Ocean Power Technologies Posts 165% Backlog Growth, Wins $6.5M DHS Contract
Ocean Power Technologies reported a record $19.9 million backlog for 3Q26, representing a 165% year-over-year increase, and a $163.9 million pipeline, up 84%. The company secured a $6.5 million DHS contract for four MERROW®-equipped PowerBuoy® systems and advanced global deployments and autonomous docking technology.
1. Q3 Results & Financial Highlights
Ocean Power Technologies ended 3Q26 with a $19.9 million backlog, up 165% year-over-year, and a $163.9 million sales pipeline, up 84%. Quarterly revenue was $0.5 million versus $0.8 million a year ago, with a gross loss of $0.8 million compared with a $0.2 million gross profit prior year.
2. DHS Multi-Buoy Contract Details
The company secured a $6.5 million multi-buoy contract from the U.S. Department of Homeland Security to deploy four MERROW®-equipped PowerBuoy® systems off San Diego beginning in Q4 FY26. Partnership with Anduril integrates these systems into a next-generation defense sensing network alongside U.S. Coast Guard operations.
3. Global Deployments and Infrastructure Strategy
During the quarter, OPT shipped a WAM-V® autonomous surface vehicle to Greece and moved its autonomous docking and charging solution from prototype to full-scale build, targeting an early-access commercial launch in 2026. Collaboration with Mythos AI advanced autonomous navigation and control for a scalable maritime recharging network.
4. Management Commentary & Strategic Outlook
CEO Philipp Stratmann stated that the DHS award and Anduril integration validate OPT’s role in future maritime security architecture and that its expanding infrastructure platform positions the company as a long-term provider of persistent offshore autonomy solutions.