Ocean Power Technologies Inc (NYSE-A:OPTT) has announced its financial results for the fiscal year ended April 30, 2025, reporting a 6% jump in annual revenue to $5.9 million.
OPT’s backlog surged 155% to $12.5 million, while the pipeline of potential projects grew to $137.5 million, an 88% year-over-year increase.
The company also reduced its operating expenses by 28% year-over-year to $23.3 million, contributing to a narrowed net loss of $21.5 million, down from $27.5 million in fiscal 2024.
OPT ended the year with $6.9 million in combined cash and short-term investments, more than double its position at the start of the year.
Operational milestones included shipping an AI-enabled Merrows PowerBuoy to a Middle Eastern customer, completing a US Naval Postgraduate School project featuring 5G-connected PowerBuoy technology, and securing new defense contracts for its WAM-V Unmanned Surface Vehicles. In Latin America, the company received multi-million-dollar orders and signed distribution agreements in Colombia and Brazil.
Philipp Stratmann, OPT CEO, described fiscal 2025 as a pivotal year for the company as it transitioned from proving its technology to scaling its impact.
“With record backlog of $12.5 million, a solid balance sheet and access to additional capital, and growing demand from allied nations, we are entering fiscal 2026 with line of sight to transformational scale,” Stratmann said.
“Our focus now is disciplined execution, expanding recurring revenue, accelerating platform adoption, and delivering long-term value for our shareholders.”
Separately, the company announced that it has signed a strategic reseller agreement with a Latin America-based partner to expand its reach in the Mexican offshore and maritime markets.
The deal includes a $3 million purchase commitment for OPT’s WAM-V Unmanned Surface Vehicles.
The partnership aims to accelerate adoption of OPT’s intelligent maritime solutions across the region through localized sales and technical support.
“This agreement represents another key step forward in continuing to scale OPT’s global reseller network and unlocking additional high-growth markets,” Stratmann said.
“This partnership opens a strong channel to deploy our intelligent maritime solutions across security, energy, and commercial markets in Mexico. It builds on our existing momentum in Latin America and advances our broader goal of global expansion through strategic partnerships.”