Ocean Power Technologies reported a significant increase in backlog to $19.9 million and expanded its pipeline to nearly $164 million, driven by growth in defense and commercial sectors despite a drop in revenues due to timing impact from the federal government shutdown.
- Backlog rose 165% year-over-year to a record $19.9 million, reflecting strong demand in defense and government sectors.
- Total pipeline expanded by 84% year-over-year to $163.9 million, indicating increased customer engagement and larger strategic opportunities.
- Revenue for Q3 fiscal 2026 decreased to $0.5 million, impacted by timing delays from the U.S. federal government shutdown; however, demand remains robust.
- Gross profit for the quarter was a loss of $0.8 million, with ongoing improvements in operating leverage anticipated from core programs.
- Continued advancements in autonomous systems and partnerships position OPT for growth in the emerging maritime autonomy market.
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