Here are 1-2 brief analogies for Ocean Power Technologies (OPTT):

• Tesla for ocean wave energy. (Highlights their pioneering role in developing technology for a new, sustainable energy source.)
• Vestas for wave power. (Emphasizes their specialization in creating and deploying technology for a specific type of renewable energy generation.)

• PowerBuoy® Systems: Autonomous offshore platforms that convert ocean wave energy into electricity, providing remote power and data for various maritime applications.
• WAVEMAKER™: A next-generation, compact wave energy converter designed for lower cost and broader market adoption.
• Marine Data and Observation Solutions: Services leveraging their buoy technology to collect and transmit real-time data for surveillance, environmental monitoring, and communication in offshore environments.

Major Customers of Ocean Power Technologies (OPTT)

Ocean Power Technologies (OPTT) primarily sells its products and services to other companies and organizations, making it a Business-to-Business (B2B) model. While OPTT's public filings do not typically disclose the names of specific major customer companies due to confidentiality or the diverse nature of its client base, they consistently identify major customer categories or sectors that purchase their solutions.

The major customer categories that OPTT serves are:

• Government and Defense Agencies: This category includes various governmental bodies and defense organizations that utilize OPTT's autonomous marine platforms and data solutions for intelligence, surveillance, reconnaissance (ISR), maritime domain awareness, and other mission-critical applications.
• Offshore Energy Companies: This encompasses businesses operating in the offshore oil and gas industry as well as companies involved in renewable energy projects (e.g., offshore wind farms). They use OPTT's technology for data collection, monitoring, and power supply for their offshore assets and operations.
• Scientific Research and Academic Institutions: Universities, oceanographic institutes, and other research organizations are key customers, deploying OPTT's solutions for data collection in oceanographic studies, environmental monitoring, climate research, and marine science.

Philipp Stratmann, President and Chief Executive Officer

Philipp Stratmann became President and CEO of Ocean Power Technologies in June 2021, having joined the company in December 2019 as Vice President of Global Business Development. His experience in the energy industry spans oil and gas to renewables. Prior to OPT, he was Vice President, Biofuels for Velocys, which he joined in 2015 as Business Development Director. He also served as General Manager, Global Development and West Africa for InterMoor and held leadership positions with Acteon Group and Ernst & Young, with additional experience at VT Group and Shell.

Robert P. Powers, Senior Vice President and Chief Financial Officer

Robert P. Powers was appointed Senior Vice President and Chief Financial Officer of Ocean Power Technologies in December 2021. He brings over 25 years of experience in finance and strategy, providing leadership to entrepreneurial, privately owned, founder-led companies, SEC registrants, and private equity-backed companies. Before joining OPT, Mr. Powers was CFO of Constellation Advisors, a private equity-owned provider of outsourced back-office operations and compliance services. His previous financial leadership roles include positions at Sterling Talent Solutions, Wood Group PPS, GTE, SABIC Innovative Plastics, and Plug Power. He began his career at PricewaterhouseCoopers, LLP.

Jason Weed, Senior Vice President, Commercial and Government Operations

Jason Weed is a strategic leader and retired U.S. Navy Captain with over 15 years of executive experience. He has driven innovation and growth across maritime and technology-focused organizations. Prior to OPT, he served as Senior Business Developer and Capture Manager for Leidos' Maritime Systems Division. His 34-year Navy career included multiple senior leadership roles, such as Commodore of the Navy's first Uncrewed Undersea Vehicle Squadron (UUVRON ONE) and Commanding Officer of the USS New Hampshire (SSN 778).

David Goldstein, Vice President of Innovation and Technology

David Goldstein serves as the Vice President of Innovation and Technology at Ocean Power Technologies. No further detailed background information was readily available in the search results.

Tracy Pagliara, Senior Vice President, General Counsel & Corporate Secretary

Tracy Pagliara holds the position of Senior Vice President, General Counsel & Corporate Secretary at Ocean Power Technologies. No further detailed background information was readily available in the search results.

The rise of dedicated autonomous surface vehicle (ASV) companies, such as Saildrone and XOcean, presents an emerging threat. These companies offer integrated "robotics-as-a-service" solutions for persistent remote marine data collection and monitoring. While Ocean Power Technologies (OPTT) provides power and data platforms (like the PowerBuoy and WAM-V ASV) for similar applications, firms like Saildrone and XOcean deliver a complete, often scalable, end-to-end service, encompassing the autonomous platform, power, sensors, and data delivery. This model can be highly attractive to customers seeking operational solutions rather than acquiring and integrating individual components, thereby directly competing for the maritime domain awareness, environmental monitoring, and scientific research applications that OPTT targets. Both Saildrone and XOcean have demonstrated significant market penetration through substantial contracts and expanded fleets.

• PowerBuoy® Platform (Wave Energy Converters): The global ocean power market, which includes wave energy technology like OPTT's PowerBuoy, was valued at approximately USD 1.14 billion in 2024 and is projected to reach USD 3.98 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 19.5%. Another estimate places the global ocean power market at USD 1,369.7 million in 2025, expanding to USD 4,825.5 million by 2032 with a CAGR of 19.7%. The wave energy segment is a substantial portion of this market, estimated to hold a 42.8% share in 2025. North America is a significant region within this market, anticipated to hold a 39.1% share in the global ocean power market in 2025.
• WAM-V® Autonomous Surface Vessels (ASVs) and Marine Robotics Services: While specific market sizes for WAM-V ASVs are not individually broken out, they operate within the broader Unmanned Surface Vehicle (USV) and marine robotics markets. The global Underwater Remotely Operated Vehicles (ROV) market (which can include aspects of marine robotics services) was valued at USD 320 million in 2024 and is expected to reach USD 614.6 million by 2032, expanding at a CAGR of 8.5% between 2025 and 2032. More broadly, the remote operated vehicle market is projected to grow from USD 1.9 billion in 2025 to USD 3.9 billion by 2035, at a CAGR of 7.3%. These vessels serve applications such as maritime surveillance, environmental monitoring, hydrographic applications, and defense.
• Merrows™ (AI-capable Maritime Domain Awareness Solution): OPTT's Merrows system contributes to the global maritime security market. This market was valued at USD 33.1 billion in 2023 and is projected to grow from USD 34.82 billion in 2024 to USD 52.24 billion by 2032, at a CAGR of 5.2%. The maritime surveillance segment, a key application area for Merrows, held over a 33.4% share of the maritime security market in 2023.
• Undersea Substation Pod (USP) and Subsea Battery: Specific addressable market sizes for the Undersea Substation Pod and Subsea Battery were not found as standalone markets. These products typically serve the broader offshore energy infrastructure and subsea equipment markets, which are integral components of the larger ocean power, offshore wind, and oil and gas sectors that OPTT targets.
• Data as a Service (DaaS), Robotics as a Service (RaaS), and Power as a Service (PaaS): These are service models offered by OPTT. While explicit market sizes for "X as a Service" in the maritime context were not available, these services represent recurring revenue streams that supplement the sales and leasing of their core products (PowerBuoys and WAM-Vs) within the previously mentioned addressable markets for those products.

Ocean Power Technologies (OPTT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Geographic Expansion and Strategic Partnerships: OPTT is actively expanding its market presence and forging strategic alliances in new regions, including Latin America, the Middle East, Asia, and the U.S. East Coast. This expansion involves the deployment of its PowerBuoys and WAM-V Unmanned Surface Vehicles (USVs) through partnerships with companies like Unique Group, Remah International Group, and 3B General Trading in the Middle East, and new customers in Latin America for applications such as bathymetry surveys in the mining industry. These efforts are anticipated to broaden the company's customer base and generate new revenue streams.
2. Increased Demand in Defense and Security Markets: The company is strategically focusing on and securing contracts within the defense and security sectors. OPTT's autonomous maritime solutions are being utilized for military exercises, such as Project Overmatch, and for various applications in maritime domain awareness, mine countermeasures, and counter-unmanned underwater vehicle efforts. This strong emphasis on defense and security is expected to be a significant driver of future revenue.
3. Expansion of Product and Service Offerings: OPTT is enhancing its portfolio with new and complementary products and services. This includes the continued adoption of its PowerBuoy platforms for persistent offshore power and data transfer, and WAM-V USVs for data collection, surveillance, and asset monitoring. Furthermore, the introduction of the AI-capable Merrows solution for ocean surveillance and the Global 24/7 Service Support offering are poised to create additional, potentially recurring, revenue streams by providing enhanced customer support and advanced intelligence capabilities.
4. Conversion of Record Backlog and Pipeline: Ocean Power Technologies has consistently reported a growing funded backlog and pipeline, reaching record levels, which indicates strong customer confidence and demand for its solutions. The conversion of these confirmed orders and potential projects into delivered products and services is a key anticipated driver for revenue growth in the upcoming years.

Share Repurchases

No significant share repurchases were identified within the last 3-5 years. The latest recorded buyback activity was in July 2019.

Share Issuance

• The number of shares outstanding for Ocean Power Technologies increased by 130.83% in one year.
• As of September 12, 2025, there were 183.01 million shares outstanding.

Inbound Investments

• Insiders collectively bought or received $20.8 million worth of shares over the last year.
• The company has raised additional capital to extend its cash runway beyond the initial 6 months based on last reported free cash flow.

Outbound Investments

• Ocean Power Technologies made cash acquisitions of approximately $4.44 million in fiscal year 2022.
• The company had an investment in securities of approximately $49.44 million in fiscal year 2022, followed by $21.48 million in fiscal year 2023 and $28.08 million in fiscal year 2024.

Capital Expenditures

• Capital expenditures were approximately $0.03 million in fiscal year 2021, $0.15 million in fiscal year 2022, $1.02 million in fiscal year 2023, $2.59 million in fiscal year 2024, and $0.51 million in fiscal year 2025.
• In the last 12 months, capital expenditures amounted to approximately $1.58 million.