Ocean Power Technologies Provides Update to Previously Announced Preliminary Fiscal 2026 Financial Results
Rhea-AI Summary
Ocean Power Technologies (NYSE American: OPTT) updated its preliminary fiscal 2026 results after additional audit work and consultation with its auditor’s National Office. The revised accounting treatment reduced fiscal 2026 revenue by about $0.4 million to $3.7 million, decreased gross loss by $2.2 million to $5.9 million, and lowered operating loss by $1.5 million, while increasing net loss by $5.2 million to $48.9 million. Net loss for fiscal 2025 was also revised higher by about $3.0 million due to a change in fair value of a financial instrument.
According to the company, these revisions are accounting-driven only, with no effect on cash, cash flows, or customer contract terms. As of April 30, 2026, OPT reported $8.7 million in cash and equivalents, $27.4 million in total liabilities (including $10.4 million of convertible notes and $6.0 million of current contract liabilities), and $12.5 million of shareholders’ equity.
Positive
- Gross loss reduced by $2.2 million versus preliminary to $5.9 million
- Operating loss reduced by approximately $1.5 million versus preliminary figures
- Cash and equivalents increased to $8.7 million from $6.9 million year over year
- Financing inflows included $26.5 million from convertible notes and $7.6 million ATM equity
- Contract liabilities rose to $6.0 million current at April 30, 2026
Negative
- Total revenue declined to $3.7 million from $5.9 million year over year
- Net loss increased to $48.9 million from $24.5 million year over year
- Operating expenses rose to $32.4 million from $23.3 million
- Total liabilities surged to $27.4 million from $4.1 million, including new debt
- Shareholders’ equity fell to $12.5 million from $26.7 million
- Share-based compensation expense increased to $9.5 million from $4.6 million
News Explained
The audit update is now followed by the company’s
Sources and calculations
- Ocean Power Technologies fiscal 2026 financial results update (2026-08-19)
- Ocean Power Technologies Form 10-K (2026-08-19)
- Form 10-K purpose (current)
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 24 | FY25 earnings results | Positive | -14.8% | Record backlog, revenue growth, lower operating expenses, and higher year-end cash |
| Mar 18 | Q3 FY25 earnings | Neutral | -17.9% | Revenue declined, but operating expenses and cash used in operations also decreased |
| Dec 16 | Q2 FY25 earnings | Positive | -9.9% | Revenue increased, net loss narrowed, and strategic purchase commitments expanded |
| Dec 02 | Preliminary Q2 earnings | Positive | -47.1% | Preliminary revenue rose while net loss, operating expenses, and cash use declined |
| Sep 16 | Q1 FY25 earnings | Positive | -24.0% | Operating expenses and net loss decreased while backlog and pipeline reached records |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The five tag-specific earnings events all had negative 24-hour reactions, averaging -22.76%, despite generally positive operating updates.
Key Terms
fair value financial
financial instrument financial
convertible notes payable financial
at the market offering financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
MONROE TOWNSHIP, N.J., Aug. 19, 2026 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or the "Company") (NYSE American: OPTT), a leader in maritime operational infrastructure, autonomous ocean systems, and AI-enabled maritime intelligence solutions, today provided an update to the preliminary financial results previously announced on July 23, 2026.
Following completion of additional audit procedures and consultation with the National Office of the Company's independent registered public accounting firm, the Company revised its accounting treatment with respect to certain revenue, costs and other accounting matters identified in connection with the completion of the audit. As a result, certain previously reported preliminary financial results have been updated.
The revisions for the fiscal year ended April 30, 2026 decrease revenue by approximately
Importantly:
- The revisions result from changes in accounting treatment and do not reflect changes in the Company's underlying business activities.
- The revisions have no impact on the Company's cash or cash flows.
- The revisions do not change the terms of the Company's customer contracts or the Company's contractual rights and obligations.
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.
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 that will be 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 (https://investors.oceanpowertechnologies.com/).
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 thousands, except share data) | ||||||||
| April 30, 2026 | April 30, 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 8,719 | $ | 6,715 | ||||
| Restricted cash, short-term | 154 | — | ||||||
| Accounts receivable, net | 587 | 1,191 | ||||||
| Contract assets | 590 | 1,088 | ||||||
| Inventory | 3,190 | 4,222 | ||||||
| Other current assets | 2,648 | 400 | ||||||
| Total current assets | $ | 15,888 | $ | 13,616 | ||||
| Property and equipment, net | 10,255 | 3,444 | ||||||
| Intangibles, net | 3,357 | 3,490 | ||||||
| Right-of-use assets, net | 1,886 | 1,552 | ||||||
| Restricted cash, long-term | — | 154 | ||||||
| Goodwill | 8,537 | 8,537 | ||||||
| Total assets | $ | 39,923 | $ | 30,793 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,366 | $ | 568 | ||||
| Earn out payable | 150 | 300 | ||||||
| Convertible notes payable (Note 13) | 10,428 | — | ||||||
| Accrued expenses | 4,232 | 1,271 | ||||||
| Contract liabilities, current | 6,029 | — | ||||||
| Right-of-use liabilities, current portion | 1,202 | 1,150 | ||||||
| Total current liabilities | $ | 26,407 | $ | 3,289 | ||||
| Deferred tax liability | 203 | 203 | ||||||
| Right-of-use liabilities, less current portion | 837 | 649 | ||||||
| Total liabilities | $ | 27,447 | $ | 4,141 | ||||
| Commitments and contingencies (Note 15) | ||||||||
| Shareholders’ Equity: | ||||||||
| Preferred stock, | $ | — | $ | — | ||||
| Common stock, | 231 | 172 | ||||||
| Treasury stock, at cost; 2,685,913 and 787,477 shares, respectively | (1,825 | ) | (1,018 | ) | ||||
| Additional paid-in capital | 395,031 | 359,544 | ||||||
| Accumulated deficit | (380,961 | ) | (332,046 | ) | ||||
| Accumulated other comprehensive loss | — | — | ||||||
| Total shareholders’ equity | 12,476 | 26,652 | ||||||
| Total liabilities and shareholders’ equity | $ | 39,923 | $ | 30,793 | ||||
| Ocean Power Technologies, Inc. and Subsidiaries Consolidated Statements of Operations (in thousands, except per share data) | ||||||||
| Fiscal year ended April 30, | ||||||||
| 2026 | 2025 | |||||||
| Product & service revenue | $ | 3,098 | $ | 5,408 | ||||
| Lease revenue | 639 | 453 | ||||||
| Total revenue | 3,737 | 5,861 | ||||||
| Cost of revenue | 9,658 | 4,201 | ||||||
| Gross margin | (5,921 | ) | 1,660 | |||||
| Operating expenses | 32,442 | 23,346 | ||||||
| Operating loss | $ | (38,363 | ) | $ | (21,686 | ) | ||
| Interest (expense)/income, net | (2,785 | ) | 47 | |||||
| Other expense | (878 | ) | (23 | ) | ||||
| Change in fair value of financial instrument | (5,690 | ) | (2,956 | ) | ||||
| Loss on extinguishment of debt | (1,186 | ) | (838 | ) | ||||
| Foreign exchange loss | (13 | ) | (45 | ) | ||||
| Loss before income taxes | $ | (48,915 | ) | $ | (25,500 | ) | ||
| Income tax benefit | — | 1,034 | ||||||
| Net loss | $ | (48,915 | ) | $ | (24,466 | ) | ||
| Basic and diluted net loss per share | $ | (0.25 | ) | $ | (0.19 | ) | ||
| Weighted average shares used to compute basic and diluted net loss per share | 194,349,416 | 126,913,998 | ||||||
| OCEAN POWER TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) | ||||||||
| Fiscal year ended April 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (48.915 | ) | $ | (24,466 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Foreign exchange loss | — | 45 | ||||||
| Depreciation of fixed assets | 895 | 771 | ||||||
| Amortization of intangible assets | 133 | 132 | ||||||
| Amortization of right-of-use assets | 942 | 853 | ||||||
| Amortization of debt issuance costs | 595 | — | ||||||
| Share-based compensation | 9,488 | 4,603 | ||||||
| Change in fair value of financial instrument | 5,690 | 2,956 | ||||||
| Loss on extinguishment of debt | 1,186 | 838 | ||||||
| Loss on disposal of property and equipment | — | 111 | ||||||
| Non-cash interest settled through share conversions | 1,495 | — | ||||||
| Impairment of fixed assets | 838 | — | ||||||
| Credit loss expense | 933 | 100 | ||||||
| Inventory net realizable value adjustment | 745 | — | ||||||
| Changes in operating assets and liabilities, net of acquisitions: | ||||||||
| Accounts receivable | (328 | ) | (395 | ) | ||||
| Contract assets | 498 | (1,070 | ) | |||||
| Inventory | (4,249 | ) | 130 | |||||
| Other assets | (2,323 | ) | 1,347 | |||||
| Accounts payable | 3,799 | (2,798 | ) | |||||
| Accrued expenses | 2,961 | (515 | ) | |||||
| Earn out payable | (150 | ) | (200 | ) | ||||
| Right-of-use liabilities | (1,036 | ) | (773 | ) | ||||
| Contract liabilities | 6,029 | (302 | ) | |||||
| Net cash used in operating activities | $ | (20,775 | ) | $ | (18,634 | ) | ||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (4,008 | ) | (505 | ) | ||||
| Net cash used in investing activities | $ | (4,008 | ) | $ | (505 | ) | ||
| Cash flows from financing activities: | ||||||||
| Cash paid for tax withholding related to shares withheld | $ | (807 | ) | $ | (649 | ) | ||
| Payment of debt issuance costs | (524 | ) | — | |||||
| Proceeds from convertible notes | 26,500 | 3,173 | ||||||
| Payment on convertible notes | (5,974 | ) | — | |||||
| Proceeds from issuance of common stock - At The Market offering, net of issuance costs | 7,592 | 17,729 | ||||||
| Proceeds from issuance of common stock - Capital Raise, net of issuance costs | — | 2,450 | ||||||
| Net cash provided by financing activities | $ | 26,787 | $ | 22,703 | ||||
| Net increase in cash, cash equivalents and restricted cash | $ | 2,004 | $ | 3,564 | ||||
| Cash, cash equivalents and restricted cash, beginning of year | 6,869 | 3,305 | ||||||
| Cash, cash equivalents and restricted cash, end of year | $ | 8,873 | $ | 6,869 | ||||
| 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 | 18,432 | 2,956 | ||||||
| Operating right of use asset obtained in exchange for operating lease liability | $ | 1,276 | $ | — | ||||
