Core Insights - Ocean Power Technologies, Inc. (OPT) reported a significant increase in backlog and pipeline, indicating strong commercial momentum despite challenges from a federal government shutdown [3][7]. Financial Results - For the fiscal second quarter ended October 31, 2025, revenues were $0.4 million, down from $2.4 million in the same period last year, primarily due to timing impacts from the U.S. federal government shutdown [7]. - Gross profit for the quarter was a loss of $1.4 million, compared to a profit of $0.8 million in the prior year [7]. - Operating expenses increased to $8.7 million for the quarter, up from $4.7 million in the same period last year, driven by higher non-cash stock-based compensation and increased headcount [7]. - Net losses for the quarter were $10.8 million, compared to $3.9 million in the same quarter of the previous year [7]. Backlog and Pipeline - Backlog increased to approximately $15.0 million, a rise of $11.2 million or nearly 300% year-over-year [3][7]. - The pipeline as of October 31, 2025, stood at $137.5 million, reflecting a 63% increase from $84.4 million a year earlier [3]. Strategic Partnerships - In November 2025, OPT signed a strategic partnership with Mythos AI to enhance its WAM-V® ASVs and PowerBuoy® platforms with advanced AI-driven autonomy, expanding its addressable market [3]. - Another partnership with Gradient Marine was established to integrate digital-twin and simulation capabilities, which will improve product development cycles and operational reliability [3]. Operational Highlights - During the quarter, OPT shipped eight WAM-V® autonomous surface vehicles, demonstrating its ability to scale manufacturing and meet rising demand [3]. - The company completed critical demonstrations in Latin America and the UAE, maintaining a production cadence of shipping a WAM-V approximately every two to three weeks [4]. Certification and Training - OPT became certified by AUVSI as a Trusted Uncrewed Maritime Systems Operator Training Provider, allowing it to deliver industry-standardized USV operator training [3]. Cash Position - As of October 31, 2025, combined cash and cash equivalents were $11.7 million, up from $6.7 million at the beginning of the fiscal year [7].