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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 ...

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 mileston ...

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for being a forward-looking technology adopter, utilizing decades of expertise and experience among its content creators [4] - The company employs automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]

Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to discuss the company’s financial results for its fiscal third quarter ended January 31, 2026, highlighting a record backlog and a major new government contract. The company announced it has secured a multi-buoy contract valued at approximately $6.5 million from the U.S. Department of Homeland Security in support of a United States Coast Guard maritime domain awareness mission off San Diego. Stratmann explained that the ...

Financial Data and Key Metrics Changes - Backlog reached a record $19.9 million, an increase of $12.4 million and 165% year-over-year [10] - Pipeline expanded to $163.9 million, up $74.7 million and 84% year-over-year [10] - Revenue for Q3 2026 was $0.5 million, down from $0.8 million in Q3 2025; revenue for the nine months ended January 31, 2026 was $2.1 million, down from $4.5 million in the prior year [11] - Gross profit for Q3 2026 was a loss of $0.8 million compared to a profit of $0.2 million in Q3 2025 [12] - Net losses for the three and nine months ended January 31, 2026 were $11.4 million and $29.6 million respectively, compared to $6.7 million and $15.1 million in the prior year [13][14] Business Line Data and Key Metrics Changes - Significant portion of the backlog is associated with defense and security programs, reflecting growing engagement with government and commercial customers [4] - The company is advancing its integrated autonomous docking and charging solution, targeting a commercial launch in 2026 [6] Market Data and Key Metrics Changes - The company is expanding its global operational footprint, with shipments to Greece and ongoing customer operations in international defense and commercial markets [5] - Approximately half of the backlog is from North America, with the remainder split between Latin America and parts of the Middle East [20] Company Strategy and Development Direction - The company aims to enable persistent multi-domain offshore autonomy, focusing on scalable autonomy infrastructure at sea [7] - The strategy includes building a global maritime autonomy infrastructure layer, positioning the company as a platform provider rather than just a product provider [8] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand signals across core markets, with backlog and pipeline levels significantly higher than a year ago [16] - The company is focused on execution, reliability, and delivering solutions that perform consistently in mission-critical environments [16] Other Important Information - The company is experiencing operational data accumulation in real-world maritime environments, which supports product improvements and enhances mission readiness [8] - Increased operating expenses were primarily due to higher non-cash stock-based compensation and headcount increases to strengthen competitive position [13] Q&A Session Summary Question: Visibility on backlog delivery cadence and categorization by geography or customer type - Management confirmed that a portion of the $19.9 million backlog is due for immediate delivery, with about half from North America and the rest from Latin America and the Middle East [18][20] Question: Prospects for contracts in UAE waters - Management stated that they have assets in the UAE and local staff working on shipping and safe port operations [22] Question: Inclusion of recurring revenues from Merrows in backlog - Management clarified that while there are no specific Merrows contracts, the Homeland Security contract utilizes the Merrows platform for data streaming [24] Question: Expectations for positive gross margins going forward - Management indicated that improvements in gross margins are expected as larger scale deployments are initiated [26] Question: Competition for potential orders in the pipeline - Management expressed confidence in the conversion of the $164 million pipeline to backlog, citing a well-positioned commercial team and less competition in their market segment [27][28] Question: Status of defense engagements in Latin America - Management reported ongoing exercises in Latin America and discussions for deploying buoys for surveillance operations [34][35] Question: Inventory strategy and pre-build activity - Management confirmed that inventory growth reflects pre-building buoys to accelerate delivery and that this strategy will continue [36] Question: Expansion beyond Coast Guard into other DHS components - Management highlighted the team's clearance and experience, enabling participation in discussions for broader defense needs [37]

Financial Data and Key Metrics Changes - Backlog reached a record $19.9 million, an increase of $12.4 million and 165% year-over-year [10] - Pipeline expanded to $163.9 million, up $74.7 million and 84% year-over-year [10] - Revenue for Q3 2026 was $0.5 million, down from $0.8 million in Q3 2025; revenue for the nine months ended January 31, 2026, was $2.1 million, down from $4.5 million in the same period last year [11] - Gross profit for Q3 2026 was a loss of $0.8 million, compared to a gross profit of $0.2 million in Q3 2025 [12] - Net losses for Q3 2026 were $11.4 million, compared to $6.7 million in Q3 2025 [13][14] Business Line Data and Key Metrics Changes - Significant portion of the pipeline is associated with defense and security programs, indicating a strategic focus on these areas [4] - The company is advancing its integrated autonomous docking and charging solution, transitioning from prototype to full-scale build [5] - The operational data accumulated from real-world maritime environments is enhancing mission readiness and informing product improvements [7] Market Data and Key Metrics Changes - The company is expanding its global operational footprint, with shipments to Greece and ongoing customer operations in international defense and commercial markets [5] - Approximately half of the backlog is from North America, with the remainder split between Latin America and parts of the Middle East [20] Company Strategy and Development Direction - The company aims to enable autonomous systems to operate persistently offshore, supporting long-duration missions without traditional logistics [5] - The strategy focuses on building a global maritime autonomy infrastructure layer, positioning the company as a platform provider rather than just a product provider [8] - Continued engagement with government and commercial customers is expected to drive future growth [15] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand signals across core markets, with backlog and pipeline levels significantly higher than a year ago [15] - The organization is aligned to support growth, focusing on execution, reliability, and delivering consistent solutions [16] Other Important Information - The company has a cash position of $7.2 million as of January 31, 2026, compared to $6.9 million at the beginning of the fiscal year [14] - Operating expenses increased due to higher non-cash stock-based compensation and increased headcount to strengthen competitive position [12][13] Q&A Session Summary Question: Visibility on backlog delivery cadence and categorization by geography or customer type - Management confirmed that a portion of the $19.9 million backlog is due for immediate delivery, with contracts for the Department of Homeland Security expected to start recognizing revenue soon [18][19] Question: Prospects for contracts in UAE waters - Management stated that assets are in the country and local staff are working on supporting shipping and safe port operations [22] Question: Inclusion of recurring revenues from Merrows in backlog - Management clarified that while there are no specific Merrows contracts, the Homeland Security contract utilizes the Merrows platform for data streaming [23][24] Question: Expectations for positive gross margins going forward - Management indicated that improvements in gross margins are expected as larger scale deployments are initiated [26] Question: Competition for potential orders and confidence in pipeline conversion - Management expressed confidence in the conversion of the $164 million pipeline to backlog, citing a well-positioned team and less competition in their market segment [27][28] Question: Status of defense engagements in Latin America - Management reported ongoing exercises in Latin America and discussions for deploying buoys for surveillance operations [33][34] Question: Inventory strategy and pre-build activity - Management confirmed that inventory growth reflects pre-building buoys to accelerate delivery and that this strategy will continue [35] Question: Expansion beyond Coast Guard into other DHS components - Management highlighted that their team’s clearance enables participation in discussions with various DHS components, positioning them for future opportunities [36]

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended January 31, 2026 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ______to______ Commission file number: 001-33417 OCEAN POWER TECHNOLOGIES, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Juris ...