Ocean Power Technologies, Inc. Pre Releases Third Quarter Fiscal 2026 Results
MWN-AI** Summary
Ocean Power Technologies, Inc. (NYSE American: OPTT) announced preliminary financial results for its third quarter of fiscal 2026 (ended January 31, 2026) on March 11, 2026. The company reported a significant increase in backlog, reaching approximately $19.9 million, marking a 165% year-over-year growth. Additionally, its pipeline expanded to $163.9 million, a substantial 84% increase from October 31, 2025.
A highlight of the quarter was securing a $6.5 million multi-buoy contract from the U.S. Department of Homeland Security to support the U.S. Coast Guard's maritime mission in San Diego. This award enhances the company's recurring revenue potential and establishes a strategic partnership with both the DHS and Anduril, a key defense technology contractor. Delivery of four MERROWS®-equipped PowerBuoy® systems is scheduled to begin in the fourth quarter of fiscal 2026.
In terms of financials, OPT estimates Q3FY26 revenue between $400,000 and $600,000, a decrease from $800,000 in the previous year, with an anticipated net loss of approximately $11.3 to $11.5 million, compared to $6.7 million in Q3FY25. Cash used in operating activities is expected to be less than $20 million, up from $14.6 million a year prior.
On the operational front, OPT is expanding its global footprint, highlighted by the shipment of a WAM-V® autonomous surface vehicle to Greece, which supports its defense and commercial presence. The company is also advancing its autonomous docking and charging solutions towards a 2026 launch, aiming to enhance operational efficiency for maritime missions.
A conference call to discuss these results will occur on March 18, 2026, highlighting OPT’s ongoing commitment to advancing maritime technology and its service to defense and commercial markets.
MWN-AI** Analysis
Ocean Power Technologies, Inc. (OPTT) has recently announced preliminary results for Q3 FY26, revealing significant growth in backlog and pipeline, albeit accompanied by increased net losses. The company's performed exceptionally well in securing contracts, evidenced by a multi-buoy contract worth approximately $6.5 million from the U.S. Department of Homeland Security. This not only signifies steady future revenue but also establishes a foothold in the defense sector—critical for OPT's long-term strategy.
Optical metrics show a robust backlog increase of 165% compared to the previous year, and the pipeline surged to $163.9 million, reflecting a demand for OPT’s innovative solutions. However, the projected revenue of $400,000 to $600,000 is a concerning drop compared to $0.8 million in the same period last year, underlining some operational challenges that the company may be facing.
Investors should focus on the long-term strategic importance of OPT's shift towards higher-margin, recurring revenue opportunities. The collaboration with Anduril Technologies could catalyze further contracts, leveraging the increasing national defense spending in the U.S. While the anticipated net loss of roughly $11.4 million raises red flags, it is essential to consider this in the context of growth investments aimed at expanding maritime autonomous infrastructures.
From an investment perspective, potential shareholders should brace for volatility—especially around the earnings call on March 18, where more insights will be provided. Given the increasing global push for clean maritime solutions, and the company's commitment to expand operational capacity, long-term prospects remain bright. However, caution is warranted due to recent performance metrics. Investing in OPT now could align with a speculative strategy, with an eye on execution and contract execution metrics post-earnings reveal.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
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.
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.
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
FAQ**
How does Ocean Power Technologies Inc. (OPTT) plan to leverage its $19.9 million backlog to drive future growth in the maritime sector, especially in relation to its new contract with the U.S. Department of Homeland Security?
Given the 84% increase in pipeline to $163.9 million, what strategies is Ocean Power Technologies Inc. (OPTT) implementing to convert these opportunities into revenue, and how does this align with their long-term growth objectives?
With a projected net loss of approximately $11.3 to $11.5 million for Q3FY26, what measures is Ocean Power Technologies Inc. (OPTT) considering to improve profitability while expanding its operational footprint internationally?
How does the collaboration with Anduril enhance Ocean Power Technologies Inc. (OPTT)'s competitive position in the maritime infrastructure market, and what are the anticipated impacts on future recurring revenue opportunities?
**MWN-AI FAQ is based on asking OpenAI questions about Ocean Power Technologies Inc. (NYSE: OPTT).
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