Ocean Power Technologies, Inc.

Good morning and welcome to the Ocean Power Technologies fourth quarter and full fiscal year 2025 earnings conference call. A webcast of this call is also available and can be accessed by a link on the company's website at www.oceanpowertechnologies.com. This conference call is being recorded and will be available for replay shortly after its completion. On the call today are Dr. Phil Stratman, President and Chief Executive Officer, and Bob Powers. Senior Vice President and Chief Financial Officer. Following the prepared remarks, there'll be a question and answer session. Now I am pleased to introduce Bob Powers. Please go ahead, sir.

Thank you and good morning. After the market closed yesterday, we issued our earnings press release and filed our annual report on Form 10-K for the period ended April 30th, 2025. Our public filings are available on the SEC website and within the Investor Relations section of the OPP website. During this call, we will make forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act 1995. Forward-looking statements may include financial projections or other statements of the company's plans, objectives, expectations, or intentions. These statements are based on assumptions made by management regarding future circumstances over which the company may have little or no control and involve risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. Additional information about these risks and uncertainties can be found in the company's Form 10-K and subsequent filings with the SEC. The company disclaims any obligation or intention to update the forward looking statements made on this call. Finally, we posted an updated investor presentation on our IR website. Please take a moment to review it as it provides a nice overview of our company and strategy. Now I am pleased to introduce Dr. Philip Stratman. Good morning.

Thank you for joining us today. Fiscal 2025 was a transformational year for OPT. We delivered real, measurable value in a global market undergoing rapid change, and we entered fiscal year 26, positioned to lead in the sustainable, data-driven blue economy. Today, I'll walk you through our most important achievements, the momentum they've created, and the opportunities ahead as we execute our strategic growth plan. In fiscal 25, OPT was granted a US Department of Defense facility security clearance at the secret level. a milestone that significantly expands our eligibility for classified defense work. This clearance not only affirms OPT's compliance with federal security protocols, but also opens the door to high-value, multi-year programs where few companies are even allowed to compete. It expands our addressable market and deepens our partnership potential. Let's talk about backlog and visibility. I am incredibly excited to announce that we entered fiscal 26, with $12.5 million in funded backlog, the highest in our history. This reflects multi-quarter fulfillment of both international defense and commercial contracts and signals strong customer confidence in our solutions and our ability to execute. It is a clear indicator that our strategy is working and that demand is real and growing. Over the past year, we deployed our artificial intelligence-capable MERAS and WAM-V platforms across the Middle East Latin America, and the Indo-Pacific, establishing a meaningful global footprint in allied defense and commercial markets. These deployments validate not just demand, but our readiness to deliver. They demonstrate that our autonomous platforms can operate across maritime, surface, and subsea domains in some of the world's most demanding environments. That's real-world mission relevance, and it sets us apart. We also expanded key partnerships with defense, drone, and subsea leaders, including REDCAT, Teledyne Marine, and regional integrators in the Middle East and Latin America. These partnerships extend our reach, improve integration and distribution, and help reduce customer acquisition costs. They are a force multiplier for OPT, enabling faster scale, broader validation, and deeper market access, especially in regions where local partners accelerate credibility. OPT's WAMV platforms were selected to participate in the US Navy's Project Overmatch autonomy exercises, one of the Pentagon's most advanced and future-focused initiatives. Our involvement speaks volumes. It reflects a high-trust relationship with the Navy, confirms our alignment with multi-domain intraoperable system goals, and positions OPT for access to future large-scale defense procurement channels. This year's performance reflects the strength of our disciplined operating model. We're executing with a streamlined team and leaner OPEX structure, yet delivering more for our customers, our partners, and our shareholders. By aligning resources with top priorities, we've increased our operating efficiency without compromising our delivery capability or innovation roadmap. This positions us not only to weather volatility, but to scale with purpose as demand accelerates. We view this phase of lean execution not as a constraint, but as a foundation. With core systems, processes, and leadership in place, we are prepared to scale responsibly as opportunities mature. We have retooled our go-to-market engine with purpose and position. Under new leadership, our sales organization has been redesigned to drive mission alignment, speed, and scale, not just transactions. We've upskilled the team. deepening their ability to engage on operational needs and procurement realities across defense and maritime domains. At the same time, we've expanded internationally, matching talent to strategic growth corridors in NATO-aligned Latin America and Middle Eastern markets. Complementing this internal transformation is a growing network of region-specific resellers. force multipliers who understand local dynamics and are helping us deliver OPT solutions faster and further than ever before. This is not just a strategic investment. It's already delivering results. We're seeing improved customer engagement, higher win rates, and increasing traction in markets where we previously had limited presence. This go-to-market evolution is a foundational pillar of our growth strategy, enabling us to solve real-world customer missions at scale. We are taking some important steps to reduce our customer acquisition costs. First, as I've just mentioned, we have repositioned our commercial team to place greater emphasis on achieving more scalable, repeatable sales. Second, we are expanding our dedicated demonstration fleet to accelerate customer engagement and close new business in less time and with greater efficiency. Finally, We have realigned our operations and development teams to drive best in class customer experience through more innovation and enhanced operational execution. In turn, that empowers us to concentrate more on deepening relationships with existing customers and expanding value-added services like training. Our commitment to continuously strengthen our commercial effectiveness and operational agility underscores our professionalism and readiness as a leading provider in autonomous maritime systems. Becoming an AUVSI trusted operator marks an important milestone in this evolution. Additionally, I want to highlight a significant milestone that speaks to the discipline and maturity we're building across OPT. Just two weeks ago, we achieved ISO 9001 certification for our quality management system, a globally recognized benchmark for excellence in engineering, manufacturing, and service delivery. This is not just a compliance achievement. It is a reflection of OPT's evolution into a scalable, repeatable, and process-driven provider of maritime solutions. Whether we are deploying a WAMV for autonomous ISR missions, activating a power buoy for persistent offshore power, or integrating MEROS to enhance maritime domain awareness, we are now doing so under a globally standardized framework of quality and continuous improvement. For our customers, ISO 9001 is often a prerequisite for long-term engagement. It is a signal that we're not just innovative, but dependable at scale. In fact, we're already seeing this resonate with procurement teams who have told us that certification materially strengthens our position in upcoming opportunities. Internally, this also reinforces our operational foundation as we expand internationally and engage with increasingly complex supply chains and mission profiles. It's about delivering excellence consistently, which is exactly what the market demands from the next generation of maritime intelligence providers. We believe this certification will meaningfully support our growth strategy while deepening the confidence of our partners, investors, and customers alike. Finally, fiscal year 2025 brought headwinds, particularly in defense, where election-related uncertainty and the pending administration transition delayed procurement activity. Combined with broader macroeconomic volatility, these factors float pipeline conversion, resulting in revenue below expectations and a shortfall against our Q4 calendar 25 profitability target. Still, OPT ended fiscal 25 with strong momentum, record backlog, a growing pipeline, and increasing demand across core markets. These results reflect the strength of our positioning and the resilience of our teams. We remain confident that fiscal 26 will mark a step function in execution as we advance towards sustained growth, profitability, and long-term value creation. In closing, we have turned a corner. OPT is no longer just about wave energy. We provide full-service maritime domain awareness that is persistent and deployed from platforms that enable multi-asset capabilities. We have become a multi-solution platform company. One that's enabling customers to operate further offshore, stay deployed longer, and lower costs through intelligent autonomy. Our strategy has been simple but disciplined. Diversify, scale, and improve margins. We've moved beyond grant-funded R&D into real commercial contracts. We've expanded into defense, energy, and international markets. And we've focused on repeatable, scalable services that drive long-term value. We're not pitching potential, we are executing. Every contract validates our pioneering efforts to develop our model. We are well positioned to meet all challenges on our prosperous horizons and capitalize on the heavy lifting completed to date. The technology is proven, yet continuing to accelerate. The customers are buying. With capital in hand, platforms in the water, and a growing global footprint, OPT is no longer proving, it's scaling. Thank you for your continued support. I will now turn it over to Bob, who will walk through our financial performance in more detail.