Ocean Power Technologies Revises Fiscal 2026 Results After Audit

Ocean Power Technologies updated its fiscal 2026 results, lowering reported revenue to about $3.7 million (from $4.1 million) and reducing gross loss and operating loss, while increasing net loss to roughly $48.9 million; the changes come from updated accounting treatments and do not reflect changes in the underlying business. The company reported FY2026 revenue of $3.74 million and a net loss of $48.9 million, with backlog rising to around $20.1 million, signaling near-term order activity despite weaker current-year sales. There was a notable geographic shift, with a greater share of revenue coming from EMEA and expansion in Asia/Australia, reducing the Americas share. OPT continues to push its PowerBuoy, WAM-V, and Merrows products along with expanding recurring DAAS, RaaS, and PaaS offerings, while investing in supply chain, manufacturing, and product enhancements. Management emphasized that the revisions do not impact cash flows or contract terms and reflect only accounting adjustments, with prior year comparatives affected by fair-value losses on financial instruments.