Commodities● Neutral
Ocean Power Posts Record $19.8M Backlog, Plans Reverse Split
OPTT reported a $19.8M backlog, 12 months of delivery visibility, and a 34% gross margin. The reverse split proposal targets NYSE compliance.
Continue with
Ocean Power Technologies reported a record $19.8 million backlog in its fiscal fourth-quarter update, a figure management framed as the foundation for its fiscal 2027 execution plan. The company also filed a proposal for a reverse stock split, subject to shareholder approval.
Revenue for the quarter ended April 30 came in at $2.2 million, up from $1.6 million a year earlier. The backlog number – the highest in the company's history – covers contracted but unfulfilled work across its maritime power and data buoy systems. Management said on the call that the backlog provides roughly 12 months of visibility into the delivery pipeline.
Recurring revenue, which the company has been pushing as a margin driver, accounted for about 40% of total revenue in the quarter. That mix matters for a business that has historically relied on one-off equipment sales. The recurring stream comes from service contracts and data-as-a-service subscriptions tied to deployed buoys.