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
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| $424,000 |
|
Q2 EPS |
| -$0.06 |
|
Q2 Operating Expenses |
| $8.70 mln |
|
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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