Ocean Power Technologies Announces First Quarter Fiscal 2022 Results
Recent Operational Highlights
- Received a
U.S. Department of Energy Small Business Innovation Research award to study a modular and scalable next generation autonomous wave energy device - Entered into strategic partnerships with software and robotics developers, Greensea and Fathom5, and initiated development of proprietary next-generation Maritime Domain Awareness Solution (“MDA”) platform
- Strategic Consulting Services driven by the 3Dent Technology acquisition showed steady growth as customer base continues to expand
- Received permits for offshore demonstration fields (located off the coast of
New Jersey ) and received delivery of first MDA test buoy - Added to the Russell Microcap® Index
- Appointed
Philipp Stratmann as President and Chief Executive Officer
Management Commentary
"We made great progress during the quarter as we continue our strategic transformation from a research and development product-based company to a data and power services’ and solutions’ provider,” said
First Quarter Fiscal Year 2022 Financial Review
Revenue for the first quarter of fiscal year 2022 was $0.3 million, compared to
Balance Sheet and Cash Flow
Total cash, cash equivalents, and restricted cash was $78.3 million as of July 31, 2021. Net cash used in operating activities was
Conference Call & Webcast
OPT will host a conference call and webcast to review its financial and operating results on
A digital replay will be available by telephone approximately two hours after the call's completion and until
About
Headquartered in
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
Financial Tables Follow
Additional information may be found in the Company's Annual Report on Form 10-K that has been filed with the
Consolidated Statements of Operations
(in
Unaudited
| Three months ended |
|||||||||||
| 2021 | 2020 | ||||||||||
| Revenues | $ | 272 | $ | 169 | |||||||
| Cost of revenues | 423 | 334 | |||||||||
| Gross loss | (151 | ) | (165 | ) | |||||||
| Operating expenses: | |||||||||||
| Engineering and product development costs | 1,961 | 1,252 | |||||||||
| Selling, general and administrative costs | 2,919 | 1,987 | |||||||||
| Total operating expenses | 4,880 | 3,239 | |||||||||
| Operating loss | (5,031 | ) | (3,404 | ) | |||||||
| Interest income, net | 20 | 11 | |||||||||
| Gain on extiguishment of PPP loan | 891 | - | |||||||||
| Foreign exchange gain | - | 8 | |||||||||
| Loss before income taxes | (4,120 | ) | (3,385 | ) | |||||||
| Income tax benefit | 1,041 | - | |||||||||
| Net loss | $ | (3,079 | ) | $ | (3,385 | ) | |||||
| Basic and diluted net loss per share | $ | (0.06 | ) | $ | (0.22 | ) | |||||
| Weighted average shares used to compute | |||||||||||
| basic and diluted net loss per share | 52,458,011 | 15,677,331 | |||||||||
Consolidated Balance Sheet
(in
| (Unaudited) | ||||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 77,720 | $ | 83,028 | ||||||
| Restricted cash, short-term | 384 | 384 | ||||||||
| Accounts receivable | 446 | 350 | ||||||||
| Contract assets | 304 | 190 | ||||||||
| Other current assets | 507 | 487 | ||||||||
| Total current assets | 79,361 | 84,439 | ||||||||
| Property and equipment, net | 373 | 406 | ||||||||
| Intangibles, net | 268 | 274 | ||||||||
| Right-of-use asset, net | 967 | 1,036 | ||||||||
| Restricted cash, long-term | 222 | 222 | ||||||||
| Total assets | $ | 81,191 | $ | 86,377 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 454 | $ | 687 | ||||||
| Accrued expenses | 1,821 | 1,881 | ||||||||
| Right-of-use liability, current portion | 317 | 347 | ||||||||
| Litigation payable | - | 1,224 | ||||||||
| Liability classified stock awards | 60 | 60 | ||||||||
| Paycheck protection program loan- current | - | 495 | ||||||||
| Total current liabilities | 2,652 | 4,694 | ||||||||
| Paycheck protection program loan, less current portion | - | 396 | ||||||||
| Right-of-use liability, less current portion | 774 | 819 | ||||||||
| Total liabilities | 3,426 | 5,909 | ||||||||
| Commitments and contingencies | ||||||||||
| Stockholders' Equity: | ||||||||||
| Preferred stock, |
||||||||||
| none issued or outstanding | - | - | ||||||||
| Common stock, |
||||||||||
| issued and outstanding 52,458,011 shares | 52 | 52 | ||||||||
| (338 | ) | (338 | ) | |||||||
| Additional paid-in capital | 316,211 | 315,821 | ||||||||
| Accumulated deficit | (237,975 | ) | (234,896 | ) | ||||||
| Accumulated other comprehensive loss | (185 | ) | (171 | ) | ||||||
| Total stockholders' equity | 77,765 | 80,468 | ||||||||
| Total liabilities and stockholders' equity | $ | 81,191 | $ | 86,377 | ||||||
Consolidated Statements of Cash Flows
(in
Unaudited
| Three months ended |
||||||||||||
| 2021 | 2020 | |||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net loss | $ | (3,079 | ) | $ | (3,385 | ) | ||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
| Foreign exchange gain | - | (8 | ) | |||||||||
| Depreciation of fixed assets | 40 | 37 | ||||||||||
| Amortization of intangible assets | 6 | - | ||||||||||
| Amortization of right of use asset | 69 | 52 | ||||||||||
| Gain on extinguishment of PPP Loan | (891 | ) | - | |||||||||
| Stock-based compensation | 390 | 116 | ||||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable | (96 | ) | 84 | |||||||||
| Contract assets | (114 | ) | (115 | ) | ||||||||
| Other assets | (20 | ) | 181 | |||||||||
| Accounts payable | (233 | ) | 8 | |||||||||
| Accrued expenses | (60 | ) | 381 | |||||||||
| Change in lease liability | (75 | ) | (54 | ) | ||||||||
| Contract liabilities | - | (34 | ) | |||||||||
| Litigation Payable | (1,224 | ) | - | |||||||||
| Net cash used in operating activities | (5,287 | ) | (2,737 | ) | ||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchase of property, plant and equipment | (7 | ) | - | |||||||||
| Net cash used in investing activities | (7 | ) | - | |||||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from Paycheck Protection Program Loan | - | 890 | ||||||||||
| Proceeds from issuance of common stock- Aspire financing | ||||||||||||
| net of issuance costs | - | 2,635 | ||||||||||
| Proceeds from issuance of common stock- AGP At The Market offering, | ||||||||||||
| net of issuance costs | - | 243 | ||||||||||
| Net cash provided by financing activities | - | 3,768 | ||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (14 | ) | 32 | |||||||||
| Net (decrease)/increase in cash, cash equivalents and restricted cash | (5,308 | ) | 1,063 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 83,634 | 10,930 | ||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 78,326 | $ | 11,993 | ||||||||
| Supplemental disclosure of noncash operating activities: | ||||||||||||
| Prepaid financing costs reported in accrued expenses | $ | - | $ | 40 | ||||||||
Contact Information Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
Source: Ocean Power Technologies, Inc.