Ocean Power Technologies Announces Fourth Quarter and Full Year Fiscal 2026 Results

Fiscal 2026 Marks Company's Transformation into an Operational Defense Technology Provider Through Historic Coast Guard Deployment, Record Backlog and Global Defense Expansion

Largest deployment and recurring revenue contract in Company history positions OPT for long-term growth

MONROE TOWNSHIP, N.J., July 23, 2026 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for its fiscal fourth quarter (“4Q26”) and full-year ended April 30, 2026 (“FY26”).

Fiscal 2026 Strategic Highlights
Fiscal 2026 represented a transformational year for Ocean Power Technologies as the Company continued its evolution into an operational provider of AI-enabled maritime infrastructure supporting defense, security and commercial customers worldwide.

During the year, the Company:

• Secured the largest deployment and largest recurring revenue contract in Company history, an approximately $6.5 million multi-PowerBuoy® maritime domain awareness program supporting the U.S. Coast Guard.
• Transitioned from technology demonstrations to operational deployment, integrating OPT's PowerBuoy®, Merrows® AI platform and autonomous technologies into an active maritime security mission alongside premier defense partners, including Anduril.
• Built a record backlog of $19.8 million, an increase of 58% over the prior year, providing significantly improved visibility into future revenue.
• Expanded internationally, growing customer deployments and strategic relationships throughout Europe while increasing engagement with allied governments and defense organizations.
• Reorganized the Company's sales, technology and innovation, and operations functions to create a unified dual-use solutions organization with a primary focus on defense and security markets, while maintaining the ability to commercialize innovations across adjacent maritime applications.
• Invested in the people, operational capabilities and infrastructure necessary to execute larger programs, support recurring revenue contracts and scale the business for future growth.

Management Commentary – Dr. Philipp Stratmann, OPT's President and Chief Executive Officer
"Fiscal 2026 fundamentally changed Ocean Power Technologies," said Philipp Stratmann, President and Chief Executive Officer. "We secured the largest deployment and recurring revenue contract in our history, built a record backlog, expanded internationally, and demonstrated that our technologies can support operational missions alongside premier defense partners. These achievements mark our evolution from a technology developer into an operational provider of AI-enabled maritime infrastructure. During the year, we also invested in the people and capabilities needed to support larger deployments and recurring revenue programs. Our landmark Coast Guard deployment required significant upfront deployment and integration activities, while recurring services revenue from that contract will be recognized over time. We believe Fiscal 2026 established the operational foundation for long-term growth, and Fiscal 2027 is about executing against that platform."

FY26 FINANCIAL HIGHLIGHTS
Fiscal 2026 financial results reflect both the timing of customer deployments and the Company's continued investment in building the operational capabilities required to support larger autonomous maritime programs.

The Company's landmark U.S. Coast Guard deployment required substantial upfront engineering, mobilization and integration activities, while a meaningful portion of the associated contract value will be recognized over time through recurring services revenue. Management believes this revenue profile is characteristic of the long-term recurring business model the Company continues to develop.

Financial highlights include:

• Backlog increased 58% to a record $19.8 million, compared to $12.5 million at April 30, 2025.
• Sales pipeline increased to $142.3 million, reflecting continued demand across defense, security and commercial markets.
• Revenue for Fiscal 2026 was $4.1 million.
• Gross loss reflected investments in strategic customer programs, including certain contracts accepted to establish long-term customer relationships and larger future opportunities.
• Operating expenses included continued investment in personnel, technology development and operational infrastructure, as well as approximately $9.5 million of non-cash stock-based compensation.
• Combined unrestricted cash, cash equivalents and short-term investments totaled $8.7 million at April 30, 2026.

Looking Ahead
Management enters Fiscal 2027 focused on executing against the operational platform established during Fiscal 2026. Key priorities include:

• Successfully executing the U.S. Coast Guard deployment, including ongoing operational and recurring service delivery.
• Converting record backlog into revenue.
• Expanding recurring services revenue.
• Converting the Company's growing defense pipeline into additional contract awards.
• Building upon strategic relationships with U.S. Government agencies, allied nations and leading defense contractors.
• Continuing disciplined execution while scaling the business to support increasing demand for AI-enabled maritime autonomy.

Conference Call & Webcast

As previously announced, a conference call to discuss OPT’s financial results will be held tomorrow morning, Friday, July 24, 2026, at 9:00 a.m. Eastern time. Philipp Stratmann, CEO, and Bob Powers, CFO will host the call.

1. The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345.
   
   
2. Live webcast: FY2026 Q4 and 10k Earnings Conference Call
   
   
3. Call Replay: Will be available by telephone approximately two hours after the call's completion until August 26, 2024. You may access the replay by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID 13761851.
   
   
4. Webcast Replay: The archived webcast will also be available on the OPT investor relations section of its website.
   

About Ocean Power Technologies
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets including Merrows®, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is located in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.

Non-GAAP Measures: Pipeline

Pipeline is not a term recognized under United States generally accepted accounting principles; however, it is a common measurement used in our industry. Our methodology for determining pipeline may not be comparable to the methodologies used by other companies. Pipeline is a representation of the journey potential customers take from the moment they become aware of our products and service to the moment they become a paying customer. The sales pipeline is divided into a series of phases, each representing a different milestone in the customer journey. It is a tool we use to track sales progress, identify potential roadblocks, and make data-driven decisions to improve our sales performance. Revenue estimates derived from our pipeline can be subject to change due to project accelerations, cancellations or delays due to various factors. These factors can also cause revenue amounts to be realized in periods and at levels different than originally projected.

Forward-Looking Statements
This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties.. Except as may be required by applicable law, the Company undertakes no, and expressly disclaims any, obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, circumstances or otherwise after the date of this press release, and you are cautioned not to rely upon them unduly,

Financial Tables Follow

Additional information may be found in the Company's Annual Report on Form 10-K that will be filed with the U.S. Securities and Exchange Commission. The Form 10-K is accessible at www.sec.gov or the Investor Relations section of the Company's website (www.OceanPowerTechnologies.com/investor-relations).

Contact Information

Investors: 609-730-0400 x401 or [email protected] 
Media: 609-730-0400 x402 or [email protected] 

Ocean Power Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)         April 30, 2026  April 30, 2025 ASSETS        Current assets:        Cash and cash equivalents $8,719  $6,715 Restricted cash, short-term  154   — Accounts receivable, net  587   1,191 Contract assets  716   1,088 Inventory  3,884   4,222 Other current assets  2,343   400 Total current assets $16,403  $13,616 Property and equipment, net  11,093   3,444 Intangibles, net  3,357   3,490 Right-of-use assets, net  1,886   1,552 Restricted cash, long-term  —   154 Goodwill  8,537   8,537 Total assets $41,276  $30,793 LIABILITIES AND SHAREHOLDERS’ EQUITY        Current liabilities:        Accounts payable $4,366  $568 Earn out payable  150   300 Convertible notes payable  9,217   — Derivative liability  1,166   — Accrued expenses  3,829   1,271 Contract liabilities, current  6,390   — Right-of-use liabilities, current portion  1,202   1,150 Total current liabilities $26,320  $3,289 Deferred tax liability  203   203 Contract liabilities, long term  2,077   — Right-of-use liabilities, less current portion  837   649 Total liabilities $29,437  $4,141 Commitments and contingencies        Shareholders’ Equity:        Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding $—  $— Common stock, $0.001 par value; authorized 400,000,000 and 300,000,000 shares, respectively, issued 231,145,998 and 172,050,563 shares, respectively, and outstanding 228,460,085 and 171,263,086 shares, respectively  231   172 Treasury stock, at cost; 2,685,913 and 787,477 shares, respectively  (1,825)  (1,018)Additional paid-in capital  386,204   356,588 Accumulated deficit  (372,771)  (329,090)Accumulated other comprehensive loss  —   — Total shareholders’ equity  11,839   26,652 Total liabilities and shareholders’ equity $41,276  $30,793          

Ocean Power Technologies, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share data)

      Fiscal year ended April 30,
  2026  2025
Product & service revenue $3,502  $5,408 Lease revenue  574   453 Total revenue  4,076   5,861 Cost of revenue  12,211   4,201 Gross margin  (8,135)  1,660 Operating expenses  31,675   23,346 Operating loss $(39,810) $(21,686)Interest (expense)/income, net  (2,778)  47 Other expense  (40)  (23)Change in fair value of derivative  150   — Loss on extinguishment of debt  (1,190)  (838)Foreign exchange loss  (13)  (45)Loss before income taxes $(43,681) $(22,545)Income tax benefit  —   1,034 Net loss $(43,681) $(21,511)Basic and diluted net loss per share $(0.22) $(0.17)         

OCEAN POWER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)         Fiscal year ended April 30,   2026  2025 Cash flows from operating activities:        Net loss $(43,681) $(21,511)Adjustments to reconcile net loss to net cash used in operating activities:        Foreign exchange loss  —   45 Depreciation of fixed assets  895   771 Amortization of intangible assets  133   132 Amortization of right-of-use assets  942   853 Share-based compensation  9,488   4,603 Change in fair value of derivative  (150)  — Loss on extinguishment of debt  1,190   838 Loss on disposal of property and equipment  —   111 Changes in operating assets and liabilities, net of acquisitions:        Accounts receivable  604   (395)Contract assets  372   (1,070)Inventory  (4,197)  230 Other assets  (1,943)  1,347 Accounts payable  3,798   (2,798)Accrued expenses  2,558   (515)Earn out payable  (150)  (200)Right-of-use liabilities  (1,036)  (773)Contract liabilities  8,467   (302)Net cash used in operating activities $(22,710) $(18,634)Cash flows from investing activities:        Purchases of property and equipment  (4,008)  (505)Net cash used in investing activities $(4,008) $(505)Cash flows from financing activities:        Cash paid for tax withholding related to shares withheld $(807) $(649)Proceeds from convertible notes  21,938   3,173 Proceeds from issuance of common stock - At The Market offering, net of issuance costs  7,591   17,729 Proceeds from issuance of common stock - Capital Raise, net of issuance costs  —   2,450 Net cash provided by financing activities $28,722  $22,703 Net increase in cash, cash equivalents and restricted cash $2,004  $3,564 Cash, cash equivalents and restricted cash, beginning of year  6,869   3,305 Cash, cash equivalents and restricted cash, end of year $8,873  $6,869          Supplemental disclosure of noncash investing and financing activities:        Common stock issued related to bonus and earnout payments $—  $630 Common stock issued related to conversion of convertible debt  12,595   15 Operating right of use asset obtained in exchange for operating lease liability $1,276  $—