Ocean Power Technologies announced on March 27, 2026 that it has secured a contract to supply a fully integrated Wave Adaptive Modular Vessel (WAM‑V) to an underwater research customer in the Nordics. The vessel will be assembled immediately and shipped to the customer, marking the company’s first order in that region.
The win expands OPT’s footprint beyond its existing U.S. and Latin American customers and follows a March 2025 contract with a European offshore services provider. It also builds on a record backlog of $19.9 million as of January 31, 2026, underscoring the company’s ability to convert backlog into orders in new geographic markets.
Strategically, the contract supports OPT’s broader focus on maritime domain awareness and autonomous operations. It complements recent initiatives, including a $6.5 million U.S. Homeland Security contract for PowerBuoy systems and a partnership with Mythos AI to embed advanced autonomy into its WAM‑V and PowerBuoy platforms. These moves position the company to capture demand across defense, security, and commercial sectors.
Jason Weed, SVP of Commercial Sales, said, "We believe that securing this contract is testament that demand in the market is continuing to convert to backlog across multiple sectors. Recent efforts globally, whether focused on defense and security, surface inspections, or autonomous underwater survey, are continuing to drive interest in our systems. We continue to deliver systems to our customers."
Investors noted the company’s ongoing financial challenges, which tempered enthusiasm for the news, but the contract adds a new revenue stream and demonstrates OPT’s progress in expanding its market presence.
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