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Washington, D.C. 20549


Form 8-K


Current Report Pursuant to Section 13 or 15(d) of

the Securities Act of 1934


Date of Report (Date of earliest event reported): July 13, 2022


Ocean Power Technologies, Inc.

(Exact name of registrant as specified in its charter)



(State or other jurisdiction

of incorporation)




File Number)



(I.R.S. Employer

Identification No.) 


28 Engelhard Drive, Suite B

Monroe Township, New Jersey

(Address of principal executive offices)



(Zip Code)



(609) 730-0400

(Registrant’s telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):



Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14-2(b))

  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CRF 240.133-4(c))


Securities registered pursuant to Section 12(b) of the Act:


Title of each class   Trading Symbol (s)   Name of each exchange on which registered
Common Stock, $0.001 Par Value   OPTT   NYSE American


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).


Emerging growth company


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 2.02. Results of Operations and Financial Condition.


On July 13, 2022, Ocean Power Technologies, Inc. (the “Company”) issued a press release announcing its financial results for its fiscal fourth quarter and fiscal year ended April 30, 2022. A copy of the press release is furnished as Exhibit 99.1 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 9.01 Financial Statements and Exhibits.


Exhibit Number   Description
*99.1   Press release dated July 13, 2022 regarding fiscal fourth quarter and fiscal year earnings.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)


*Furnished herewith.







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 hereunto duly authorized.


Date: July 13, 2022


/s/ Philipp Stratmann
  Philipp Stratmann
  President and Chief Executive Officer





Exhibit 99.1



Ocean Power Technologies, Inc. Announces Fourth Quarter and Full-Year Fiscal 2022 Results


Revenues Increased in Fiscal 2022 as Company Executes Its Growth Strategy to be the Offshore Leader of Data-as-a-Service and Power-as-a-Service


MONROE TOWNSHIP, N.J., July 13, 2022 (GLOBE NEWSWIRE) – Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine data, power, and consulting service solutions, today announced financial results for its fourth quarter and full-year ended April 30, 2022.




Revenues increased to $756,000 in Q422, driven by growth of Strategic Consulting Services.
Continued development of its proprietary next-generation Maritime Domain Awareness (“MDA”) solution, configured to provide cyber-secure autonomous monitoring of large ocean areas, such as windfarms, marine protected areas, and areas of interest to national security, suitable for installation on buoys and vehicles. This MDA solution, initially field tested in October 2021, is undergoing a planned second round of field testing, which commenced during Q1 of Fiscal 2023.
Partnered with the Naval Surface Warfare Center’s Port Hueneme Division for its Advanced Naval Technology Exercise Coastal Trident demonstration, where OPT will be deploying a single PowerBuoy equipped with its MDA platform. The demonstration is intended to help provide data and monitoring of several offshore threats, including dark ship tracking, drug and human trafficking, and illegal fishing.




Completed its acquisition of Marine Advanced Robotics (MAR) , which expanded OPT’s commercial offering into autonomous vehicles for maritime data services. MAR is expected to contribute approximately $2.0 million to revenue for Fiscal Year 2023.
Revenues increased to $1.76 million in Fiscal 2022, due primarily to MAR and the growth of Strategic Consulting Services.
Was notified of a pre-award for a DOE Small Business Innovation Research program (“SBIR”) to support the development of the next generation of our wave energy conversion systems. The project began in August 2021 and was completed in April 2022.
Partnered with Sulmara Subsea, a global provider of innovative survey and inspection services to the offshore energy sector, to develop advanced uses for OPT’s WAM-V® autonomous surface vehicles.
Received an award for its WAM-V unmanned surface vehicle from the Australian Defense Engineering Group (ADEG) of the Royal Australian Navy via our local partner Blue Zone Group. This will be used as a research and development test bed for the ADEG.
Set the path for future growth by strengthening its senior management team with a number of key changes and additions, including Philipp Stratmann as CEO (June 2021), Maria Force as Vice President of Human Resources (November 2021), Bob Powers as CFO (December 2021), Matt Burdyny as Vice President of Sales and Marketing (March 2022), and Ethan Butler as Vice President of Engineering and Operations (May 2022).


Management Commentary – Philipp Stratmann, OPT’s President and Chief Executive Officer


“Fiscal 2022 was a year of significant progress for our company. We implemented a robust strategy that expanded our revenue generation capability, as reflected in our meaningful growth in revenue for the year. We broadened our strategic partnership base, grew our consulting services, and completed our acquisition of Marine Advanced Robotics. I am pleased with the continued integration of MAR. We expect execution of our strategy to deliver a record $9.0 million in orders in fiscal 2023, much of which should be revenue in the year. I am pleased with the progress we have made and remain keenly focused on becoming the technology leader for offshore Data-as-a-Service and Power-as-a-Service.”






Revenues – increased to $756,000 for 4Q22, due to growth in Strategic Consulting Services.
Engineering and product development costs – decreased by $377,000 from 3Q22 but remain elevated from FY21, mainly due to OPT’s investment in its proprietary MDA platform.
Selling, general, and administrative (SG&A) costs – increased from 3Q22 and 4Q21 due primarily to increased equity compensation, expenses related to the acquisition of MAR, and recruiting expenses.
Net loss – the Company’s net loss of $5.2 million for Q422 compared to a net loss of $5.2 million for the Q421.


Balance Sheet and Cash Flow


We had $57.5 million of combined cash, unrestricted cash, cash equivalents and short-term investments as of April 30, 2022.
The Company has no bank debt.
Net cash used in operating activities for Fiscal Year 2022 was $21.3 million, compared to $11.7 million for Fiscal Year 2021, primarily due to increase program expenses, acquisition expenses, and associated headcount.


Conference Call & Webcast


As announced on June 14, 2022, OPT will host a conference call and webcast to review its financial and operating results on Thursday, July 14, 2022, at 9:00 A.M. Eastern Time. Investors, analysts, and other interested parties may access the conference call by:


877-407-8291 (U.S.)
201-689-8345 (International)
Webcast link via the Company’s website at www.OceanPowerTechnologies.com/investor-relations


A digital replay will be available by telephone approximately two hours after the call’s completion and until October 14, 2022. Access by dialing 877-660-6853 (U.S.) or 201-612-7415 (International) and using the Conference ID# 13730472. The archived webcast will also be available on the OPT website investor relations page.


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. 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 (ASV) and marine robotics services through our wholly owned subsidiary Marine Advanced Robotics. We are headquartered in Monroe Township, New Jersey, and have offices in Houston, Texas, and 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. 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.


Financial Tables Follow


Additional information may be found in the Company’s Annual Report on Form 10-K that has been 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 thousands, except share data)


   April 30, 2022   April 30, 2021 
Current assets:          
Cash and cash equivalents  $7,885   $83,028 
Short-term investments   49,384     
Restricted cash, short-term   258    384 
Accounts receivable   482    350 
Contract assets   386    190 
Inventory   442     
Other current assets   467    487 
Total current assets  $59,304   $84,439 
Property and equipment, net   445    406 
Intangibles, net   4,136    274 
Right-of-use asset, net   752    1,036 
Restricted cash, long-term   219    222 
Goodwill   8,537     
Total assets  $73,393   $86,377 
Current liabilities:          
Accounts payable  $905   $687 
Accrued expenses   877    1,881 
Contract liabilities   129     
Right-of-use liability, current portion   319    347 
Contingent liabilities, current portion   748     
Litigation payable       1,224 
Liability classified stock awards       60 
Paycheck protection program loan, current portion       495 
Total current liabilities  $2,978   $4,694 
Deferred tax liability   203     
Contingent liabilities, less current portion   843     
Paycheck protection program loan, less current portion       396 
Right-of-use liability, less current portion   538    819 
Total liabilities  $4,562   $5,909 
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 100,000,000 shares, issued and outstanding 55,905,213 and 52,479,051 shares, respectively   56    52 
Treasury stock, at cost; 23,331 and 21,040 shares, respectively   (341)   (338)
Additional paid-in capital   322,932    315,820 
Accumulated deficit   (253,770)   (234,895)
Accumulated other comprehensive loss   (46)   (171)
Total shareholders’ equity   68,831    80,468 
Total liabilities and shareholders’ equity  $73,393   $86,377 




Ocean Power Technologies, Inc. and Subsidiaries


Consolidated Statements of Operations


(in thousands, except per share data)


   Three months ended April 30,   Twelve months ended April 30, 
   2022   2021   2022   2021 
Revenues  $756   $601   $1,759   $1,206 
Cost of revenues   800    1,031    1,860    2,279 
Gross loss  $(44)  $(430)  $(101)  $(1,073)
Operating expenses                    
Engineering and product development costs  $1,828   $1,413   $9,606   $4,747 
Selling, general and administrative costs  $3,973   $2,179   $11,906   $7,772 
Total operating expenses  $5,801   $3,592   $21,512   $12,519 
Operating loss  $(5,845)  $(4,022)  $(21,613)  $(13,592)
Litigation settlement  $   $(1,224)  $   $(1,224)
Interest income, net   68    79    124    124 
Other income           60     
Gain on forgiveness of PPP loan           890     
Loss on liquidation of subsidiary   (157)       (157)    
Other expense, net       (34)       (83)
Foreign exchange (loss) / gain   (1)   1    (1)   15 
Loss before income taxes  $(5,935)  $(5,200)  $(20,697)  $(14,760)
Income tax benefit   782        1,823     
Net loss  $(5,153)  $(5,200)  $(18,874)  $(14,760)
Basic and diluted net loss per share  $(0.09)  $(0.10)  $(0.35)  $(0.49)
Weighted average shares used to compute basic and diluted net loss per share   55,834,735    51,286,196    54,010,233    30,018,838 






Consolidated Statements of Cash Flows


(in thousands)


   Twelve months ended April 30, 
   2022   2021 
Cash flows from operating activities:          
Net loss  $(18,874)  $(14,760)
Adjustments to reconcile net loss to net cash used in operating activities:          
Foreign exchange (gain) / loss   1    (15)
Depreciation of fixed assets   144    143 
Amortization of intangibles   86    6 
Amortization of right of use asset   285    223 
Amortization of premium on investments   58     
Gain on forgiveness of PPP loan   (890)    
Loss on liquidation of subsidiary   157     
Compensation expense related to equity compensation   1,169    721 
Deferred tax liabilities   (377)    
Performance obligation shares compensation   (60)   60 
Net effect from disposal of property, plant and equipment       2 
Changes in operating assets and liabilities, net of acquisitions:          
Accounts receivable   (133)   (245)
Contract assets   (195)   61 
Inventory   (292)    
Other assets   19    106 
Accounts payable   217    441 
Accrued expenses   (1,004)   761 
Litigation payable   (1,224)   1,224 
Change in right of use lease liability   (309)   (237)
Contract liabilities   (74)   (165)
Net cash used in operating activities  $(21,296)  $(11,674)
Cash flows from investing activities:          
Cash acquired in acquisition  $   $100 
Purchase of short-term investments   (49,442)    
Purchase of property, plant and equipment   (145)   (26)
Payment for MAR acquisition, net of cash acquired   (4,444)     
Net cash (used in) provided by investing activities  $(54,031)  $74 
Cash flows from financing activities:          
Proceeds from Paycheck Protection Program Loan  $   $890 
Proceeds from loan payable       467 
Payment of loan payable       (467)
Proceeds from stock option exercises   90    184 
Payment of payroll taxes related to stock option exercises       (245)
Proceeds from issuance of common stock- Aspire financing net of issuance costs       14,393 
Proceeds from issuance of common stock- AGP At The Market offering, net of issuance costs       66,166 
Proceeds associated with exercise of common stock warrants       2,818 
Acquisition of treasury stock   (3)   (36)
Net cash provided by financing activities  $87   $84,170 
Effect of exchange rate changes on cash, cash equivalents and restricted cash  $(32)  $134 
Net (decrease) / increase in cash, cash equivalents and restricted cash  $(75,272)  $72,704 
Cash, cash equivalents and restricted cash, beginning of year  $83,634   $10,930 
Cash, cash equivalents and restricted cash, end of year  $8,362   $83,634