Ocean Power Technologies Secures $6.5M DHS PowerBuoy Contract, Backlog Rises 165%
Ocean Power Technologies booked a record $19.9M backlog as of Jan. 31, 2026, up 165% year-over-year, and expanded its project pipeline to $163.9M, an 84% increase. The company secured a $6.5M U.S. Department of Homeland Security contract for four MERROW-equipped PowerBuoy systems, with deliveries starting Q4 FY2026.
1. DHS Contract Award
Ocean Power Technologies secured a $6.5 million multi-buoy contract from the U.S. Department of Homeland Security to support a U.S. Coast Guard maritime domain awareness mission off San Diego. The award covers delivery of four newly built MERROW-equipped PowerBuoy systems, with installations set to begin in Q4 of fiscal 2026.
2. Backlog and Pipeline Growth
The company reported a backlog of approximately $19.9 million as of January 31, 2026, up $12.4 million, or 165%, from the prior year, and expanded its project pipeline to $163.9 million, an increase of $74.7 million, or 84%, compared to a year earlier. These figures provide multi-quarter revenue visibility for the newly secured government work and ongoing commercial engagements.
3. Strategic Implications
Deliveries under the DHS contract will be executed in collaboration with Anduril Industries, integrating PowerBuoy systems alongside Anduril’s surveillance towers in one of the nation’s most critical maritime regions. This strategic shift toward higher-margin, recurring revenue streams positions the company at the forefront of scalable, autonomous maritime infrastructure and defense sensing architectures.