AcquisitionsJul 23, 2026, 05:01 PM
Ocean Power Technologies Acquires Subsea Tech; Reports FY26 Results
AI Summary
Ocean Power Technologies (OPT) acquired strategic subsea intellectual property assets from Columbia Power Technologies, Inc. for 10,984,848 shares of common stock valued at $2.9 million, aiming to expand its operational infrastructure. The company also announced its fiscal year 2026 results, reporting a net loss of $44.8 million on $4.1 million revenue, alongside a record backlog of $19.8 million. Additionally, OPT appointed Rear Admiral Joseph A. “Digger” DiGuardo Jr. as Acting Chairman of the Board, following the retirement of Terence J. Cryan, and terminated its At Market Issuance Sales Agreement.
Key Highlights
- Acquired strategic subsea IP assets from Columbia Power Technologies for 10,984,848 common shares.
- Acquisition valued at $2.9 million based on trailing thirty-day VWAP.
- FY26 revenue was $4.1 million, down from $5.86 million in FY25.
- Reported a net loss of $44.8 million for FY26.
- Record backlog increased 58% to $19.8 million.
- Sales pipeline increased to $142.3 million.
- Rear Admiral Joseph A. DiGuardo Jr. appointed Acting Chairman of the Board.
- Terence J. Cryan retired from the Board after 14 years.
Price Impact
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