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 ...

Core Insights - Ocean Power Technologies, Inc. (OPT) announced preliminary financial results for Q3 FY26, with expected revenue between $400 thousand and $600 thousand, a decrease from $0.8 million in the same period last year, and an anticipated net loss of approximately $11.3 to $11.5 million compared to $6.7 million in the prior year [1][6]. Financial Performance - Estimated revenue for Q3 FY26 is projected to be between $400 thousand and $600 thousand, down from $0.8 million in the same quarter last year [6]. - Anticipated net loss for Q3 FY26 is approximately $11.3 to $11.5 million, compared to a net loss of $6.7 million in the prior year [6]. - Cash used in operating activities is estimated to be less than $20 million, compared to $14.6 million in the prior-year period [6]. Operational Developments - OPT expanded its global operational footprint by shipping a WAM-V® autonomous surface vehicle to Greece, enhancing its presence in international defense and commercial markets [3]. - The company transitioned its integrated autonomous docking and charging solution from prototype to full-scale build, targeting a commercial launch in early 2026 [3][4]. - Collaboration with Mythos AI has advanced system integration and open-water validation activities, enhancing autonomous navigation and control capabilities [4]. Strategic Contracts and Backlog - As of January 31, 2026, the backlog was approximately $19.9 million, an increase of $12.4 million or 165% over the prior year [6]. - The pipeline stands at $163.9 million, an increase of $74.7 million or 84% over the $89.2 million pipeline at October 31, 2025 [6]. - OPT secured a multi-buoy contract worth approximately $6.5 million from the U.S. Department of Homeland Security, supporting a U.S. Coast Guard maritime domain awareness mission [6].