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News Release Details

Ocean Power Technologies Announces First Quarter FY2021 Results

Sep 14, 2020 at 4:48 PM EDT
Investor Conference Call and Webcast on September 15, 2020, at 11:00 A.M. ET

MONROE TOWNSHIP, N.J., Sept. 14, 2020 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (“OPT” or “the Company”) (Nasdaq: OPTT), a leader in innovative and cost-effective ocean energy solutions, today announced financial results for the first quarter of fiscal year 2021 ended July 31, 2020.

Recent Operational Highlights

  • OPT announced two complementary new products: the hybrid PowerBuoy® with solar panels and an efficient Stirling engine to power payloads independent of wave activity; and the Subsea Battery that is compatible with PowerBuoy® products or deployable as a standalone power source.
  • The Company unveiled a Surface Surveillance Solution integrating high-definition radar and cameras with state-of-the-art security sensors and software to enable agencies and organizations seeking to secure marine assets and territorial waters.
  • OPT expanded its sales team with an Indonesia-based Southeast Asia representative to execute the Company’s customer expansion strategy in the region.
  • The Company opened a Houston office strategically located adjacent to the city’s Energy Corridor as a base for regional sales and business development activities in support of Gulf of Mexico and broader U.S. and South America opportunities.
  • OPT’s PB3 PowerBuoy® on lease to Eni and deployed in the Adriatic Sea reached a milestone surpassing more than 600 days of continuous operation.

Management Commentary
“We are fielding strong demand for proposals of OPT solutions from diverse markets,” said George H. Kirby, President and Chief Executive Officer of OPT. “With new products and solutions, and an expanding sales and business development presence, we believe that we are well-positioned to deliver on our commitment to grow our revenue.”

First Quarter Fiscal Year 2021 Financial Review
Revenue for the first quarter of fiscal year 2021 was $0.2 million, which was essentially flat compared to the first quarter of fiscal year 2020. Revenue for the three months ended July 31, 2020, was primarily derived from the Enel Green Power project, while revenue for the same period in the prior year was mainly from projects with Premier Oil and the U.S. Navy. The net loss for the first quarter of fiscal 2021 increased by $0.4 million as compared to the first quarter of fiscal 2020, which was mainly attributable to product development and administrative costs.

Balance Sheet and Cash Flow
Total cash, cash equivalents, and restricted cash was $12.0 million as of July 31, 2020. Net cash used in operating activities decreased by $0.9 million during the first quarter of fiscal 2021 to $2.7 million, as compared to the first quarter of fiscal 2020. On May 5, 2020, the Company received $0.9 million from the Paycheck Protection Program made available by the Coronavirus Aid, Relief and Economic Security Act, commonly referred to as the CARES Act.

Conference Call & Webcast
OPT will host a conference call and webcast to review its financial and operating results on Tuesday, September 15, 2020, at 11:00 A.M. Eastern Time. Interested parties may access the conference call by dialing 877-407-8291 (toll-free in the U.S.) or 201-689-8345 for international callers.

Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call available on the investor relations section of the Company’s website at

A digital replay will be available by telephone approximately two hours after the completion of the call and until December 15, 2020. It may be accessed by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID#13694019. The archived webcast will also be available on the OPT website investor relations page.

About Ocean Power Technologies
Headquartered in Monroe Township, New Jersey, OPT aspires to transform the world through durable, innovative, and cost-effective ocean energy solutions. Its PowerBuoy® solutions platform provides clean and reliable electric power and real-time data communications for remote offshore and subsea applications in markets such as offshore oil and gas, defense and security, science and research, and communications. To learn more, visit

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 which could be inaccurate and which are 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 SEC for a 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 (“SEC”). The Form 10-K may be accessed on or the Company’s website in the Investor Relations section.

Contact Information
Investors: 609-730-0400 x401 or
Media: 609-730-0400 x402 or

Ocean Power Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)   
      July 31, 2020     April 30, 2020  
Current assets:          
  Cash and cash equivalents $  11,065     $  10,002  
  Restricted cash- short-term 707     707  
  Accounts receivable 21     105  
  Contract assets 366     251  
  Other current assets 447     588  
    Total current assets 12,606     11,653  
Property and equipment, net 462     499  
Right-of-use asset, net 1,113     1,165  
Restricted cash- long-term 221     221  
    Total assets $ 14,402     $  13,538  
Current liabilities:          
  Accounts payable $ 228     $  220  
  Accrued expenses 1,783     1,353  
  Contract liabilities- current 87     100  
  Right-of-use liability- current 236     229  
  Warrant liabilities -       -    
  Paycheck protection program loan- current 396     -    
    Total current liabilities 2,730     1,902  
Right-of-use liability less current portion  1,017     1,078  
Contract liabilities less current portion 44     65  
Paycheck protection program loan less current portion 494     -    
    Total liabilities 4,285     3,045  
Commitments and contingencies (Note 15)          
Stockholders’ 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 18,624,816 and 12,939,420 shares, respectively 19     13  
  Treasury stock, at cost; 4,251 shares (302 )   (302 )
  Additional paid-in capital 234,089     231,101  
  Accumulated deficit (223,521 )   (220,136 )
  Accumulated other comprehensive loss (168 )   (183 )
    Total stockholders' equity 10,117     10,493  
    Total liabilities and stockholders’ equity $ 14,402     $ 13,538  

Ocean Power Technologies, Inc. and Subsidiaries
Consolidated Statements of Operations   
(in thousands, except per share data)   
      Three months ended July 31,
      2020     2019  
Revenues $ 169     $ 202  
Cost of revenues 334     367  
    Gross loss  (165 )   (165 )
Operating expenses:          
  Engineering and product development costs 1,252     1,198  
  Selling, general and administrative costs 1,987     1,697  
    Total operating expenses 3,239     2,895  
Operating loss (3,404 )   (3,060 )
Gain due to the change in fair value of warrant liabilities -       6  
Interest income, net 11     42  
Foreign exchange gain/(loss) 8     (13 )
Net loss $ (3,385 )   (3,025 )
Basic and diluted net loss per share $  (0.22 )   $ (0.50 )
  Weighted average shares used to compute          
       basic and diluted net loss per share  15,677,331     6,040,466  

Ocean Power Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
          Three months ended July 31,
          2020     2019  
Cash flows from operating activities:          
  Net loss $ (3,385 )   $ (3,025 )
  Adjustments to reconcile net loss to net cash used in operating activities:          
    Foreign exchange (gain)/loss (8 )   13  
    Depreciation of fixed assets 37     85  
    Amortization of right of use asset 52     -    
    Compensation expense related to stock option grants and restricted stock 116     92  
    Gain due to the change in fair value of warrant liabilities -       (6 )
    Changes in operating assets and liabilities:          
      Accounts receivable 84     (9 )
      Contract assets (115 )   (121 )
      Other assets 181     (30 )
      Accounts payable 8     (215 )
      Accrued expenses 381     (332 )
      Change in lease liability (54 )   (47 )
      Contract liabilities (34 )   (10 )
        Net cash used in operating activities (2,737 )   (3,605 )
Cash flows from investing activities:          
  Purchase of computers, equipment and furniture -       (28 )
        Net cash used in investing activities -       (28 )
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     -    
  Proceeds (costs) associated with exercise of pre-funded warrants -       (18 )
  Acquisition of treasury stock -       (1 )
        Net cash provided/ (used) by financing activities 3,768     (19 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash 32     (20 )
        Net increase/(decrease) in cash, cash equivalents and restricted cash 1,063     (3,672 )
Cash, cash equivalents and restricted cash, beginning of period 10,930     17,159  
Cash, cash equivalents and restricted cash, end of period $ 11,993     $  13,487  


Source: Ocean Power Technologies, Inc.