Ocean Power Technologies reported full-year fiscal 2026 revenue of $4.1 million and a net loss of $44.8 million, or ($0.23) per share. The company ended the year with a record backlog and an unrestricted cash position of $8.7 million.
Key Highlights
- Backlog grew 58% year-over-year to a record $19.8 million, primarily driven by the company's largest-ever contract with the U.S. Coast Guard valued at approximately $6.5 million.
- Full-year revenue was $4.1 million, while the company reported a gross loss of $8.1 million, attributed to significant upfront investment and integration activities for strategic customer programs.
- The company announced the acquisition of subsea technology assets from Columbia Power Technologies for approximately $2.9 million in stock to expand its capabilities from the ocean surface to the seabed.
- Unrestricted cash, cash equivalents, and short-term investments totaled $8.7 million as of April 30, 2026.