Ocean Power Technologies, Inc.

Overview

Ocean Power Technologies, Inc. (“OPT,” “we,” “our,” or “the Company”) is a Maritime Domain Awareness (MDA) company specializing in innovative intelligent maritime solutions. These solutions include a variety of “as a service” systems, including Data as a Service (DaaS), Robotics as a Service (RaaS), and Power as a Service (PaaS). These systems consist of a variety of platforms including the PowerBuoy®, our persistent sensor and power solution, the WAM-V® (Wave Adaptive Modular Vessel), our autonomous unmanned surface vehicle, and Merrows™, our user interface and command and control (C2) system that integrates multiple sensor feeds using software and hardware and enables artificial intelligence and machine learning (AI/ML) integration. We design, manufacture, deploy, and operate these systems for defense, security, subsea infrastructure, offshore oil and gas, offshore energy, marine research, and communication markets. We operate primarily through a combination of direct sales and leases, strategic partnerships, and long-term service agreements. Our business model emphasizes capital-light deployments, recurring revenue from leases, service and maintenance contracts, and high-margin technology sales and leases.

We serve a global customer base, including the U.S. and allied defense agencies, offshore energy operators, and other commercial interests. The common thread across these markets is the growing need for a persistent, autonomous, and sustainable offshore presence, a need we are well positioned to fulfill.

The Company holds numerous patents, including our recently awarded System and Method for Vehicle Charging which protects OPT’s breakthrough system for an autonomous, floating marine charging solution, and leverages decades of research including control systems, energy storage, and marine integration. Our headquarters and assembly operations are located in New Jersey, and we maintain an additional manufacturing and robotics development facility in Richmond, CA.

OPT is committed to enabling a smarter, safer ocean economy through innovation in ocean intelligence and power. As we look forward, our strategic priorities include expanding our customer and geographic base, accelerating technology adoption, enhancing recurring revenue, and driving margin growth through platform scalability and supply chain efficiencies.

Our Solutions

Maritime Domain Awareness Solution (“MDAS”)

Maritime Domain Awareness refers to the effective understanding of anything associated with the maritime domain that could impact safety, security, economy, or the environment. The**“**maritime domain” includes all areas and things on, under, related to, adjacent to, or bordering navigable waters, including the seafloor and airspace above.

Our MDAS provides a customizable, integrated surveillance solution designed for persistent, roaming, and real-time ocean monitoring. The system combines high-definition radar, optical and thermal imaging, and vessel Automatic Identification System (AIS) modules with edge processing, secure communications, and cloud-based analytics.

Our customers use and can apply our MDAS for:

MDAS hardware can be deployed on OPT platforms, including PowerBuoy® systems and WAM-V® autonomous vessels, and networked via satellite, Wi-Fi, and cellular links. Our architecture enables multi-platform surveillance, with command-and-control functionality enhanced through proprietary software and third-party system integrations. These networks can incorporate external data sources such as satellite imagery, drones, weather, and bathymetry to form a comprehensive operational picture.

Our MDAS is also designed to provide persistent situational awareness beneath the ocean surface, an area inaccessible to conventional technologies such as radar or the AIS. This capability plays a critical role in supporting national security objectives, enabling autonomous maritime operations, and protecting marine resources and infrastructure. Key system components include:

Sensing and Detection

Communications and Networking

Data Fusion and Analysis

Command, Control, and Decision Support

Representative Applications

Our MDAS solution is a cornerstone of our broader DaaS strategy and reflects our leadership in scalable, autonomous maritime intelligence infrastructure.

Data as a Service (“DaaS”)

Our Data as a Service offering enables persistent, near real-time collection and transmission of maritime domain awareness and environmental intelligence data. Our DaaS platform leverages autonomous uncrewed surface vehicles (USVs), including the WAM-V® platform, and PowerBuoy® systems, both of which integrate a range of environmental and security-focused sensors.

The DaaS offering is used to support operational needs in several high-impact domains, including:

Our WAM-V® USV platform supports modular payload integration and is engineered for operational stability in variable marine conditions. It has been deployed in a range of commercial and governmental missions, including high-resolution sonar surveys, subsea infrastructure assessments, berth clearance, dredging operations, and offshore renewable energy site characterization.

We have completed multiple DaaS deployments with both government agencies and commercial customers. These engagements have provided validation of our systems’ performance, interoperability, and mission relevance.

Robotics as a Service (“RaaS”)

Our Robotics as a Service offering provides customers with subscription-based access to our WAM-V® (Wave Adaptive Modular Vessel) autonomous surface vehicles. Under this model, customers lease WAM-V® units pursuant to time-bound agreements or based on a defined number of usage days. These agreements frequently include minimum usage thresholds and bundled operational support services. Oftentimes these agreements also include OPT providing the training and operations for the vehicle. As an AUVSI Trusted Operator, (AUVSI is the world’s largest nonprofit organization dedicated to advancing the use of autonomous systems and robotics across air, land, and sea domains). OPT’s RaaS “pilots” are well suited to deliver value for our customers.

Through the RaaS model, OPT retains ownership of the deployed assets and is responsible for all system maintenance, repairs, and upgrades. This arrangement offers customers a lower upfront capital expenditure compared to outright equipment purchase, while enabling scalable access to autonomous capabilities that can be aligned with peak mission windows or surge requirements.

Our RaaS contracts have been utilized by both government and commercial customers for applications including port security, maritime surveying, infrastructure inspection, and environmental monitoring. This model has allowed customers to accelerate access to autonomous maritime solutions while preserving operational flexibility.

We believe that our RaaS model supports our strategic goals of increasing recurring revenue, improving asset utilization, broaden our customer base and expanding customer lifetime value. As RaaS involves OPT-owned systems deployed in customer-controlled environments, we evaluate associated risks related to asset recoverability, service delivery logistics, and liability exposure. Based on these assessments, we implement appropriate contractual protections, insurance coverage, and operational safeguards to mitigate such risks and ensure continuity of service and asset security

Power as a Service (“PaaS”)

Our Power as a Service offering provides customers with subscription-based access to our PowerBuoy® systems. Under this model, customers lease PowerBuoy® platforms pursuant to time-bound agreements, enabling flexible deployment without the need for upfront capital investment. These leases are structured to accommodate both steady-state operations and surge requirements, offering a scalable energy solution for offshore missions.

The PowerBuoy® delivers autonomous, renewable energy via OPT-managed infrastructure. This reduces the need for traditional power delivery methods such as subsea cabling, fuel-based generators, or periodic manual battery replacement. Our modular PowerBuoy® configurations can include solar-only systems, wave energy converters, and optional wind turbine integrations to support varying power loads across different marine environments.

The PaaS offering is available for defense, offshore energy, and environmental monitoring applications. The PaaS model aligns with our broader strategy to offer end-to-end maritime infrastructure services, complementing our DaaS and RaaS offerings. This integrated approach is designed to support recurring revenue growth, enhance customer retention, and differentiate OPT from competitors that focus exclusively on hardware or one-time equipment sales.

While we believe this model strengthens our customer relationships and operational resilience, there can be no assurance of continued customer uptake or contract renewals. We also evaluate ongoing risks associated with offshore service delivery, environmental exposure, and asset maintenance and implement mitigation strategies including enhanced monitoring protocols, environmental hardening of equipment, and service-level agreements with local partners

Autonomous Vehicles (“WAM-V®”)

Our Autonomous Vehicles business centers around our patented WAM-V® (Wave Adaptive Modular Vessel) platform—a class of modular USVs engineered to support autonomous maritime operations in inshore, nearshore, and offshore environments. The WAM-V® platform is designed to enable scalable, real-time data acquisition and payload customization based on mission requirements.

WAM-V® vessels are manufactured in three standard sizes—8, 16, and 22 feet—and are built on a modular framework. This design allows interoperability across propulsion types (electric and/or liquid-fuel) and supports rapid integration of third-party sensors and mission systems. These features make the platform suitable for a wide range of operational use cases, including underwater. survey, scientific research, port security, subsea infrastructure inspection, and defense surveillance.

WAM-V® platforms have been deployed across the Middle East, Europe, Asia, Oceania, and the Americas. These deployments are conducted through both direct sales and our RaaS offering, which provides subscription-based access to WAM-V® units and associated operational support as described above.

Our Autonomous Vehicles segment complements our strategic focus on persistent maritime awareness and autonomy. In particular, WAM-V® systems are increasingly integrated with our Merrows™ MDA suite, enabling mobile MDA operations to consolidate surface, subsea, and environmental data in real time. This integration expands our service capabilities and supports recurring revenue growth from both government and commercial customers.

We expect continued demand for WAM-V® platforms driven by factors including increased investment in autonomous marine systems, cost advantages over crewed vessels, global regulatory mandates for maritime monitoring, and defense modernization initiatives. However, actual adoption rates may be affected by procurement cycles, governemental budgetary constraints, and competitive offerings.

PowerBuoy®

Our PowerBuoy® is a renewable energy-powered autonomous offshore platform designed to deliver continuous electrical power and real-time data connectivity in remote maritime environments. The PowerBuoy® converts any combination of wave motion, solar, and wind into energy and includes onboard energy storage to maintain system availability during low-sea-state, cloudy, or still conditions. The platform enables persistent operations without reliance on liquid fuel-based power systems or crewed support vessels.

PowerBuoy® deployments reduce operational costs and carbon emissions by replacing diesel generators and minimizing vessel-based maintenance. The system is designed for compact deployment, rapid installation, and long-duration missions, with remote diagnostics and limited on-site service requirements. Depending on the mission profile, a single PowerBuoy® unit can operate autonomously for several months or longer. PowerBuoy® platforms support a variety of payloads, including surveillance cameras, acoustic and environmental sensors, weather stations, radar, AIS, and communication nodes. These features enable use cases in maritime security and intelligence, surveillance, and reconnaissance (“ISR”); offshore wind and oil infrastructure monitoring; and oceanographic data collection.

PowerBuoy® units have been integrated into operational deployments for both government and commercial customers.

The PowerBuoy® represents a core technology component across multiple OPT offerings, including DaaS and PaaS).These integrated offerings are intended to support long-term growth in recurring revenue and platform utilization. We believe the PowerBuoy® is well suited to serve emerging demand for autonomous, low-emission offshore infrastructure.

Merrows

Merrows™ is our integrated user interface and C2 platform that consolidates and enhances the capabilities of our PowerBuoy®, WAM-V®, and sensor payload systems into a unified maritime surveillance and data processing solution. It is designed to address the operational complexity of MDA, which involves monitoring, detecting, and analyzing activity on, under, adjacent to, or bordering navigable waters.

The Merrows™ architecture incorporates elements of Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance, and Reconnaissance (C5ISR) into a flexible and modular system. It leverages both mobile (WAM-V®) and stationary (PowerBuoy®) platforms to enable persistent situational awareness across mission-critical maritime zones. As a result, Merrows™ is well-positioned to meet the operational needs of defense, intelligence, and homeland security customers seeking scalable, multi-mission capability. By embedding C5ISR, OPT moves beyond being a “vehicle provider” to offering full-spectrum mission solutions.

Merrows™ facilitates the collection, processing, and secure transmission of multi-modal sensor data—including radar, acoustic, visual, weather, and geospatial inputs. The platform supports real-time and historical data analysis and integrates artificial intelligence and machine learning to support operational decision-making, anomaly detection, and system automation.

Merrows™ has been deployed in multiple instances and is integrated within several OPT service offerings, including =DaaS= and =RaaS=. Merrows™ is offered as part of comprehensive system deployments and is not currently marketed as a standalone product.

We believe the Merrows™ system enhances the value proposition of our broader portfolio by enabling cross-platform interoperability and improving the operational efficiency and data fidelity of autonomous maritime missions.

Recent Technological Advancements

During fiscal year 2025 and through the date of this filing, we achieved several notable milestones related to the continued development and operational deployment of our autonomous maritime systems. These developments reflect our investment in platform capability enhancement, strategic partnerships, and customer-oriented service infrastructure:

These developments are consistent with our strategic priorities of expanding platform capability, increasing global market reach, and enhancing customer value through integrated offerings. While we believe these achievements strengthen our market position, future revenue impact remains dependent on follow-on orders, contract conversions, and customer retention. See Item 1A, “Risk Factors,” for a discussion of operational and adoption risks

Strategy and Marketing

We are focused on delivering integrated, autonomous ocean infrastructure solutions. Our strategy centers on unifying renewable energy powered systems (PowerBuoy®), autonomous vehicles (WAM-V®), and data-driven command and control platforms (Merrows™) into a cohesive, interoperable ecosystem. This multi-domain architecture is designed to support operations across surface, subsea, and airborne environments, offering utility in both government and commercial missions.

Intelligence, Surveillance, and Reconnaissance (ISR) is a critical function in military and security operations that involves the collection, processing, and dissemination of information to support decision-making, targeting, and situational awareness. and is central to OPT’s strategic positioning as a provider of autonomous, intelligent, and scalable maritime mission systems**,**enabling it to serve both national security and commercial maritime markets through recurring services and full-stack platform offerings. ISR is a core enabler of our strategy, driving value across defense, homeland security, and international maritime markets. ISR capability is not only a product feature, but a strategic differentiator woven into OPT’s platform design, autonomy stack, and service delivery models.

We believe our platform-centric approach aligns OPT with three primary global trends:

Market Trends and Tailwinds

Defense and Environmental Monitoring Demand

The defense sector continues to prioritize autonomous systems for enhanced situational awareness and cost-efficiency. Regulatory initiatives and funding priorities within the U.S. Department of Defense and abroad, the Intelligence Community, and Department of Homeland Security are creating pathways for long-term procurement contracts. OPT is aligning its capabilities with these procurement trends and exploring engagement opportunities with defense prime contractors and allied foreign ministries.

Simultaneously, the environmental monitoring market is expanding due to regulatory compliance pressures and increased investment in ocean science. Our solutions are engineered to address use cases such as coastal zone management, hydrographic surveying, and habitat monitoring.

Competitive Positioning and Global Demand

The rising global focus on unmanned maritime systems is expanding OPT’s addressable market across multiple sectors and geographies. Our platforms are being evaluated or deployed for use in:

Our modular platforms—specifically the PowerBuoy® and WAM-V®—are designed to support autonomous missions with minimal human intervention, and offer value in shallow-water, nearshore, and offshore environments.

Growth Priorities and Target Markets

OPT’s commercial and public-sector focus is directed toward high-value, mission-critical domains where autonomous maritime infrastructure delivers operational or strategic benefit. Our key markets include:

Product Development Focus

Autonomy Advancement (Level 3 and Beyond)

We have expanded our internal autonomy engineering team with the addition of full-time specialists in control systems and software integration. This investment supports the development of Level 3+ autonomous capabilities across OPT’s vehicle platforms, with a focus on reliable, adaptive, and scalable mission execution. Level 3 autonomy, meaning the platform can execute defined missions, such as navigating pre-set routes or collecting data, without real-time human control. While a human operator monitors performance and can intervene if necessary, the system is generally capable of making its own decisions under known conditions, including adjusting for environmental variables like waves, wind, or obstacles. This level of autonomy enhances operational efficiency while maintaining human oversight for safety and reliability

Docking and Charging Systems

OPT continues to refine and improve its at-sea docking and charging system that integrates a PowerBuoy® with a WAM-V® platform. This system is designed to extend the duration of autonomous missions by enabling unmanned surface vehicles to recharge autonomously in the field. Test data and user feedback informs subsequent design iterations and validation protocols.

These initiatives support our objective of offering persistent, autonomous systems that reduce lifecycle cost and increase mission resilience in both government and commercial deployments.

Competition and Competitive Positioning

We operate in the converging sectors of USVs, ocean sensing and surveillance platforms, and offshore renewable energy systems. Our competitors include companies that offer:

The USV sector remains dynamic, with increasing competition as entrants focus on niche applications across varied marine environments. A significant development in this market occurred in June 2024, when the U.S. Navy awarded a $982 million multiple-award contract to 49 vendors, signaling a move toward large-scale collaboration and integrated systems development. This marks a departure from the historically fragmented USV market and could impact contracting and teaming dynamics in future procurements.

The autonomous buoy segment remains comparatively early-stage and fragmented. It is generally divided between grid-connected solutions and smaller-scale autonomous systems. OPT remains focused on the non-grid segment. To our knowledge, few competitors currently offer fully commercialized, continuously deployed platforms with persistent, renewable power generation. This reflects the nascency of the market, which continues to evolve through research and development programs, demonstration projects, and limited initial deployments.

Competitive Differentiators

Despite the presence of larger industry participants, OPT seeks to differentiate through a combination of vertically integrated products, operational deployment history, and business model flexibility. Our competitive positioning is based on the following characteristics:

OPT offers a suite of interoperable platforms—PowerBuoy®, WAM-V® USVs, and the Merrows™ data system—designed to function as a cohesive ocean intelligence network. This integration may reduce logistical complexity and improve system interoperability for customers compared to point-solution providers.

The PowerBuoy® platform generates renewable energy from any combination of wave motion, solar, and wind and includes battery storage to enable continuous power for sensors, communications systems, and mission payloads in remote ocean areas. This reduces or eliminates reliance on fossil fuel-based power systems or vessel-based servicing, materially reducing customer costs.

Our WAM-V® and PowerBuoy® product lines are designed for payload modularity and field customization. This architecture supports multiple mission types and promotes asset reuse across use cases and customers.

As of April 30, 2025, OPT has deployed over 80 WAM-V® platforms globally and completed multiple operational deployments of PowerBuoy® systems in varying marine conditions. These deployments contribute to our operational validation record, though additional deployments and independent assessments are ongoing.

OPT’s systems are intended to reduce lifecycle operating costs by minimizing the need for crewed vessels, fuel logistics, and routine on-site maintenance. Our service-based business models RaaS, Daas, and PaaS may further lower customer acquisition barriers and enhance revenue predictability.

Our solutions are designed to align with stated U.S. government objectives, including the Department of Homeland Security’s National MDA Plan and the U.S. Coast Guard’s Unmanned Systems Strategy. Areas of application include persistent surveillance, Exclusive Economic Zone (EEZ) enforcement, and offshore infrastructure monitoring.

OPT’s organizational structure and scale may provide an advantage in prototyping, iteration, and customer collaboration. Because OPT has an agile, lean organizational structure and smaller scale, it can more rapidly develop, test, and modify prototypes and incorporate customer feedback into new iterations. This speed is crucial when customers need a solution tailored to a specific mission, threat, or environment. In addition, this customer intimacy fosters trust and can lead to long-term relationships, especially in environments like NATO, UN, or U.S.-led coalitions where interoperability and mission alignment are key.

Recent Contracts and Commercial Developments

During fiscal 2025 and fiscal 2026 to date, OPT executed several commercial transactions that expanded our international presence and supported strategic positioning in defense and commercial maritime sectors:

Backlog

As of April 30, 2025, our contract backlog was approximately $12.5 million, compared to $4.9 million as of April 30, 2024. The backlog represents the value of unfulfilled, purchase orders and agreements with commercial and governmental customers. If any of our contracts were to be terminated, our backlog would be reduced by the expected value of the remaining terms of such contract.

Backlog figures do not necessarily reflect future revenue, as orders may be adjusted, delayed, or canceled, and our recognition of associated revenue is subject to the terms of the underlying agreements. The size of our backlog may also fluctuate materially based on the timing of new awards, contract renewals, or the conclusion of long-term engagements. Consequently, while we view backlog as a useful performance indicator, it should not be relied upon as a predictor of future results.

Product and Solution Development

OPT continues to prioritize the development and commercialization of modular, autonomous solutions for offshore energy, data acquisition, and maritime domain awareness. Our development strategy is informed by customer use cases, operational field data, and regulatory trends, and is focused on delivering scalable capabilities that support persistent and intelligent ocean infrastructure.

Our approach emphasizes disciplined capital allocation, with a focus on near-term commercial viability and alignment with long-term Company strategy and platform goals. As of April 30, 2025, our product development activities primarily support enhancements to existing systems. However, we expect to expand these efforts to include new platform capabilities, advanced autonomy features, and mission-specific configurations in response to evolving customer requirements and emerging market opportunities

Key In-Development Programs

We are advancing new platform capabilities, enhanced autonomy features, and mission-specific configurations in response to evolving customer requirements and emerging market opportunities

These systems are designed to extend operational duration, reduce logistical support requirements, and facilitate closed-loop surveillance networks in remote or contested waters. A field demonstration has been completed, and refinement of hardware and software integration is ongoing.

We are continuing to enhance the resiliency of our WAM-V platforms, further improving operational envelopes, in-situ servicing, and the ability to utilize a wide range of propulsion systems. These enhancements also include the ability to increase payloads and deploy a wide range of systems, from unmanned underwater and surface assets, to towing sonars (sound navigation and ranging (Sonar), a technology that uses sound waves to detect, locate, and characterize objects underwater) for seabed mapping and mine counter measures.

These initiatives reflect OPT’s long-term focus on enabling persistent ocean operations through platform self-sufficiency, data continuity, and autonomous system interoperability. We expect these technologies to enhance the value proposition of our service models (e.g., RaaS, Raas and DaaS), though the timing and scale of commercial adoption will depend on customer demand, technical milestones, and system-level testing outcomes.

Product Roadmap and Innovation Focus

Our product development roadmap is driven by three primary inputs:

Intellectual Property

We maintain an intellectual property (IP) portfolio that supports our operations across autonomous maritime systems, wave energy conversion, and integrated ocean intelligence solutions. Our IP strategy is designed to protect proprietary technology, promote long-term product differentiation, and support commercial growth in both U.S. and international markets.

As of April 30, 2025, OPT held approximately 70 issued U.S. patents covering innovations in the following categories:

Our patents have staggered expiration dates, extending through fiscal year 2041. No individual patent is considered material to our business. However, the collective breadth and interconnectivity of the portfolio provide meaningful protection for our core systems and solutions.

In addition to patents, we rely on trade secrets, proprietary engineering processes, and non-public technical documentation. Certain technologies were developed under government-funded programs and may be subject to U.S. federal government use rights under the Bayh-Dole Act and related provisions.

OPT also holds and maintains registered U.S. trademarks critical to brand identity and market differentiation, including PowerBuoy®, WAM-V®, and Merrows™.

Our intellectual property portfolio is reviewed periodically to assess enforceability, alignment with strategic product roadmaps, and licensing opportunities. We may pursue additional filings or commercial partnerships to expand our IP base and enter new applications or jurisdictions.

Regulatory Environment

OPT’s operations are subject to a range of domestic and international laws, regulations, and technical standards that affect product design, deployment, data handling, and defense-related contracting. Our ability to operate effectively in key markets depends in part on maintaining compliance across multiple regulatory regimes.

Facility Security Clearance

OPT currently holds a Facility Security Clearance (FCL) from the U.S. Department of Defense, which allows our company to access and perform work on contracts involving classified information at the “Secret” level. This clearance supports our eligibility to participate in certain U.S. government programs, particularly in the defense and intelligence sectors.

To maintain this clearance, OPT is required to comply with a range of ongoing security and operational requirements under the National Industrial Security Program (NISP). These requirements include:

Failure to comply with these requirements could result in the suspension or revocation of our security clearance, which may impact our ability to perform on classified contracts or bid on certain U.S. government opportunities.

Export Control and Trade Compliance

We are subject to U.S. export control laws, including the International Traffic in Arms Regulations (ITAR) and the Export Administration Regulations (EAR). Certain technologies, components, and technical data integrated into OPT systems may require U.S. government authorization for export, re-export, or third-party access. OPT maintains internal compliance protocols to support adherence to applicable export control requirements and customer-specific licensing obligations.

Maritime and Offshore Operations

Our PowerBuoy® and WAM-V® platforms operate in offshore and nearshore environments and may be subject to regulation by the U.S. Coast Guard, Bureau of Ocean Energy Management, and other federal or local agencies. For international deployments, we work with country-specific maritime authorities to obtain operational approvals and ensure environmental and navigational compliance.

Telecommunications and Data Transmission

Several OPT platforms transmit real-time operational data via satellite, LTE/5G, or other secure communications channels. These activities are subject to domestic and international telecommunications regulation, including oversight by the Federal Communications Commission (FCC) and analogous bodies abroad. OPT maintains policies to ensure frequency band licensing, data privacy compliance, and secure communications protocols are met.

Government Contracting and Compliance

As a contractor and supplier to U.S. government agencies—including the Department of Defense (DoD), Department of Energy (DOE), and National Oceanic and Atmospheric Administration (NOAA)—we are subject to the Federal Acquisition Regulation (FAR), Defense Federal Acquisition Regulation Supplement (DFARS), and other federal procurement standards. These frameworks govern cybersecurity, ethics, cost allowability, and reporting obligations. We are also subject to the terms of government funding agreements that may impose IP licensing restrictions or data rights limitations.

Environmental and Safety Regulation

OPT systems are engineered to operate with low emissions and minimal environmental impact. However, we are subject to regulations governing offshore noise, emissions, marine habitat protection, and operational safety. Our compliance posture is evaluated on a jurisdiction-by-jurisdiction basis, and we continuously monitor evolving sustainability mandates across key markets.

Assembly Facilities and Operations

OPT conducts in-house assembly and integration activities at two primary U.S.-based locations:

Together, these facilities support OPT’s ability to meet current production requirements, provide geographic flexibility for field operations, and maintain lead-time responsiveness for government and commercial projects.

We believe our existing facilities are adequate for our near production needs. We continuously monitor demand forecasts and contract volume to assess whether further investment or expansion will be required. If customer demand materially increases, we may consider expanding our footprint, increasing shifts, or utilizing contract manufacturing partnerships.

Human Capital Management

We recognize that our workforce is central to our innovation, operational performance, and long-term business success. As of April 30, 2025, OPT employed 53 full-time employees, all located in the United States. We believe our ability to attract, develop, and retain a skilled workforce is critical to the execution of our strategic and technical objectives.

Workplace Culture and Inclusion

OPT is an equal opportunity employer. Employment decisions are made without regard to race, gender, age, disability, veteran status, or other characteristics protected by applicable law. We are committed to fostering an inclusive, respectful, and diverse work environment and continue to evaluate ways to improve equity across our workforce and talent pipeline.

Quality, Health, Safety, and Environmental

We maintain a Quality, Health, Safety, and Environmental (QHSE) program designed to promote operational safety, risk mitigation, and compliance with applicable occupational health and safety regulations. Our primary manufacturing sites in Monroe Township, New Jersey and Richmond, California are ISO 45001 certified , the international occupational health and safety management standard.

Key elements of our QHSE program include:

In July 2025 we were awarded ISO 9001 certification. ISO 9001 is the world’s most recognized quality management standard, awarded to organizations that consistently provide products and services that meet customer and regulatory requirements.

Carbon Impact and Emissions Reductions

Our products are designed to reduce greenhouse gas emissions by replacing fossil fuel-based systems in offshore monitoring, security, and energy applications. The following Company estimates reflect modeled displacement of diesel-based maritime activity, based on representative deployments:

We are in the process of building a carbon tracking database to support data verification and environmental performance reporting. These estimates are based on internal models and publicly available benchmarks and practice and may be refined as additional field data becomes available.

Sustainable Development and Marine Protection

OPT’s mission is aligned with UN Sustainable Development Goal 14 (Life Below Water). Our technologies are used in applications that support:

Operational Sustainability and Product Risk Review

In fiscal 2023, we completed a facility energy audit in collaboration with the New Jersey Clean Energy Program and conducted a corporate carbon footprint assessment. We offset 100% of calculated emissions from our headquarters and business travel. We also initiated a product-level environmental impact assessment for the PowerBuoy® platform. Based on external review and regulatory agency feedback (including from NOAA and the U.S. Army Corps of Engineers), PowerBuoy® platforms were determined to pose no material harm to marine ecosystems. Key safety features include:

We are currently assessing the WAM-V® platform for materials safety and its impact on sensitive marine habitats.

Available Information

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports are made available free of charge through the Investor Relations section of the Company’s website (www.oceanpowertechnologies.com) as soon as practicable after such material is electronically filed with, or furnished to, the SEC. Material contained on our website is not incorporated by reference in this report. Our executive offices are located at 28 Engelhard Drive, Suite B, Monroe Township, New Jersey, 08831, and our telephone number is (609) 730-0400. Since June 2021, our common stock has traded on the NYSE American exchange under the symbol “OPTT”, and previously, it traded on Nasdaq under the same symbol. The public may also read and copy any materials that we file with the Securities and Exchange Commission (“SEC”) at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains an Internet website that contains reports and other information regarding issuers that file electronically with the SEC located athttp://www.sec.gov.