Ocean Power Technologies, Inc.

Ocean Power Technologies, Inc. designs, manufactures, deploys, and operates intelligent maritime systems for offshore and nearshore environments. Its core platforms include the PowerBuoy® persistent sensor and power system, the WAM-V® autonomous unmanned surface vessel, and the Merrows™ command-and-control interface, which are used across defense, security, subsea infrastructure, offshore energy, research, and communications applications.

−999,1 %

−158,4 %

−1 308,9 %

−36,2 %

0.60

0.48

— Ocean Power Technologies, Inc.
%
PowerBuoy® systems35% Persistent offshore power and sensing platforms sold or leased for maritime missions.
WAM-V® autonomous vessels40% Unmanned surface vehicles used for data collection, survey, and security applications.
Merrows™ software and C210% Command-and-control software that integrates sensor feeds and supports AI/ML-enabled operations.
Service contracts and leases15% Recurring DaaS, RaaS, and PaaS arrangements, including maintenance and deployment support.

OPT sells to government and commercial customers that need persistent offshore sensing, communications, or autonomous...

  • Defense and security agenciesprimary

    Buy PowerBuoy®, WAM-V®, and MDAS solutions for maritime domain awareness, patrol support, and surveillance.

  • Offshore energy operatorsprimary

    Use autonomous vessels and power systems for inspection, monitoring, and offshore operations support.

  • Subsea infrastructure and industrial customerssecondary

    Buy sensing and communications solutions to monitor assets and support offshore infrastructure.

  • Marine research and environmental monitoring userssecondary

    Use autonomous platforms for ocean data collection, survey work, and scientific missions.

  • Commercial maritime and communications customersemerging

    Adopt leased systems for offshore communications, survey, and specialized marine applications.

OPT sells globally, with customer demand spanning North America, South America, Europe, and Asia...

  • •North America & South America accounted for 66% of fiscal 2025 revenue
  • •EMEA accounted for 32% of fiscal 2025 revenue
  • •Asia and Australia accounted for 2% of fiscal 2025 revenue
  • •Headquarters and assembly are in New Jersey, U.S.
  • •Additional manufacturing and robotics development are in Richmond, California

OPT’s strategy centers on expanding recurring revenue through leased and service-based maritime systems rather than...

01
Expand recurring revenue modelsshort-term

Leases and service contracts improve revenue visibility and customer retention.

02
Scale international partnershipsmedium-term

Local partners help enter new regions and reduce deployment friction.

03
Broaden mission applicationsmedium-term

More use cases increase addressable demand for the same platform set.

04
Improve platform scalabilitylong-term

Standardized systems and supply-chain leverage can support larger deployments.

OPT depends on successful commercialization of specialized maritime technologies, so demand adoption, deployment...

high

Slow commercialization of new maritime systems

Revenue depends on customers adopting autonomous and persistent offshore solutions.

Scope
Defense, offshore energy, and industrial markets
Materiality
high
high

Third-party deployment and service failures

OPT relies on contractors for fabrication, mooring, deployment, and servicing.

Scope
Global deployments and offshore installations
Materiality
high
high

Liquidity and funding dependence

The company has historically required external capital to support operations.

Scope
Working capital and commercialization funding
Materiality
high
medium

Supply-chain and vendor disruption

Specialized components and prefabrication depend on external suppliers.

Scope
Sensors, controls, marine installation, and fabrication
Materiality
medium
medium

International trade and geopolitical exposure

Cross-border sales and deliveries can be affected by tariffs and regional instability.

Scope
EMEA, Middle East, South America, Asia
Materiality
medium
Revenue recognition timing
Can shift revenue between periods based on deployment and contract progress
Backlog measurement
Affects visibility into future revenue and order momentum
Contract loss estimates
Can reduce gross profit and increase volatility
Financing and extinguishment accounting
Can materially affect reported net income without changing operations

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: 29/04/2026