Ocean Power Technologies, Inc. Q1 FY26 Results

Summary

Ocean Power Technologies reported a 9% decrease in revenue for 1Q26, with revenues of $1.2 million compared to $1.3 million in 1Q25. The company's backlog surged 184% to $15.0 million, and the pipeline increased by 45% to $133.5 million. The net loss for 1Q26 was $7.4 million, compared to a net loss of $4.5 million for 1Q25, primarily due to a $2.1 million increase in non-cash stock compensation expenses. President and CEO Philipp Stratmann noted that momentum across markets continues to accelerate, reflected in the record backlog and pipeline expansion.

Key Highlights

1. 1

   Ocean Power Technologies' backlog at July 31, 2025, increased by 184% to $15.0 million compared to 1Q25.

2. 2

   The company's pipeline as of July 31, 2025, grew by 45% to $133.5 million from $92.0 million at July 31, 2024.

3. 3

   Revenues for 1Q26 decreased by 9% to $1.2 million compared to $1.3 million in 1Q25.

4. 4

   The company expanded its partnership with UAE-based Unique Group through a Master Services Agreement.

5. 5

   A major upgrade was unveiled for the AI-enabled Merrows™ Maritime Domain Awareness Solution (MDAS).

6. 6

   Ocean Power Technologies expanded its U.S. presence with a new office at the Association for Uncrewed Vehicle Systems International (AUVSI) headquarters in Washington, D.C.

7. 7

   The net loss was $7.4 million for 1Q26, as compared to a net loss of $4.5 million for 1Q25, primarily driven by the $2.1 million increase in non-cash stock compensation.