Ocean Power Technologies Inc (NYSE-A:OPTT) reported strong backlog growth and strategic contract wins in its fiscal third quarter, highlighting momentum in its offshore autonomous systems business.
The New Jersey-based renewable energy and maritime technology company said its backlog reached $19.9 million as of January 31, up 165% from the prior year, while its pipeline expanded to $163.9 million, an 84% increase year-over-year.
OPT highlighted a $6.5 million award from the US Department of Homeland Security to deploy four MERROWS-equipped PowerBuoy systems in support of US Coast Guard maritime domain awareness operations off San Diego. Deliveries are scheduled to begin in the fourth quarter of fiscal 2026.
The contract, executed in collaboration with defense technology firm Anduril, positions OPT’s systems within a scalable, next-generation maritime defense sensing network.
“This quarter reflects more than contract wins; it demonstrates that OPT is helping define the future architecture of maritime security and autonomy,” said Philipp Stratmann, OPT’s CEO. “From international WAM-V deployments to advancing autonomous docking and AI-enabled capabilities, we believe we are building the foundation for a global maritime recharging network. We believe this strategy positions OPT not simply as a product company, but as a long-term infrastructure platform powering the future of offshore autonomy.”
Operationally, OPT continues to expand its international presence. During the quarter, the company shipped a WAM-V autonomous surface vehicle to Greece and advanced its autonomous docking and charging solution toward an early-access commercial launch in 2026. OPT is also collaborating with Mythos AI to enhance autonomous navigation and control capabilities, aiming to create a scalable maritime recharging network for multi-domain offshore operations.
While revenues for the quarter were $0.5 million, down from $0.8 million a year earlier due to timing impacts from the US federal government shutdown, OPT expects a portion of the delayed work to convert later in the fiscal year. Management emphasized that gross margins and operating leverage are improving across core programs and the commercial pipeline.
OPT ended the quarter with $7.2 million in cash and short-term investments, up slightly from $6.9 million at the start of the fiscal year. Net cash used in operations was $19.9 million for the first nine months of fiscal 2026.
The company’s leadership is focused on scaling its recurring revenue model through strategic government and commercial contracts, with the goal of establishing a persistent, mission-critical offshore infrastructure network.