Ocean Power Technologies Q2 revenue hit by US government shutdown

Overview

• Maritime solutions provider's fiscal Q2 revenue fell due to U.S. government shutdown impacts

• Company's backlog increased nearly 300% yr/yr, indicating strong future revenue potential

• Company announced strategic partnerships and certifications to expand market reach

Outlook

• Ocean Power Technologies plans integrated demonstrations with Mythos AI in Q1 2026

• Company expects pipeline conversion into backlog following U.S. federal government reopening

• OPT aims to expand market reach with new strategic partnerships

Result Drivers

• BACKLOG GROWTH - Backlog increased nearly 300% to $15 mln, driven by strong demand and strategic partnerships

• WAM-V SHIPMENTS - Shipped eight WAM-V vehicles, highlighting growing demand and expanded production capacity

• STRATEGIC PARTNERSHIPS - New partnerships with Mythos AI and Gradient Marine to enhance AI capabilities and digital engineering

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "strong buy"

• The average consensus recommendation for the renewable energy equipment & services peer group is "buy."

• Wall Street's median 12-month price target for Ocean Power Technologies Inc is $1.50, about 254.2% above its December 12 closing price of $0.42

Press Release: ID:nGNXbJwDw0

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)