Ocean Power Technologies, Inc.
0.5163-0.02 (-3.13%)
Oct 29, 4:00:00 PM EDT · NYSE American · OPTT · USD
Key Stats
Market Cap
94.49MP/E (TTM)
-Basic EPS (TTM)
-0.16Dividend Yield
0%Recent Filings
8-K
Additional $6.5M notes issued
Ocean Power Technologies issued $6.5 million in additional Series B convertible notes to institutional investors on October 7, 2025, under a May securities purchase agreement allowing up to $25 million total. This takedown from their shelf registration bolsters funding for operations amid growth pursuits. Yet the notes convert into common stock, diluting shareholders. No maturity or rate details disclosed here.
8-K
Q1 results and key partnership
Ocean Power Technologies reported fiscal first quarter 2026 results on September 15, 2025, with revenues dipping 9% to $1.2 million and a net loss widening to $7.4 million, driven by $2.1 million in non-cash stock compensation, yet backlog surged 184% to $15.0 million while pipeline grew 45% to $133.5 million. The company announced a strategic U.S. partnership with Gradient Marine to integrate digital twin simulations for PowerBuoy and WAM-V platforms, aiming to accelerate development and cut risks in defense and commercial ops. Backlog boom signals robust demand. Forward-looking statements highlight growth potential amid execution risks.
10-Q
Q1 FY2026 results
Ocean Power Technologies posted Q1 FY2026 revenue of $1.2M, down 9.1% y/y from $1.3M, as WAM-V project timing shifted, flipping gross margin to a $23K loss from $447K while costs climbed 41.2% y/y on pricier third-party gear. Operating loss widened to $7.1M from $4.5M, driven by $2.4M in share-based comp that bloated expenses 43.5% y/y; net loss hit $7.4M or $(0.04) per share on 173M diluted shares, versus $(0.05) last year on 82M shares—anti-dilution kept it flat. Cash swelled to $9.9M from $6.7M, fueled by $9.9M from May's $10M convertible notes (24-month term, bifurcation to $0.6M derivative liability), offset by $5.6M ops burn and $1.5M capex; free cash flow not disclosed in the 10-Q. Backlog tripled to $15M, eyeing 12-36 month conversion. Yet customer concentration—89% from four clients—amps credit risks if payments lag.
8-K
OPT ships WAM-Vs to UAE
Ocean Power Technologies shipped two WAM-V unmanned surface vehicles to UAE-based Remah International Group on September 2, 2025, bolstering its defense partnership for maritime security demos. This move expands OPT's Middle East fleet amid recent contract wins. The company plans a regional sales office and hires to tap growing demand. Yet risks loom in converting partnerships to revenue.
8-K
OPT expands UAE USV partnership
Ocean Power Technologies signed a Master Services Agreement with Unique Group on August 26, 2025, expanding their July 2024 collaboration to handle all non-defense WAM-V USV projects in the UAE. Unique Group will lease one WAM-V 22 vehicle immediately, with revenue sharing and purchase options, while OPT plans a dedicated MRO hub to boost operations. This setup accelerates deployments and scales lease income without added overhead. Risks include execution uncertainties with the partner.
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