Transitioned from a wave-energy focused R&D firm to a full-service maritime domain awareness provider offering autonomous surface and subsea platforms.

Achieved a record $12.5 million funded backlog driven by multi-quarter fulfillment of international defense and commercial contracts in Latin America and the Middle East.

Secured a U.S. Department of Defense Facility Security Clearance at the Secret level, enabling the company to compete for high-value classified programs previously inaccessible.

Implemented a disciplined operating model that reduced operating expenses by 27% through headcount optimization and tighter expense controls while growing revenue.

Redesigned the sales organization under new leadership to focus on mission alignment and procurement realities rather than simple transactions.

Attained ISO 9001 certification to meet prerequisite requirements for long-term engagements with large-scale procurement teams and improve repeatable manufacturing.

Attributed fiscal 2025 revenue shortfalls to defense procurement delays caused by election-related uncertainty and the pending U.S. administration transition.

Anticipates a step function in execution for fiscal 2026 as the company converts its record backlog into deliveries and expands international operations.

Focusing on reducing customer acquisition costs by emphasizing repeatable sales and expanding the dedicated demonstration fleet to accelerate deal closures.

Expects an uptick in gross margins driven by a shift from large-scale demonstration efforts toward operational use and high-margin recurring service revenues.

Leveraging a $10 million unsecured debt financing secured post-year-end to provide the liquidity necessary to scale operations and pursue near-term profitability.

Assumes increased pipeline conversion rates as key appointees in the current U.S. administration take office and maritime autonomy demand accelerates.

Operating loss improved by 22% to $21.5 million, though the company missed its Q4 calendar 2025 profitability target due to macroeconomic volatility.

Net cash used in operating activities improved by 38%, despite being partially offset by final payouts for prior-year bonuses and earn-outs.

Identified election-related uncertainty as a specific headwind that slowed pipeline conversion in the defense sector during the fiscal year.

Expanded the global footprint into NATO-aligned Latin American and Middle Eastern markets to diversify revenue away from domestic volatility.

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Management defines the pipeline as qualified opportunities under active negotiation, now managed by a retooled commercial team led by a retired Navy captain.

Confidence in higher conversion rates is tied to the stabilization of the U.S. administration and global recognition of hybrid unmanned fleets.

The company utilizes a 60,000 square foot facility in New Jersey and a prototyping site in California, both recently redesigned for faster scaling.

Scaling strategy is designed to be working-capital conscious, avoiding heavy inventory front-loading until conversion is required.

The $12.5 million backlog is healthily split between buoys, vehicles, and associated services like training.

Gross margins are expected to improve as the revenue mix shifts from one-time demonstration projects to recurring, high-margin service contracts.

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