Ocean Power Technologies IncDelivered WAM-V to Stevens Institute, converting backlog to revenue and expanding academic market presence.

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 IncDelivered WAM-V to Stevens Institute, converting backlog to revenue and expanding academic market presence.