--- title: "Ocean Power Technologies Provides Update to Previously Announced Preliminary Fiscal 2026 Financial Results | OPTT Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/296404371.md" description: "Ocean Power Technologies updated its preliminary fiscal 2026 financial results following audit procedures. Revenue decreased by $0.4 million to $3.7 million, while gross and operating losses were reduced. However, net loss increased by $5.2 million to $48.9 million due to accounting treatment changes and fair value adjustments. The company emphasized that these revisions do not reflect changes in underlying business activities, cash flows, or contractual obligations." datetime: "2026-08-19T13:33:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296404371.md) - [en](https://longbridge.com/en/news/296404371.md) - [zh-HK](https://longbridge.com/zh-HK/news/296404371.md) --- # Ocean Power Technologies Provides Update to Previously Announced Preliminary Fiscal 2026 Financial Results | OPTT Stock News See more from StockTitan in Google Search and AI answers.Adds StockTitan as a preferred source · opens Google Add on Google 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 $0.4 million from $4.1 million to $3.7 million, decreased gross loss by approximately $2.2 million, from the previously reported gross loss of $8.1 million to $5.9 million, and decreased operating loss by approximately $1.5 million for the same period. The revisions also increased net loss by approximately $5.2 million, from approximately $43.7 million to $48.9 million. Net loss for the fiscal year ended April 30, 2025 also increased by approximately $3.0 million due to the recognition of a loss on changes in fair value of a financial instrument. 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, $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 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 $ — ### Related Stocks - [OPTT.US](https://longbridge.com/en/quote/OPTT.US.md) ## Related News & Research - [Ocean Power Technologies Initiates Review of Strategic Alternatives | OPTT Stock News](https://longbridge.com/en/news/296104921.md) - [Ocean Power Technologies director Joseph A. 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