Ocean Power Technologies, Inc.

Good morning and welcome to the Ocean Power Technologies fourth quarter and full year 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 Stratmann, 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. Please go ahead.

Thank you and good morning. Last evening, post-market close, we issued our earnings press release for the fourth quarter and fiscal year ended April 30th, 2026. 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 Good morning, everyone, and thank you for joining us.

When viewed individually, today's announcements represent a series of important milestones. When viewed together, however, they tell a much more significant story about the evolution of ocean power technologies. Cisco 2026 was a defining year for the company. Over the past 12 months, we continued executing a strategy that has broadened our capabilities, expanded the markets we serve, and strengthened the operational foundation on which we intend to build the business over the coming years. During the year, we secured the largest deployment and recurring revenue contract in the company's history, built record backlog, expanded our international presence, continued integrating our technologies into operational maritime security missions, and, today, announced both the acquisition of strategic subsea technology assets and the appointment of Rear Admiral Joe DiGuardo as Acting Chairman of our Board. While each of these developments is significant in its own right, Together, they demonstrate a company that is increasingly moving beyond individual products toward delivering integrated operational capability. For much of our history, OPT was recognized primarily for developing innovative maritime technologies. Today, our customers increasingly require something broader. They're looking for resilient operational infrastructure that enables long duration maritime missions through the integration of autonomous systems, intelligent sensing, communications, AI-enabled software, and reliable offshore power. Our strategy has been to assemble those capabilities into a common operational infrastructure that supports increasingly complex missions across the maritime domain. That strategy is being driven by changes we see across our markets. Governments are investing heavily in maritime domain awareness and autonomous capability. Critical offshore infrastructure requires continuous monitoring and resilient communications. Commercial operators continue to pursue safer, more efficient offshore operations through increased autonomy and digitalization. Across each of these markets, customers are increasingly looking for integrated operational capability rather than individual products, and we believe that shift plays directly to our strength. Our Coast Guard deployment is an excellent example of that evolution. Beyond becoming the largest deployment and recurring revenue contract in the company's It demonstrates that our technologies can support an active maritime security mission alongside premier defense partners. More importantly, it validates the role that operational infrastructure can play in enabling persistent maritime awareness and long-duration operations rather than simply deploying another platform. The same trend is evident internationally. During fiscal 2026, we expanded our activities across Europe, continued developing opportunities in the Middle East, and strengthened relationships with allied governments and strategic partners. Whether supporting defence customers, offshore energy operators or scientific organisations, we continue to see increasing demand for technologies that provide persistent awareness, resilient communications and autonomous capability across the maritime domain. Importantly, our strategy is not built around a single end market. The same operational infrastructure supporting maritime security missions also addresses requirements across offshore energy, marine research, environmental monitoring, and critical offshore infrastructure. Rather than developing separate technology stacks for different industries, we continue to invest in a common architecture that can be configured to support a broad range of customer missions. We believe that approach strengthens our competitive position while allowing us to leverage our investments across a significantly broader addressable market. Today's acquisition is another logical step in that strategy. By extending our capabilities from the ocean surface toward the seabed, we are broadening the operational infrastructure we can provide to customers. As maritime operations become increasingly integrated across the surface and subsea domains, we believe customers will place greater value on infrastructure that enables long duration operations across the full maritime environment. Turning briefly to our financial results, Fiscal 2026 reflected continued investment in the capabilities required to support larger customer programs and a growing recurring revenue business. We concluded the year with record backlog of approximately $19.8 million, an increase of 58% over the prior year, while continuing to expand our qualified sales pipeline. During the year, we also invested in engineering, Manufacturing, Software, Deployment Capability, and Operational Readiness to support increasingly sophisticated customer requirements. Those investments position the company to execute larger programs, support long-term customer relationships, and continue expanding our presence across both defense and commercial markets. Before concluding, I would like to recognize Terence Cryan for his 14 years of service on the Board of Directors, including 12 years of service as Chairman of the Board. Terence helped guide Ocean Power Technologies through an important period in the company's history. And on behalf of the board and the entire organization, I thank him for his leadership and commitment. I also welcome Rear Admiral Joseph Digger DeGuardo as acting chairman. Digger's operational leadership and national security experience align closely with the direction of the company and the customers we increasingly serve. His appointment reflects the continued evolution of ocean power technologies as we strengthen our position supporting defense, security, and critical maritime infrastructure. As many of you have also seen, we have asked shareholders to authorize a reverse stock split. The board believes maintaining our NYSE American listing and preserving long-term access to the capital markets are important as we continue executing our strategy and positioning the company for future growth. We view this as a prudent corporate action that supports the next stage of the company's development and our ability to pursue the opportunities ahead. Looking ahead, fiscal 2027 is about execution. We've broadened our capabilities, strengthened our market position, and established a stronger operational foundation. Our priorities are straightforward. Successfully deliver the programs we have won, convert record backlog into revenue, expand recurring services, continue growing internationally, broaden both our defense and commercial customer base, and continue strengthening the operational infrastructure that enables our customers to operate across the maritime domain. We believe the work accomplished during fiscal 2026 has positioned OPT differently than at any point in our history. The strategy is established, the opportunities before us continue to expand, and our focus now is on disciplined execution and creating long-term value for our customers and shareholders. With that, I'll turn the call over to Bob to review our financial results in greater detail.