Ocean Power Technologies reports record backlog, lands $6.5M DHS contract

Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to discuss the company’s financial results for its fiscal third quarter ended January 31, 2026, highlighting a record backlog and a major new government contract. The company announced it has secured a multi-buoy contract valued at approximately $6.5 million from the U.S. Department of Homeland Security in support of a United States Coast Guard maritime domain awareness mission off San Diego. Stratmann explained that the award provides multi-quarter revenue visibility, with delivery of four newly built MERROWS®-equipped PowerBuoy® systems expected to begin in the fourth quarter of fiscal 2026. The contract also supports the company’s strategic shift toward higher-margin, recurring revenue streams. The deployment will be carried out in collaboration with Anduril Industries, the project’s prime contractor. Integrating PowerBuoy® systems alongside Anduril’s surveillance towers positions Ocean Power Technologies within a next-generation, scalable defense sensing architecture in one of the United States’ most critical maritime regions. The initiative also establishes a significant relationship with both DHS and the U.S. Coast Guard. Financially, the company reported a backlog of approximately $19.9 million as of January 31, 2026, representing an increase of $12.4 million, or 165%, compared to the prior year. Its project pipeline reached $163.9 million, up $74.7 million, or 84%, from $89.2 million a year earlier. Stratmann noted that the quarter reflects strong contract momentum and positions the company at the forefront of evolving maritime security and autonomy solutions. He added that Ocean Power Technologies is helping to define a new category of scalable maritime infrastructure, enabling autonomous systems to power, recharge, and operate continuously at sea. #proactiveinvestors #oceanpowertechnologiesinc #nyseamerican #optt #PhillipStratmann, #USGovernmentContract, #USCoastGuard #MaritimeSecurity #DefenseTech #AutonomousSystems #BuoySystems #WAMV #PowerBuoy #MERROWS #USCoastGuard #HomelandSecurity #AndurilIndustries #MaritimeSecurity #DefenseTech #AutonomousSystems #CleanEnergy #OceanTech #GovContracts #EnergyInnovation #TechStocks #SmallCap #EmergingTech #SecuritySolutions #BlueEconomy #Innovation