Ocean Power Technologies — Fiscal 2026 Earnings Summary

Financial Performance

• Total revenue for the fiscal year ended April 30, 2026, was revised down to $3.7 million from a previously reported $4.1 million, compared to $5.9 million in fiscal 2025.
• Product and service revenue was $3.1 million in fiscal 2026, down from $5.4 million in fiscal 2025.
• Lease revenue was $0.6 million in fiscal 2026, up from $0.5 million in fiscal 2025.
• Gross loss was revised down to $5.9 million from a previously reported $8.1 million, compared to a gross profit of $1.7 million in fiscal 2025.
• Operating expenses increased to $32.4 million in fiscal 2026 from $23.3 million in fiscal 2025.
• Operating loss was revised down to $38.4 million from a previously reported $39.9 million, compared to an operating loss of $21.7 million in fiscal 2025.
• Net loss increased to $48.9 million for fiscal 2026 from $24.5 million in fiscal 2025.
• Net loss per share was $0.25 for fiscal 2026, compared to $0.19 in fiscal 2025.
• Net cash used in operating activities was $20.8 million for fiscal 2026, compared to $18.6 million in fiscal 2025.
• Net cash used in investing activities was $4.0 million for fiscal 2026, compared to $0.5 million in fiscal 2025.
• Net cash provided by financing activities was $26.8 million for fiscal 2026, compared to $22.7 million in fiscal 2025.
• Cash and cash equivalents increased to $8.7 million at April 30, 2026, from $6.7 million at April 30, 2025.
• Total assets increased to $39.9 million at April 30, 2026, from $30.8 million at April 30, 2025.
• Total liabilities increased to $27.4 million at April 30, 2026, from $4.1 million at April 30, 2025.
• Shareholders' equity decreased to $12.5 million at April 30, 2026, from $26.7 million at April 30, 2025.
• Convertible notes payable increased to $10.4 million at April 30, 2026, from $0 in fiscal 2025.
• Contract liabilities (deferred revenue) increased to $6.0 million at April 30, 2026, from $0 in fiscal 2025.

Business Segments and Product Lines

• The company provides intelligent maritime solutions for defense, oil and gas, science and research, and offshore wind markets.
• Key offerings include Merrows™ (AI-enabled Maritime Domain Awareness Systems), PowerBuoy® platforms, and WAM-V® autonomous surface vessels (ASVs).

Other Key Points

• The company revised its accounting treatment for certain revenue, costs, and other matters following additional audit procedures and consultation with its independent registered public accounting firm.
• The revisions do not reflect changes in underlying business activities, do not impact cash or cash flows, and do not change customer contract terms or contractual rights.
• Net loss for fiscal 2025 also increased by approximately $3.0 million due to the recognition of a loss on changes in fair value of a financial instrument.
• Proceeds from convertible notes were $26.5 million in fiscal 2026, compared to $3.2 million in fiscal 2025.
• Proceeds from the issuance of common stock via At The Market offering were $7.6 million in fiscal 2026, compared to $17.7 million in fiscal 2025.
• Common stock issued related to the conversion of convertible debt was $18.4 million in fiscal 2026, compared to $3.0 million in fiscal 2025.
• Share-based compensation increased to $9.5 million in fiscal 2026 from $4.6 million in fiscal 2025.
• The company has an office in Monroe Township, New Jersey, and an additional office in Richmond, California.