MONROE TOWNSHIP, N.J., Dec. 15, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for its fiscal second quarter (“2Q26”) ended October 31, 2025. Highlights include:
2Q26 RESULTS and RECENT HIGHLIGHTS
Strategic Partnerships:
Management Commentary – Dr. Philipp Stratmann, OPT's President and Chief Executive Officer
“Despite the federal government being shut down for nearly half of our fiscal quarter, we continued to expand our pipeline and strengthen our position across our key markets. With operations now fully reopened, we are confident in the conversion of that pipeline into backlog. We believe that the heightened focus on national security and the southern maritime border has accelerated customer urgency, and we have already begun ramping buoy readiness for expected deployments. Internationally, we completed critical demonstrations in Latin America and the UAE for both defense and commercial customers, and we maintained our vehicle production cadence, shipping a WAM-V roughly every two to three weeks to meet demo and milestone commitments. We are executing with intensity and positioning OPT for meaningful growth.”
FY26 Q2 and YEAR to DATE FINANCIAL HIGHLIGHTS
Balance Sheet and Cash Flows:
Conference Call & Webcast
As previously announced, a conference call to discuss OPT’s financial results will be Monday, December 15, 2025, at 9:00 a.m. Eastern time. Philipp Stratmann, CEO, and Bob Powers, CFO, will host the call.
About Ocean Power Technologies
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets including Merrows™, which provides AI-capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is located in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.
Non-GAAP Measures: Pipeline
Pipeline is not a term recognized under United States generally accepted accounting principles; however, it is a common measurement used in our industry. Our methodology for determining pipeline may not be comparable to the methodologies used by other companies. Pipeline is a representation of the journey potential customers take from the moment they become aware of our products and service to the moment they become a paying customer. The sales pipeline is divided into a series of phases, each representing a different milestone in the customer journey. It is a tool we use to track sales progress, identify potential roadblocks, and make data-driven decisions to improve our sales performance. Revenue estimates derived from our pipeline can be subject to change due to project accelerations, cancellations or delays due to various factors. These factors can also cause revenue amounts to be realized in periods and at levels different than originally projected.
Forward-Looking Statements
This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. Except as may be required by applicable law, the Company undertakes no, and expressly disclaims any, obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, circumstances or otherwise after the date of this press release, and you are cautioned not to rely upon them unduly,
Financial Tables Follow
Additional information may be found in the Company's Annual Report on Form 10-K for the year ended April 30, 2025 filed with the U.S. Securities and Exchange Commission. The Form 10-K is accessible at www.sec.gov or the Investor Relations section of the Company's website (www.OceanPowerTechnologies.com/investor-relations).
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
| Ocean Power Technologies, Inc. and Subsidiaries | ||||||||
| Consolidated Balance Sheets | ||||||||
| (in $000’s, except share data) | ||||||||
| October 31, 2025 | April 30, 2025 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 11,659 | $ | 6,715 | ||||
| Accounts receivable, net | 1,100 | 1,191 | ||||||
| Contract assets | 752 | 1,088 | ||||||
| Inventory | 4,694 | 4,222 | ||||||
| Other current assets | 722 | 400 | ||||||
| Total current assets | 18,927 | 13,616 | ||||||
| Property and equipment, net | 5,863 | 3,444 | ||||||
| Intangibles, net | 3,423 | 3,490 | ||||||
| Right-of-use assets, net | 2,414 | 1,552 | ||||||
| Restricted cash, long-term | 154 | 154 | ||||||
| Goodwill | 8,537 | 8,537 | ||||||
| Total assets | $ | 39,318 | $ | 30,793 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,436 | $ | 568 | ||||
| Earnout payable | 200 | 300 | ||||||
| Convertible notes payable (Note 13) | 10,251 | — | ||||||
| Derivative liability (Note 13) | 881 | — | ||||||
| Accrued expenses | 1,318 | 1,271 | ||||||
| Right-of-use liabilities, current portion | 1,140 | 1,150 | ||||||
| Contract liabilities | 135 | — | ||||||
| Total current liabilities | 15,361 | 3,289 | ||||||
| Deferred tax liability | 203 | 203 | ||||||
| Right-of-use liabilities, less current portion | 1,455 | 649 | ||||||
| Total liabilities | 17,019 | 4,141 | ||||||
| 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 300,000,000 shares, issued 189,777,289 shares and 189,050,563 shares outstanding, respectively; outstanding 188,989,809 shares and 171,263,086 shares, respectively | 190 | 172 | ||||||
| Treasury stock, at cost; 787,477 and 787,477 shares, respectively | (1,018 | ) | (1,018 | ) | ||||
| Additional paid-in capital | 370,429 | 356,588 | ||||||
| Accumulated deficit | (347,302 | ) | (329,090 | ) | ||||
| Accumulated other comprehensive loss | — | — | ||||||
| Total shareholders’ equity | 22,299 | 26,652 | ||||||
| Total liabilities and shareholders’ equity | $ | 39,318 | $ | 30,793 | ||||
| Ocean Power Technologies, Inc. and Subsidiaries | ||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||
| (in $000’s, except per share data) | ||||||||||||||||
| Unaudited | ||||||||||||||||
| Three months ended October 31, | Six months ended October 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 424 | $ | 2,418 | $ | 1,606 | $ | 3,719 | ||||||||
| Cost of revenues | 1,804 | 1,623 | 3,009 | 2,477 | ||||||||||||
| Gross margin | (1,380 | ) | 795 | (1,403 | ) | 1,242 | ||||||||||
| Operating expenses | 8,743 | 4,710 | 15,798 | 9,630 | ||||||||||||
| Operating loss | (10,123 | ) | (3,915 | ) | (17,201 | ) | (8,388 | ) | ||||||||
| Interest income/(expense), net | (564 | ) | 3 | (873 | ) | 7 | ||||||||||
| Other income/(expense) | (128 | ) | — | (128 | ) | 17 | ||||||||||
| Foreign exchange gain | (10 | ) | (1 | ) | (10 | ) | (1 | ) | ||||||||
| Loss before income taxes | (10,825 | ) | (3,913 | ) | (18,212 | ) | (8,365 | ) | ||||||||
| Income tax benefit | — | — | — | — | ||||||||||||
| Net loss | (10,825 | ) | (3,913 | ) | (18,212 | ) | (8,365 | ) | ||||||||
| Basic and diluted net loss per share | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.10 | ) | $ | (0.09 | ) | ||||
| Weighted average shares used to compute basic and diluted net loss per common share | 183,559,304 | 108,396,875 | 178,264,234 | 95,173,938 | ||||||||||||
| OCEAN POWER TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||
| Ocean Power Technologies, Inc. and Subsidiaries | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (in $000’s) | ||||||||
| Unaudited | ||||||||
| Six months ended October 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (18,212 | ) | $ | (8,365 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation of fixed assets | 398 | 456 | ||||||
| Foreign exchange loss | - | (1 | ) | |||||
| Loss on disposal of property and equipment | - | 111 | ||||||
| Amortization of intangible assets | 66 | 66 | ||||||
| Amortization of right of use asset | 414 | 418 | ||||||
| Share-based compensation | 5,191 | 551 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 91 | (989 | ) | |||||
| Contract assets | 336 | (68 | ) | |||||
| Inventory | (1,571 | ) | (231 | ) | ||||
| Other assets | (322 | ) | 1,064 | |||||
| Accounts payable | 871 | (3,015 | ) | |||||
| Earnout payable | (100 | ) | (100 | ) | ||||
| Accrued expenses | 47 | (359 | ) | |||||
| Right-of-use liabilities | (480 | ) | (245 | ) | ||||
| Contract liabilities | 135 | (183 | ) | |||||
| Net cash used in operating activities | $ | (13,136 | ) | $ | (10,890 | ) | ||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (1,719 | ) | (128 | ) | ||||
| Net cash used in investing activities | $ | (1,719 | ) | $ | (128 | ) | ||
| Cash flows from financing activities: | ||||||||
| Proceeds from convertible notes | $ | 16,845 | — | |||||
| Proceeds from issuance of common stock - Capital Raise, net of issuance costs | — | 2,451 | ||||||
| Proceeds from issuance of common stock - At The Market offering, net of issuance costs | 2,954 | $ | 7,508 | |||||
| Net cash provided by financing activities | $ | 19,799 | $ | 9,959 | ||||
| Net increase/(decrease) in cash, cash equivalents and restricted cash | $ | 4,944 | $ | (1,059 | ) | |||
| Cash, cash equivalents and restricted cash, beginning of period | $ | 6,869 | $ | 3,305 | ||||
| Cash, cash equivalents and restricted cash, end of period | $ | 11,813 | $ | 2,246 | ||||
| Supplemental disclosure of noncash investing and financing activities: | ||||||||
| Common stock issued related to bonus and earnout payments | $ | — | $ | 630 | ||||
| Common stock issued related to conversion of convertible debt | 5,775 | — | ||||||
| Operating right of use asset obtained in exchange for operating lease liability | 1,276 | — | ||||||
