Ocean Power Technologies Inc (NYSE American: OPTT) is a marine technology company that develops and sells autonomous ocean systems for maritime domain awareness, surveillance, and offshore power generation. Revenue comes from firm fixed-price and cost-sharing contracts with government and commercial customers, covering product sales and subscription-based service models including Data as a Service (DaaS), Power as a Service (PaaS), and Robotics as a Service (RaaS). Core products are the PowerBuoy, the WAM-V autonomous surface vehicle, and the Merrows command-and-control platform. As of April 30, 2025, contract backlog was $12.5 million, up from $4.9 million as of April 30, 2024. The company was incorporated in New Jersey in April 1984, reincorporated in Delaware in April 2007, and began commercial operations in 1994. Headquarters and assembly operations are in New Jersey, with an additional manufacturing and robotics development facility in Richmond, California. The filing does not name direct competitors.

Revenue model

Firm fixed-price contracts for product sales and services, where profit or loss depends on actual versus agreed costs. Cost-sharing contracts fund a portion of project costs and carry zero gross profit. Recurring subscription revenue through DaaS, PaaS, and RaaS models, where OPT retains asset ownership and customers pay for access and operational support over time-bound agreements. Revenue is recognized at a point in time or over time as performance obligations are satisfied (per 10-K, FY2025).

Products and services

PowerBuoy: autonomous offshore buoy platform for power generation and data collection, used across DaaS and PaaS offerings. WAM-V (Wave Adaptive Modular Vessel): autonomous surface vehicle offered via RaaS subscription, with OPT retaining ownership and providing maintenance and operator training. Merrows: integrated command-and-control and user interface platform consolidating PowerBuoy and WAM-V data into a maritime surveillance and C5ISR solution. Maritime Domain Awareness Solution (MDAS): integrated offering combining platforms and data services for monitoring navigable waterways. Patent portfolio includes a System and Method for Vehicle Charging for autonomous floating marine charging (per 10-K filed 2025-07-24).

Customers and end markets

Government agencies and commercial customers under firm fixed-price and cost-sharing contracts. Defense, intelligence, and homeland security customers are specifically cited as target markets for the Merrows C5ISR platform. DaaS deployments have been completed with both government and commercial customers. RaaS contracts serve customers requiring scalable access to autonomous surface vehicles. Personnel holding U.S. government security clearances and facility oversight by the Defense Counterintelligence and Security Agency (DCSA) indicate material engagement with U.S. defense customers (per 10-K, FY2025).

Value-chain role

OPT designs, assembles, and deploys ocean hardware platforms and operates them as a service provider, retaining asset ownership under RaaS and DaaS models. The company moves beyond equipment supply by offering integrated data, power, and command-and-control services, positioning itself as a full-spectrum mission solutions provider for maritime surveillance. Assembly is conducted at its New Jersey headquarters; robotics development occurs in Richmond, California (per 10-K filed 2025-07-24).

Geographic exposure

Headquarters and assembly in New Jersey; additional manufacturing and robotics development facility in Richmond, California. The filing does not disclose revenue by geography (per 10-K filed 2025-07-24).

Source: SEC 10-K, filed 2025-07-24

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