$OPTT

Ocean Power Technologies, Inc.

CIK:0001378140|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Total revenue	$ 1,703	$ 1,182
Cost of revenues	4,534	1,205
Gross margin	(2,831)	(23)
Operating expenses	12,246	7,055
Operating loss	(15,077)	(7,078)
Interest income/(expense), net	(373)	(310)
Change in fair value of derivative	4,912
Foreign exchange loss	1
Loss before income taxes	(10,537)	(7,388)
Income tax benefit
Net loss	$ (10,537)	$ (7,388)
Basic net loss per share	$ (1.28)	$ (1.28)
Diluted net loss per share	$ (1.28)	$ (1.28)
Weighted average shares used to compute basic net loss per common share	8,236,617	5,765,639
Weighted average shares used to compute diluted net loss per common share	8,236,617	5,765,639
Product & service revenue [Member]
Total revenue	$ 1,046	$ 1,115
Lease revenue [Member]
Total revenue	$ 657	$ 67

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Cash flows from operating activities:
Net loss	$ (10,537,000)	$ (7,388,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of fixed assets	286,000	194,000
Foreign exchange loss
Non-cash payment for asset acquisition	1,991,000
Amortization of intangible assets	33,000	34,000
Amortization of right of use asset	273,000	231,000
Share-based compensation	1,829,000	2,399,000
Change in fair value of derivative	(4,912,000)
Loss on disposition of assets	769,000
Changes in operating assets and liabilities:
Accounts receivable	(662,000)	(1,016,000)
Contract assets	321,000	533,000
Inventory	(1,837,000)	(643,000)
Right-of-use asset		(66,000)
Other assets	797,000	(493,000)
Accounts payable	2,360,000	715,000
Earnout payable	(100,000)	(50,000)
Accrued expenses	376,000	22,000
Right-of-use liabilities	(289,000)	(212,000)
Contract liabilities	(938,000)	135,000
Net cash used in operating activities	(10,240,000)	(5,605,000)
Cash flows from investing activities:
Purchases of property and equipment	(124,000)	(1,453,000)
Net cash used in investing activities	(124,000)	(1,453,000)
Cash flows from financing activities:
Proceeds from convertible notes		9,866,000
Repayment of convertible notes	(2,356,000)
Proceeds from issuance of common stock – Capital Raise - Warrants, net of issuance costs	9,952,000
Proceeds from issuance of common stock - At The Market offering, net of issuance costs	1,405,000	337,000
Net cash provided by financing activities	9,001,000	10,203,000
Net increase in cash, cash equivalents and restricted cash	(1,363,000)	3,145,000
Cash, cash equivalents and restricted cash, beginning of period	8,873,000	6,869,000
Cash, cash equivalents and restricted cash, end of period	7,510,000	10,014,000
Supplemental disclosure of noncash investing and financing activities:
Common stock issued related to conversion of convertible debt		$ 2,060,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2026	Apr. 30, 2026
Current assets:
Cash and cash equivalents	$ 7,356	$ 8,719
Restricted cash, short-term	154	154
Accounts receivable, net	1,249	587
Contract assets	269	590
Inventory	4,552	3,190
Other current assets	1,852	2,648
Total current assets	15,432	15,888
Property and equipment, net	9,798	10,255
Intangibles, net	3,324	3,357
Right-of-use assets, net	1,614	1,886
Goodwill	8,537	8,537
Total assets	38,705	39,923
Current liabilities:
Accounts payable	6,726	4,366
Earn out payable	50	150
Convertible notes payable (Note 13)	8,068	10,428
Warrant liability	3,756
Accrued expenses	4,608	4,232
Contract liabilities, current	5,091	6,029
Right-of-use liabilities, current portion	1,228	1,202
Total current liabilities	29,527	26,407
Deferred tax liability	203	203
Right-of-use liabilities, less current portion	522	837
Total liabilities	30,252	27,447
Commitments and contingencies (Note 14)
Shareholders’ Equity:
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding; 100,000 designated as Series A
Common stock, $0.001 par value; authorized 400,000,000 shares, issued 9,094,159 shares and 7,704,867 shares, respectively; outstanding 9,004,628 shares and 7,615,336 shares, respectively	273	231
Treasury stock, at cost; 89,531 and 89,531 shares, respectively	(1,825)	(1,825)
Additional paid-in capital	401,503	395,031
Accumulated deficit	(391,498)	(380,961)
Accumulated other comprehensive loss
Total shareholders’ equity	8,453	12,476
Total liabilities and shareholders’ equity	$ 38,705	$ 39,923