Ocean Power Technologies (NYSE American: OPTT) reports $44.8M FY26 loss, subsea tech deal
Rhea-AI Filing Summary
Ocean Power Technologies, Inc. acquired subsea intellectual property and developmental technology assets from Columbia Power Technologies, issuing 10,984,848 shares of common stock valued at $2.9 million based on a trailing 30‑day VWAP. The asset deal effective July 22, 2026 adds subsea power capability intended to extend the company’s operational infrastructure from the ocean surface to the seabed.
For the fiscal year ended April 30, 2026, revenue was $4.1 million versus $5.9 million a year earlier, with a gross loss of $8.1 million and an operating loss of $41.0 million. Net loss was $44.8 million compared with $21.5 million in fiscal 2025, and unrestricted cash, cash equivalents and short‑term investments totaled $8.7 million at year-end. Backlog reached a record $19.8 million, up 58% year over year, supported by an approximately $6.5 million multi‑PowerBuoy® U.S. Coast Guard contract and a sales pipeline of $142.3 million.
The company terminated its at‑the‑market equity sales agreement with Ladenburg Thalmann without penalties and reported $9.2 million of convertible notes payable and a $1.2 million derivative liability. Governance changes include appointing Rear Admiral Joseph A. “Digger” DiGuardo Jr. as Acting Chairman of the Board and the retirement of long‑time Chairman Terence J. Cryan.
Positive
- Backlog rose 58% to $19.8 million, a record level that improves visibility into future revenue, supported by the approximately $6.5 million U.S. Coast Guard multi-PowerBuoy® contract.
- The company reported a sizeable $142.3 million sales pipeline, indicating broad engagement across defense, security and commercial maritime markets.
- Ocean Power Technologies completed a strategic subsea technology acquisition for $2.9 million in stock, expanding its operational infrastructure portfolio from the surface to subsea missions.
Negative
- Fiscal 2026 net loss expanded to $44.8 million from $21.5 million, with a gross loss of $8.1 million and operating loss of $41.0 million.
- Current liabilities increased sharply to $27.5 million, including $9.2 million of convertible notes payable and $6.4 million of current contract liabilities, while shareholders’ equity fell to $10.7 million.
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8-K Event Classification
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At Market Issuance Sales Agreement financial
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Item 1.01 Entry into a Material Definitive Agreement.
On July 22, 2026, Ocean Power Technologies, Inc. (the “Company”) entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Columbia Power Technologies, Inc. (the “Seller”) pursuant to which the Company acquired from the Seller certain of its intellectual property assets. Seller is an ocean power company, tapping the ocean to supply cost-effective, dependable, and predictable energy generation systems for its customers. In consideration for the purchase, the Company issued 10,984,848 shares of its common stock to the Seller with an agreed value of $2,900,000 based on a trailing thirty day VWAP. The Asset Purchase Agreement includes a number of other standard representations, warranties, covenants and indemnification.
The foregoing description of the Asset Purchase Agreement is qualified in its entirety by reference to the text of the Asset Purchase Agreement, a copy of which the Company is filed herewith as Exhibit 10.1.
The Company issued a press release on July 23, 2026 announcing the entry into the Asset Purchase Agreement, a copy of which is filed herewith as Exhibit 99.1.
Item 1.02 Termination of a Material Definitive Agreement.
Effective July 22, 2026, the Company terminated its At Market Issuance Sales Agreement with Ladenburg Thalmann & Co. Inc. dated August 8, 2025. There were no penalties associated with the termination.
Item 2.02. Results of Operations and Financial Condition.
On July 23, 2026, the Company issued a press release announcing its financial results for its fiscal fourth quarter and fiscal year ended April 30, 2026. A copy of the press release is furnished as Exhibit 99.2 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information set forth in Item 2.02 and in the attached Exhibit 99.1 shall be deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 21, 2026, the Company appointed Rear Admiral Joseph A. “Digger” DiGuardo Jr. to the Board of Directors as Acting Chairman, effective immediately. He previously served as an advisory board member since 2024. There were no arrangements or understandings between Mr. DiGuardo and any other person pursuant to which he was appointed as a director, and there have been no transactions since the beginning of the Company’s last two fiscal years, nor are there any currently proposed transactions, regarding Mr. DiGuardo that are required to be disclosed by Item 404(a) of Regulation S-K. In addition, there are no family relationships between Mr. DiGuardo and any other director or executive officer. Mr. DiGuardo will also serve on the Board’s Quality Health and Safety Committee.
Mr. DiGuardo, age 58, is a highly accomplished senior executive leader with over three decades of distinguished service in national security, counterterrorism, and counter-proliferation. As a retired Rear Admiral in the U.S. Navy, Mr. DiGuardo culminated his military career leading the Navy Expeditionary Combat Command (NECC), overseeing 20,000 active and reserve personnel and a budget of $2.1B annually. His leadership spanned complex, high-risk operations, including special operations to Counter Weapons of Mass Destruction (CWMD) mission, Counter Terrorism, Navy Expeditionary Operations and Fleet support worldwide. Prior to that he was the Director, U.S. Special Operations Command (USSOCOM J10) Countering Weapons of Mass Destruction (CWMD) Directorate and the DoD CWMD Coordinating Authority with responsibility to plan, assess, and recommend global CWMD priorities aligned to National Defense Strategy and coordinate with U.S. Government and Foreign Agencies to disrupt state and non- state proliferation and terrorism.
Currently, Mr. DiGuardo is the Principal of DiggerWorks Consulting, where he advises clients and Boards of Directors on National Security Strategy and Policy, Unmanned Systems, Technology Integration, Counter WMD, Counter Proliferation/Non Proliferation and U.S. Government priorities. He is an Executive Director at the Nevada National Security Sites (NNSS), a National Laboratory under the Department of Energy. He also serves as a Fellow at the American College of National Security Leaders (ACNSL), responding to questions directly from the National Security Council (NSC) and is the Warfare Chair of the Undersea Warfare Academic Group at the Naval Postgraduate School, further contributing to national security thought leadership and academia.
On July 20, 2026, Terence J. Cryan notified the Company’s Board of Directors of his decision to retire from the Company’s Board of Directors, effective immediately. Mr. Cryan’s resignation was not the result of any disagreement with management or the Company. The Board and the Company are grateful for Mr. Cryan’s dedication and contributions to the Company during his 14 year tenure as Chairman of the Board and a director.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| *10.1 | Asset Purchase Agreement between Ocean Power Technologies, Inc. and Columbia Power Technologies, Inc. dated July 22, 2026. | |
| *99.1 | Press Release issued by Ocean Power Technologies, Inc., dated July 23, 2026. | |
| *99.2 | Press Released issued by Ocean Power Technologies, Inc., dated July 23, 2026. | |
| 104 | Cover Page Interactive Data file (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Ocean Power Technologies, Inc. | |
| Dated: July 23, 2026 | /s/ Philipp Stratmann |
| Philipp Stratmann | |
| President and Chief Executive Officer |
Exhibit 99.1
Ocean Power Technologies Acquires Strategic Subsea Technology to Expand Operational Infrastructure Supporting Maritime Dominance
Transaction Extends Company’s Operational Infrastructure Offering to the Subsea Market
MONROE TOWNSHIP, N.J., July 23, 2026 – Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE American: OPTT), today announced the acquisition of strategic subsea developmental technology assets from Columbia Power Technologies, Inc., expanding the potential of the Company’s operational infrastructure portfolio to extend its capabilities from the ocean surface to the seabed.
The acquisition strengthens OPT’s position as a provider of persistent operational infrastructure supporting autonomous maritime operations.
The acquired intellectual property and engineering portfolio complements the Company’s existing capabilities in offshore power, autonomous surface vehicles, maritime sensing, communications and AI-enabled software while adding an innovative subsea power capability designed to enable persistent underwater operations. Together, these technologies create a potentially more comprehensive operational infrastructure platform capable of supporting missions across the maritime domain.
“The future of maritime operations will depend on resilient, persistent operational infrastructure that supports autonomous systems above and below the surface,” said Philipp Stratmann, President and Chief Executive Officer of Ocean Power Technologies. “This acquisition expands our technology portfolio with an innovative subsea capability that complements our existing solutions and reinforces our strategy to deliver operational infrastructure across the maritime domain for defense, security and commercial customers.”
The acquisition potentially expands OPT’s ability to address evolving requirements for persistent underwater operations, including resident autonomous systems, subsea sensing, distributed communications, underwater vehicle support and long-duration maritime missions. The acquired capability positions OPT to enhance its portfolio of operational infrastructure technologies and provides a foundation for supporting future customer requirements in both defense and commercial maritime markets.
The transaction has been structured as an asset acquisition, securing ownership of strategic intellectual property and technical capabilities while preserving financial flexibility.
In addition to expanding OPT’s technology portfolio, the acquisition includes developmental work and early customer engagement that can accelerate commercialization, reduce development risk and shorten the Company’s path to market for future subsea solutions.
The transaction closed effective, July 22, 2026.
For additional information about OPT, please visit our website Ocean Power Technologies.
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® unmanned surface vessels (USVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey, with an additional office in Richmond, California. To learn more about OPT’s groundbreaking products, services and solutions, 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, including the integration and deployment of the strategic subsea developmental technology assets from Columbia Power Technologies, Inc., the delivery of customer services, the conversion of potential customers to contracts and the realization of the potential revenue thereunder. 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. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
Contact Information
Investors: 203-561-6945 or investorrelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
Exhibit 99.2
Ocean Power Technologies Announces Fourth Quarter and Full Year Fiscal 2026 Results
Fiscal 2026 Marks Company’s Transformation into an Operational Defense Technology Provider Through Historic Coast Guard Deployment, Record Backlog and Global Defense Expansion
Largest deployment and recurring revenue contract in Company history positions OPT for long-term growth
MONROE TOWNSHIP, N.J., July 23, 2026 (GLOBE NEWSWIRE) – Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), today announced financial results for its fiscal fourth quarter (“4Q26”) and full-year ended April 30, 2026 (“FY26”).
Fiscal 2026 Strategic Highlights
Fiscal 2026 represented a transformational year for Ocean Power Technologies as the Company continued its evolution into an operational provider of AI-enabled maritime infrastructure supporting defense, security and commercial customers worldwide.
During the year, the Company:
| ● | Secured the largest deployment and largest recurring revenue contract in Company history, an approximately $6.5 million multi-PowerBuoy® maritime domain awareness program supporting the U.S. Coast Guard. | |
| ● | Transitioned from technology demonstrations to operational deployment, integrating OPT’s PowerBuoy®, Merrows® AI platform and autonomous technologies into an active maritime security mission alongside premier defense partners, including Anduril. | |
| ● | Built a record backlog of $19.8 million, an increase of 58% over the prior year, providing significantly improved visibility into future revenue. | |
| ● | Expanded internationally, growing customer deployments and strategic relationships throughout Europe while increasing engagement with allied governments and defense organizations. | |
| ● | Reorganized the Company’s sales, technology and innovation, and operations functions to create a unified dual-use solutions organization with a primary focus on defense and security markets, while maintaining the ability to commercialize innovations across adjacent maritime applications. | |
| ● | Invested in the people, operational capabilities and infrastructure necessary to execute larger programs, support recurring revenue contracts and scale the business for future growth. |
Management Commentary – Dr. Philipp Stratmann, OPT’s President and Chief Executive Officer
“Fiscal 2026 fundamentally changed Ocean Power Technologies,” said Philipp Stratmann, President and Chief Executive Officer. “We secured the largest deployment and recurring revenue contract in our history, built a record backlog, expanded internationally, and demonstrated that our technologies can support operational missions alongside premier defense partners. These achievements mark our evolution from a technology developer into an operational provider of AI-enabled maritime infrastructure. During the year, we also invested in the people and capabilities needed to support larger deployments and recurring revenue programs. Our landmark Coast Guard deployment required significant upfront deployment and integration activities, while recurring services revenue from that contract will be recognized over time. We believe Fiscal 2026 established the operational foundation for long-term growth, and Fiscal 2027 is about executing against that platform.”
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FY26 FINANCIAL HIGHLIGHTS
Fiscal 2026 financial results reflect both the timing of customer deployments and the Company’s continued investment in building the operational capabilities required to support larger autonomous maritime programs.
The Company’s landmark U.S. Coast Guard deployment required substantial upfront engineering, mobilization and integration activities, while a meaningful portion of the associated contract value will be recognized over time through recurring services revenue. Management believes this revenue profile is characteristic of the long-term recurring business model the Company continues to develop.
Financial highlights include:
| ● | Backlog increased 58% to a record $19.8 million, compared to $12.5 million at April 30, 2025. | |
| ● | Sales pipeline increased to $142.3 million, reflecting continued demand across defense, security and commercial markets. | |
| ● | Revenue for Fiscal 2026 was $4.1 million. | |
| ● | Gross loss reflected investments in strategic customer programs, including certain contracts accepted to establish long-term customer relationships and larger future opportunities. | |
| ● | Operating expenses included continued investment in personnel, technology development and operational infrastructure, as well as approximately $9.5 million of non-cash stock-based compensation. | |
| ● | Combined unrestricted cash, cash equivalents and short-term investments totaled $8.7 million at April 30, 2026. |
Looking Ahead
Management enters Fiscal 2027 focused on executing against the operational platform established during Fiscal 2026. Key priorities include:
| ● | Successfully executing the U.S. Coast Guard deployment, including ongoing operational and recurring service delivery. | |
| ● | Converting record backlog into revenue. | |
| ● | Expanding recurring services revenue. | |
| ● | Converting the Company’s growing defense pipeline into additional contract awards. | |
| ● | Building upon strategic relationships with U.S. Government agencies, allied nations and leading defense contractors. | |
| ● | Continuing disciplined execution while scaling the business to support increasing demand for AI-enabled maritime autonomy. |
Conference Call & Webcast
As previously announced, a conference call to discuss OPT’s financial results will be held tomorrow morning, Friday, July 24, 2026, at 9:00 a.m. Eastern time. Philipp Stratmann, CEO, and Bob Powers, CFO will host the call.
| a. | The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345. | |
| b. | Live webcast: FY2026 Q4 and 10k Earnings Conference Call | |
| c. | Call Replay: Will be available by telephone approximately two hours after the call’s completion until August 26, 2024. You may access the replay by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID 13761851. | |
| d. | Webcast Replay: The archived webcast will also be available on the OPT investor relations section of its website. |
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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 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 (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
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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 | 716 | 1,088 | ||||||
| Inventory | 3,884 | 4,222 | ||||||
| Other current assets | 2,343 | 400 | ||||||
| Total current assets | $ | 16,403 | $ | 13,616 | ||||
| Property and equipment, net | 11,093 | 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 | $ | 41,276 | $ | 30,793 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,366 | $ | 568 | ||||
| Earn out payable | 150 | 300 | ||||||
| Convertible notes payable | 9,217 | — | ||||||
| Derivative liability | 1,166 | — | ||||||
| Accrued expenses | 4,972 | 1,271 | ||||||
| Contract liabilities, current | 6,390 | — | ||||||
| Right-of-use liabilities, current portion | 1,202 | 1,150 | ||||||
| Total current liabilities | $ | 27,463 | $ | 3,289 | ||||
| Deferred tax liability | 203 | 203 | ||||||
| Contract liabilities, long term | 2,077 | — | ||||||
| Right-of-use liabilities, less current portion | 837 | 649 | ||||||
| Total liabilities | $ | 30,580 | $ | 4,141 | ||||
| Commitments and contingencies | ||||||||
| Shareholders’ Equity: | ||||||||
| Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding | $ | — | $ | — | ||||
| Common stock, $0.001 par value; authorized 400,000,000 and 300,000,000 shares, respectively, issued 231,145,998 and 172,050,563 shares, respectively, and outstanding 228,460,085 and 171,263,086 shares, respectively | 231 | 172 | ||||||
| Treasury stock, at cost; 2,685,913 and 787,477 shares, respectively | (1,825 | ) | (1,018 | ) | ||||
| Additional paid-in capital | 386,204 | 356,588 | ||||||
| Accumulated deficit | (373,914 | ) | (329,090 | ) | ||||
| Accumulated other comprehensive loss | — | — | ||||||
| Total shareholders’ equity | 10,696 | 26,652 | ||||||
| Total liabilities and shareholders’ equity | $ | 41,276 | $ | 30,793 | ||||
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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 | $ | 3,502 | $ | 5,408 | ||||
| Lease revenue | 574 | 453 | ||||||
| Total revenue | 4,076 | 5,861 | ||||||
| Cost of revenue | 12,211 | 4,201 | ||||||
| Gross margin | (8,135 | ) | 1,660 | |||||
| Operating expenses | 32,818 | 23,346 | ||||||
| Operating loss | $ | (40,953 | ) | $ | (21,686 | ) | ||
| Interest (expense)/income, net | (2,778 | ) | 47 | |||||
| Other expense | (40 | ) | (23 | ) | ||||
| Change in fair value of derivative | 150 | — | ||||||
| Loss on extinguishment of debt | (1,190 | ) | (838 | ) | ||||
| Foreign exchange loss | (13 | ) | (45 | ) | ||||
| Loss before income taxes | $ | (44,824 | ) | $ | (22,545 | ) | ||
| Income tax benefit | — | 1,034 | ||||||
| Net loss | $ | (44,824 | ) | $ | (21,511 | ) | ||
| Basic and diluted net loss per share | $ | (0.23 | ) | $ | (0.17 | ) | ||
| Weighted average shares used to compute basic and diluted net loss per share | 194,349,416 | 126,913,998 | ||||||
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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 | $ | (44,824 | ) | $ | (21,511 | ) | ||
| 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 | ||||||
| Share-based compensation | 9,488 | 4,603 | ||||||
| Change in fair value of derivative | (150 | ) | — | |||||
| Loss on extinguishment of debt | 1,190 | 838 | ||||||
| Loss on disposal of property and equipment | — | 111 | ||||||
| Changes in operating assets and liabilities, net of acquisitions: | ||||||||
| Accounts receivable | 604 | (395 | ) | |||||
| Contract assets | 372 | (1,070 | ) | |||||
| Inventory | (4,197 | ) | 230 | |||||
| Other assets | (1,943 | ) | 1,347 | |||||
| Accounts payable | 3,798 | (2,798 | ) | |||||
| Accrued expenses | 3,701 | (515 | ) | |||||
| Earn out payable | (150 | ) | (200 | ) | ||||
| Right-of-use liabilities | (1,036 | ) | (773 | ) | ||||
| Contract liabilities | 8,467 | (302 | ) | |||||
| Net cash used in operating activities | $ | (22,710 | ) | $ | (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 | ) | ||
| Proceeds from convertible notes | 21,938 | 3,173 | ||||||
| Proceeds from issuance of common stock - At The Market offering, net of issuance costs | 7,591 | 17,729 | ||||||
| Proceeds from issuance of common stock - Capital Raise, net of issuance costs | — | 2,450 | ||||||
| Net cash provided by financing activities | $ | 28,722 | $ | 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 | 12,595 | 15 | ||||||
| Operating right of use asset obtained in exchange for operating lease liability | $ | 1,276 | $ | — | ||||
See accompanying notes to the consolidated financial statements
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