Ocean Power Technologies Reports Q1 Revenue Growth Amid Defense Expansion
Ocean Power Technologies Inc (NYSE-A:OPTT) reported a 44% year-over-year increase in first-quarter fiscal 2027 revenue, reaching $1.7 million. The growth was driven by expanded work with U.S. defense and security customers and progress on strategic initiatives. The company deployed three PowerBuoy systems off Southern California for the Department of Homeland Security's maritime domain awareness program and delivered a WAM-V unmanned surface vehicle to Stevens Institute of Technology within five weeks. Ocean Power also acquired subsea developmental technology assets from Columbia Power Technologies, enhancing its capabilities across ocean depths. It achieved Cybersecurity Maturity Model Certification Level 2 compliance, enabling it to pursue defense programs requiring controlled unclassified information protection. The company was selected as one of six potential awardees under a $40 million contract supporting the Naval Oceanographic Office. Backlog increased to $19.1 million at July 31, 2026, from $15 million in the prior year, while sales pipeline rose 13% to $150.8 million. The company's board has initiated a strategic review aimed at accelerating growth and strengthening its financial position.
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Topics: contract awards defense ocean technology renewable energy