Ocean Power Technologies (OPTT) reported QQ1 2025 revenue of $1.301 million, essentially flat versus the prior-year quarter, while the company continued to advance its cost-reduction program and operational initiatives. Revenue stability came with a meaningful improvement in profitability momentum evidenced by a 39% year-over-year reduction in operating expenses to $4.92 million, a 71% year-over-year backlog increase to $5.3 million, and a record backlog-to-pipeline trajectory with approximately $92 million of pipeline, the largest in OPTT’s history. Net loss narrowed, yet the quarter remained cash-flow negative, with net cash used in operating activities of $6.12 million and free cash flow of -$6.50 million. Management maintains a path to profitability aimed for calendar Q4 2025, underscoring the transition from a pre-revenue and project-stage business toward recurring revenue through leasing arrangements, services, and select long-term sales. Backed by strategic partnerships (AT&T 5G integration, Teledyne Marine sensors, Naval Postgraduate School collaboration) and offshore testing progress on the Next Generation PowerBuoy, OPTT is positioning itself to convert a robust 92-month pipeline into sustained revenue while controlling burn and preserving a debt-free balance sheet. These dynamics are reinforced by the 71% YoY backlog increase driven by Latin America expansion and long-term leasing contracts, suggesting meaningful leverage as project wins convert to revenue over the coming quarters.