Philipp Stratmann
CEO, President & Director
[Audio Gap] We continue to advance customer engagement. We conducted demonstrations in Latin America and the UAE with both defense and commercial customers. These demonstrations validated system performance in real-world operating environments and have opened additional avenues for follow-on work. Our international presence has become an increasingly important contributor to pipeline quality and customer diversification. Operationally, we maintained steady OMV deliveries, advanced PowerBuoy readiness
for national security and border-related missions and supported customer-driven trials and integration activities.
To ensure we can meet rising demand and execute larger programs, we reorganized our delivery and internal R&D teams. The intent is to strengthen coordination, improve platform readiness and ensure scalability as opportunities grow in size and complexity. Taken together, the progress across backlog, pipeline expansion, government engagement and international demonstrations reflect the business building capability and customer confidence.
Our focus remains consistent: deliver reliable systems, support our customers’ missions and position the company for the opportunities we see developing across our core markets.
With that, I’ll turn it over to Bob to discuss backlog in more detail and review the quarter’s financial results.
Robert Powers
Senior VP, CFO & Treasurer
Thanks, Philipp. I’ll begin with backlog, which provides the clearest view of future revenue. As Philipp mentioned, backlog at October 31 was approximately $15 million, an increase of $11.2 million from the same period last year. This reflects conversion of opportunities across defense, government security, offshore energy and commercial applications. Our pipeline ended the quarter at $137.5 million, up $53.2 million year-over-year. The pipeline includes larger and more strategic opportunities, including multi-vehicle ASV programs, integrated buoy and ASV surveillance solutions
