Ocean Power Technologies Announces Fourth Quarter and Full-Year Fiscal 2021 Results
Fiscal Year 2021 and Recent Operational Highlights
- Acquired 3Dent Technology to add offshore engineering and consulting services to the Company's portfolio of offerings
- Contracted with
Adams Communication & Engineering Technology, Inc. ("ACET") forU.S. Navy Naval Postgraduate School's Sea , Land, Air,Military Research ("SLAMR") Initiative study - Completed DeepStar® study of utilizing OPT's PB3 PowerBuoy® for deepwater subsea oil production applications
- Deployed a PB3 PowerBuoy® in
Chile - Achieved PB3 PowerBuoy® operational milestone in the
Adriatic Sea - Launched two new products: Hybrid PowerBuoy® and Subsea Battery
- Opened a
Houston office to support energy sector business development
Management Commentary
"Despite the challenges presented by the COVID-19 pandemic, during fiscal year 2021, OPT continued its business progression, including the successful acquisition and integration of 3Dent Technology, which will open up new avenues for consulting services, and we significantly improved our cash position," said
Stratmann continued, "I'm excited to be leading OPT at this juncture, and believe the Company is well-positioned for success in terms of products, solutions, and customer developments. Our growth strategy, including a particular focus on Maritime Domain Awareness and expansion in the ocean protection and ocean data markets, will help solidify our position as a leader in maritime power and data solutions." Stratmann concluded, "We are energized and excited for the year ahead and our plans to grow our business to benefit our shareholders."
Fourth Quarter and Fiscal Year 2021 Financial Review
Revenue for the fourth quarter of fiscal year 2021 was $0.6 million, essentially flat compared to the prior-year period, while revenue for the full fiscal year 2021 was $1.2 million, reflecting a 28% decrease from fiscal 2020. The decline in revenue for the full year was mainly attributable to COVID-19 pandemic-related project delays. The net loss for the fourth quarter and fiscal year 2021 was
Balance Sheet and Cash Flow
Total cash, cash equivalents, and restricted cash was $83.6 million as of April 30, 2021. Net cash used in operating activities increased by
Conference Call & Webcast
OPT will host a conference call and webcast to review its financial and operating results on
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 Company's website at www.OceanPowerTechnologies.com/investor-relations.
A digital replay will be available by telephone approximately two hours after the completion of the call 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 Balance Sheets | ||||||||||
| (in thousands, except share data) | ||||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 83,028 | $ | 10,002 | ||||||
| Restricted cash, short-term | 384 | 707 | ||||||||
| Accounts receivable | 350 | 105 | ||||||||
| Contract assets | 190 | 251 | ||||||||
| Other current assets | 487 | 588 | ||||||||
| Total current assets | 84,439 | 11,653 | ||||||||
| Property and equipment, net | 406 | 499 | ||||||||
| Intangibles, net | 274 | - | ||||||||
| Right-of-use asset, net | 1,036 | 1,165 | ||||||||
| Restricted cash, long-term | 222 | 221 | ||||||||
| Total assets | $ | 86,377 | $ | 13,538 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 687 | $ | 220 | ||||||
| Accrued expenses | 1,881 | 1,353 | ||||||||
| Contract liabilities, current portion | - | 100 | ||||||||
| Right-of-use liability, current portion | 495 | 229 | ||||||||
| Litigation payable | 1,224 | - | ||||||||
| Liability classified stock awards | 60 | - | ||||||||
| Warrant liabilities | - | - | ||||||||
| Paycheck protection program loan- current | 347 | - | ||||||||
| Total current liabilities | 4,694 | 1,902 | ||||||||
| Paycheck protection program loan, less current portion | 396 | - | ||||||||
| Right-of-use liability, less current portion | 819 | 1,078 | ||||||||
| Contract liabilities, less current portion | - | 65 | ||||||||
| Total liabilities | 5,909 | 3,045 | ||||||||
| Commitments and contingencies (Note 17) | ||||||||||
| Stockholders Equity: | ||||||||||
| Preferred stock, |
||||||||||
| none issued or outstanding | - | - | ||||||||
| Common stock, |
||||||||||
| issued and outstanding 52,458,011 and 12,939,420 shares, respectively | 52 | 13 | ||||||||
| (338 | ) | (302 | ) | |||||||
| Additional paid-in capital | 315,821 | 231,101 | ||||||||
| Accumulated deficit | (234,896 | ) | (220,136 | ) | ||||||
| Accumulated other comprehensive loss | (171 | ) | (183 | ) | ||||||
| Total stockholders' equity | 80,468 | 10,493 | ||||||||
| Total liabilities and stockholders equity | $ | 86,377 | $ | 13,538 | ||||||
| Consolidated Statements of Operations | |||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three months ended |
Twelve months ended |
||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
| Revenues | $ | 601 | $ | 551 | $ | 1,206 | $ | 1,682 | |||||||||||
| Cost of revenues | 1,031 | 452 | 2,279 | 1,787 | |||||||||||||||
| Gross loss | (430 | ) | 99 | (1,073 | ) | (105 | ) | ||||||||||||
| Operating expenses: | |||||||||||||||||||
| Engineering and product development costs | 1,413 | 941 | 4,747 | 4,344 | |||||||||||||||
| Selling, general and administrative costs | 2,179 | 1,288 | 7,772 | 6,916 | |||||||||||||||
| Total operating expenses | 3,592 | 2,229 | 12,519 | 11,260 | |||||||||||||||
| Operating loss | (4,022 | ) | (2,130 | ) | (13,592 | ) | (11,365 | ) | |||||||||||
| Gain due to the change in fair value of warrant liabilities | - | - | - | 6 | |||||||||||||||
| Litigation settlement | (1,224 | ) | - | (1,224 | ) | - | |||||||||||||
| Interest income, net | 79 | 23 | 124 | 124 | |||||||||||||||
| Other expense, net | (34 | ) | - | (83 | ) | - | |||||||||||||
| Foreign exchange gain/(loss) | 1 | (7 | ) | 15 | (12 | ) | |||||||||||||
| Loss before income taxes | (5,200 | ) | (2,114 | ) | (14,760 | ) | (11,247 | ) | |||||||||||
| Income tax benefit | - | 895 | - | 895 | |||||||||||||||
| Net loss | $ | (5,200 | ) | $ | (1,219 | ) | $ | (14,760 | ) | $ | (10,352 | ) | |||||||
| Basic and diluted net loss per share | $ | (0.10 | ) | $ | (0.13 | ) | $ | (0.49 | ) | $ | (1.44 | ) | |||||||
| Weighted average shares used to compute | |||||||||||||||||||
| basic and diluted net loss per share | 51,286,196 | 9,679,968 | 30,018,838 | 7,209,732 | |||||||||||||||
| Consolidated Statements of Cash Flows | ||||||||||||
| (in thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| Twelve months ended |
||||||||||||
| 2021 | 2020 | |||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net loss | $ | (14,760 | ) | $ | (10,352 | ) | ||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
| Foreign exchange (gain)/loss | (15 | ) | 12 | |||||||||
| Depreciation of fixed assets | 143 | 158 | ||||||||||
| Amortization of intangibles | 6 | - | ||||||||||
| Amortization of right of use asset | 223 | 197 | ||||||||||
| Compensation expense related to equity compensation | 721 | 340 | ||||||||||
| Gain due to the change in fair value of warrant liabilities | - | (6 | ) | |||||||||
| Performance obligation shares compensation | 60 | - | ||||||||||
| Net effect from disposal of property, plant and equipment | 2 | - | ||||||||||
| Changes in operating assets and liabilities, net of acquisition: | ||||||||||||
| Accounts receivable | (245 | ) | (42 | ) | ||||||||
| Contract assets | 61 | (236 | ) | |||||||||
| Other assets | 106 | 251 | ||||||||||
| Accounts payable | 441 | (92 | ) | |||||||||
| Accrued expenses | 761 | (585 | ) | |||||||||
| Litigation payable | 1,224 | - | ||||||||||
| Change in lease liability | (237 | ) | (201 | ) | ||||||||
| Contract liabilities | (165 | ) | (23 | ) | ||||||||
| Net cash used in operating activities | (11,674 | ) | (10,579 | ) | ||||||||
| Cash flows from investing activities: | ||||||||||||
| Cash acquired in acquisition | 100 | - | ||||||||||
| Purchase of property, plant and equipment | (26 | ) | (65 | ) | ||||||||
| Net cash provided by (used in) investing activities | 74 | (65 | ) | |||||||||
| 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 | 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 | 1,021 | ||||||||||
| Proceeds from issuance of common stock- AGP At The Market offering, | ||||||||||||
| net of issuance costs | 66,166 | 3,443 | ||||||||||
| Proceeds associated with exercise of common stock warrants | 2,818 | - | ||||||||||
| Proceeds (costs) associated with exercise of pre-funded warrants | - | (16 | ) | |||||||||
| Acquisition of treasury stock | (36 | ) | (1 | ) | ||||||||
| Net cash provided by financing activities | 84,170 | 4,447 | ||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 134 | (32 | ) | |||||||||
| Net increase/(decrease) in cash, cash equivalents and restricted cash | 72,704 | (6,229 | ) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of year | 10,930 | 17,159 | ||||||||||
| Cash, cash equivalents and restricted cash, end of year | $ | 83,634 | $ | 10,930 | ||||||||
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.