Ocean Power Technologies Inc (NYSE-A:OPTT) reported fiscal first quarter 2026 results on Monday, highlighting strong operational momentum, including a significant increase in backlog and business development progress.
As of July 31, 2025, OPT’s backlog stood at $15 million, up 184% from $5.3 million a year earlier.
The company’s sales pipeline also expanded 45% year over year to $133.5 million.
Management said the rising order book supports confidence in long-term revenue growth.
Operational highlights included OPT expanding its partnership with UAE-based Unique Group through a Master Services Agreement, which includes immediate leasing of a WAM-V 22 vessel and plans for fleet expansion. The agreement also calls for the establishment of a regional maintenance hub to support recurring revenue opportunities.
The company also unveiled a major upgrade to its AI-enabled Merrows Maritime Domain Awareness Solution, improving performance, interoperability, and integration with other platforms.
In addition, OPT opened a new office at the Association for Uncrewed Vehicle Systems International headquarters in Washington, DC, to enhance access to US government and industry stakeholders.
On the policy front, CEO Philipp Stratmann testified before the New Jersey Legislature, positioning the company as a thought leader in the emerging US marine energy sector.
“Momentum across our markets continues to accelerate, as reflected in both our record backlog and the expansion of our pipeline. Customers are increasingly turning to OPT for solutions that combine maritime autonomy, renewable power, and advanced analytics to deliver critical ocean data as a service,” Stratmann said.
“With demand growing and our solutions gaining recognition globally as reliable, persistent, ready and primed, we believe OPT is exceptionally well positioned to capture new opportunities and expand our leadership in autonomous, persistent, and resident maritime systems.”
OPT reported Q1 revenue of $1.2 million, a 9% decline from $1.3 million in the same period last year.
Operating expenses rose 44% to $7.1 million, largely driven by a $2.1 million increase in non-cash stock compensation.
It posted a loss of $23,000 compared with a gross profit of $0.4 million in the prior-year quarter. The company’s net loss widened to $7.4 million from $4.5 million a year earlier.