Ocean Power Technologies Inc

Ocean Power Technologies, Inc., a leader in intelligent maritime solutions, announced it is implementing Palantir Foundry through the Palantir for Builders program to support its expanding U.S. and international deployment footprint. The company has engaged Foxtrot Professional Services, a Foundry-native Palantir partner, to lead the implementation and strengthen operating capabilities. As OPT moves from individual deployments to repeatable delivery of its autonomous maritime systems, the platform will provide end-to-end visibility across manufacturing, supply chain, deployment, fleet operations, maintenance, and customer support. CEO Philipp Stratmann said the initiative is a step toward a more scalable, integrated maritime technology business, with existing records already being linked into the platform.

Ocean Power Technologies has acquired the subsea wave power generating intellectual property portfolio from Columbia Wave Power. CEO Philipp Stratmann said the deal extends the company's capabilities from surface maritime operations down to the seabed, completing its overall solution for non-grid-connected maritime power generation. The acquisition allows Ocean Power Technologies to power underwater sensors, robotics, and other equipment, complementing its existing buoy systems already used in subsea applications such as underwater cable connections in Monterey Bay and subsea junction boxes in Chile. Stratmann noted the company is transforming from a technology provider into an infrastructure services provider, with a focus on increasing recurring revenue and converting pipeline opportunities into contracted backlog. The company recently reported its largest deployment and a recurring revenue contract worth around $6.5 million from the US Coast Guard, and continues to work with other US government agencies including the Department of Homeland Security and Border Protection.

Ocean Power Technologies has delivered a WAM-V unmanned surface vehicle to Stevens Institute of Technology, completing an order first announced in June. The vehicle was delivered five weeks after the order was placed and will support marine research and development initiatives at Stevens Institute while expanding Ocean Power Technologies' presence in the academic research market. The delivery converts existing backlog into revenue and operating cash flow, with the company attributing the timeline to investments in inventory and capital expenditures. CEO Philipp Stratmann said the delivery reflects the company's manufacturing and operational capabilities and its ability to meet customer timelines across research, commercial, and defense markets. Ocean Power Technologies views the academic research market as a growth opportunity, citing ongoing research programs, recurring funding, and potential for follow-on orders, and noted that this delivery together with a recent Rutgers PowerBuoy deployment demonstrates progress in moving customer programs from contract award through delivery and deployment.

Ocean Power Technologies has achieved Cybersecurity Maturity Model Certification Level 2 compliance, a designation required for defense contracts involving Controlled Unclassified Information. The certification allows the company to pursue US Department of War contracts and other federal programs with cybersecurity requirements tied to the protection of sensitive information. Senior Vice President of Commercial Sales Jason Weed said the milestone strengthens the company's ability to compete for new opportunities and support increasingly sensitive missions as it expands across maritime intelligence, autonomous systems, and maritime security. CMMC Level 2 compliance is required for an increasing share of Department of War contracts as the agency tightens cybersecurity standards across its industrial base. OPT has been expanding its defense-related work, including deployment of autonomous maritime systems for US Government customers and partnerships with allied defense agencies.

Ocean Power Technologies reported a record backlog of approximately $19.8 million, up 58% from $12.5 million a year ago, and outlined a fiscal 2027 plan focused on converting that backlog into revenue, expanding recurring services, and pursuing international growth. The company also announced it is asking shareholders to authorize a reverse stock split to maintain its NYSE American listing and preserve long-term access to capital markets. Fiscal 2026 revenue fell to $4.1 million from $5.9 million, while gross loss was $8.1 million versus a gross profit of $1.7 million in the prior year, and net loss widened to $43.7 million from $21.5 million. Management highlighted a qualified pipeline of $142.3 million, with about half tied to defense and national security, and noted that recurring revenue contracts function similarly to a lease, with revenue recognized as long as buoys are deployed. The company also disclosed the acquisition of strategic subsea technology assets and the appointment of Rear Admiral A. 'Digger' DiGuardo as acting Chairman.

Ocean Power Technologies has acquired strategic subsea developmental technology assets from Columbia Power Technologies, expanding its operational infrastructure from the ocean surface to the seabed. The asset acquisition, which closed on July 22, 2026, includes intellectual property and engineering capabilities that add an innovative subsea power capability to OPT's existing portfolio of offshore power, autonomous surface vehicles, maritime sensing, communications, and AI-enabled software. The deal aims to strengthen OPT's position as a provider of persistent operational infrastructure for autonomous maritime operations, supporting missions across defense, security, and commercial markets. The acquired assets also bring developmental work and early customer engagement that may accelerate commercialization and reduce time to market for future subsea solutions.