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Ocean Power Technologies, Inc. (OPTT) reported a net loss of $7.4 million for the first quarter of fiscal 2026, which ended on July 31, 2025, widening from a loss of $4.5 million in the same quarter last year. The company’s revenue decreased by 9% year-over-year to $1.2 million, and operating expenses rose 44% to $7.1 million, largely due to increased stock-based compensation.
Despite the financial challenges, OPTT reported a record backlog of $15 million, up 184% from $5.3 million a year ago, and a 45% increase in the pipeline to $133.5 million. The company had $10 million in cash and short-term investments as of the end of July 2025, up from $3.3 million at the start of the fiscal year.
CEO Philipp Stratmann noted the growing demand for OPT’s solutions and emphasized the potential for future revenue expansion as the company works to convert its backlog into actual revenue.
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