Company Summary - Ocean Power Technologies, Inc.

Overview

Ocean Power Technologies (OPT) is a company specializing in maritime domain awareness and autonomous ocean infrastructure solutions. It focuses on providing persistent, autonomous power, surveillance, and data collection systems for defense, security, offshore energy, marine research, and communication markets worldwide.

Core Solutions & Technologies

• PowerBuoy®: Autonomous, renewable energy-powered platforms that generate electrical power from wave motion, solar, and wind. These support persistent offshore missions by supplying power and real-time data connectivity, reducing reliance on traditional power sources like diesel generators.
• WAM-V® (Wave Adaptive Modular Vessel): Modular, autonomous unmanned surface vehicles (USVs) designed for surface, nearshore, and offshore environments. Available in sizes 8, 16, and 22 feet, capable of payload integration, and supporting scientific, survey, inspection, military, and security applications.
• Merrows™: User interface and command & control system integrating multiple sensor feeds, supporting AI/ML for maritime situational awareness, and enabling multi-platform data fusion.
• Maritime Domain Awareness System (MDAS): An integrated surveillance solution combining radar, optical/thermal imaging, AIS, acoustic sensors, and underwater detection systems. Capable of passive and active underwater sensing, acoustic communication, and data fusion, deployed via OPT platforms or networked systems supporting national security, critical infrastructure protection, and environmental monitoring.
• Data as a Service (DaaS), Robotics as a Service (RaaS), and Power as a Service (PaaS): Business models providing customers with subscriptions for data collection, autonomous vehicle operations, and renewable energy power solutions.

Market & Customers

• Target markets include Defense and Security agencies (U.S. and allies), and Commercial sectors like offshore oil & gas, offshore renewables, marine science, environment, and communication infrastructure.
• Customers:
  • Governments (U.S. Department of Defense, Homeland Security, NOAA, Naval Postgraduate School)
  • Defense contractors
  • Offshore energy operators
  • International military and security agencies
  • Commercial industries in Europe, Middle East, Asia, Oceania, and Latin America.
• Geographic Reach:
  • As of July 2025, approximately 177.5 million shares outstanding
  • Revenue in fiscal 2025: $5.86 million
  • Revenue in fiscal 2024: $5.53 million
  • Number of major customers (each accounting for more than 10% of revenue): 3 in 2025, 4 in 2024, representing about 53% and 52% of total revenue respectively.

Business & Operations

• Employees: 53 full-time employees (all in the U.S.).
• Facilities:
  • New Jersey (Monroe Township): ~56,000 sq ft for assembly, manufacturing, research, and administrative functions.
  • Richmond, CA: ~11,500 sq ft supporting prototyping, on-water testing, and deployment activities.
  • Additional property in Richmond (~2,300 sq ft) leasing until 2027.
• Revenue Streams:
  • Hardware sales and leases (PowerBuoy®, WAM-V®)
  • Long-term service agreements (including maintenance)
  • Data services via DaaS
  • Autonomous vehicle leasing via RaaS
  • Power leasing via PaaS

Financial Highlights

• Total Revenue (FY2025): approximately $5.86 million.
• Net Loss (FY2025): approximately $21.5 million.
• Operating Loss (FY2025): $21.7 million.
• Cash and Cash Equivalents (as of April 2025): $6.9 million.
• Backlog (as of April 2025): approximately $12.5 million (up from $4.9 million in 2024).

Recent Developments & Strategic Focus

• Expansion into defense and energy markets in Europe, Middle East, and Africa.
• Strategic partnerships (e.g., OEM agreement with Teledyne Marine, distribution agreements in UAE, Colombia, Brazil).
• Participation in US Navy’s Project Overmatch (~$982 million contract awarded in 2024).
• Successful demonstrations of multi-day autonomous missions, high-endurance over-the-horizon operations, AI-enabled PowerBuoy deployments, and a global 24/7 customer support infrastructure.
• Focus on increasing platform scalability, autonomous capabilities (Level 3+), and integrating AI/ML into system control and data analysis.

Business Model

• Capital-light deployments with recurring revenue from leasing, service, maintenance, and data subscriptions.
• High-margin technology sales and leasing.
• Engagements involve direct sales, leasing, strategic partnerships, and long-term service agreements.

Intellectual Property & Regulatory Environment

• Holds ~70 patents related to buoy systems, energy control, autonomous vehicles, and marine communication.
• Maintains Facility Security Clearance for classified government projects.
• Complies with export controls and maritime regulations.
• Focused on product development, autonomy enhancement, docking/charging infrastructure, and resilient system upgrades.

Summary: Ocean Power Technologies develops autonomous, renewable energy-powered maritime infrastructure and surveillance solutions, including PowerBuoys®, WAM-V® autonomous surface vessels, and Merrows™ command systems. It serves defense, security, offshore energy, and environmental markets globally, with revenue primarily from product sales, leases, and service contracts. As of July 2025, the company has about 53 employees and generates around $5.86 million annually, operating with a significant backlog to support future revenues. It emphasizes innovation, strategic partnerships, and expanding its international footprint.