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Ocean Power Technologies Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary15 Dec, 2025
Executive summary
Backlog reached $15.0 million as of October 31, 2025, up $11.2 million year-over-year, with a pipeline of $137.5 million, reflecting strong demand across defense, government security, offshore energy, and commercial sectors.
Revenue for the quarter was $0.4 million, down from $2.4 million in the prior year period, mainly due to timing impacts from the U.S. federal government shutdown shifting deliverables to later quarters.
Net loss for the quarter was $10.8 million, compared to $3.9 million in the prior year; for the six months, net loss was $18.2 million versus $8.4 million year-over-year.
Operational reorganization, headcount expansion, and strategic partnerships with Mythos AI and Gradient Marine focused on delivery, R&D, and expanding autonomy and digital-twin capabilities.
International demonstrations in Latin America and the U.A.E. validated system performance and expanded customer engagement, supporting global growth.
Financial highlights
Gross profit for the quarter was a loss of $1.4 million, compared to a profit of $0.8 million in the prior year, with gross margin impacted by one-time contract losses.
Operating expenses rose to $8.8 million for the quarter, mainly due to higher non-cash stock-based compensation and targeted growth investments.
Cash, cash equivalents, and short-term investments totaled $11.7 million as of October 31, 2025, up from $6.7 million at the fiscal year's start.
Net cash used in operating activities for the six-month period was $13.1 million, compared to $10.9 million in the prior year.
Net cash provided by financing activities was $19.8 million, primarily from convertible notes and equity offerings.
Outlook and guidance
Management expects delayed revenue from the government shutdown to convert later in the fiscal year, with operational momentum and pipeline conversion supporting future growth.
Anticipated buoy orders and pre-built assets position the company for near-term deliveries as government and commercial demand accelerates.
Strategic partnerships and certifications are anticipated to accelerate commercialization and expand addressable markets.
Headcount expansion is largely complete, with future additions tied directly to order conversions.
Current cash, cash equivalents, and financing facilities are expected to fund operations through December 2026.
Convertible debt impact on future EPS?
Gradient Marine partnership: DoD network access?
Timeline for delayed revenue conversion?
Impact of strategic startup contract losses on gross profit?
International offshore energy market contribution?
How does new headcount support pipeline conversion?
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Next Ocean Power Technologies earnings date
Q3 202612 Mar, 2026
Next Ocean Power Technologies earnings date
Q3 202612 Mar, 2026
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Frequently asked questions
Ocean Power Technologies, Inc. develops and commercializes renewable energy solutions that harness ocean wave energy. The company’s primary technology, the PowerBuoy, is an autonomous system that converts wave motion into electricity for offshore applications. Ocean Power Technologies serves industries such as defense, oil and gas, and telecommunications by providing sustainable power and data solutions for remote offshore operations. The company also offers complementary services, including deployment, maintenance, and remote monitoring. Ocean Power Technologies, Inc. is headquartered in Monroe Township, New Jersey, and its shares are listed on the NYSE American.
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