Recent Updates — OPTT

Ocean Power Technologies signed a non-binding letter of intent with Stratum Holdings for a proposed strategic collaboration. The partnership aims to combine OPT’s PowerBuoy platforms and patent portfolio with Stratum’s GPU infrastructure, including NVIDIA B300 chips, to validate edge AI inference on offshore renewable-powered assets. Stratum will provide a monthly retainer under definitive agreements. Ocean Power Technologies provides intelligent maritime systems and services for defense, offshore energy, science, and research.

Robert Powers departed his role as Chief Financial Officer on September 30, 2026, upon mutual agreement with the Board. The company terminated his employment letter without cause and entered into a severance agreement providing six months of base salary, the balance of his fiscal 2026 bonus, and continued health benefits through October 31, 2026. Powers will remain employed through October 14, 2026 to assist with the transition. Victoria Hay was appointed as interim Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer effective September 30, 2026. She will receive $30,000 per month in cash compensation plus expense reimbursement through her consulting firm, Flexible Consulting. The Board stated the departure was not due to any disagreement regarding operations or financial reporting. Ocean Power Technologies develops wave energy conversion systems for marine applications.

Ocean Power Technologies appointed Victoria Hay of Flexible Consulting as interim Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer effective September 30, 2026. This follows the mutual agreement departure of former CFO Robert Powers, who will remain employed through October 14, 2026 to assist with the transition. The company is conducting a search for a permanent CFO. Hay receives $30,000 per month in cash compensation. Ocean Power Technologies develops and commercializes wave energy conversion technology.

Ocean Power Technologies exchanged its Series C-1 Convertible Notes for an equivalent principal amount of Series D Convertible Notes on September 25, 2026, reducing the conversion price from $12.00 to $2.45 and introducing a 93% VWAP alternative conversion price. The company also adjusted the exercise price of its common warrants issued in June 2026 from $12.00 to $2.45. In an interview, Acting CEO Tracy Pagliara reported a $20 million backlog and over $150 million in qualified pipeline, highlighting successful integration of uncrewed surface vehicles with the U.S. Navy during REPMUS 2026 and evaluations by the Army Corps of Engineers. The company operates in the defense and renewable energy sectors, developing uncrewed surface vehicles and wave-powered buoys.

Ocean Power Technologies announced a leadership transition effective September 14, 2026. Philipp Stratmann stepped down as President and CEO by mutual agreement and received six months of base salary plus his fiscal 2026 bonus balance under a severance agreement. Tracy Pagliara was appointed Acting President and CEO and joined the Board, receiving a $400,000 annual base salary, a discretionary bonus target of 75% of base, equity awards targeted at 75% of base, and an initial grant of 75,000 restricted stock units. Jason Weed was appointed Chief Operating Officer with a $400,000 base salary, similar bonus and equity targets, and a 50,000 restricted stock unit grant. The company operates in the maritime technology sector, providing autonomous ocean systems, power buoys, and unmanned surface vessels for defense, energy, and research markets.

Ocean Power Technologies, Inc. announced that its stockholders approved a 1-for-30 reverse stock split of its common stock at a special meeting on September 10, 2026. The Board exercised its authority to set the ratio within the authorized range of 1-for-5 to 1-for-50. The split became effective at 5:00 p.m. Eastern Time on September 11, 2026, following the filing of a Certificate of Amendment with Delaware. Trading on a split-adjusted basis commenced on the NYSE American on September 14, 2026. This action reduced the issued and outstanding shares from approximately 270.1 million to roughly 9.1 million while maintaining the $0.001 par value. Fractional shares were rounded up to whole shares with no cash payments made in lieu of fractions. The company operates in the maritime technology sector, providing autonomous ocean systems, power buoys, and unmanned surface vessels for defense, energy, and research markets.