OPT Names Pagliara Acting CEO, Weed COO Effective Sep 14

• Tracy Pagliara becomes Acting Chief Executive Officer, President and a Board member effective September 14, 2026.
• Dr. Philipp Stratmann steps down as President and CEO and leaves the Board effective September 14, 2026.
• Jason Weed becomes Chief Operating Officer effective September 14, 2026, taking responsibility for commercial sales, operations and technology and innovation.
• Ocean Power Technologies trades on NYSE American under the ticker OPTT.

Leadership Change

Ocean Power Technologies, Inc. named Tracy Pagliara Acting Chief Executive Officer and President, effective September 14, 2026. Pagliara also joins the Board of Directors as part of the appointment. Dr. Philipp Stratmann steps down from President and CEO and the Board on the same date.

Pagliara's Background

Pagliara previously served as Senior Vice President, General Counsel and Secretary at the company. She is a Certified Public Accountant. Pagliara served for six years as Chief Executive Officer of a public company before joining OPT.

Weed Named COO

Jason Weed becomes Chief Operating Officer, effective September 14, 2026. He moves from Senior Vice President, Commercial Sales. Weed's new role covers commercial sales, operations and technology and innovation. He is a Captain in the U.S. Navy and commanded the Navy's Unmanned Undersea Vehicle Squadron.

Board Comment

The Board believes this is the appropriate time to transition leadership and sharpen the Company’s focus on execution, commercial conversion and operational accountability. Dr. Stratmann played an important role in OPT’s evolution from a technology-development company into an operating maritime technology business.

— Joseph A. DiGuardo Jr., Chairman, Rear Admiral (retired)

Transition

Dr. Stratmann will remain available to assist the new leadership team through a transition period.

Company Profile

Ocean Power Technologies provides intelligent maritime solutions and services for defense and security, oil and gas, science and research, and offshore wind markets. The company is headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California. Its PowerBuoy® provides clean and reliable electric power and real-time data communications for remote maritime and subsea applications. The WAM-V® line covers unmanned surface vessels and marine robotics services. Merrows™ provides AI-capable integration of Maritime Domain Awareness Systems across platforms. Shares trade on NYSE American under the ticker OPTT.

Contacts

• Investor Relations: 203-561-6945 or investorrelations@oceanpowertech.com.
• Media Relations: 609-730-0400 x402 or MediaRelations@oceanpowertech.com.