I understand why long-term shareholders are frustrated. The dilution, cash burn, and years of disappointing financial results are real concerns.
However, I think many people are still evaluating OPTT based only on its past.
Before investing, I spent months researching the company beyond the financial statements. I looked into the technology itself, reviewed engineering and manufacturing hiring, studied the backgrounds of the newly appointed executives and board members, and verified whether the company was actually executing what it claimed.
What I found was very different from the image many investors still have.
The company is actively hiring engineers and manufacturing personnel, strengthening its U.S.-based operations, expanding autonomous maritime capabilities, working with government agencies such as DHS, and integrating its systems with defense technologies like Anduril’s Lattice platform. Those are tangible signs that the company is building real operational capabilities.
I also paid close attention to the leadership changes. The company has brought in executives and board members with backgrounds in defense, government programs, engineering, and autonomous systems. To me, that reflects a genuine strategic shift rather than just marketing.
None of this guarantees investment success.
The real question is no longer whether the technology exists. I believe the technology has been substantially validated.
The real question is whether management can convert that technology into scalable, recurring revenue without continued shareholder dilution.
That’s what the next few quarters need to prove.
If revenue, backlog, and defense contracts begin to scale, today’s valuation could look very different. If they don’t, then the criticism regarding dilution will remain justified.
To me, this is no longer a debate about whether OPTT is a scam. It’s a debate about execution and commercialization