Ocean Power Technologies Q1 2026 Financial Results and Strategic Partnership

Ocean Power Technologies, Inc. (OPT) reported its financial results for the first quarter of fiscal year 2026, ending July 31, 2025. The company announced a significant increase in backlog, which surged 184% to $15.0 million compared to the same period last year. However, revenues decreased by 9% to $1.2 million, and the company reported a net loss of $7.4 million, primarily due to increased non-cash stock compensation expenses. OPT also highlighted recent business developments, including a strategic partnership with Gradient Marine to enhance digital twin and simulation capabilities for its maritime platforms. This partnership aims to accelerate development cycles and reduce operational risk by enabling real-world simulation and mission rehearsal in a virtual environment.