, 2026 was approximately $19.9 million, an increase of $12.4 million and 165% over the prior year period. | |
| ● | Pipeline as of January 31, 2026 stands at $163.9 million, an increase of $74.7 million and 84% increase over the $89.2 million pipeline at October 31, 2025. | |
| ● | OPT secured a multi-buoy contract totaling approximately $6.5 million from the U.S. Department of Homeland Security (“DHS”) supporting a U.S. Coast Guard maritime domain awareness mission off San Diego. The award provides multi-quarter revenue visibility, with delivery of four newly built MERROWS®-equipped PowerBuoy® systems beginning in Q4 of fiscal 2026. The contract further advances our shift toward higher-margin, recurring revenue. Strategically, this deployment with Anduril, a U.S. based defense technology company and the prime contractor for this project, positions our PowerBuoy® systems within a scalable, next-generation defense sensing architecture. Operating alongside Anduril’s surveillance towers in one of the nation’s most critical maritime regions, this program establishes a meaningful relationship with DHS and the U.S. Coast Guard. OPT has already contracted the deployment vessel for this project and OPT believes successful execution creates a clear pathway for additional buoy deployments and geographic expansion, reinforcing OPT’s role as a provider of persistent, mission-critical maritime infrastructure for U.S. national security. | |
| ● | Revenue: Estimated to be $400 thousand to $600 thousand for Q3FY26, compared to $0.8 million for the same period last year | |
| ● | Net Loss: Anticipated net loss of approximately $11.3 to $11.5 million, compared to $6.7 million in the prior year period. | |
| ● | Cash Used in Operating Activities: Estimated to be less than $20.0 million, compared to $14.6 million in the prior-year period. |
Operational Update on Global Deployments and Infrastructure Development:
During the quarter, OPT continued expanding its global operational footprint and advancing its strategy to build a reliable maritime autonomy infrastructure regardless of geography. OPT shipped a WAM-V® autonomous surface vehicle to Greece to support ongoing customer operations, further strengthening its presence in international defense and commercial markets. In parallel, OPT transitioned its integrated autonomous docking and charging solution from prototype to full-scale build, advancing toward a targeted calendar 2026 early-access commercial launch designed to enable autonomous systems to dock, recharge, and redeploy for persistent offshore missions.
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OPT also progressed system integration and open-water validation activities enhancing autonomous navigation and control capabilities through its collaboration with Mythos AI. Together, these initiatives position OPT to move beyond single-asset deployments toward enabling a scalable maritime recharging network, a foundational layer for persistent, multi-domain offshore autonomy. OPT believes this infrastructure-focused strategy strengthens its competitive position and expands long-term recurring revenue opportunities across defense and commercial maritime markets.
Conference Call & Webcast
As previously announced, a conference call to discuss OPT’s financial results will be Wednesday March 18, at 9:00 a.m. Eastern time. Philipp Stratmann, CEO, and Bob Powers, CFO, will host the call.
| ● | The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345. | |
| ● | Live webcast: Webcast | Ocean Power Technologies FY2026 Q3 Earnings Conference Call (choruscall.com) | |
| ● | Call Replay: Call replay will be available by telephone approximately two hours after the call’s completion. You may access the replay by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID 13759118 | |
| ● | Webcast Replay: The archived webcast will be on the OPT investor relations section of its website |
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 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.
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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,
Additional information may be found in the Company’s Annual Report on Form 10-K for the year ended April 30, 2025 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 (www.OceanPowerTechnologies.com/investor-relations).
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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FAQ
What preliminary Q3 FY2026 results did Ocean Power Technologies (OPTT) report?
How large is Ocean Power Technologies’ backlog and pipeline as of January 31, 2026?
What is the significance of Ocean Power Technologies’ new DHS contract?
How did Ocean Power Technologies’ cash usage change in Q3 FY2026?
When will Ocean Power Technologies file full Q3 FY2026 results and hold its earnings call?
What strategic initiatives is Ocean Power Technologies pursuing in maritime autonomy?
Filing Exhibits & Attachments
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