Ocean Power shares surge 21.53% intraday after strategic DHS contract and record $19.9M backlog boost maritime defense platform growth.

Ocean Power Technologies, Inc. surged 21.53% intraday following the pre-release of its preliminary third-quarter fiscal 2026 results, highlighting a strategic $6.5 million U.S. Department of Homeland Security contract and a 165% year-over-year increase in backlog to $19.9 million. The contract, involving PowerBuoy® systems for maritime domain awareness off San Diego, underscores the company’s shift toward higher-margin, recurring revenue and strengthens its position in U.S. national security infrastructure. Despite a projected Q3FY26 net loss and lower revenue compared to the prior year, the announcement of multi-quarter revenue visibility and advancements in autonomous maritime infrastructure—such as partnerships with Anduril and Mythos AI—positioned the firm as a key player in scalable defense solutions. The intraday rally reflects investor optimism about the company’s strategic wins and long-term growth potential in defense and maritime autonomy markets.