Ocean Power Technologies Inc. Secures $1.5 Million U.S. Coast Guard Order and Provides Updated Deployment Progress
Ocean Power Technologies Inc. (NYSE American: OPTT) announced on February 24, 2026 that it has received an order from the U.S. Coast Guard for the installation and deployment of its operational buoy systems. The order is valued at approximately $1.5 million and represents a significant expansion of the company’s commercial footprint in the United States. The buoy systems, which convert the kinetic energy of ocean waves into electrical power, are part of the company’s broader strategy to deploy its wave‑energy technology in both military and civilian maritime environments.
In the same week, the company released a comprehensive operational update detailing progress on global deployments and infrastructure development. The update, issued on February 23, 2026, highlighted the company’s continued rollout of wave‑energy platforms across multiple sites worldwide and underscored the growth of its installation and maintenance capabilities. The update also referenced fiscal 2025 financial results, which were reported earlier that month, and provided context for the company’s current operational and financial standing.
Key Points from the Order
| Item | Detail |
|---|---|
| Client | U.S. Coast Guard |
| Contract Value | Approximately $1.5 million |
| Scope | Installation and deployment of operational buoy systems |
| Strategic Implication | Expands U.S. presence and diversifies revenue base beyond commercial markets |
Operational Update Highlights
- Global Deployment Progress
- The company has advanced installations in multiple international locations, with several sites nearing operational status.
- The update emphasized the scalability of OPT’s wave‑energy technology, noting that new deployments are being integrated into existing maritime infrastructure.
- Infrastructure Development
- OPT continues to invest in its manufacturing and deployment infrastructure, aiming to reduce lead times and improve system reliability.
- The company’s manufacturing footprint is expanding to support the anticipated increase in project volume following the Coast Guard order.
- Financial Snapshot (FY 2025)
- While specific revenue figures were not disclosed in the summary, the company’s market capitalization stands at approximately $81.9 million, and its price-to-earnings ratio is negative at –2.19, indicating ongoing investment in growth initiatives.
- The company’s share price as of February 22, 2026, was $0.44, with a 52‑week high of $0.90 and a 52‑week low of $0.29.
Market Context
Ocean Power Technologies operates in the industrial sector, specializing in electrical equipment that generates electricity from ocean wave motion. Since its initial public offering on April 25, 2007, the company has positioned itself as a niche player in the renewable energy market, focusing on wave‑energy conversion technology. The recent order from the U.S. Coast Guard represents a diversification of the company’s customer base and a validation of its technology in a high‑profile government setting.
The company’s website (www.oceanpowertechnologies.com ) provides further technical details on its wave‑energy devices and deployment strategy. Investors and analysts will likely monitor the company’s progress on the new Coast Guard contract and its overall deployment trajectory as indicators of future revenue growth and market acceptance of wave‑energy solutions.
