Ocean Power Technologies (OPT)

What Ocean Power Technologies (OPT) does

Ocean Power Technologies (NYSE American: OPTT) is a U.S.-based provider of autonomous maritime systems that integrate renewable ocean energy generation with unmanned surface vehicles and AI-capable maritime domain awareness (MDA) software. Founded in 1984 and headquartered in Monroe Township, New Jersey, the company serves government/defense, offshore energy, and science/research customers globally, with its primary end-market being U.S. federal agencies (Department of Homeland Security, U.S. Coast Guard, U.S. Navy) and allied defense forces.

OPT's product architecture rests on three interconnected platforms: the PowerBuoy® wave energy converter (available in a 1.6 kW Wind/Solar Mini variant and a 4.1 kW Wind/Wave/Solar full-scale variant with 44–88 kWh battery storage), the WAM-V® family of unmanned surface vehicles (USVs) in 8–22 ft configurations featuring a patented articulating suspension system, and Merrows™, an AI-capable MDA software suite that fuses radar, AIS, EO/IR and acoustic sensor data for real-time threat detection. The platforms are designed to interoperate — PowerBuoys can serve as offshore charging stations for WAM-Vs, and Merrows integrates sensor outputs across the fleet, including with Anduril's Lattice command-and-control system.

The company monetizes through hardware sales (PowerBuoy and WAM-V systems), multi-year contract-based enterprise sales to defense and government customers, leasing arrangements (including revenue-sharing WAM-V deployments via partner Unique Group in the UAE), AUVSI-certified operator training services, and ongoing system support/data services. Pricing is custom quote-based given configuration variability. Distribution combines direct enterprise sales (especially for U.S. federal and defense primes) with an 18+ agent/distributor channel network spanning North America, Latin America, Europe, the Middle East (UAE, Kuwait), and Asia-Pacific. Revenue remains modest (Q3 FY2026 revenue of $513K, down from $825K YoY, with the company citing federal shutdown timing impacts), but contracted backlog stood at a record $19.9M as of January 31, 2026, up from $7.5M year-over-year, with a project pipeline cited in the $137.5M–$163.9M range (63% YoY growth).

Name

Ocean Power Technologies (OPT)

Legal name

Ocean Power Technologies, Inc.

Website

https://oceanpowertechnologies.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

51–100 employees

Short description

Ocean Power Technologies develops autonomous maritime systems — wave-energy PowerBuoy platforms, WAM-V unmanned surface vehicles, and Merrows AI maritime domain awareness software — for defense, offshore energy, and research customers, with a primary focus on U.S. federal agencies and allied forces.

Ownership category

akta.pro rank

Product category

Autonomous Maritime Systems

NAICS

Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511)

SIC

Search, Detection, Navagation, Guidance, Aeronautical Sys (3812), Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Unmanned Surface Vehicles (USV) & Autonomous Maritime Surface Platforms (IMABAIAE)

akta.pro secondary industries

Marine Power Generation & Energy Storage (Generators, Batteries, UPS) (IMAJAJAB), Maritime Unmanned Systems (USV/UUV) & Control Stations (IMABAKAJ)

Keywords

• Wave energy converters
• Unmanned surface vehicles
• Maritime domain awareness
• Autonomous maritime platforms
• Ocean monitoring systems

Headquarters

HQ city

Monroe Township

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. PowerBuoy Systems Sales: Sale of PowerBuoy autonomous maritime platforms, including the Wind and Solar Mini and Wind Wave and Solar models. Revenue recognized upon deployment and commissioning. Currently generating minimal revenue ($0.4M Q2 2026) with significant backlog conversion pending.
2. WAM-V USV Sales and Leasing: Sale and lease of WAM-V unmanned surface vehicles for defense, security, and commercial applications. Includes recurring lease income from WAM-V deployments, particularly in international markets like the UAE through Unique Group partnership.
3. Training Services: AUVSI-certified operator training services using WAM-V platform for government, defense, commercial, and academic customers. Offered at Pacific and Atlantic coastal facilities and customer sites, creating recurring revenue stream.
4. System Support and Data Services: Ongoing system support, maintenance, and data services for deployed maritime autonomy infrastructure. Management expects revenue growth to shift toward higher-margin services, data, and system support as international deployments scale.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Ocean Power Technologies (OPT) designs, manufactures, and sells autonomous maritime platforms that combine renewable ocean energy generation with unmanned surface robotics and AI-powered maritime domain awareness software. Its product portfolio includes the PowerBuoy wave/wind/solar energy converter platforms, the WAM-V family of unmanned surface vehicles (USVs), and the Merrows AI-capable maritime domain awareness software, sold primarily to government, defense, offshore energy, and research customers.

Product overview

Ocean Power Technologies offers a modular platform architecture centered on three interconnected products: the PowerBuoy® wave energy converter platform (available in Wind and Solar Mini and full-scale Wind, Wave and Solar variants) providing autonomous offshore power generation; the WAM-V® family of unmanned surface vehicles (USVs) in 16 and 22-foot configurations offering maritime robotics capabilities; and Merrows™, an AI-capable Maritime Domain Awareness software solution that integrates across both platforms. The PowerBuoy serves as the core power and sensor hosting infrastructure, the WAM-V provides mobility and data collection capabilities, and Merrows unifies the ecosystem with AI-powered analytics for threat detection and classification. Together, these products enable persistent offshore monitoring, autonomous maritime operations, and real-time ocean intelligence for defense, energy, and research applications.

Differentiator

Problem solved

Functional benefit

Brands

• PowerBuoy: Autonomous wave, wind, and solar-powered maritime platform providing continuous surface power and sensor hosting for defense, energy, and research applications
• WAM-V
• Merrows

Products and services

• PowerBuoy® Autonomous wave energy converter platform that generates clean, renewable electric power from ocean waves, wind, and solar, providing continuous surface power and sensor hosting for remote maritime and subsea applications with real-time data communications. Sold to government, defense, energy, and research customers.
• PowerBuoy® Wind and Solar Mini (PB 2.0 Mini) Compact autonomous buoy platform powered by solar and wind energy with 1.6 kW solar capacity and 1 wind turbine, providing persistent renewable power with 5G/4G/LTE communications for maritime monitoring, AUV residency, and offshore operations.
• PowerBuoy® Wind, Wave and Solar (PB 2.0) Full-scale autonomous maritime platform combining wave, wind, and solar energy generation with 4.1 kW solar capacity, 2 wind turbines, and 44-88 kWh battery capacity, designed for demanding missions and 50-year storm survival.
• WAM-V® (Wave Adaptive Modular Vessel) Unmanned surface vehicle (USV) with patented articulating suspension system that absorbs wave impact, providing unmatched stability for high-precision sensors and hydrographic surveys in harsh maritime conditions. Available in 8-22 foot lengths for defense, security, and commercial applications.
• Merrows™ Maritime Domain Awareness Solution AI-capable Maritime Domain Awareness (MDA) software suite that integrates sensors (radar, AIS, EO/IR cameras, acoustic sensors) and fuses raw data into a unified stream for edge-processed, AI-ready analysis, supporting real-time threat detection and classification for defense and security customers.
• AUVSI-Certified WAM-V Operator Training Certified operator training services using the WAM-V platform for government, defense, commercial, and academic customers, offered at Pacific and Atlantic coastal facilities and customer sites.

Quantifiable outcome

• Up to 4 tons of carbon displaced per PowerBuoy deployment per year
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability4 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• AndurilcoreStrategic or Co-development Partner · 6 January 2026Multi-buoy contract deploying MERROWS-equipped PowerBuoy systems integrated with Anduril's Lattice Command-and-Control system for U.S. Coast Guard homeland security operations. Creates integrated maritime domain awareness architecture combining OPT's power/surveillance platforms with Anduril's AI-powered control systems.
• Rutgers UniversityminorStrategic or Co-development Partner · 18 December 2025Partnership to deploy PowerBuoy research buoy for LEO ocean research program off New Jersey coast, revitalizing ocean research capabilities. Collaborates with Stockton University and NJEDA.
• Mythos AIcoreTechnology or Integration · 12 November 2025Partnership to integrate advanced AI autonomy software across OPT's WAM-V fleet and PowerBuoy platforms. Combines OPT's platform engineering with Mythos AI's real-time edge processing, multi-sensor fusion, and adaptive learning architecture. Initial demonstrations planned for early 2026.
• Remah International Group (RIG)coreChannel Partner/ Reseller/ Distributor · 2 September 2025Partnership with UAE-headquartered defense services company for WAM-V USV delivery and regional expansion. OPT shipping WAM-Vs to RIG with plans to establish sales and operations office in Middle East.
• Unique GroupcoreChannel Partner/ Reseller/ Distributor · 26 August 2025Master Services Agreement making Unique Group the exclusive execution partner for non-defense WAM-V USV projects in UAE. Agreement includes immediate WAM-V 22 vessel lease with revenue sharing and purchase options, plus plans for regional MRO hub.
• Latin America-based PartnerminorChannel Partner/ Reseller/ Distributor · 24 July 2025Strategic reseller agreement for Mexican offshore and maritime markets including $3 million purchase commitment for WAM-V USVs, expanding OPT's commercial footprint in Latin America.
• U.S. Naval Postgraduate SchoolminorStrategic or Co-development PartnerContract for PowerBuoy deployment at Monterey Bay for enhanced maritime domain awareness and connectivity, integrating multi-domain drones, communication systems, and AT&T 5G technology.

Scale indicators7 records

Direct peers

• Saildrone: Saildrone builds wind/solar-powered autonomous uncrewed surface vehicles used for persistent maritime data collection, ocean mapping, and defense MDA — directly competing with OPT's WAM-V/PowerBuoy/Merrows combination for the same defense and science customers.
• Sea Machines Robotics: Sea Machines provides autonomous control and perception software for commercial marine vessels and USVs, directly overlapping with WAM-V/Merrows in bringing autonomy and AI situational awareness to surface platforms for defense and commercial users.
• ThayerMahan: ThayerMahan specializes in autonomous maritime surveillance, undersea sensors, and persistent MDA for U.S. and allied navies, competing head-to-head for Coast Guard, Navy, and DHS maritime domain awareness program dollars.

Emerging players

• Maritime Robotics: Maritime Robotics supplies USVs and autonomous control systems for hydrographic survey and ocean observation — overlapping with WAM-V's hydrographic/survey use case and competing for research and offshore-energy survey contracts.
• AutoNaut: AutoNaut builds wave-and-solar-propelled uncrewed surface vessels for long-endurance ocean data collection — overlapping with PowerBuoy's persistent-power and WAM-V's data-collection value proposition for science and defense customers.

Broad incumbents

• Kongsberg Maritime: Kongsberg Maritime is a large incumbent offering naval/maritime automation, autonomous surface and underwater systems, and integrated bridge/control products, broadly overlapping with OPT across WAM-V autonomy, PowerBuoy sensor hosting, and defense MDA deployments.
• L3Harris Technologies: L3Harris is a major defense prime with maritime sensing, unmanned surface/undersea systems, and C4ISR portfolios — a broad incumbent that supplies many of the same DHS, Coast Guard, and allied navies OPT targets.
• HII (Huntington Ingalls Industries): HII builds U.S. Navy ships and is expanding into unmanned maritime systems and mission autonomy — a broad incumbent positioned to capture the same DEF and allied naval programs that fund OPT's growth.
• Teledyne Technologies: Teledyne supplies marine sensors, instruments, and autonomous underwater vehicles to defense, science, and offshore-energy clients, broadly comparable to the instrumenting and persistent-power capabilities of OPT's PowerBuoy/Merrows stack.

Others

• Anduril Industries: Anduril is OPT's strategic C2 partner (Lattice integration) for MERROWS-equipped PowerBuoy nodes but is also a broader maritime autonomy prime that could field competing persistent-surveillance platforms over time.

Market position

Strengths5 records

Weaknesses5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/413774
• Xx.com/oceanpowertech
• Facebookfacebook.com/108831929

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds5 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ocean Power Technologies (OPT)