Ocean Power Technologies, Inc.

Good morning and welcome to the Ocean Power Technologies third quarter fiscal 2026 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. Philip Stratman, President and Chief Executive Officer and Bob Powers, Senior Vice President and Chief Financial Officer. Following the prepared remarks, there will be a question and answer session. Now, I am pleased to introduce Bob Powers.

Thank you, and good morning. Last evening, post-market close, we issued our earnings press release for the third quarter of fiscal 2026 and to January 31st, 2026, and filed our Form 10-Q with the SEC. Our public filings are available on the SEC website and within the investor relations section of the OPT website. During this call, we will make forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 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 and involve risks and uncertainties that may cause actual results to differ materially. Additional information about these risks can be found in the company's SEC filings. The company disclaims any obligation to update the forward-looking statements made on this call. Finally, we've posted an updated investor presentation on our IRR website. With that, I'll turn the call over to our CEO, Dr. Philip Stratman.

Good morning and thank you for joining us. OPT continues to see increasing traction across our core markets. Backlogged reached a record $19.9 million and our pipeline expanded to almost $164 million, reflecting growing engagement with government and commercial customers globally. Importantly, A significant portion of this pipeline is associated with defence and security programmes. This quarter reflects more than contract wins. It highlights the role OPT is beginning to play in the evolving architecture of maritime security and autonomy. Our $6.5 million DHS award, together with our integration with Underwill, positions our power buoy systems within a next-generation defence sensing network. We believe this validates our role as a provider of persistent offshore infrastructure supporting U.S. national security missions. The first of these systems is being readied for shipment and we expect to ship several more in the coming weeks. At the same time, we continue advancing what we believe represents a new category in the maritime domain, scalable autonomy infrastructure at sea. Our goal is to enable autonomous systems to power, recharge and operate persistently offshore supporting long-duration missions without the need for traditional logistics support. During the quarter, OBT expanded its global operational footprint. We shipped a WAM-V autonomous surface vehicle to Greece to support ongoing customer operations, further strengthening our presence in international defence and commercial markets. In parallel, we advanced development of our integrated autonomous docking and charging solution, transitioning the system from prototype into full-scale build. are targeting an early access commercial launch in calendar year 2026 designed to allow autonomous systems to dock recharge and redeploy in support of persistent offshore missions opt also progressed system integration and open water validation activities through our collaboration with mythos ai enhancing autonomous navigation and control capabilities across our platforms taken together These initiatives support our broader strategy of enabling persistent multi-domain offshore autonomy. We are seeing several opportunities within our pipeline progress into more advanced stages of customer engagement. As deployments increase, we expect a growing portion of our business to include services, data and system support associated with long-duration offshore operations. Our capabilities align closely with expanding defence priorities around distributed sensing, autonomous systems and persistent maritime domain awareness. At the same time, our systems continue to accumulate operational hours in real-world maritime environments, generating valuable operational data that supports product improvements, enhances mission readiness for our customers and informs the continued scaling of our maritime autonomy infrastructure. More broadly, This progress reflects a business that is steadily building capability, operational experience, and customer confidence. Our focus remains consistent. Deliver reliable systems, support our customers' missions, and execute against the opportunities we see developing across our core markets. From architecture-defining projects such as our DHS Award, to expanding international WAM-B deployments, to advancing autonomous docking and AI-enabled capabilities, We believe we're building the foundation for what could become a global maritime autonomy infrastructure layer. Over time, this strategy positions OPT not simply as a product provider, but as a platform supporting the future of offshore autonomy. With that, I'll turn it over to Bob to discuss Backlog in more detail and review the quarter's financial results. Thanks, Philip.