0001493152-26-010556 | 10-Q | XBRL Viewer | Ocean Power Technologies INC

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

(a) Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries, Marine Advanced Robotics Inc. (CA), referred to herein as MAR, Oregon Wave Energy Partners I LLC (DE), and ReedSport OPT WavePark, LLC (OR). Ocean Power Technologies Ltd. in the United Kingdom was dissolved on April 22, 2025. ReedSport OPT WavePark, LLC (OR) and Oregon Wave Energy Partners I, LLC (DE) were dissolved during the first quarter of fiscal 2024. All significant intercompany balances and transactions have been eliminated in consolidation.

(b) Use of Estimates

The preparation of the consolidated financial statements requires management of the Company to make several estimates and assumptions relating to the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, share-based compensation based on the likelihood of meeting performance obligations, over time revenue recognition, valuation consideration related to business combinations, including contingent consideration based on actual and projected revenues, in addition to discount rates and present values, and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets. Actual results could differ from those estimates.

(c) Cash, Cash Equivalents, Restricted Cash and Security Agreements

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased, to be cash equivalents. The Company invests excess cash in a money market account. The Company had cash and cash equivalents of approximately $7.1 million and $6.7 million as of January 31, 2026 and April 30, 2025, respectively.

Restricted Cash and Security Agreements

The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $154,000 is on deposit at Santander and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows.

	January 31, 2026		April 30, 2025
	(in thousands)
Cash and cash equivalents	$	7,056	$	6,715
Restricted cash, long-term		154		154
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	7,210	$	6,869

(d) Inventory

In accordance with Accounting Standards Codification 330 (ASC 330), inventory is stated at the lower of cost or net realizable value applicable to goods on hand. Items remain in inventory until they are shipped to the customer, at which time the costs are transferred on a first in first out ( FIFO) basis to cost of revenues, or moved to leased assets as applicable, following the matching principle where costs and revenues are recognized in the same period. The Company has three classes of inventory; raw materials, work in process, and finished goods.

(e) Accounts Receivable, net

Accounts receivable, net are stated at the net amount expected to be collected. Amounts are usually due between 30 and 90 days after the invoice issuance. The Company is exposed to credit losses primarily on accounts receivable and contract assets related to sales to customers. If applicable, an allowance for credit losses is established to provide for the expected lifetime credit losses by evaluating factors such as customer creditworthiness, historical payment and loss experiences, current economic conditions (including geographic and political risk), and the age and status of outstanding receivables. During the nine months ended January 31, 2026, the Company increased its allowance for credit losses primarily in connection with a specific customer whose outstanding balance exhibited extended aging and increased collection uncertainty. As a result of this customer-specific evaluation, the allowance for credit losses was approximately $560,000 at January 31, 2026, compared to $100,000 at April 30, 2025. Expected credit losses are written off in the period in which the underlying financial assets are determined to be uncollectible.

The Company grants credit to its customers, generally, without collateral, under normal payment terms. Generally, invoicing occurs after the services are performed or control of the product has transferred to the customer. Accounts receivable, net represents an unconditional right to consideration arising from the Company’s performance under contracts with customers.

(f) Property and Equipment, net

Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives (three to ten years) of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Expenses for maintenance and repairs are charged to operations as incurred. Property and equipment, net is also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.

Description		Estimated depreciable life

Equipment		5-7 years
Computer equipment & software		3 years
Office furniture & fixtures		3-7 years
Leasehold improvements		Shorter of the estimated useful life or lease term
Leased Power Buoy assets		10 years
Leased WAM-V assets		10 years

(g) Foreign Exchange Gains and Losses

Transactions denominated in a foreign currency may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which, if applicable, are included in “Foreign exchange loss” in the accompanying Consolidated Statements of Operations.

(h) Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable and cash equivalents. The Company believes that its credit risk is limited because the Company’s current contracts are with entities with a reliable payment history. The Company performs a credit evaluation of new customers prior to extending credit terms and monitors existing customers for changes in credit quality. The Company invests its excess cash in a money market fund and does not believe that it is exposed to any significant risks related to its cash accounts or money market funds.

For each of the nine months ended January 31, 2026 and 2025, the Company had five and four customers, respectively, whose revenues accounted for at least 10% of the Company’s consolidated revenues. These revenues accounted for approximately 81% and 73% of the Company’s total revenues for the respective periods. For the three months ended January 31, 2026 and 2025, the Company had two and three customers, respectively, whose revenues accounted for at least 10% of the Company’s consolidated revenues. These revenues accounted for approximately 73% and 95% of the Company’s total revenues for the respective periods.

As of January 31, 2026 and 2025, the Company had one and four customers, respectively, whose total receivable balance accounted for at least 10% of the Company’s consolidated receivables. These receivables accounted for approximately 76% and 95% of the Company’s total receivables for the respective periods.

As of January 31, 2026, one commercial customer represented about 5% of our accounts receivable balance. As part of that contract, we granted extended payment terms that are not typical for the Company, which increases our credit exposure. We continue to monitor this receivable closely, and while we have not recorded an allowance because we believe collectability is probable, we acknowledge that these terms carry additional risk if the customer’s financial condition changes. In addition, we have fully reserved one other receivable balance from one customer that represented 6% of the total gross accounts receivable balance, recognizing a loss of $373,000 for the fiscal year.

(i) Share-Based Compensation

Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the nine months ended January 31, 2026 and 2025 was approximately $7.8 million and $1.3 million, respectively. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the three months ended January 31, 2026 and 2025 was approximately $2.6 million and $0.8 million, respectively. The Company’s policy is to account for forfeitures of share-based compensation awards as they occur.

Additionally, upon vesting of Restricted Stock Units (“RSU”) that were granted to an employee, the employee is given the option to either pay the taxes themselves, or have enough shares of their RSU award withheld by the Company to cover the taxes incurred by the employee. In the event the employee elects to surrender shares to cover the tax implication, the Company maintains those shares in the Company’s treasury stock account. Shares held in the Company’s treasury stock account are not available for future RSU grants.

(j) Revenue Recognition

The Company accounts for revenue in accordance with Accounting Standards Codification 606 (ASC 606) for contracts with customers and Accounting Standards Codification 842 (ASC 842) for leasing arrangements. In relation to ASC 606, which states that a performance obligation is the unit of account for revenue recognition, the Company assesses the goods or services promised in a contract with a customer and identifies a performance obligation as either: a) a good or service (or a bundle of goods or services) that is distinct; or b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. A contract may contain a single performance obligation or multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contracted transaction price to each performance obligation based upon the relative standalone selling price, which represents the price the Company would sell a promised good or service separately to a customer. The Company determines the standalone selling price based upon the facts and circumstances of each obligated good or service. When no observable standalone selling price is available, the standalone selling price is generally estimated based upon the Company’s forecast of the total cost to satisfy the performance obligation plus an appropriate profit margin.

The nature of the Company’s contracts may give rise to several types of variable consideration, including unpriced change orders, liquidated damages and penalties. Variable consideration can also arise from modifications to the scope of services. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on the assessment of legal enforceability, performance, and any other information (historical, current, and forecasted) that is reasonably available to us. There was no variable consideration as of January 31, 2026 or 2025. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs in costs of goods sold and regular shipping and handling activities charged to operating expenses.

The Company recognizes revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either (1) at a point in time or (2) over time. A good or service is transferred when or as the customer obtains control (e.g., upon shipment, upon delivery, as services are rendered, or upon completion of service), including when performance obligations are satisfied in a bill-and-hold arrangement. The evaluation of whether control of each performance obligation is transferred at a point in time or over time is made at contract inception. Input measures such as costs incurred are utilized to assess progress against specific contractual performance obligations for the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the input method using costs or labor hours incurred best represents the measure of progress against the performance obligations incorporated within the contractual agreements. If estimated total costs on any contract project a loss, the Company charges the entire estimated loss to operations in the period the loss becomes known. For the quarter ended January 31, 2026 the Company recorded one-time losses associated with two contracts in strategically important markets. The expenses associated with these projects are now substantially complete, although they will continue to generate revenue over the next several months. Importantly, our core programs and commercial pipeline continue to demonstrate improving margin quality and operating leverage. The cumulative effect of revisions to revenue, estimated costs to complete contracts, including penalties, change orders, claims, anticipated losses, and others are recorded in the accounting period in which the events indicating a loss are known and the loss can be reasonably estimated. These loss projections are re-assessed for each subsequent reporting period until the project is complete. Such revisions could occur at any time and the effects may be material. During the nine-month period ended January 31, 2026, the Company recognized approximately $1.7 million in revenue related to performance obligations satisfied at a point in time and approximately $0.4 million in revenue related to performance obligations satisfied over time. During the nine-month period ended January 31, 2025, the Company recognized approximately $4.0 million in revenue related to performance obligations satisfied at a point in time and approximately $0.5 million in revenue related to performance obligations satisfied over time. During the three-month period ended January 31, 2026, the Company recognized approximately $0.4 million in revenue related to performance obligations satisfied at a point in time and approximately $0.1 million in revenue related to performance obligations satisfied over time. During the three-month period ended January 31, 2025, the Company recognized approximately $0.4 million in revenue related to performance obligations satisfied at a point in time and approximately $0.4 million in revenue related to performance obligations satisfied over time.

The Company’s contracts are either cost-plus contracts, fixed-price contracts, time and material agreements, lease agreements or service agreements. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee.

The Company has two types of fixed-price contracts, firm fixed-price and cost-sharing. Under firm fixed-price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract, and a profit or loss is recognized depending on whether actual costs are more or less than the agreed-upon amount. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. Under cost-sharing contracts, an amount corresponding to the revenue is recorded in cost of revenue, resulting in gross profit on these contracts of zero. The Company reports its disaggregation of revenue by contract type since this method best represents the Company’s business. For each of the three-month periods ended January 31, 2026 and 2025, the majority of the Company’s contracts were classified as firm fixed-price and the remainder were cost-sharing.

The Company’s contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations. The Company’s accounts receivable balance is made up entirely of customer contract-related balances.

The Company’s revenue also includes revenue from certain contracts which do not fall within the scope of ASC 606, but under the scope of ASC 842, “Leases.” At inception of a contract for those classified under ASC 842, the Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC 842. If the direct financing or sales-type classification criteria are met, then the lease is accounted for as a financing lease. All others are treated as operating leases. The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term, or as agreed upon in-use days are utilized, which is presented in Revenues in the Consolidated Statement of Operations. The Company also enters into lease arrangements for its PowerBuoys® and Wave Adaptive Modular Vessels (“WAM-V®”) with certain customers. Revenue related to multiple-element arrangements is allocated to lease and non-lease elements based on their relative standalone selling prices or expected cost plus a margin approach. Lease elements generally include a PowerBuoy®, WAM-V®, and components, while non-lease elements, which the Company expects to become more prevalent, generally include engineering, monitoring and support services. In the lease arrangement, the customer may be provided with an option to extend the lease term or purchase the leased buoy or WAM-V® at some point during and/or at the end of the lease term.

Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined that collectability of any portion of the contract value is not probable, an analysis of variable consideration will be performed using either the most likely amount or expected value method to determine the amount of revenue that must be constrained until the scenario causing the variability has been resolved.

The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue.

The table below represents the total revenue recognized under ASC 606 and ASC 842 for the three and nine months ended January 31, 2026 and 2025.

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Three months ended January 31, 2026						Three months ended January 31, 2025
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	58	$	64	$	122	$	580	$	74	$	654
Buoy		25		37		62		171		—		171
Services		329		—		329		—		—		—
Total	$	412	$	101	$	513	$	751	$	74	$	825

Region:
North and South America	$	45	$	37	$	82	$	326	$	—	$	326
EMEA		72		64		136		425		74		499
Asia and Australia		295		—		295		—		—		—
Total	$	412	$	101	$	513	$	751	$	74	$	825
Revenues	$	412	$	101	$	513	$	751	$	74	$	825

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Nine months ended January 31, 2026						Nine months ended January 31, 2025
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,182	$	203	$	1,385	$	3,996	$	206	$	4,202
Buoy		123		84		207		343		—		343
Services		527		—		527		—		—		—
Total	$	1,832	$	287	$	2,119	$	4,339	$	206	$	4,545

Region:
North and South America	$	270	$	84	$	354	$	3,046	$	—	$	3,046
Europe		1,089		203		1,292		1,291		206		1,497
Asia and Australia		473		—		473		2		—		2
Total	$	1,832	$	287	$	2,119	$	4,339	$	206	$	4,545
Revenues	$	1,832	$	287	$	2,119	$	4,339	$	206	$	4,545

(k) Net Loss per Common Share

Basic and diluted net loss per common share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents outstanding during the period. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, and unvested RSUs issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect.

In computing diluted net loss per common share on the Consolidated Statement of Operations, options to purchase shares of common stock and unvested RSUs issued to employees and non-employee directors, totaling 25,920,609 and 20,835,027 for the nine months ended January 31, 2026 and 2025, respectively, were excluded from each of the computations as the effect would have been anti-dilutive due to the net loss for the periods. Share purchase rights, which include a contingency, are not included in the calculation until the contingency is resolved.

(l) Intangibles, net

Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date (which is regarded as their cost). Intangible assets, including patents, are amortized over the estimated useful life of the asset on a basis that approximates the pattern of economic benefit. The patents, trade name and customer relationship intangibles are being amortized over 20, 12 and 10 years respectively, which is consistent with the estimated pattern of economic benefit of the assets. The trademark is not subject to amortization.

Intangible assets are reviewed for impairment if indicators of potential impairment exist. There were no indications of potential impairment of intangible assets for either the nine months ended January 31, 2026 or 2025.

(m) Goodwill

Goodwill is assessed for impairment using a qualitative or quantitative approach. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. Management performed its annual qualitative assessment in fiscal year 2025 and determined that it is more likely than not that no goodwill impairment existed as of April 30, 2025. There were no indications of potential impairment of goodwill identified for the nine months ended January 31, 2026. When the Company uses a qualitative analysis, it considers factors that include historical financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is also performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual revenue growth rates and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time to determine the fair value of the Company. If the fair value is less than the carrying amounts, an impairment charge for the difference is recorded.

(n) Income Taxes

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses, to the extent incurred. Refer to Note 15 for additional disclosure.

In order to monetize their attributes, the Company has historically sold the Net Operating Losses (NOL’s) generated in New Jersey. The Company has elected to recognize the gain on the sale as a component of tax expense at the time of the sale. Prior to the time of sale, the Company has elected to not factor the expected sales when assessing the realizability of the related deferred tax assets.

(o) Accumulated Other Comprehensive Loss

The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in Accumulated Other Comprehensive Loss within Shareholders’ Equity. For each of the nine months ended January 31, 2026 and 2025, there were no amounts recorded to other comprehensive loss due to limited foreign operations.

(p) Warranty

The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. Warranty expense incurred to date has not been material.

(q) Product Development

Costs related to product development activities by the Company are expensed as incurred. The Company had approximately $1.1 million and $1.4 million in product development expense for the nine months ended January 31, 2026 and 2025, respectively. The Company had approximately $0.6 million and $0.7 million in product development expense for the three months ended January 31, 2026 and 2025, respectively.

(r) Derivative Financial Instruments

The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the statement of operations each period.

(s) Recently Issued Accounting Standards

In recent periods, the FASB issued certain Accounting Standards Updates (ASUs) that may be relevant to the Company’s operations and financial reporting. We are currently evaluating the potential impact of these ASUs and adopting them when applicable based on their effective dates.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which improves the transparency of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2023-09 on our consolidated financial statements and disclosures for the annual period ending April 30, 2026.

In November 2024, the FASB issued ASU No. 2024-3,Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses This ASU improves the disclosures about a public business entity’s expenses and addresses requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating what the potential impact of adopting this ASU 2024-03 could have on our consolidated financial statements and disclosures

In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. ASU 2025-05 is effective for fiscal years beginning after March 17, 2026, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. We are currently evaluating the potential impact of adopting ASU 2025-05 on our consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes certain aspects of the accounting for, and disclosure of, internal-use software costs. The ASU removes all references to software development project stages so that the guidance is neutral to different software development methods and clarifies the threshold entities apply to begin capitalizing costs. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) which is intended to streamline the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements.

Operating Segments and Geographic Information (Details Narrative)	9 Months Ended
	Jan. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of operating segment	1

Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 2,729	$ 2,729
Trademarks	2,769	2,769
Intangible assets, gross	5,498	5,498
Accumulated amortization	(2,108)	(2,008)
Intangible assets, net	$ 3,390	$ 3,490

Goodwill	9 Months Ended
Jan. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	(8) Goodwill Goodwill in the amount of $8.5 million was recognized in November 2021 related to the acquisition of MAR. There have been no additions to, or any impairment of, goodwill during the three- or nine-month periods ended January 31, 2026 and 2025.

Goodwill

9 Months Ended

Jan. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

(8) Goodwill

Goodwill in the amount of $8.5 million was recognized in November 2021 related to the acquisition of MAR. There have been no additions to, or any impairment of, goodwill during the three- or nine-month periods ended January 31, 2026 and 2025.

Accounts Receivable Contract Assets And Contract Liabilities

The entire disclosure for goodwill.

+ References + Details

Accounts Receivable, Contract Assets and Contract Liabilities (Tables)

9 Months Ended

Jan. 31, 2026

Schedule of Accounts Receivable, Contract Assets and Contract Liabilities

The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers:

	January 31, 2026		April 30, 2025		April 30, 2024
	(in thousands)
Accounts receivable	$	6,132	$	1,191	$	796
Contract assets	$	725	$	1,088	$	18
Contract liabilities	$	5,372	$	—	$	302

Schedule of Significant Changes in Contract Assets

Significant changes in the contract assets balances during the period were as follows:

	Nine months ended January 31, 2026			Nine months ended January 31, 2025
	(in thousands)
Transferred to receivables from contract assets recognized	$	(1,260	)	$	(600	)
Revenue recognized and not billed		897			1,060
Net change in contract assets	$	(363	)	$	460

Schedule of Significant Changes in Contract Liabilities

Significant changes in the contract liabilities balances during the period are as follows:

	Nine months ended January 31, 2026			Nine months ended January 31, 2025
	(in thousands)
Revenue recognized	$	(262	)	$	(1,830	)
Payments billed or collected for which revenue has not been recognized		5,634			1,528
Net change in contract liabilities	$	5,372		$	(302	)

Leases (Tables)

9 Months Ended

Jan. 31, 2026

Leases [Abstract]

Schedule of Operating Lease Costs

The components of lease expense which are included in our operating expenses in the Consolidated Statement of Operations for the three and nine months ended January 31, 2026 and 2025 were as follows:

Schedule of Operating Lease Costs

	2025		2025		2025		2025
	Three months ended January 31,				Nine months ended January 31,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Operating lease cost	$	312	$	260	$	877	$	782
Short-term lease cost		—		8		—		24
Total lease cost	$	312	$	268	$	877	$	806

Schedule of Right-of use Assets and Lease Liabilities

Information related to the Company’s right-of use assets and lease liabilities as of January 31, 2026 was as follows:

	January 31, 2026
	(in thousands)
Operating lease:
Operating right-of-use assets, net	$	2,153

Right-of-use liabilities- current	$	1,171
Right-of-use liabilities- long term		1,150
Total lease liabilities	$	2,321

Weighted average remaining lease term- operating leases		1.96 years
Weighted average discount rate- operating leases		8.5	%

Schedule of Future Minimum Lease Payments Under Operating Lease

Total remaining lease payments under the Company’s operating leases are as follows:

	January 31, 2026
	(in thousands)
Remainder of fiscal year 2026	$	327
2027		1,317
2028		821
2029		28
2030		—
thereafter		—
Total future minimum lease payments	$	2,493
Less imputed interest		(172	)
Total	$	2,321

Schedule of Inventory (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Inventory Disclosure [Abstract]
Raw Materials	$ 2,681	$ 3,586
Work in Process	2,556	636
Finished Products
Inventory	$ 5,237	$ 4,222

Background, Basis of Presentation and Liquidity (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Accounting Policies [Abstract]
Net loss	$ 11,366	$ 6,720	$ 29,578	$ 15,085
Cash in operations			$ 19,924	$ 14,628

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Share-Based Payment Arrangement [Abstract]

Schedule of Accounts Receivable, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025	Apr. 30, 2024
Accounts Receivable Contract Assets And Contract Liabilities
Accounts receivable	$ 6,132	$ 1,191	$ 796
Contract assets	725	1,088	18
Contract liabilities	$ 5,372		$ 302

Schedule of Property and Equipment Estimated Useful Life (Details)	Jan. 31, 2026
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	7 years
Computer Equipment & Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Office Furniture & Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Office Furniture & Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	7 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Useful Life, Lease Term [Member]
Leased Power Buoys Assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	10 years
Leased WAM-V Assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	10 years

Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Accounting Policies [Abstract]
Cash and cash equivalents	$ 7,056	$ 6,715
Restricted cash, long-term	154	154
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 7,210	$ 6,869

Inventory

9 Months Ended

Jan. 31, 2026

Inventory Disclosure [Abstract]

Inventory

(4) Inventory

The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products.

Schedule of Inventory

	January 31, 2026		April 30, 2025
	(in thousands)
Raw Materials	$	2,681	$	3,586
Work in Process		2,556		636
Finished Products		—		—
Inventory	$	5,237	$	4,222

The Company’s raw materials balance represents the majority of the inventory as the Company orders parts in quantity to fill orders. Work in process and finished products typically represent smaller portions of inventory as the Company does not historically hold finished products with the exception of assets transitioning to the lease fleet. The Company typically ships finished products as they are completed.

Share-Based Compensation (Tables)

9 Months Ended

Jan. 31, 2026

Schedule of Stock Option Activity

A summary of stock options under the stock incentive plans is detailed in the following table.

Schedule of Stock Option Activity

	Shares Underlying Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)
Outstanding as of April 30, 2025		483,342		$	2.59		6.3
Granted		—		$	—
Exercised		—		$	—
Cancelled/forfeited		(81,467	)	$	6.87
Outstanding as of January 31, 2026		401,875		$	1.82		5.8
Exercisable as of January 31, 2026		401,875		$	1.82		5.8

Schedule of Performance Stock Units

A summary of performance stock units (“PSUs”) under our Stock Incentive Plans is detailed in the following table.

Schedule of Performance Stock Units

	Number of Shares		Weighted Average Price per Share
Outstanding at April 30, 2025		—	$	—
Granted		150,000	$	0.56
Vested and issued		—	$	—
Cancelled/forfeited		—	$	—
Unvested at January 31, 2026		150,000	$	0.56

Schedule of Non-vested Restricted Stock Activity

A summary of unvested RSU’s under the Stock Incentive Plans is as follows:

	Number of Shares			Weighted Average Price per Share
Unvested at April 30, 2025		22.461,633		$	0.79
Granted		12,573,401		$	0.74
Vested and issued		(7,670,221	)	$	0.99
Cancelled/forfeited		(1,996,079	)	$	0.74
Unvested at January 31, 2026		25,368,734		$	0.58

Schedule of Significant Changes in Contract Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Accounts Receivable Contract Assets And Contract Liabilities
Transferred to receivables from contract assets recognized	$ (1,260)	$ (600)
Revenue recognized and not billed	897	1,060
Net change in contract assets	$ (363)	$ 460

Schedule of Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,965	$ 5,981
Less: accumulated depreciation	(3,168)	(2,537)
Property and equipment, net	5,797	3,444
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,208	1,569
Computer Equipment & Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	637	620
Office Furniture & Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	425	425
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	683	683
Leased WAM-V's [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,378	1,735
Leased Buoys [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,634	$ 949

Intangible Assets (Tables)

9 Months Ended

Jan. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Intangible Assets

The components of intangible assets, net as of January 31, 2026 and April 30, 2025 consisted of the following:

	January 31, 2026			April 30, 2025
	(in thousands)
Patents	$	2,729		$	2,729
Trademarks		2,769			2,769
Intangible assets, gross		5,498			5,498
Accumulated amortization		(2,108	)		(2,008	)
Intangible assets, net	$	3,390		$	3,490

Schedule of Operating Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Segment Reporting [Abstract]
Revenue	$ 513	$ 825	$ 2,119	$ 4,545
Cost of sales	1,268	628	4,277	3,106
Product development costs	641	711	1,063	1,431
Employee-related costs	2,385	1,928	7,066	5,557
Professional, consulting and contractor fees	1,172	1,159	3,627	3,443
General and administrative costs	849	789	2,175	1,941
Facilities costs	449	415	1,246	1,188
Share-based compensation	2,600	782	7,791	1,331
Depreciation and amortization expense	267	188	731	711
Other expense (income)	(95)	13	43	(3)
Interest (income)/expense, net	726	(6)	1,600	(13)
Credit loss expense		100	461	100
Change in fair value of derivatives	1,617		1,617
Loss on extinguishment of debt		838		838
Net loss	$ (11,366)	$ (6,720)	$ (29,578)	$ (15,085)

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jan. 31, 2026

Schedule of Cash, Cash Equivalents and Restricted Cash

	January 31, 2026		April 30, 2025
	(in thousands)
Cash and cash equivalents	$	7,056	$	6,715
Restricted cash, long-term		154		154
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	7,210	$	6,869

Schedule of Property and Equipment Estimated Useful Life

Description		Estimated depreciable life

Equipment		5-7 years
Computer equipment & software		3 years
Office furniture & fixtures		3-7 years
Leasehold improvements		Shorter of the estimated useful life or lease term
Leased Power Buoy assets		10 years
Leased WAM-V assets		10 years

Schedule of Revenue Recognized Under ASC 606 and ASC 842

The table below represents the total revenue recognized under ASC 606 and ASC 842 for the three and nine months ended January 31, 2026 and 2025.

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Three months ended January 31, 2026						Three months ended January 31, 2025
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	58	$	64	$	122	$	580	$	74	$	654
Buoy		25		37		62		171		—		171
Services		329		—		329		—		—		—
Total	$	412	$	101	$	513	$	751	$	74	$	825

Region:
North and South America	$	45	$	37	$	82	$	326	$	—	$	326
EMEA		72		64		136		425		74		499
Asia and Australia		295		—		295		—		—		—
Total	$	412	$	101	$	513	$	751	$	74	$	825
Revenues	$	412	$	101	$	513	$	751	$	74	$	825

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Nine months ended January 31, 2026						Nine months ended January 31, 2025
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,182	$	203	$	1,385	$	3,996	$	206	$	4,202
Buoy		123		84		207		343		—		343
Services		527		—		527		—		—		—
Total	$	1,832	$	287	$	2,119	$	4,339	$	206	$	4,545

Region:
North and South America	$	270	$	84	$	354	$	3,046	$	—	$	3,046
Europe		1,089		203		1,292		1,291		206		1,497
Asia and Australia		473		—		473		2		—		2
Total	$	1,832	$	287	$	2,119	$	4,339	$	206	$	4,545
Revenues	$	1,832	$	287	$	2,119	$	4,339	$	206	$	4,545

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Apr. 30, 2025
Product Information [Line Items]
Cash and cash equivalents	$ 7,100,000		$ 7,100,000		$ 6,700,000
Allowance for credit losses	560,000		560,000		$ 100,000
Income tax expense (benefit)
Share-based compensation expense	2,600,000	782,000	7,791,000	1,331,000
Revenues	513,000	825,000	$ 2,119,000	$ 4,545,000
Antidilutive securities excluded from computation of diluted net loss per share			25,920,609	20,835,027
Product development expense	$ 600,000	700,000	$ 1,100,000	$ 1,400,000
Patents [Member]
Product Information [Line Items]
Intangible asset estimated lives	20 years		20 years
Trade Names [Member]
Product Information [Line Items]
Intangible asset estimated lives	12 years		12 years
Customer Relationships [Member]
Product Information [Line Items]
Intangible asset estimated lives	10 years		10 years
Transferred at Point in Time [Member]
Product Information [Line Items]
Revenues	$ 400,000	400,000	$ 1,700,000	4,000,000.0
Transferred over Time [Member]
Product Information [Line Items]
Revenues	$ 100,000	$ 400,000	$ 400,000	$ 500,000
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Five Customers [Member]
Product Information [Line Items]
Concentration risk percentage			81.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Four Customers [Member]
Product Information [Line Items]
Concentration risk percentage				73.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Two Customers [Member]
Product Information [Line Items]
Concentration risk percentage	73.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Three Customers [Member]
Product Information [Line Items]
Concentration risk percentage		95.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Four Customers [Member]
Product Information [Line Items]
Concentration risk percentage				95.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| One Customers [Member]
Product Information [Line Items]
Concentration risk percentage			76.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| One Commercial Customer [Member]
Product Information [Line Items]
Concentration risk percentage			5.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Product Information [Line Items]
Concentration risk percentage			6.00%
Income tax expense (benefit)			$ 373,000
Santander Bank [Member]
Product Information [Line Items]
Deposits	$ 154,000		$ 154,000

Goodwill (Details Narrative) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025	Nov. 30, 2021
Goodwill [Line Items]
Goodwill	$ 8,537	$ 8,537
Marine Advanced Robotics, Inc. [Member]
Goodwill [Line Items]
Goodwill			$ 8,500

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

9 Months Ended

Jan. 31, 2026

Share-Based Compensation

(11) Share-Based Compensation

In 2015, upon approval by the Company’s shareholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of 1,332,036 shares were authorized for issuance under the 2015 Omnibus Incentive Plan, including shares available for awards under the 2006 Stock Incentive Plan remaining at the time that plan terminated, or that were subject to awards under the 2006 Stock Incentive Plan that thereafter terminated by reason of expiration, forfeiture, cancellation or otherwise. If any award under the 2006 Stock Incentive Plan or 2015 Plan expires, is cancelled, terminates unexercised or is forfeited, those shares become again available for grant under the 2015 Plan. Most recently in January 2025, the shareholders approved an amendment and restatement of the 2015 Plan to, among other things, provide an aggregate increase to the 2015 Plan of 20,000,000 shares resulting in total shares authorized for issuance of 27,282,036 as of January 31, 2026, based on 7,282,036 available before the amendment. The 2015 Plan will now terminate in January 2035, but is subject to earlier termination as provided in the 2015 Plan.

On January 18, 2018, the Company’s Board of Directors adopted the Company’s Employment Inducement Incentive Award Plan (the “2018 Inducement Plan”) pursuant to which the Company reserved 25,000 shares of common stock for issuance under the Inducement Plan in accordance with Rule 711(a) of the NYSE American Company Guide. On February 9, 2022, the 2018 Inducement Plan was amended to increase the authorized shares by 250,000 to 275,000. On June 3, 2025, the 2018 Inducement Plan was further amended to increase the authorized shares by 715,000 to 990,000. On January 27, 2026, the 2018 Inducement Plan was further amended to increase the authorized shares by 1,000,000 to 1,990,000.

Stock Options

The Company estimates the fair value of each stock option award granted with service-based vesting requirements, using the Black-Scholes option pricing model, assuming no dividends, and using weighted average valuation assumptions. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant commensurate with the expected life of the award. The expected life (estimated period of time outstanding) of the stock options granted was estimated using the “simplified” method as permitted by the SEC’s Staff Accounting Bulletin No. 110, Share-Based Payment. Expected volatility is based on the Company’s historical volatility over the expected life of the stock option granted. The Company did not grant any stock options during the nine months ended January 31, 2026 and 2025, respectively.

A summary of stock options under the stock incentive plans is detailed in the following table.

Schedule of Stock Option Activity

	Shares Underlying Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)
Outstanding as of April 30, 2025		483,342		$	2.59		6.3
Granted		—		$	—
Exercised		—		$	—
Cancelled/forfeited		(81,467	)	$	6.87
Outstanding as of January 31, 2026		401,875		$	1.82		5.8
Exercisable as of January 31, 2026		401,875		$	1.82		5.8

As of January 31, 2026, the total intrinsic value of outstanding and exercisable options was approximately zero. As of January 31, 2026, no options were unvested. The outstanding options had an intrinsic value of zero and a weighted average remaining contractual term of 5.8 years. There was approximately $22,000 and $38,000 of total recognized compensation cost related to stock options during the nine months ended January 31, 2026 and 2025, respectively. There was approximately $6,000 and $12,000 of total recognized compensation cost related to stock options during the three months ended January 31, 2026 and 2025, respectively. As of January 31, 2026, there was no unrecognized compensation cost related to unvested stock options granted under the plans.

Performance Stock Units

A summary of performance stock units (“PSUs”) under our Stock Incentive Plans is detailed in the following table.

Schedule of Performance Stock Units

	Number of Shares		Weighted Average Price per Share
Outstanding at April 30, 2025		—	$	—
Granted		150,000	$	0.56
Vested and issued		—	$	—
Cancelled/forfeited		—	$	—
Unvested at January 31, 2026		150,000	$	0.56

There was approximately $41,000 and zero of total recognized compensation cost related to PSUs for the nine months ended January 31, 2026 and 2025, respectively. There was approximately $16,000 and zero of total recognized compensation cost related to PSUs for the three months ended January 31, 2026 and 2025, respectively. As of January 31, 2026, there was approximately $44,000 of unrecognized compensation cost remaining related to unvested PSUs. This cost is expected to be recognized over a weighted-average period of 1.4 years.

Restricted Stock Units

Compensation expense for RSUs is generally recorded based on the market value on the date of grant and recognized ratably over the associated service and performance period. During the three months ended January 31, 2026 and 2025, the Company granted approximately 12,573,401 and 21,903,000 shares, respectively, that were subject to both service-based and market-based vesting requirements.

Additionally, as part of the Section 220 shareholder demand, the Company cancelled 631,829 RSU awards issue under the Omnibus Plan and reissued under the amended Omnibus Plan with exact same vesting terms. The cancellations and reissuance occurred simultaneously and there was no affect on the unaudited consolidated financial statements as a result of these cancellations and reissuances.

A summary of unvested RSU’s under the Stock Incentive Plans is as follows:

	Number of Shares			Weighted Average Price per Share
Unvested at April 30, 2025		22.461,633		$	0.79
Granted		12,573,401		$	0.74
Vested and issued		(7,670,221	)	$	0.99
Cancelled/forfeited		(1,996,079	)	$	0.74
Unvested at January 31, 2026		25,368,734		$	0.58

There was approximately $7,728,000 and $1,293,000 of total recognized compensation cost related to RSUs for the nine months ended January 31, 2026 and 2025, respectively. There was approximately $2,578,000 and $768,000 of total recognized compensation cost related to RSUs for the three months ended January 31, 2026 and 2025, respectively. As of January 31, 2026, there was approximately $6,647,000 of unrecognized compensation cost remaining related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of 1.8 years.

Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 252	$ 80
Prepaid software & licenses	139	68
Prepaid sales & marketing	117	90
Prepaid project costs	478	36
Prepaid inventory	849
Prepaid expenses- other	122	126
Total other current assets	$ 1,957	$ 400

Schedule of Fair Value Assets on Recurring Basis (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative liability	$ 2,180
Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative liability	2,180
May 2025 Convertible Debt Issuance [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative liability – October issuance	699
Change due to conversion of notes	(129)
Derivative liability	570
October 2025 Convertible Debt Issuance [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative liability – October issuance	489
Change due to conversion of notes	(179)
Derivative liability	881
January 2025 Convertible Debt Issuance [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Change due to conversion of notes	(318)
Derivative liability	2,180
Change due to revaluation of derivatives	$ 1,617

Leases (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Leases (Details Narrative) - USD ($)	Jun. 30, 2025	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Apr. 30, 2025
Leases [Abstract]
Operating lease remaining term		2 years		2 years		2 years
Lease commenced	The lease commenced in June of 2025 and will continue for 24 months.			This lease commenced in April of 2023 and will continue for 62 months.
Operating lease expense		$ 326,000	$ 314,000	$ 957,000	$ 679,000

Schedule of Non-vested Restricted Stock Activity (Details) - Non-vested Restricted Stock [Member]	9 Months Ended
	Jan. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning \| shares	22,461.633
Weighted Average Price per Share, Outstanding, Beginning \| $ / shares	$ 0.79
Number of Shares, Unvested, Granted \| shares	12,573,401
Weighted Average Price per Share, Granted \| $ / shares	$ 0.74
Number of Shares, Unvested, Vested and issued \| shares	(7,670,221)
Weighted Average Price per Share, Vested and issued \| $ / shares	$ 0.99
Number of Shares, Unvested, Cancelled/forfeited \| shares	(1,996,079)
Weighted Average Price per Share, Cancelled/forfeited \| $ / shares	$ 0.74
Number of Shares, Outstanding, Ending \| shares	25,368,734
Weighted Average Price per Share, Outstanding, Ending \| $ / shares	$ 0.58

Schedule of Right-of use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Leases [Abstract]
Operating right-of-use assets, net	$ 2,153	$ 1,552
Right-of-use liabilities- current	1,171	1,150
Right-of-use liabilities- long term	1,150	$ 649
Total lease liabilities	$ 2,321
Weighted average remaining lease term- operating leases	1 year 11 months 15 days
Weighted average discount rate- operating leases	8.50%

Accrued Expenses

9 Months Ended

Jan. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses

(10) Accrued Expenses

Accrued expenses consisted of the following at January 31, 2026 and April 30, 2025:

Schedule of Accrued Expenses

	January 31, 2026		April 30, 2025
	(in thousands)
Employee incentive payments	$	1,331	$	759
Accrued salary and benefits		1,147		417
Professional fees		15		—
Accrued project costs		436		—
Accrued interest expense		57		—
Other		61		95
Accrued expenses total	$	3,047	$	1,271

Cover - shares	9 Months Ended
Cover - shares	Jan. 31, 2026	Mar. 13, 2026
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 31, 2026
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--04-30
Entity File Number	001-33417
Entity Registrant Name	OCEAN POWER TECHNOLOGIES, INC.
Entity Central Index Key	0001378140
Entity Tax Identification Number	22-2535818
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	28 ENGELHARD DRIVE
Entity Address, Address Line Two	SUITE B
Entity Address, City or Town	MONROE TOWNSHIP
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08831
City Area Code	(609)
Local Phone Number	730-0400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		228,023,439
Common Stock $0.001 par value [Member]
Title of 12(b) Security	Common Stock $0.001 par value
Trading Symbol	OPTT
Security Exchange Name	NYSEAMER
Series A Preferred Stock Purchase Rights [Member]
Title of 12(b) Security	Series A Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NYSEAMER

Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 33	$ 33	$ 99	$ 99

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Equity

9 Months Ended

Jan. 31, 2026

Equity [Abstract]

Equity

(13) Equity

At-the-Market Offering Agreement

On March 21, 2024, the Company entered into an At-the-Market Offering Agreement with an aggregate offering price of up to $7.0 million (the “2023 ATM Facility”). On August 30, 2024 the aggregate offering price under the 2023 ATM Facility was increased to approximately $16.0 million. It was then reduced to approximately $2.9 million in September 2024 and increased again to approximately $60.0 million in December 2024. The Company received proceeds of approximately $18.0 million under this facility prior to termination of the facility effective August 8, 2025.

On August 8, 2025, the Company entered into an At Market Issuance Sales Agreement with Ladenburg Thalmann &Co. Inc., under which the Company may, from time to time, offer and sell shares of its common stock having an aggregate gross sales price of up to $40.0 million. The shares will be offered pursuant to the Company’s shelf registration statement on Form S-3, including the related prospectus supplement filed with the SEC on August 8, 2025.

Sales, if any, will be made in transactions deemed to be “at the market offerings” as defined in Rule 415(a)(4) under the Securities Act, directly on or through the NYSE American or in negotiated transactions as otherwise permitted under the Sales Agreement. The Company is not obligated to sell any shares under the Ladenburg sales agreement and may suspend or terminate the offering at any time.

A total of 10,117,602 shares were sold under the Ladenburg sales agreement during the nine months ended January 31, 2026 totaling proceeds of $4.9 million. Subsequent to January 31, 2026, through filing, there were an additional 5,646,239 shares were sold under the Ladenburg sales agreement, totaling proceeds of $2.4 million.

Convertible Debt Issuance

In May 2025 we issued $10.0 million in aggregate principal amount of convertible notes with a 24-month maturity to new institutional investors with net proceeds of $9.7 million. The notes are convertible into shares of our common stock under specific terms outlined in the Securities Purchase Agreement and Indenture. This financing was aimed at providing us with additional liquidity, supporting the commercialization of our systems, and advancing our autonomous maritime solutions. The convertible debt structure offers the potential for conversion into equity, which may result in dilution to existing shareholders upon conversion. On October 7, 2025, we issued and sold to the investors $6.5 million of additional notes. We can draw an additional $8.5 million of notes under the purchase agreement. Principal and interest conversion during the three and nine months ended January 31, 2026 was approximately $4.6 million and $9.7 million, respectively.

The convertible debt has a conversion feature that was determined to be an embedded derivative that requires bifurcation and separate accounting from the host instrument. At inception, the fair value of the derivative liability was approximately $699,000 for the May issuance and $489,000 for the October issuance.

The sale of additional equity under new facilities could result in dilution to our shareholders. If additional funds are raised through the issuance of debt securities or preferred stock, these securities could have rights senior to those associated with our common stock and could contain covenants that would restrict our operations. The Company cannot be certain that additional equity and/or debt financing will be available to the Company as needed on acceptable terms, or at all. If we are unable to obtain required financing when needed, we may be required to reduce the scope of our operations, including our planned incremental product development and marketing efforts, which could materially and adversely affect our financial condition and operating results. If we are unable to secure additional financing, we may be forced to cease our operations. Subsequent to January 31, 2026, through filing, there were additional conversions of 6,269,872 shares, reducing the principal balance convertible debt by approximately $1.5 million.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Leases [Abstract]
Operating lease cost	$ 312	$ 260	$ 877	$ 782
Short-term lease cost		8		24
Total lease cost	$ 312	$ 268	$ 877	$ 806

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Jan. 31, 2026

Cash, Cash Equivalents, Restricted Cash and Security Agreements

Consolidation

(a) Consolidation

Use of Estimates

(b) Use of Estimates

(c) Cash, Cash Equivalents, Restricted Cash and Security Agreements

Cash and Cash Equivalents

Restricted Cash and Security Agreements

	January 31, 2026		April 30, 2025
	(in thousands)
Cash and cash equivalents	$	7,056	$	6,715
Restricted cash, long-term		154		154
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	7,210	$	6,869

Inventory

(d) Inventory

Accounts Receivable, net

(e) Accounts Receivable, net

Property and Equipment, net

(f) Property and Equipment, net

Description		Estimated depreciable life

Equipment		5-7 years
Computer equipment & software		3 years
Office furniture & fixtures		3-7 years
Leasehold improvements		Shorter of the estimated useful life or lease term
Leased Power Buoy assets		10 years
Leased WAM-V assets		10 years

Foreign Exchange Gains and Losses

(g) Foreign Exchange Gains and Losses

Concentration of Credit Risk

(h) Concentration of Credit Risk

Share-Based Compensation

(i) Share-Based Compensation

Revenue Recognition

(j) Revenue Recognition

The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue.

The table below represents the total revenue recognized under ASC 606 and ASC 842 for the three and nine months ended January 31, 2026 and 2025.

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Three months ended January 31, 2026						Three months ended January 31, 2025
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	58	$	64	$	122	$	580	$	74	$	654
Buoy		25		37		62		171		—		171
Services		329		—		329		—		—		—
Total	$	412	$	101	$	513	$	751	$	74	$	825

Region:
North and South America	$	45	$	37	$	82	$	326	$	—	$	326
EMEA		72		64		136		425		74		499
Asia and Australia		295		—		295		—		—		—
Total	$	412	$	101	$	513	$	751	$	74	$	825
Revenues	$	412	$	101	$	513	$	751	$	74	$	825

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Nine months ended January 31, 2026						Nine months ended January 31, 2025
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,182	$	203	$	1,385	$	3,996	$	206	$	4,202
Buoy		123		84		207		343		—		343
Services		527		—		527		—		—		—
Total	$	1,832	$	287	$	2,119	$	4,339	$	206	$	4,545

Region:
North and South America	$	270	$	84	$	354	$	3,046	$	—	$	3,046
Europe		1,089		203		1,292		1,291		206		1,497
Asia and Australia		473		—		473		2		—		2
Total	$	1,832	$	287	$	2,119	$	4,339	$	206	$	4,545
Revenues	$	1,832	$	287	$	2,119	$	4,339	$	206	$	4,545

Net Loss per Common Share

(k) Net Loss per Common Share

Intangibles, net

(l) Intangibles, net

Goodwill

(m) Goodwill

Income Taxes

(n) Income Taxes

Accumulated Other Comprehensive Loss

(o) Accumulated Other Comprehensive Loss

Warranty

(p) Warranty

Product Development

(q) Product Development

Derivative Financial Instruments

(r) Derivative Financial Instruments

Recently Issued Accounting Standards

(s) Recently Issued Accounting Standards

Schedule of Significant Changes in Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Accounts Receivable Contract Assets And Contract Liabilities
Revenue recognized	$ (262)	$ (1,830)
Payments billed or collected for which revenue has not been recognized	5,634	1,528
Net change in contract liabilities	$ 5,372	$ (302)

Other Current Assets (Details Narrative) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid project costs	$ 478	$ 36

Commitments and Contingencies

9 Months Ended

Jan. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(14) Commitments and Contingencies

Litigation with Paragon Technologies, Inc.

On October 10, 2023, Paragon Technologies, Inc. filed a complaint in the Court of Chancery of the State of Delaware against the Company, and the members of its Board of Directors, claiming certain breaches of their fiduciary duties. In an August 12, 2024 Press Release and its Form 10-Q report for the second quarter of 2024, Paragon announced that it was no longer pursuing litigation against the Company. Pursuant to a Court order dated January 9, 2025, Paragon was required “to file a status report within 30 days. Otherwise, the case will be dismissed under Rule 41(e).” Paragon did not file a status report, and in March 2026, the Court confirmed that it had dismissed the case due to failure to prosecute under Rule 41(e).

General Legal Matters

From time to time, the Company is involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements.

Accrued Expenses (Tables)

9 Months Ended

Jan. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following at January 31, 2026 and April 30, 2025:

Schedule of Accrued Expenses

	January 31, 2026		April 30, 2025
	(in thousands)
Employee incentive payments	$	1,331	$	759
Accrued salary and benefits		1,147		417
Professional fees		15		—
Accrued project costs		436		—
Accrued interest expense		57		—
Other		61		95
Accrued expenses total	$	3,047	$	1,271

Property and Equipment, net

9 Months Ended

Jan. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, net

(6) Property and Equipment, net

The components of property and equipment, net as of January 31, 2026 and April 30, 2025 consisted of the following:

	January 31, 2026			April 30, 2025
	(in thousands)
Equipment	$	2,208		$	1,569
Computer equipment & software		637			620
Office furniture & equipment		425			425
Leasehold improvements		683			683
Leased WAM-V’s		2,378			1,735
Leased Buoys		2,634			949
Property and equipment, gross		8,965			5,981
Less: accumulated depreciation		(3,168	)		(2,537	)
Property and equipment, net	$	5,797		$	3,444

Leased WAM-V’s and buoys represent fixed assets that are associated with underlying operating leases with customers or for customer demonstration as discussed in the revenue recognition section related to ASC 842.

Depreciation expense was approximately $632,000 and $610,000 for the nine-month periods ended January 31, 2026 and 2025, respectively. Depreciation expense was approximately $234,000 and $155,000 for the three-month periods ended January 31, 2026 and 2025, respectively.

Schedule of Future Minimum Lease Payments Under Operating Lease (Details) $ in Thousands	Jan. 31, 2026 USD ($)
Leases [Abstract]
Remainder of fiscal year 2026	$ 327
2027	1,317
2028	821
2029	28
2030
thereafter
Total future minimum lease payments	2,493
Less imputed interest	(172)
Total	$ 2,321

Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Payables and Accruals [Abstract]
Employee incentive payments	$ 1,331	$ 759
Accrued salary and benefits	1,147	417
Professional fees	15
Accrued project costs	436
Accrued interest expense	57
Other	61	95
Accrued expenses total	$ 3,047	$ 1,271

Schedule of Stock Option Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Jan. 31, 2026	Apr. 30, 2025
Share-Based Payment Arrangement [Abstract]
Shares Underlying Options Outstanding, Beginning	483,342
Weighted Average Exercise Price, Beginning balance	$ 2.59
Weighted Average Remaining Contractual Term (In Years), Ending	5 years 9 months 18 days	6 years 3 months 18 days
Shares underlying Options Outstanding, Granted
Weighted Average Exercise Price, Granted
Shares Underlying Options ,Exercised
Weighted Average Exercise Price, Exercised
Shares Underlying Options, Cancelled/forfeited	(81,467)
Weighted Average Exercise Price, Cancelled/forfeited	$ 6.87
Shares Underlying Options Outstanding, Ending	401,875	483,342
Weighted Average Exercise Price, Ending balance	$ 1.82	$ 2.59
Shares Underlying Options, Exercisable at Ending	401,875
Weighted Average Exercise Price, Exercisable at Ending	$ 1.82
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending	5 years 9 months 18 days

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Current assets:
Cash and cash equivalents	$ 7,056	$ 6,715
Accounts receivable, net	6,132	1,191
Contract assets	725	1,088
Inventory	5,237	4,222
Other current assets	1,957	400
Total current assets	21,107	13,616
Property and equipment, net	5,797	3,444
Intangibles, net	3,390	3,490
Right-of-use assets, net	2,153	1,552
Restricted cash, long-term	154	154
Goodwill	8,537	8,537
Total assets	41,138	30,793
Current liabilities:
Accounts payable	1,543	568
Earnout payable	150	300
Convertible notes payable (Note 13)	6,234
Derivative liability (Note 13)	2,180
Accrued expenses	3,047	1,271
Right-of-use liabilities, current portion	1,171	1,150
Contract liabilities	5,372
Total current liabilities	19,697	3,289
Deferred tax liability	203	203
Right-of-use liabilities, less current portion	1,150	649
Total liabilities	21,050	4,141
Commitments and contingencies (Note 14)
Shareholders’ Equity:
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding; 100,000 designated as Series A
Common stock, $0.001 par value; authorized 300,000,000 shares, issued 218,789,721 shares and 172,050,563 shares, respectively; outstanding 216,107,328 shares and 171,263,086 shares, respectively	219	172
Treasury stock, at cost; 2,682,393 and 787,477 shares, respectively	(1,823)	(1,018)
Additional paid-in capital	380,360	356,588
Accumulated deficit	(358,668)	(329,090)
Accumulated other comprehensive loss
Total shareholders’ equity	20,088	26,652
Total liabilities and shareholders’ equity	$ 41,138	$ 30,793

Share-Based Compensation (Details Narrative) - USD ($)				1 Months Ended	3 Months Ended		9 Months Ended
Share-Based Compensation (Details Narrative) - USD ($)	Jan. 27, 2026	Jun. 03, 2025	Feb. 09, 2022	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Jan. 01, 2025	Jan. 18, 2018	Dec. 31, 2015
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Intrinsic value of exercisable options					$ 0		$ 0
Options unvested					0		0
Weighted average remaining contractual term							5 years 9 months 18 days
Share-based payment arrangement, expense					$ 6,000	$ 12,000	$ 22,000	$ 38,000
Unrecognized compensation cost related to non-vested stock					0		0
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense					16,000	0	41,000	0
Unrecognized compensation cost					44,000		$ 44,000
Share-based compensation of weighted-average period							1 year 4 months 24 days
Number of restricted shares, granted							150,000
Number of restricted shares, cancelled
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense					2,578,000	$ 768,000	$ 7,728,000	$ 1,293,000
Unrecognized compensation cost					$ 6,647,000		$ 6,647,000
Share-based compensation of weighted-average period							1 year 9 months 18 days
Number of restricted shares, granted					12,573,401	21,903,000
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted shares, cancelled							631,829
2015 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement shares authorized					27,282,036		27,282,036		7,282,036		1,332,036
Share-based compensation arrangement shares authorized increase				20,000,000
2018 Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement shares authorized	1,990,000	990,000	275,000
Share-based compensation arrangement shares authorized increase	1,000,000	715,000	250,000
Reserved for future issuance										25,000

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Income Statement [Abstract]
Revenues	$ 513	$ 825	$ 2,119	$ 4,545
Cost of revenues	1,268	628	4,277	3,106
Gross margin	(755)	197	(2,158)	1,439
Operating expenses	8,363	6,072	24,160	15,702
Operating loss	(9,118)	(5,875)	(26,318)	(14,263)
Interest income/(expense), net	(726)	6	(1,600)	13
Other income/(expense)	96	(13)	(32)	4
Change in fair value of derivative	(1,617)		(1,617)
Loss on extinguishment of debt		(838)		(838)
Foreign exchange loss	(1)		(11)	(1)
Loss before income taxes	(11,366)	(6,720)	(29,578)	(15,085)
Income tax benefit
Net loss	$ (11,366)	$ (6,720)	$ (29,578)	$ (15,085)
Basic net loss per share	$ (0.06)	$ (0.04)	$ (0.16)	$ (0.13)
Diluted net loss per share	$ (0.06)	$ (0.04)	$ (0.16)	$ (0.13)
Weighted average shares used to compute basic net loss per common share	195,499,846	147,543,452	184,009,438	112,630,443
Weighted average shares used to compute diluted net loss per common share	195,499,846	147,543,452	184,009,438	112,630,443

Leases

9 Months Ended

Jan. 31, 2026

Leases [Abstract]

Leases

(9) Leases

Lessor Information

As of January 31, 2026 and April 30, 2025, the Company had four and three WAM-V’s leased to customers which have been classified as operating leases per accounting guidance contained within ASC Topic 842, “Leases”, respectively. The remaining term on these operating leases is less than 2 years.

Lessee Information

Right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. When the implicit rate of the lease is not provided or cannot be determined, the Company uses the incremental borrowing rate based on the information available at the effective date to determine the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The renewal options have not been included in the lease term as they are not reasonably certain of exercise. The Company’s operating leases consist of leases for office facilities and warehouse space. Lease expense for minimum lease payments is recognized on a straight- line basis over the lease term and consists of interest on the lease liability and the amortization of the right of use asset.

The Company has a lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the Company’s principal offices and corporate headquarters. In August 2025, the Company extended the lease for its main headquarters in Monroe, NJ to January 31, 2027 and it was executed and recorded as an additional right of use asset and liability. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities – current, and right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets.

The Company also has a lease for office space located in Richmond, California. This lease commenced in April of 2023 and will continue for 62 months. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities- current and right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets.

The Company also has a lease for warehouse space located in Richmond, California. The lease commenced in June of 2025 and will continue for 24 months. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities- current and right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets.

Variable lease expenses, if any, are recorded as incurred. The operating lease cash flow payments for the nine months ended January 31, 2026 and 2025 were $957,000 and $679,000, respectively. The operating lease cash flow payments for the three months ended January 31, 2026 and 2025 were $326,000 and $314,000, respectively.

The components of lease expense which are included in our operating expenses in the Consolidated Statement of Operations for the three and nine months ended January 31, 2026 and 2025 were as follows:

Schedule of Operating Lease Costs

	2025		2025		2025		2025
	Three months ended January 31,				Nine months ended January 31,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Operating lease cost	$	312	$	260	$	877	$	782
Short-term lease cost		—		8		—		24
Total lease cost	$	312	$	268	$	877	$	806

Information related to the Company’s right-of use assets and lease liabilities as of January 31, 2026 was as follows:

	January 31, 2026
	(in thousands)
Operating lease:
Operating right-of-use assets, net	$	2,153

Right-of-use liabilities- current	$	1,171
Right-of-use liabilities- long term		1,150
Total lease liabilities	$	2,321

Weighted average remaining lease term- operating leases		1.96 years
Weighted average discount rate- operating leases		8.5	%

Total remaining lease payments under the Company’s operating leases are as follows:

	January 31, 2026
	(in thousands)
Remainder of fiscal year 2026	$	327
2027		1,317
2028		821
2029		28
2030		—
thereafter		—
Total future minimum lease payments	$	2,493
Less imputed interest		(172	)
Total	$	2,321

Intangible Assets

9 Months Ended

Jan. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

(7) Intangible Assets

The components of intangible assets, net as of January 31, 2026 and April 30, 2025 consisted of the following:

	January 31, 2026			April 30, 2025
	(in thousands)
Patents	$	2,729		$	2,729
Trademarks		2,769			2,769
Intangible assets, gross		5,498			5,498
Accumulated amortization		(2,108	)		(2,008	)
Intangible assets, net	$	3,390		$	3,490

Amortization expense was approximately $99,000 and $99,000 for the nine-month periods ended January 31, 2026 and 2025, respectively. Amortization expense was approximately $33,000 and $33,000 for the three-month periods ended January 31, 2026 and 2025, respectively.

Operating Segments and Geographic Information

9 Months Ended

Jan. 31, 2026

Segment Reporting [Abstract]

Operating Segments and Geographic Information

(16) Operating Segments and Geographic Information

The Company operates as one operating segment. The Company’s chief operating decision maker (the “CODM”) is its Chief Executive Officer, who reviews financial information on a consolidated basis and utilizes net loss for purposes of making operating decisions, assessing financial performance of the consolidated Company, and making resource allocation decisions. The CODM also reviews total assets. While assets may move throughout the world to support our revenue projects, for reporting purposes they are included in North America total assets. Revenue and expenses are generally attributed to the operating unit that bills the customers.

The following table presents selected financial information with respect to the Company’s single operating segment and its significant segment expenses for the three and nine months ended January 31, 2026 and 2025, respectively:

Schedule of Operating Segment Expenses

	2026			2025
	Three month ended January 31,
	2026			2025
	(in thousands)
Revenue	$	513		$	825
Less:
Cost of sales		1,268			628
Product development costs		641			711
Employee-related costs		2,385			1,928
Professional, consulting and contractor fees		1,172			1,159
General and administrative costs		849			789
Facilities costs		449			415
Share-based compensation		2,600			782
Depreciation and amortization expense		267			188
Other expense (income)		(95	)		13
Interest (income)/expense, net		726			(6	)
Credit loss expense		—			100
Change in fair value of derivatives		1,617			—
Loss on extinguishment of debt		—			838
Net loss	$	(11,366	)	$	(6,720	)

	2026			2025
	Nine month ended January 31,
	2026			2025
	(in thousands)
Revenue	$	2,119		$	4,545
Less:
Cost of sales		4,277			3,106
Product development costs		1,063			1,431
Employee-related costs		7,066			5,557
Professional, consulting and contractor fees		3,627			3,443
General and administrative costs		2,175			1,941
Facilities costs		1,246			1,188
Share-based compensation		7,791			1,331
Depreciation and amortization expense		731			711
Other expense (income)		43			(3	)
Interest (income)/expense, net		1,600			(13	)
Credit loss expense		461			100
Change in fair value of derivatives		1,617			—
Loss on extinguishment of debt		—			838
Net loss	$	(29,578	)	$	(15,085	)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Schedule of Operating Segment Expenses

Income Taxes (Details Narrative)	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Acquisition outstanding common stock ownership percentage	4.99%

Schedule of Revenue Recognized Under ASC 606 and ASC 842 (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Product Information [Line Items]
Revenues	$ 513	$ 825	$ 2,119	$ 4,545
North and South America [Member]
Product Information [Line Items]
Revenues	82	326	354	3,046
EMEA [Member]
Product Information [Line Items]
Revenues	136	499	1,292	1,497
Asia and Australia [Member]
Product Information [Line Items]
Revenues	295		473	2
Region [Member]
Product Information [Line Items]
Revenues	513	825	2,119	4,545
WAM-V [Member]
Product Information [Line Items]
Revenues	122	654	1,385	4,202
Buoy [Member]
Product Information [Line Items]
Revenues	62	171	207	343
Service [Member]
Product Information [Line Items]
Revenues	329		527
Product [Member]
Product Information [Line Items]
Revenues	513	825	2,119	4,545
Accounting Standards Update 2014-09 [Member] \| North and South America [Member]
Product Information [Line Items]
Revenues	45	326	270	3,046
Accounting Standards Update 2014-09 [Member] \| EMEA [Member]
Product Information [Line Items]
Revenues	72	425	1,089	1,291
Accounting Standards Update 2014-09 [Member] \| Asia and Australia [Member]
Product Information [Line Items]
Revenues	295		473	2
Accounting Standards Update 2014-09 [Member] \| Region [Member]
Product Information [Line Items]
Revenues	412	751	1,832	4,339
Accounting Standards Update 2014-09 [Member] \| WAM-V [Member]
Product Information [Line Items]
Revenues	58	580	1,182	3,996
Accounting Standards Update 2014-09 [Member] \| Buoy [Member]
Product Information [Line Items]
Revenues	25	171	123	343
Accounting Standards Update 2014-09 [Member] \| Service [Member]
Product Information [Line Items]
Revenues	329		527
Accounting Standards Update 2014-09 [Member] \| Product [Member]
Product Information [Line Items]
Revenues	412	751	1,832	4,339
Accounting Standards Update 2016-02 [Member] \| North and South America [Member]
Product Information [Line Items]
Revenues	37		84
Accounting Standards Update 2016-02 [Member] \| EMEA [Member]
Product Information [Line Items]
Revenues	64	74	203	206
Accounting Standards Update 2016-02 [Member] \| Asia and Australia [Member]
Product Information [Line Items]
Revenues
Accounting Standards Update 2016-02 [Member] \| Region [Member]
Product Information [Line Items]
Revenues	101	74	287	206
Accounting Standards Update 2016-02 [Member] \| WAM-V [Member]
Product Information [Line Items]
Revenues	64	74	203	206
Accounting Standards Update 2016-02 [Member] \| Buoy [Member]
Product Information [Line Items]
Revenues	37		84
Accounting Standards Update 2016-02 [Member] \| Service [Member]
Product Information [Line Items]
Revenues
Accounting Standards Update 2016-02 [Member] \| Product [Member]
Product Information [Line Items]
Revenues	$ 101	$ 74	$ 287	$ 206

Operating Segments and Geographic Information (Tables)

9 Months Ended

Jan. 31, 2026

Segment Reporting [Abstract]

	2026			2025
	Three month ended January 31,
	2026			2025
	(in thousands)
Revenue	$	513		$	825
Less:
Cost of sales		1,268			628
Product development costs		641			711
Employee-related costs		2,385			1,928
Professional, consulting and contractor fees		1,172			1,159
General and administrative costs		849			789
Facilities costs		449			415
Share-based compensation		2,600			782
Depreciation and amortization expense		267			188
Other expense (income)		(95	)		13
Interest (income)/expense, net		726			(6	)
Credit loss expense		—			100
Change in fair value of derivatives		1,617			—
Loss on extinguishment of debt		—			838
Net loss	$	(11,366	)	$	(6,720	)

	2026			2025
	Nine month ended January 31,
	2026			2025
	(in thousands)
Revenue	$	2,119		$	4,545
Less:
Cost of sales		4,277			3,106
Product development costs		1,063			1,431
Employee-related costs		7,066			5,557
Professional, consulting and contractor fees		3,627			3,443
General and administrative costs		2,175			1,941
Facilities costs		1,246			1,188
Share-based compensation		7,791			1,331
Depreciation and amortization expense		731			711
Other expense (income)		43			(3	)
Interest (income)/expense, net		1,600			(13	)
Credit loss expense		461			100
Change in fair value of derivatives		1,617			—
Loss on extinguishment of debt		—			838
Net loss	$	(29,578	)	$	(15,085	)

Equity (Details Narrative) - USD ($) $ in Thousands									1 Months Ended	3 Months Ended		9 Months Ended
Equity (Details Narrative) - USD ($) $ in Thousands	Feb. 01, 2026	Oct. 07, 2025	Aug. 08, 2025	Apr. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Aug. 30, 2024	Mar. 21, 2024	May 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Oct. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance of common stock												$ 5,180	$ 16,880
Proceeds from sale of shares													630
Proceeds from convertible debt												17,645	$ 3,171
Principal and interest conversion amount										$ 4,600		$ 9,700
Investor [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate principal amount of convertible notes		$ 6,500
Notes additional amount available for draw		$ 8,500
May 2025 Convertible Debt Issuance [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate principal amount of convertible notes									$ 10,000
Proceeds from convertible debt									9,700
Derivative liabilities									$ 699
October 2025 Convertible Debt Issuance [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Derivative liabilities														$ 489
Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion of convertible debt, shares	6,269,872
Conversion of convertible debt, value	$ 1,500
2023 ATM Facility [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate offering price					$ 60,000	$ 2,900	$ 16,000	$ 7,000
Proceeds from issuance				$ 18,000
At Market Issuance Sales Agreement [Member] \| Ladenburg Thalmann & Co. Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance of common stock			$ 40,000
Ladenburg Sales Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued, shares												10,117,602
Proceeds from sale of shares												$ 4,900
Ladenburg Sales Agreement [Member] \| Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued, shares	5,646,239
Proceeds from sale of shares	$ 2,400

Other Current Assets

9 Months Ended

Jan. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current Assets

(5) Other Current Assets

Other current assets consisted of the following at January 31, 2026 and April 30, 2025:

Schedule of Other Current Assets

	January 31, 2026		April 30, 2025
	(in thousands)
Prepaid insurance	$	252	$	80
Prepaid software & licenses		139		68
Prepaid sales & marketing		117		90
Prepaid project costs		478		36
Prepaid inventory		849		—
Prepaid expenses- other		122		126
Total other current assets	$	1,957	$	400

The Company recognizes prepaid project costs for when the Company has incurred costs for customer contracts but for which the Company has not yet achieved and delivered related milestones or complete performance obligations under that contract. Prepaid project costs is classified within other current asset based on when management estimates the revenue will be recognized. As of January 31, 2026, the Company has net prepaid project costs of $478,000. The amount recorded will be recognized as cost of goods sold if and when the Company achieves and delivers the milestones under the terms of the agreement.

Background, Basis of Presentation and Liquidity

9 Months Ended

Jan. 31, 2026

Background, Basis of Presentation and Liquidity

(1) Background, Basis of Presentation and Liquidity

(a) Background

Ocean Power Technologies, Inc. (“OPT,” “we,” “our,” or “the Company”) is a Maritime Domain Awareness (MDA) company specializing in innovative intelligent maritime solutions. These solutions include a variety of “as a service” systems, including Data as a Service (DaaS), Robotics as a Service (RaaS), and Power as a Service (PaaS). These systems consist of a variety of platforms including the PowerBuoy®, our persistent sensor and power solution, the WAM-V® (Wave Adaptive Modular Vessel), our autonomous unmanned surface vehicle, and Merrows™, our user interface and command and control (C2) system that integrates multiple sensor feeds using software and hardware and enables artificial intelligence and machine learning (AI/ML) integration. We design, manufacture, deploy, and operate these systems for defense, security, subsea infrastructure, offshore oil and gas, offshore energy, marine research, and communication markets. We operate primarily through a combination of direct sales and leases, strategic partnerships, and long-term service agreements. Our business model emphasizes capital-light deployments, recurring revenue from service and maintenance contracts, and high-margin technology sales and leases.

We serve a global customer base, including the U.S. and allied defense agencies, offshore energy operators, and commercial interests. The common thread across these markets is the growing need for a persistent, autonomous, and sustainable offshore presence, a need we are uniquely positioned to fulfill.

The Company holds numerous patents and leverages decades of research including control systems, energy storage, and marine integration. Our headquarters and assembly operations are located in New Jersey, and we maintain an additional manufacturing and robotics development facility in Richmond, CA. In addition, the Company maintains an office at the Association for Uncrewed Vehicle Systems International (AUVSI) headquarters in Washington, D.C., which serves to strengthen our strategic position in the fast-growing uncrewed systems market.

OPT is committed to enabling a smarter, safer ocean economy through innovation in ocean intelligence and power. As we look forward, our strategic priorities include expanding our customer and geographic base, accelerating technology adoption, enhancing recurring revenue, and driving margin growth through platform scalability and supply chain efficiencies.

We were incorporated under the laws of the State of New Jersey in April 1984 and began commercial operations in 1994. On April 23, 2007, we reincorporated in Delaware.

(b) Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and for interim financial information in accordance with the Securities and Exchange Commission (“SEC”), instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The interim operating results are not necessarily indicative of the results for a full year or for any other interim period. Further information on potential factors that could affect the Company’s financial results can be found in the Company’s Annual Report on Form 10-K for the year ended April 30, 2025, as filed with the SEC and elsewhere in subsequent Exchange Act filings, including this Form 10-Q.

(c) Going Concern

During the nine months ended January 31, 2026, the Company incurred a net loss of approximately $29.6 million and used cash in operations of approximately $19.9 million. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and could cause actual results to vary materially from expectations include, but are not limited to, performance of its products, its ability to market and commercialize its products and new products that it may develop, access to capital, technology development, scalability of technology and production, ability to attract and retain key personnel, concentration of customers and suppliers, pending or threatened litigation and deployment risks and integration of acquisitions.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company’s operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The accompanying consolidated financial statements have been prepared on a basis which assumes the Company is a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from any uncertainty related to the Company’s ability to continue as a going concern. Such adjustments could be material.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Cash flows from operating activities:
Net loss	$ (29,578)	$ (15,085)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of fixed assets	632	610
Foreign exchange loss		(1)
Loss on disposal of property and equipment		111
Amortization of intangible assets	99	99
Amortization of right of use asset	675	633
Share-based compensation	7,791	1,331
Change in fair value of derivative	1,617
Loss on disposition of assets		838
Changes in operating assets and liabilities:
Accounts receivable	(4,941)	(830)
Contract assets	363	(460)
Inventory	(2,246)	366
Other assets	(1,557)	996
Accounts payable	978	(2,731)
Earnout payable	(150)	(150)
Accrued expenses	1,776	453
Right-of-use liabilities	(755)	(506)
Contract liabilities	5,372	(302)
Net cash used in operating activities	(19,924)	(14,628)
Cash flows from investing activities:
Purchases of property and equipment	(1,754)	(350)
Net cash used in investing activities	(1,754)	(350)
Cash flows from financing activities:
Cash paid for tax withholding related to shares withheld	(806)	(649)
Proceeds from convertible notes	17,645	3,171
Proceeds from issuance of common stock - Capital Raise, net of issuance costs		2,451
Proceeds from issuance of common stock - At The Market offering, net of issuance costs	5,180	16,880
Net cash provided by financing activities	22,019	21,853
Net increase in cash, cash equivalents and restricted cash	341	6,875
Cash, cash equivalents and restricted cash, beginning of period	6,869	3,305
Cash, cash equivalents and restricted cash, end of period	7,210	10,180
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	10,248	15
Operating right of use asset obtained in exchange for operating lease liability	$ 1,276

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2026	Apr. 30, 2025
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	218,789,721	172,050,563
Common stock, shares outstanding	216,107,328	171,263,086
Treasury stock, shares	2,682,393	787,477
Series A Preferred Stock [Member]
Preferred stock, shares authorized	100,000	100,000

Property and Equipment, net (Tables)

9 Months Ended

Jan. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment, Net

The components of property and equipment, net as of January 31, 2026 and April 30, 2025 consisted of the following:

	January 31, 2026			April 30, 2025
	(in thousands)
Equipment	$	2,208		$	1,569
Computer equipment & software		637			620
Office furniture & equipment		425			425
Leasehold improvements		683			683
Leased WAM-V’s		2,378			1,735
Leased Buoys		2,634			949
Property and equipment, gross		8,965			5,981
Less: accumulated depreciation		(3,168	)		(2,537	)
Property and equipment, net	$	5,797		$	3,444

Inventory (Tables)

9 Months Ended

Jan. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products.

Schedule of Inventory

	January 31, 2026		April 30, 2025
	(in thousands)
Raw Materials	$	2,681	$	3,586
Work in Process		2,556		636
Finished Products		—		—
Inventory	$	5,237	$	4,222

Fair Value Measurements

9 Months Ended

Jan. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

(12) Fair Value Measurements

ASC Topic 820, “Fair Value Measurements” states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable input and minimizes the use of unobservable inputs. The following is a description of the three hierarchy levels.

Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2	Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.

Level 3	Inputs that are unobservable for the asset or liability.

Disclosure of Fair Values

The Company’s financial instruments that are not re-measured at fair value include cash, cash equivalents, restricted cash, accounts receivable, other assets, contract assets and liabilities, deposits, accounts payable, and accrued expenses. The carrying value is equal to their fair value due to the short-term nature of these accounts.

The following tables sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (amounts in thousands):

Schedule of Fair Value Assets on Recurring Basis

	Fair Value
Derivative liability – May issuance	$	699
Change due to conversion of notes		(129	)
Derivative liability - July 31, 2025		570
Derivative liability – October issuance		489
Change due to conversion of notes		(179	)
Derivative liability - October 31, 2025		881
Derivative liability - issuance		881
Change due to conversion of notes		(318	)
Change due to revaluation of derivatives		1,617
Derivative liability - January 31, 2026	$	2,180
Derivative liability	$	2,180

Level

January 31,

2026

April 30,

2025

Derivative liability

2,180

—

The derivative liability related to our convertible notes (refer to Note 13 for further discussion) was determined using inputs including the Company’s common stock price, the volume-weighted average price of the Company’s common stock upon conversion, and the probability of conversion methodology based on historical experience and the likelihood of attaining certain common stock share price levels. There were no financial instruments that were measured at fair value on a recurring basis as of January 31, 2025. During the periods presented, the Company has not changed the manner in which it values assets and liabilities that are measured at fair value. Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any hierarchy levels during either of the three and nine months ended January 31, 2026 and 2025, respectively.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current Assets (Tables)

9 Months Ended

Jan. 31, 2026

Schedule of Other Current Assets

Other current assets consisted of the following at January 31, 2026 and April 30, 2025:

Schedule of Other Current Assets

	January 31, 2026		April 30, 2025
	(in thousands)
Prepaid insurance	$	252	$	80
Prepaid software & licenses		139		68
Prepaid sales & marketing		117		90
Prepaid project costs		478		36
Prepaid inventory		849		—
Prepaid expenses- other		122		126
Total other current assets	$	1,957	$	400

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Apr. 30, 2024	$ 61	$ (369)	$ 327,276	$ (307,579)	$ (45)	$ 19,344
Balance, shares at Apr. 30, 2024	61,352,731
Balance, treasury shares at Apr. 30, 2024		(88,017)
Net loss				(15,085)		(15,085)
Share-based compensation			1,331			1,331
Common stock issued upon vesting of restricted shares	$ 2					2
Common stock issued upon vesting of restricted shares, shares	2,964,209
Issuance of common stock - Convertible Debt, net of issuance costs	$ 15		3,993			4,008
Issuance of common stock - Convertible Debt, net of issuance costs, shares	15,442,429
Shares withheld for tax withholdings		$ (649)				(649)
Shares withheld for tax withholdings, shares		(699,460)
Common stock issued related to bonus and earnout payments	$ 3		627			630
Common stock issued related to bonus and earnout payments, shares	2,864,808
Issuance of common stock – AGP At The Market Offering, net of issuance costs	$ 67		16,812			16,879
Issuance of common stock - AGP At The Market Offering, net of issuance costs, shares	66,720,451
Issuance of common stock – Capital Raise, net of issuance costs	$ 22		2,429			2,451
Issuance of common stock - Capital Raise, net of issuance costs, shares	21,446,079
Balances at Jan. 31, 2025	$ 170	$ (1,018)	352,468	(322,664)	(45)	28,911
Balance, shares at Jan. 31, 2025	170,790,707
Balance, treasury shares at Jan. 31, 2025		(787,477)
Balance at Oct. 31, 2024	$ 125	$ (369)	338,352	(315,944)	(45)	22,119
Balance, shares at Oct. 31, 2024	124,683,555
Balance, treasury shares at Oct. 31, 2024		(88,017)
Net loss				(6,720)		(6,720)
Share-based compensation			780			780
Common stock issued upon vesting of restricted shares	$ 2					2
Common stock issued upon vesting of restricted shares, shares	2,954,209
Common stock issued related to bonus and earnout payments
Common stock issued related to bonus and earnout payments, shares
Issuance of common stock – AGP At The Market Offering, net of issuance costs	$ 28		9,343			9,371
Issuance of common stock - AGP At The Market Offering, net of issuance costs, shares	27,710,514
Issuance of common stock – Capital Raise, net of issuance costs	$ 15		3,993			4,008
Issuance of common stock - Capital Raise, net of issuance costs, shares	15,442,429
Issuance of common stock – Capital Raise, net of issuance costs		$ (649)				(649)
Issuance of common stock - Convertible Debt, net of issuance costs, shares		(699,460)
Balances at Jan. 31, 2025	$ 170	$ (1,018)	352,468	(322,664)	(45)	28,911
Balance, shares at Jan. 31, 2025	170,790,707
Balance, treasury shares at Jan. 31, 2025		(787,477)
Balance at Apr. 30, 2025	$ 172	$ (1,018)	356,588	(329,090)		$ 26,652
Balance, shares at Apr. 30, 2025	172,050,563
Balance, treasury shares at Apr. 30, 2025		(787,477)				787,477
Net loss				(29,578)		$ (29,578)
Share-based compensation			7,791			7,791
Common stock issued upon vesting of restricted shares	$ 8		(8)
Common stock issued upon vesting of restricted shares, shares	7,670,221
Issuance of common stock –At The Market Offering, net of issuance costs	$ 11		5,169			5,180
Issuance of common stock - At The Market Offering, net of issuance costs, shares	10,812,551
Issuance of common stock - Convertible Debt, net of issuance costs	$ 28		10,820			10,848
Issuance of common stock - Convertible Debt, net of issuance costs, shares	28,256,386
Shares withheld for tax withholdings		$ (805)				(805)
Shares withheld for tax withholdings, shares		(1,894,916)
Balances at Jan. 31, 2026	$ 219	$ (1,823)	380,360	(358,668)		$ 20,088
Balance, shares at Jan. 31, 2026	218,789,721
Balance, treasury shares at Jan. 31, 2026		(2,682,393)				2,682,393
Balance at Oct. 31, 2025	$ 190	$ (1,018)	370,429	(347,302)		$ 22,299
Balance, shares at Oct. 31, 2025	189,777,377
Balance, treasury shares at Oct. 31, 2025		(787,477)
Net loss				(11,366)		(11,366)
Share-based compensation			2,600			2,600
Common stock issued upon vesting of restricted shares	$ 8		(8)
Common stock issued upon vesting of restricted shares, shares	7,626,221
Issuance of common stock –At The Market Offering, net of issuance costs	$ 5		2,221			2,226
Issuance of common stock - At The Market Offering, net of issuance costs, shares	5,188,349
Issuance of common stock - Convertible Debt, net of issuance costs	$ 16		5,118			5,134
Issuance of common stock - Convertible Debt, net of issuance costs, shares	16,197,774
Shares withheld for tax withholdings		$ (805)				(805)
Shares withheld for tax withholdings, shares		(1,894,916)
Balances at Jan. 31, 2026	$ 219	$ (1,823)	$ 380,360	$ (358,668)		$ 20,088
Balance, shares at Jan. 31, 2026	218,789,721
Balance, treasury shares at Jan. 31, 2026		(2,682,393)				2,682,393

Fair Value Measurements (Tables)

9 Months Ended

Jan. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets on Recurring Basis

The following tables sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (amounts in thousands):

Schedule of Fair Value Assets on Recurring Basis

	Fair Value
Derivative liability – May issuance	$	699
Change due to conversion of notes		(129	)
Derivative liability - July 31, 2025		570
Derivative liability – October issuance		489
Change due to conversion of notes		(179	)
Derivative liability - October 31, 2025		881
Derivative liability - issuance		881
Change due to conversion of notes		(318	)
Change due to revaluation of derivatives		1,617
Derivative liability - January 31, 2026	$	2,180
Derivative liability	$	2,180

Level

January 31,

2026

April 30,

2025

Derivative liability

2,180

—

Schedule of Performance Stock Units (Details) - Performance Shares [Member]	9 Months Ended
	Jan. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning \| shares
Weighted Average Price per Share, Outstanding, Beginning \| $ / shares
Number of Shares, Granted \| shares	150,000
Weighted Average Price per Share, Granted \| $ / shares	$ 0.56
Number of Shares, Vested and issued \| shares
Weighted Average Price per Share, Vested and issued \| $ / shares
Number of Shares, Cancelled/forfeited \| shares
Weighted Average Price per Share, Cancelled/forfeited \| $ / shares
Number of Shares, Outstanding, Ending \| shares	150,000
Weighted Average Price per Share, Outstanding, Ending \| $ / shares	$ 0.56

Income Taxes

9 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

(15) Income Taxes

Uncertain Tax Positions

The Company accounts for income taxes in accordance with ASC 740, Income Taxes. The guidance requires the Company to recognize in its consolidated financial statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. The Company has no current or deferred tax due to current and projected losses for the year.

At January 31, 2026, the Company had no uncertain tax positions. The Company does not expect any material increases or decreases in its income tax expense or benefit in the next twelve months, related to examinations or uncertain tax positions. Net operating losses and credit carryforwards since inception remain open to examination by taxing authorities and will continue to remain open for a period of time after utilization.

Tax Preservation Plan

In June 2023, in order to protect the Company’s valuable tax assets related to its net operating losses from being limited or lost under Section 382 of the Internal Revenue Code, the Company adopted a Tax Benefits Preservation Plan (the “Plan”). Pursuant to the Plan, the Board declared a dividend of one preferred share purchase right (each, a “Right”) for each outstanding share of common stock of the Company. The dividend was distributed to stockholders of record as of the close of business on July 11, 2023. The Plan substantially diminishes the risk that the Company’s ability to utilize its net operating loss carryovers to reduce potential future federal income tax obligations may become substantially limited. The Plan is intended to act as a deterrent to any person or group acquiring beneficial ownership of 4.99% or more of the outstanding common stock without approval by potentially subjecting any such person or group to significant dilution. The Plan was approved by shareholders by a non-binding advisory vote at the Company’s Annual Meeting held on February 28, 2024.

The Company determined the grant date fair value of the Rights using an option-pricing model. The amount was immaterial to the consolidated financial statements and deemed to be de minimis, and accordingly was not recorded to the financial statements.

Impact of the One Big Beautiful Act -

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law, introducing various changes to U.S. federal income tax provisions, including modifications to bonus depreciation, interest expense limitations, research and development expense treatment, and international tax rules. Under ASC 740, the effects of changes in tax law are required to be recognized in the period that includes the enactment date.

The Company has evaluated the provisions of the OBBBA and determined that the enactment of the legislation did not have a material impact on its income tax provision, deferred tax assets or liabilities, or estimated annual effective tax rate for the quarter ended January 31, 2026. The Company will continue to monitor the potential future impacts of the OBBBA, including provisions that become effective in subsequent periods, and will reflect any material changes in its financial statements as appropriate.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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