Ocean Power Technologies
OPTTNYSE AmericanUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $0.43 Prior regular-session close from the quote source.
- $0.42–$0.63 Regular-session low and high so far today.
- 5.2M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Dec 15 projected Projected for 2026-12-15 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $0.35–$21.60 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own OPTT if OPTT is an option on turning Maritime Domain Awareness technology into repeatable, profitable deployments before cash burn, liabilities, and dilution overwhelm shareholders.
OPTT price history
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Investment thesis
What must happen next
Maritime Domain Awareness customers will increasingly treat OPTT’s intelligent maritime solutions as deployable operating infrastructure rather than one-off experiments, making demand repeatable.WeakeningMateriality: High
The profile describes OPTT as a Maritime Domain Awareness company specializing in innovative intelligent maritime solutions. If this holds, revenue can scale from a tiny base; if it breaks, OPTT remains a project company with insufficient demand to absorb its cost base.
Watch: Target maritime customers continue to use OPTT systems only for pilots or demonstrations rather than recurring operational deployments.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The profile describes OPTT as a Maritime Domain Awareness company specializing in innovative intelligent maritime solutions.
Open source ↗OPTT will standardize its maritime solutions enough that deployments become positive unit-economic sales instead of bespoke, loss-making integration projects.WeakeningMateriality: High
FY2024 GAAP annual gross profit was $2.826 million and FY2025 GAAP annual gross profit was $1.660 million, indicating the model has at times produced positive gross profit. Revenue growth is not valuable if each deployment loses money; positive gross profit is the first proof that scale can create value.
Watch: Each customer deployment requires custom engineering, marine support, service work, or warranties that prevent product standardization.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2024 GAAP annual gross profit was $2.826 million and FY2025 GAAP annual gross profit was $1.660 million, indicating the model.
Open source ↗OPTT will retain enough financing access to bridge commercialization without transferring most of the upside away from existing shareholders.HoldingMateriality: Medium
FY2026 year-end cash was $8.719 million versus $6.715 million at FY2025 year-end, despite continued operating cash burn. Even a valid product thesis can fail for owners if the company must issue highly dilutive equity or expensive capital before scale arrives.
Watch: Capital markets become unavailable to small, loss-making companies before OPTT reaches customer-funded scale.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 year-end cash was $8.719 million versus $6.715 million at FY2025 year-end, despite continued operating cash burn.
Open source ↗Management will close the fixed-cost absorption gap by scaling profitable deployments faster than the 65-person organization and support infrastructure consume cash.WeakeningMateriality: Medium
FY2025 GAAP annual operating loss narrowed to $21.686 million from a FY2024 GAAP annual operating loss of $29.331 million. If operating leverage appears, small revenue gains could matter; if not, the company remains structurally loss-making even with some customer wins.
Watch: Long maritime procurement cycles require sustained sales, engineering, and support spending before revenue conversion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual operating loss narrowed to $21.686 million from a FY2024 GAAP annual operating loss of $29.331 million.
Open source ↗Liability growth will not become a binding constraint on commercialization, customer delivery, or future capital allocation.WeakeningMateriality: Medium
FY2026 assets were $39.923 million, above FY2026 liabilities of $27.447 million. If obligations absorb capital or restrict flexibility, shareholders may not benefit even if the technology gains traction.
Watch: Suppliers, lenders, or counterparties tighten terms because they doubt OPTT’s ability to fund deployments.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 assets were $39.923 million, above FY2026 liabilities of $27.447 million.
Open source ↗
Full investment case & evidence
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Original research
Maritime Domain Awareness customers will increasingly treat OPTT’s intelligent maritime solutions as deployable operating infrastructure rather than one-off experiments, making demand repeatable. If this holds, revenue can scale from a tiny base; if it breaks, OPTT remains a project company with insufficient demand to absorb its cost base.
OPTT will standardize its maritime solutions enough that deployments become positive unit-economic sales instead of bespoke, loss-making integration projects. Revenue growth is not valuable if each deployment loses money; positive gross profit is the first proof that scale can create value.
OPTT will retain enough financing access to bridge commercialization without transferring most of the upside away from existing shareholders. Even a valid product thesis can fail for owners if the company must issue highly dilutive equity or expensive capital before scale arrives.
Management will close the fixed-cost absorption gap by scaling profitable deployments faster than the 65-person organization and support infrastructure consume cash. If operating leverage appears, small revenue gains could matter; if not, the company remains structurally loss-making even with some customer wins.
Liability growth will not become a binding constraint on commercialization, customer delivery, or future capital allocation. If obligations absorb capital or restrict flexibility, shareholders may not benefit even if the technology gains traction.
All standing thesis claims
Original report summary
OPTT is an option on turning Maritime Domain Awareness technology into repeatable, profitable deployments before cash burn, liabilities, and dilution overwhelm shareholders.
Bull case and bear case
Bull case and bear case for Ocean Power Technologies
Where the evidence on Ocean Power Technologies disagrees: Mixed on the latest evidence (Oct 17, 2026). Of its 5 thesis points, 1 holding and 4 weakening.
Bull case: what the evidence supports
OPTT will retain enough financing access to bridge commercialization without transferring most of the upside away from existing shareholders.
Bear case: what the evidence questions
Maritime Domain Awareness customers will increasingly treat OPTT’s intelligent maritime solutions as deployable operating infrastructure rather than one-off experiments, making demand repeatable.
OPTT will standardize its maritime solutions enough that deployments become positive unit-economic sales instead of bespoke, loss-making integration projects.
Management will close the fixed-cost absorption gap by scaling profitable deployments faster than the 65-person organization and support infrastructure consume cash.
Liability growth will not become a binding constraint on commercialization, customer delivery, or future capital allocation.
Thesis-Break Engine
Thesis-break watch · Ocean Power Technologies
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedEntered a material definitive agreement.
Ocean Power Technologies filed an SEC 8-K on 2026-10-07: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Ocean Power Technologies filed an SEC 8-K on 2026-09-25: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Ocean Power Technologies filed an SEC 8-K on 2026-09-17: Entered a material definitive agreement. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Target maritime customers continue to use OPTT systems only for pilots or demonstrations rather than recurring operational deployments.
- Each customer deployment requires custom engineering, marine support, service work, or warranties that prevent product standardization.
- Capital markets become unavailable to small, loss-making companies before OPTT reaches customer-funded scale.
- Long maritime procurement cycles require sustained sales, engineering, and support spending before revenue conversion.
- Suppliers, lenders, or counterparties tighten terms because they doubt OPTT’s ability to fund deployments.
OPTT news
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Financial statements
OPTT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
OPTT: quick answers
- When does Ocean Power Technologies (OPTT) report earnings next?
- Ocean Power Technologies's next results are projected for December 15, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on August 24, 2026. Earnings calendar
- What is OPTT's short interest?
- As of October 30, 2026, 2.2M OPTT shares were sold short, up 54.2% from the count before. At the stock's average daily volume that is 3.1 days to cover. FINRA publishes the count twice a month. OPTT short interest history