Unmanned systems company Ocean Power Technologies (OPT) announced financial results for its fiscal first quarter, ending July 31, 2025, highlighting a significant increase in its backlog and pipeline.
The company’s backlog surged to $15 million, representing a 184 per cent increase over the same period last year. Its project pipeline also grew by 45 per cent to $133.5 million.
Despite these strong indicators of future growth, the company reported a nine per cent decrease in revenue for the quarter, down to $1.2 million from $1.3 million in the prior year.
The net loss for the quarter was $7.4 million, compared to a net loss of $4.5 million in the first quarter of fiscal year 2025, primarily driven by a $2.1 million increase in non-cash stock compensation expenses.
Operationally, OPT said it has advanced its strategic goals through several key initiatives. The company expanded its partnership with Unique Group, a UAE-based company, through a new master services agreement.
This collaboration establishes Unique Group as OPT's partner for uncrewed surface vehicle (USV) projects in the region, with immediate plans for leasing and future fleet expansion.