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10-K true 2026-04-30 --04-30 2026 false 001-33417 Ocean Power Technologies, Inc. DE 22-2535818 28 ENGELHARD DRIVE SUITE B MONROE TOWNSHIP NJ 08831 (609) 730-0400 Common Stock, par value $0.001 OPTT NYSEAMER Series A Preferred Stock Purchase Rights true NYSEAMER No No Yes Yes Non-accelerated Filer true false false true false false 18700000 270138823 Cybersecurity risk is an important component of our overall enterprise risk management framework, given our reliance on digital systems for product development, operational control, communications, data management, and financial reporting. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_903_ecyd--CybersecurityRiskManagementProcessesIntegratedTextBlock_c20250501__20260430_zDo2ETSDAYUa">Our operations involve proprietary software and hardware systems <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90B_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20250501__20260430_zQlkVIA57sja">integrated into offshore platforms, as well as sensitive information related to customer deployments, government contracts, and internal business processes. We employ a layered cybersecurity approach aligned with industry standards. Our strategy includes preventive and detective technical controls (e.g., endpoint protection, intrusion detection, access control, and network segmentation), employee training, vendor diligence, and third-party audits. We maintain a combination of on-premise and cloud-based infrastructure with multi-factor authentication and routine patch management. We also work with managed cybersecurity service providers to support real-time threat monitoring and incident response capabilities. Penetration testing and vulnerability scanning are performed periodically, and findings are reviewed with senior leadership. Cybersecurity risks are considered in connection with strategic planning, vendor selection, product development (particularly in embedded control systems), and compliance with regulatory obligations, including export control and data privacy laws. To date, we have not experienced any material cybersecurity incidents that have had a significant impact on our financial condition, results of operations, or reputation. However, we recognize that the threat landscape continues to evolve, and we remain vigilant in adapting our security posture to mitigate emerging risks. Our operations involve proprietary software and hardware systems <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90B_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20250501__20260430_zQlkVIA57sja">integrated into offshore platforms, as well as sensitive information related to customer deployments, government contracts, and internal business processes. true Governance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90A_ecyd--CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_c20250501__20260430_zn5VL9qor0Ne">The Board of Directors has oversight responsibility for cybersecurity risk as part of its broader enterprise risk oversight function. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_908_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_dbT_c20250501__20260430_zlr7gfs41U4h">The Audit Committee receives periodic updates on cybersecurity threats, incidents, risk mitigation strategies, and program enhancements from senior management. Our Incident Response Plan outlines steps to investigate, contain, report, and recover from cybersecurity events. We have established internal procedures to investigate, contain, report, and recover from cybersecurity incidents. These procedures are designed to enable a prompt and coordinated response to potential threats. In the event of an incident determined to be material under SEC guidelines, we are prepared to make timely disclosures through current reports (Form 8-K) as required. The Board of Directors has oversight responsibility for cybersecurity risk as part of its broader enterprise risk oversight function. true Cybersecurity Incidents During the fiscal years ended April 30, 2026 and 2025, we did <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_909_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250501__20260430_zHWzRWrbnfJ1">not identify any cybersecurity incidents that had a material impact on our operations, liquidity, or financial condition. We did observe routine scanning, phishing attempts, and minor technical vulnerabilities, all of which were mitigated without operational disruption or data loss. While no material incidents have occurred, we cannot guarantee that future incidents will not materially affect our company, especially as we expand digital product features, enter new geographic markets, and integrate with third-party systems. Additional information about cybersecurity risks we face is discussed in Item 1A of Part I, “Risk Factors,” under the headings “Failure of our information systems or those of third parties or breaches of data security could cause significant harm to our business” and “Cybersecurity breaches of our systems and information technology could adversely impact our ability to operate or meet contractual obligations,” which should be read in conjunction with the information above. false true 23 We have audited the accompanying consolidated balance sheet of Ocean Power Technologies, Inc. (and subsidiaries) (the “Company”) as of April 30, 2026 and 2025, the related consolidated statements of operations, shareholders’ equity and cash flows for the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of April 30, 2026 and 2025, and the consolidated results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. Baker Tilly US, LLP Dallas, Texas

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(1) Background 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 DaaS, RaaS, and PaaS. These systems consist of a variety of platforms including the PowerBuoy®, our persistent sensor and power solution, the WAM-V®, our autonomous unmanned surface vehicle, and Merrows™, our user interface and command and control system that integrates multiple sensor feeds using software and hardware and enables 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 believe 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 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) Going Concern During the year ended April 30, 2026, the Company incurred a net loss of approximately $48.9 million and used approximately $20.8 million of cash in operations. 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 and credit, 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.

-48900000

-20800000

(2) Summary of Significant Accounting Policies (a) Basis of 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 in accordance with accounting principles generally accepted in the United States (“US GAAP”) 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, valuation of embedded derivatives, evaluation of net realizable value of inventory, 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) Business Combinations The Company accounts for business combinations in accordance with FASBASC Topic 805 – Business Combinations (“ASC 805”). The Company allocates the fair value of consideration transferred in a business combination to the estimated fair value at the acquisition date of the tangible and intangible assets acquired as well as the liabilities assumed. Acquisition costs are expensed as incurred. Any excess consideration transferred is recorded as goodwill and in instances where the fair value of consideration transferred is less than the estimated fair value of tangible and intangible assets acquired less liabilities assumed, such amounts are recorded as a gain on the bargain purchase. (d) Revenue Recognition The Company accounts for revenue in accordance with ASC Topic 606 – Revenue from Contracts with Customers (“ASC 606”) for contracts with customers and ASC Topic 842 – Leases (“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 and/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 April 30, 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 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. 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 fiscal year ended April 30, 2026 the Company recognized approximately $<span id="xdx_902_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn5n6_c20260430__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_z0OUjt72fqf2" title="Revenue related to performance obligations satisfied at a point in time">2.4 million in revenue related to performance obligations satisfied at a point in time and approximately $<span id="xdx_905_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn5n6_c20260430__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zUvivpRG5MDj" title="Revenue related to performance obligations satisfied over-time">0.7 million in revenue related to performance obligations satisfied over time. During the fiscal year ended April 30, 2025 the Company recognized approximately $<span id="xdx_904_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn5n6_c20250430__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zzQ0AXnkRgCi" title="Revenue related to performance obligations satisfied at a point in time">4.9 million in revenue related to performance obligations satisfied at a point in time and approximately $<span id="xdx_905_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn5n6_c20250430__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zPfht8oXWxp3" title="Revenue related to performance obligations satisfied over-time">1.0 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. There is $0.7 million recognized in revenue as of April 30, 2026 related to zero margin agreements. The Company reports its disaggregation of revenue by contract type since this method best represents the Company’s business. For the fiscal years ended April 30, 2026 and 2025, the majority of the Company’s contracts were classified as firm fixed-price and the remainder were cost-sharing. Certain product sales are made under Ex Works (“EXW”) shipping terms. For these arrangements, the Company’s performance obligation is satisfied, and revenue is recognized at a point in time when the product has been completed, is available for customer pickup at the Company’s designated facility, and control transfers to the customer. Control is considered to transfer when the customer has the present right to direct the use of, and obtain substantially all of the remaining benefits from, the product, including legal title and risk of loss in accordance with the contractual shipping terms. Under EXW arrangements, the customer is responsible for transportation, export and import clearance, freight costs, insurance, and all risks associated with the shipment after pickup. Shipping and handling activities performed by the Company after control transfers, if any, are accounted for as fulfillment activities and do not represent separate performance obligations. 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. As of April 30, 2026, the Company’s remaining performance obligations totaled $1.5 million that are expected to be recognized in the next 12 months. 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 below table represents the total revenue recognized under ASC 606 and ASC 842 fiscal years ended April 30, 2026 and 2025: Schedule of Revenue Recognized Under ASC 606 and ASC 842 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250501__20260430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zeQkr99vxUo" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250501__20260430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zfsmPbORZBS3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250501__20260430_zQolXAHFqJ77" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240501__20250430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zdmBs6lvwnW8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240501__20250430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zKD4AYZzPx1h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240501__20250430_z9ifeMKoq1C" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30, 2026</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td style="border-right: Black 1pt solid"> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Product Line:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--WAMVMember_zGLKLEvoUevj" style="vertical-align: bottom; background-color: White"> <td style="width: 28%">WAM-V</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">913</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">477</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,390</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">4,216</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">338</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">4,554</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--BuoyMember_zPQ3rHDvWZdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Buoy</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">203</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">365</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">474</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ServiceMember_zQ9daMmjMsSj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,982</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,982</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">718</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">718</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ProductMember_z0Ran3PCxth4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,737</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,408</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,861</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Region:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--NorthAndSouthAmericaMember_zywI3urwt1B4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">North and South America</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">994</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,220</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,855</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,855</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--EMEAMember_zi97S9vbOV4f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>EMEA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,380</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">413</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,793</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">338</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,888</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember_zsyY07Vlfevd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Asia and Australia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">724</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">724</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">118</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_zgu6l5tJjND7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,737</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,408</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,861</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_ztvNpb5SzSsl" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Revenues</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,737</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,408</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,861</td><td style="text-align: left"> </td></tr> </table> Revenue by geographic region is presented based on the location of the customer’s corporate headquarters (or principal place of business), which management uses to determine the geographic region for financial reporting purposes. Accordingly, the geographic classification of revenue may differ from the ultimate destination of the products delivered or the location where services are performed or equipment is deployed. (e) Cash and Cash Equivalents, Restricted Cash, Security Agreements and Investments 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 or in short-term investments that are held-to-maturity. The Company had cash and cash equivalents of approximately $8.9 million and $6.9 million as of April 30, 2026 and 2025, respectively. Restricted Cash and Security Agreements The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $154,000 is on deposit at Santander and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash, Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260430_zayel6upLNUh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250430_zZfM3YhPCwz8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzbyj_zgRqA6vgHHxd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">8,719</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">6,715</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RestrictedCashAndInvestmentsCurrent_iI_pn3n3_maCCERCzbyj_z210O3gg96b9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash- short-term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RestrictedCashAndInvestmentsNoncurrent_iI_pn3n3_maCCERCzbyj_zZE1C70dYqk1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash- long-term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">154</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzbyj_zeA9gOodNkTd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Cash, cash equivalents, restricted cash and restricted cash equivalents</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,873</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,869</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> (f) Inventory In accordance with ASC 330 - Inventory, inventory is stated at the lower of cost or net realizable value applicable to goods on hand. As of April 30, 2026 the Company had an inventory reserve recognized of $745,000 to recognize inventory as the lower of cost or net realizable value. Items remain in inventory until they are shipped to the customer, at which time the costs are transferred on a first in first out 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. (g) Accounts Receivable 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 year ended April 30, 2026, the Company increased its allowance for credit losses primarily in connection with two specific customers 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 $652,000 at April 30, 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 represents an unconditional right to consideration arising from the Company’s performance under contracts with customers. (h) 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 (3three to seven 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 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. Schedule of Property and Equipment Estimated Useful Life <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Description</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Estimated useful life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_ztns5o6or20c" title="Property and equipment, useful life (Year)">5-<span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zt3zbapt3G8c" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Computer equipment & software</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_zd4IOp8V5mG8" title="Property and equipment, useful life (Year)">3 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Office furniture & fixtures</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zCdlk5keHIUa" title="Property and equipment, useful life (Year)">3-<span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_z6LkY1UvuaE5" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Leasehold improvements</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zVw4LCdfhcx2" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeTermOfLeaseMember">Shorter of the estimated useful life or lease term</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Leased Power Buoy assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedPowerBuoysAssetsMember_zP2Gtpsh3JE4" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Leased WAM-V assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">7 years</td></tr> </table> <p id="xdx_84E_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zMuuRjeF04ph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">(i) 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. (j) 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. As of the year ended April 30, 2026 and 2025, the Company had four and three customers, respectively, whose revenue accounted for at least 10% of the Company’s consolidated revenue, respectively. These customers accounted for approximately <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20260430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zagiKI4LLuzj" title="Concentration risk percentage">62% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240501__20250430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zewXUQltt7H7" title="Concentration risk percentage">53% of the Company’s total revenue for the respective periods. As of the year ended April 30, 2026 and 2025, the Company had four and four customers, respectively, whose total receivable balance accounted for at least 10% of the Company’s consolidated receivables. These receivables accounted for approximately <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20260430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zOZyYgNAWCo4" title="Concentration risk percentage">92% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240501__20250430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zyaOETvdbGXg" title="Concentration risk percentage">95% of the Company’s total gross receivables for the respective periods. In addition, we have fully reserved one receivable balance from one customer that represented <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20260430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_znu5LoBlOAu8" title="Concentration risk percentage">27% of the total gross accounts receivable balance and have partially reserve another receivable balance for a customer with the reserve representing <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20260430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zAaz4j3Amxwh" title="Concentration risk percentage">20% of the total gross accounts receivable balance, recognizing a loss of $<span id="xdx_903_eus-gaap--IncomeTaxExpenseBenefit_c20250501__20260430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zulcLCOCf5a7" title="Income tax expense (benefit)">648,000 for the fiscal year. (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 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 <span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250501__20260430_zODlHNnncl0c" title="Antidilutive securities excluded from computation of diluted net loss per share">24,358,852 and <span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240501__20250430_zIbwlrg9cERh" title="Antidilutive securities excluded from computation of diluted net loss per share">24,929,864 for the years ended April 30, 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. <p id="xdx_846_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zEiJ4hGpJEGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">(l) 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 years ended April 30, 2026 and 2025 was approximately $9.5 million and $4.6 million, respectively. The Company’s policy is to account for forfeitures of share-based compensation 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 obligation on, 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. (m) Intangibles, net Separately identifiable intangible assets acquired in a business combination are recognized apart from goodwill and are initially recognized at their fair value at the acquisition date. 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 <span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260430__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--PatentsMember_zdbYwYDJek8b" title="Intangible asset estimated lives">20, <span id="xdx_90B_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260430__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zt3PtNZDWRT3" title="Intangible asset estimated lives">12 and <span id="xdx_90A_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260430__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_z0WgeCUGnOC2" title="Intangible asset estimated lives">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 was no indication of impairment of intangible assets for the fiscal year ended April 30, 2026. (n) 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. There were no indications of potential impairment of goodwill identified for the year ended April 30, 2026 and 2025. Where 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 sales 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 fair value of the Company. If the fair value is less than the carrying amounts, an impairment charge for the difference is recorded. The Company acquired goodwill as part of its purchase of MAR. Management performed its annual qualitative assessment in the last quarter of fiscal year 2026 and 2025 and determined that it is more likely than not that no goodwill impairment existed as of April 30, 2026 and 2025. (o) 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. Management must believe there is at lease a 50% chance of a tax position being sustained for its maximum realizable value for it to be recognized. 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 14 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. (p) 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 (Income) Loss within Shareholders’ Equity. For the year ended April 30, 2026 and 2025, there were no amounts recorded to other comprehensive (income) loss due to no longer having any foreign subsidiaries as of April 30, 2026 or 2025. (q) 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. (r) Product development Costs related to research and development activities by the Company are expensed as incurred. The Company had approximately $1.7 million and $1.6 million in product development expense for the year ended April 30, 2026 and 2025, respectively. (s) Recent Accounting Standards In recent periods, the FASB issued certain 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 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. The Company has adopted this ASU 2023-09 on our consolidated financial statements and disclosures for the annual period ending April 30, 2026 on a prospective basis. 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 December 15, 2025, 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. (t) Reclassifications Certain amounts may have been reclassified to conform to the current period’s presentation related to the segment reporting (Note 16). This reclassification had no impact on the previously reported net loss or comprehensive loss.

(a) Basis of 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 in accordance with accounting principles generally accepted in the United States (“US GAAP”) 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, valuation of embedded derivatives, evaluation of net realizable value of inventory, 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) Business Combinations The Company accounts for business combinations in accordance with FASBASC Topic 805 – Business Combinations (“ASC 805”). The Company allocates the fair value of consideration transferred in a business combination to the estimated fair value at the acquisition date of the tangible and intangible assets acquired as well as the liabilities assumed. Acquisition costs are expensed as incurred. Any excess consideration transferred is recorded as goodwill and in instances where the fair value of consideration transferred is less than the estimated fair value of tangible and intangible assets acquired less liabilities assumed, such amounts are recorded as a gain on the bargain purchase.

(d) Revenue Recognition The Company accounts for revenue in accordance with ASC Topic 606 – Revenue from Contracts with Customers (“ASC 606”) for contracts with customers and ASC Topic 842 – Leases (“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 and/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 April 30, 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 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. 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 fiscal year ended April 30, 2026 the Company recognized approximately $<span id="xdx_902_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn5n6_c20260430__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_z0OUjt72fqf2" title="Revenue related to performance obligations satisfied at a point in time">2.4 million in revenue related to performance obligations satisfied at a point in time and approximately $<span id="xdx_905_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn5n6_c20260430__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zUvivpRG5MDj" title="Revenue related to performance obligations satisfied over-time">0.7 million in revenue related to performance obligations satisfied over time. During the fiscal year ended April 30, 2025 the Company recognized approximately $<span id="xdx_904_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn5n6_c20250430__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zzQ0AXnkRgCi" title="Revenue related to performance obligations satisfied at a point in time">4.9 million in revenue related to performance obligations satisfied at a point in time and approximately $<span id="xdx_905_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn5n6_c20250430__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zPfht8oXWxp3" title="Revenue related to performance obligations satisfied over-time">1.0 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. There is $0.7 million recognized in revenue as of April 30, 2026 related to zero margin agreements. The Company reports its disaggregation of revenue by contract type since this method best represents the Company’s business. For the fiscal years ended April 30, 2026 and 2025, the majority of the Company’s contracts were classified as firm fixed-price and the remainder were cost-sharing. Certain product sales are made under Ex Works (“EXW”) shipping terms. For these arrangements, the Company’s performance obligation is satisfied, and revenue is recognized at a point in time when the product has been completed, is available for customer pickup at the Company’s designated facility, and control transfers to the customer. Control is considered to transfer when the customer has the present right to direct the use of, and obtain substantially all of the remaining benefits from, the product, including legal title and risk of loss in accordance with the contractual shipping terms. Under EXW arrangements, the customer is responsible for transportation, export and import clearance, freight costs, insurance, and all risks associated with the shipment after pickup. Shipping and handling activities performed by the Company after control transfers, if any, are accounted for as fulfillment activities and do not represent separate performance obligations. 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. As of April 30, 2026, the Company’s remaining performance obligations totaled $1.5 million that are expected to be recognized in the next 12 months. 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 below table represents the total revenue recognized under ASC 606 and ASC 842 fiscal years ended April 30, 2026 and 2025: Schedule of Revenue Recognized Under ASC 606 and ASC 842 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250501__20260430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zeQkr99vxUo" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250501__20260430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zfsmPbORZBS3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250501__20260430_zQolXAHFqJ77" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240501__20250430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zdmBs6lvwnW8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240501__20250430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zKD4AYZzPx1h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240501__20250430_z9ifeMKoq1C" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30, 2026</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td style="border-right: Black 1pt solid"> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Product Line:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--WAMVMember_zGLKLEvoUevj" style="vertical-align: bottom; background-color: White"> <td style="width: 28%">WAM-V</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">913</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">477</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,390</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">4,216</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">338</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">4,554</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--BuoyMember_zPQ3rHDvWZdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Buoy</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">203</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">365</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">474</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ServiceMember_zQ9daMmjMsSj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,982</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,982</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">718</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">718</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ProductMember_z0Ran3PCxth4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,737</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,408</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,861</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Region:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--NorthAndSouthAmericaMember_zywI3urwt1B4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">North and South America</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">994</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,220</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,855</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,855</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--EMEAMember_zi97S9vbOV4f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>EMEA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,380</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">413</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,793</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">338</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,888</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember_zsyY07Vlfevd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Asia and Australia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">724</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">724</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">118</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_zgu6l5tJjND7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,737</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,408</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,861</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_ztvNpb5SzSsl" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Revenues</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,737</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,408</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,861</td><td style="text-align: left"> </td></tr> </table> Revenue by geographic region is presented based on the location of the customer’s corporate headquarters (or principal place of business), which management uses to determine the geographic region for financial reporting purposes. Accordingly, the geographic classification of revenue may differ from the ultimate destination of the products delivered or the location where services are performed or equipment is deployed.

2400000

700000

4900000

1000000.0

700000

1500000

The below table represents the total revenue recognized under ASC 606 and ASC 842 fiscal years ended April 30, 2026 and 2025: Schedule of Revenue Recognized Under ASC 606 and ASC 842 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250501__20260430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zeQkr99vxUo" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250501__20260430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zfsmPbORZBS3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250501__20260430_zQolXAHFqJ77" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240501__20250430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zdmBs6lvwnW8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240501__20250430__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zKD4AYZzPx1h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240501__20250430_z9ifeMKoq1C" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30, 2026</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td style="border-right: Black 1pt solid"> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Product Line:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--WAMVMember_zGLKLEvoUevj" style="vertical-align: bottom; background-color: White"> <td style="width: 28%">WAM-V</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">913</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">477</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,390</td><td style="border-right: Black 1pt solid; width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">4,216</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">338</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">4,554</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--BuoyMember_zPQ3rHDvWZdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Buoy</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">203</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">365</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">474</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ServiceMember_zQ9daMmjMsSj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,982</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,982</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">718</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">718</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ProductMember_z0Ran3PCxth4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,737</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,408</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,861</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Region:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--NorthAndSouthAmericaMember_zywI3urwt1B4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">North and South America</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">994</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,220</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,855</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,855</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--EMEAMember_zi97S9vbOV4f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>EMEA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,380</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">413</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,793</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">338</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,888</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember_zsyY07Vlfevd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Asia and Australia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">724</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">724</td><td style="border-right: Black 1pt solid; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">118</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_zgu6l5tJjND7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,737</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,408</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,861</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_ztvNpb5SzSsl" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Revenues</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">639</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,737</td><td style="border-right: Black 1pt solid; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,408</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,861</td><td style="text-align: left"> </td></tr> </table>

913000

477000

1390000

4216000

338000

4554000

203000

162000

365000

474000

115000

589000

1982000

718000

3098000

639000

3737000

5408000

453000

5861000

994000

226000

1220000

3855000

1380000

413000

1793000

1550000

338000

1888000

724000

3000

115000

118000

3098000

639000

3737000

5408000

453000

5861000

3098000

639000

3737000

5408000

453000

5861000

(e) Cash and Cash Equivalents, Restricted Cash, Security Agreements and Investments 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 or in short-term investments that are held-to-maturity. The Company had cash and cash equivalents of approximately $8.9 million and $6.9 million as of April 30, 2026 and 2025, respectively. Restricted Cash and Security Agreements The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $154,000 is on deposit at Santander and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash, Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260430_zayel6upLNUh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250430_zZfM3YhPCwz8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzbyj_zgRqA6vgHHxd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">8,719</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">6,715</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RestrictedCashAndInvestmentsCurrent_iI_pn3n3_maCCERCzbyj_z210O3gg96b9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash- short-term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RestrictedCashAndInvestmentsNoncurrent_iI_pn3n3_maCCERCzbyj_zZE1C70dYqk1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash- long-term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">154</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzbyj_zeA9gOodNkTd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Cash, cash equivalents, restricted cash and restricted cash equivalents</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,873</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,869</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

8900000

6900000

154000

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. Schedule of Cash, Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260430_zayel6upLNUh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250430_zZfM3YhPCwz8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzbyj_zgRqA6vgHHxd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">8,719</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">6,715</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RestrictedCashAndInvestmentsCurrent_iI_pn3n3_maCCERCzbyj_z210O3gg96b9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash- short-term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RestrictedCashAndInvestmentsNoncurrent_iI_pn3n3_maCCERCzbyj_zZE1C70dYqk1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash- long-term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">154</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzbyj_zeA9gOodNkTd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Cash, cash equivalents, restricted cash and restricted cash equivalents</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,873</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,869</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

8719000

6715000

154000

8873000

6869000

(f) Inventory In accordance with ASC 330 - Inventory, inventory is stated at the lower of cost or net realizable value applicable to goods on hand. As of April 30, 2026 the Company had an inventory reserve recognized of $745,000 to recognize inventory as the lower of cost or net realizable value. Items remain in inventory until they are shipped to the customer, at which time the costs are transferred on a first in first out 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.

745000

(g) Accounts Receivable 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 year ended April 30, 2026, the Company increased its allowance for credit losses primarily in connection with two specific customers 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 $652,000 at April 30, 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 represents an unconditional right to consideration arising from the Company’s performance under contracts with customers.

652000

100000

(h) 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 (3three to seven 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 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. Schedule of Property and Equipment Estimated Useful Life <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Description</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Estimated useful life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_ztns5o6or20c" title="Property and equipment, useful life (Year)">5-<span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zt3zbapt3G8c" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Computer equipment & software</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_zd4IOp8V5mG8" title="Property and equipment, useful life (Year)">3 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Office furniture & fixtures</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zCdlk5keHIUa" title="Property and equipment, useful life (Year)">3-<span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_z6LkY1UvuaE5" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Leasehold improvements</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zVw4LCdfhcx2" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeTermOfLeaseMember">Shorter of the estimated useful life or lease term</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Leased Power Buoy assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedPowerBuoysAssetsMember_zP2Gtpsh3JE4" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Leased WAM-V assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">7 years</td></tr> </table>

P3Y

P7Y

Schedule of Property and Equipment Estimated Useful Life <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Description</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Estimated useful life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_ztns5o6or20c" title="Property and equipment, useful life (Year)">5-<span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zt3zbapt3G8c" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Computer equipment & software</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_zd4IOp8V5mG8" title="Property and equipment, useful life (Year)">3 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Office furniture & fixtures</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zCdlk5keHIUa" title="Property and equipment, useful life (Year)">3-<span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_z6LkY1UvuaE5" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Leasehold improvements</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zVw4LCdfhcx2" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeTermOfLeaseMember">Shorter of the estimated useful life or lease term</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Leased Power Buoy assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedPowerBuoysAssetsMember_zP2Gtpsh3JE4" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Leased WAM-V assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">7 years</td></tr> </table>

P5Y

P7Y

P3Y

P7Y

<p id="xdx_84E_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zMuuRjeF04ph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">(i) 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.

(j) 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. As of the year ended April 30, 2026 and 2025, the Company had four and three customers, respectively, whose revenue accounted for at least 10% of the Company’s consolidated revenue, respectively. These customers accounted for approximately <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20260430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zagiKI4LLuzj" title="Concentration risk percentage">62% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240501__20250430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zewXUQltt7H7" title="Concentration risk percentage">53% of the Company’s total revenue for the respective periods. As of the year ended April 30, 2026 and 2025, the Company had four and four customers, respectively, whose total receivable balance accounted for at least 10% of the Company’s consolidated receivables. These receivables accounted for approximately <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20260430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zOZyYgNAWCo4" title="Concentration risk percentage">92% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240501__20250430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zyaOETvdbGXg" title="Concentration risk percentage">95% of the Company’s total gross receivables for the respective periods. In addition, we have fully reserved one receivable balance from one customer that represented <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20260430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_znu5LoBlOAu8" title="Concentration risk percentage">27% of the total gross accounts receivable balance and have partially reserve another receivable balance for a customer with the reserve representing <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20260430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zAaz4j3Amxwh" title="Concentration risk percentage">20% of the total gross accounts receivable balance, recognizing a loss of $<span id="xdx_903_eus-gaap--IncomeTaxExpenseBenefit_c20250501__20260430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zulcLCOCf5a7" title="Income tax expense (benefit)">648,000 for the fiscal year.

0.62

0.53

0.92

0.95

0.27

0.20

648000

(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 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 <span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250501__20260430_zODlHNnncl0c" title="Antidilutive securities excluded from computation of diluted net loss per share">24,358,852 and <span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240501__20250430_zIbwlrg9cERh" title="Antidilutive securities excluded from computation of diluted net loss per share">24,929,864 for the years ended April 30, 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.

24358852

24929864

<p id="xdx_846_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zEiJ4hGpJEGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">(l) 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 years ended April 30, 2026 and 2025 was approximately $9.5 million and $4.6 million, respectively. The Company’s policy is to account for forfeitures of share-based compensation 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 obligation on, 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.

9500000

4600000

(m) Intangibles, net Separately identifiable intangible assets acquired in a business combination are recognized apart from goodwill and are initially recognized at their fair value at the acquisition date. 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 <span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260430__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--PatentsMember_zdbYwYDJek8b" title="Intangible asset estimated lives">20, <span id="xdx_90B_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260430__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zt3PtNZDWRT3" title="Intangible asset estimated lives">12 and <span id="xdx_90A_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260430__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_z0WgeCUGnOC2" title="Intangible asset estimated lives">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 was no indication of impairment of intangible assets for the fiscal year ended April 30, 2026.

P20Y

P12Y

P10Y

(n) 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. There were no indications of potential impairment of goodwill identified for the year ended April 30, 2026 and 2025. Where 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 sales 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 fair value of the Company. If the fair value is less than the carrying amounts, an impairment charge for the difference is recorded. The Company acquired goodwill as part of its purchase of MAR. Management performed its annual qualitative assessment in the last quarter of fiscal year 2026 and 2025 and determined that it is more likely than not that no goodwill impairment existed as of April 30, 2026 and 2025.

(o) 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. Management must believe there is at lease a 50% chance of a tax position being sustained for its maximum realizable value for it to be recognized. 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 14 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.

(p) 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 (Income) Loss within Shareholders’ Equity. For the year ended April 30, 2026 and 2025, there were no amounts recorded to other comprehensive (income) loss due to no longer having any foreign subsidiaries as of April 30, 2026 or 2025. (q) 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.

(r) Product development Costs related to research and development activities by the Company are expensed as incurred. The Company had approximately $1.7 million and $1.6 million in product development expense for the year ended April 30, 2026 and 2025, respectively.

1700000 1600000

(s) Recent Accounting Standards In recent periods, the FASB issued certain 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 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. The Company has adopted this ASU 2023-09 on our consolidated financial statements and disclosures for the annual period ending April 30, 2026 on a prospective basis. 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 December 15, 2025, 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.

(t) Reclassifications Certain amounts may have been reclassified to conform to the current period’s presentation related to the segment reporting (Note 16). This reclassification had no impact on the previously reported net loss or comprehensive loss.

(3) Account Receivable, Contract Assets, and Contract Liabilities Accounts Receivable <p id="xdx_899_ecustom--ScheduleOfAccountsReceivableContractAssetsAndContractLiabilitiesTableTextBlock_zIzBZMAYofyk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers: Schedule of Accounts Receivable, Contract Assets and Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260430_zuKM7dgA6JH3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250430_zvbwP10N1N9f" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240430_zCyu3qqBV7md" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_405_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_zoeRHF9uV0Uj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">587</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,191</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">796</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ContractWithCustomerAssetNetCurrent_iI_pn3n3_zqrl6w1YIv55" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contract assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">590</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_zmYXv6Mb9c15" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contract liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,029</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">302</td><td style="text-align: left"> </td></tr> </table> Contract Assets Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditional on completing additional tasks or services for a performance obligation. The decrease in contract assets from year end is primarily a result of being able to contractually bill on active projects for which revenue was recognized in the prior period but was not yet been billed as of the beginning of the period. No impairments to contract assets were incurred during the year ended April 30, 2026 and 2025. Significant changes in the contract assets balances during the period are as follows: Schedule of Significant Changes in Contract Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250501__20260430_z98HqYDVqZS5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240501__20250430_zdJjPb0GcZ9g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40B_eus-gaap--ContractWithCustomerAssetReclassifiedToReceivable_pn3n3_maIDICWzkNJ_zr0YEJH1Gfe4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Transferred to receivables from contract assets recognized</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(1,725</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(768</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--RevenueRecognizedAndNotBilled_pn3n3_maIDICWzkNJ_zxce83yNEUf8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Revenue recognized and not billed</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,227</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,838</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_iT_pn3n3_mtIDICWzkNJ_zEscRrX8J3Fh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(498</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,070</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Contract Liabilities Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The increase in contract liabilities from year end is primarily due to collecting payments for jobs we cannot contractually recognize revenue on the current year. Significant changes in the contract liabilities balances during the period are as follows: Schedule of Significant Changes in Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250501__20260430_zQIDjstgcO8g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240501__20250430_zwMmB0qB7xnd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40A_ecustom--ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance_iN_pn3n3_di_msIDICWz3fD_zl07rEMWBt5l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Revenue recognized</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(1,186</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(2,107</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--PaymentsCollectedForWhichRevenueHasNotBeenRecognized_pn3n3_maIDICWz3fD_zLDNG8d6O688" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Payments collected for which revenue has not been recognized</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,215</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,805</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_iT_pn3n3_mtIDICWz3fD_z0Nil865ky3j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,029</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(302</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_899_ecustom--ScheduleOfAccountsReceivableContractAssetsAndContractLiabilitiesTableTextBlock_zIzBZMAYofyk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers: Schedule of Accounts Receivable, Contract Assets and Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260430_zuKM7dgA6JH3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250430_zvbwP10N1N9f" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240430_zCyu3qqBV7md" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_405_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_zoeRHF9uV0Uj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">587</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,191</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">796</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ContractWithCustomerAssetNetCurrent_iI_pn3n3_zqrl6w1YIv55" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contract assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">590</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_zmYXv6Mb9c15" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contract liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,029</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">302</td><td style="text-align: left"> </td></tr> </table>

587000

1191000

796000

590000

1088000

18000

6029000

302000

Significant changes in the contract assets balances during the period are as follows: Schedule of Significant Changes in Contract Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250501__20260430_z98HqYDVqZS5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240501__20250430_zdJjPb0GcZ9g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40B_eus-gaap--ContractWithCustomerAssetReclassifiedToReceivable_pn3n3_maIDICWzkNJ_zr0YEJH1Gfe4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Transferred to receivables from contract assets recognized</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(1,725</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(768</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--RevenueRecognizedAndNotBilled_pn3n3_maIDICWzkNJ_zxce83yNEUf8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Revenue recognized and not billed</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,227</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,838</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_iT_pn3n3_mtIDICWzkNJ_zEscRrX8J3Fh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(498</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,070</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-1725000

-768000

1227000 1838000

-498000

1070000

Significant changes in the contract liabilities balances during the period are as follows: Schedule of Significant Changes in Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250501__20260430_zQIDjstgcO8g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240501__20250430_zwMmB0qB7xnd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40A_ecustom--ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance_iN_pn3n3_di_msIDICWz3fD_zl07rEMWBt5l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Revenue recognized</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(1,186</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(2,107</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--PaymentsCollectedForWhichRevenueHasNotBeenRecognized_pn3n3_maIDICWz3fD_zLDNG8d6O688" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Payments collected for which revenue has not been recognized</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,215</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,805</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_iT_pn3n3_mtIDICWz3fD_z0Nil865ky3j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,029</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(302</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 1186000 2107000 7215000 1805000

6029000

-302000

(4) Inventory The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products. Schedule of Inventory <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260430_zuZBGvp3Jkyd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250430_z4CkknPFKAbi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40A_eus-gaap--InventoryRawMaterials_iI_pn3n3_maINzERb_zSXqU97gRYV9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Raw Materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,581</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,586</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryWorkInProcess_iI_pn3n3_maINzERb_zwJh9Zniy6ek" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work in Process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">609</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">636</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InventoryFinishedGoods_iI_pn3n3_maINzERb_zkSOyJryPILl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished Goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InventoryNet_iTI_pn3n3_mtINzERb_zU4kclAU3GY7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Inventory, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,190</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,222</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 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 transferred to property, plant, and equipment once transitioned to the lease fleet. The Company typically ships finished products as they are completed.

The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products. Schedule of Inventory <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260430_zuZBGvp3Jkyd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250430_z4CkknPFKAbi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40A_eus-gaap--InventoryRawMaterials_iI_pn3n3_maINzERb_zSXqU97gRYV9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Raw Materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,581</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,586</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryWorkInProcess_iI_pn3n3_maINzERb_zwJh9Zniy6ek" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work in Process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">609</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">636</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InventoryFinishedGoods_iI_pn3n3_maINzERb_zkSOyJryPILl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished Goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InventoryNet_iTI_pn3n3_mtINzERb_zU4kclAU3GY7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Inventory, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,190</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,222</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2581000

3586000

609000

636000

3190000

4222000

(5) Other Current Assets Other current assets consist of the following at April 30, 2026 and 2025: Schedule of Other Current Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260430_z9BmwWR2mTyh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250430_zK6Eg5OauHV2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_405_eus-gaap--PrepaidInsurance_iI_pn3n3_maCzWjX_zOqihErzohUc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Prepaid insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">282</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--PrepaidSoftwareAndLicenses_iI_pn3n3_maCzWjX_zlHBlbwYFtqb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid software & licenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PrepaidSalesAndMarketing_iI_pn3n3_maCzWjX_z7ea7d6or793" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid sales & marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">157</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--PrepaidProjectCosts_iI_pn3n3_maCzWjX_zNhuj7XKmDS6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid project costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">421</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--PrepaidInventoryMaterials_iI_pn3n3_maCzWjX_zuoDkohoacgf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid inventory materials</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,458</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetInvestmentInLease_iI_pn3n3_maCzWjX_zhZoVusf3L73" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net investment in lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maCzWjX_zIAcKBSlRmbj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Prepaid expenses- other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">126</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherAssetsCurrent_iTI_pn3n3_mtCzWjX_zSlvwO44A849" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,648</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">400</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 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 are classified within other current asset based on when management estimates the revenue will be recognized. As of April 30, 2026, the Company has net prepaid project costs of $0.4 million. The amount recorded will be recognized as cost of goods sold if and when the Company achieves and delivers the performance obligations under the terms of the applicable agreement.

Other current assets consist of the following at April 30, 2026 and 2025: Schedule of Other Current Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260430_z9BmwWR2mTyh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250430_zK6Eg5OauHV2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_405_eus-gaap--PrepaidInsurance_iI_pn3n3_maCzWjX_zOqihErzohUc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Prepaid insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">282</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--PrepaidSoftwareAndLicenses_iI_pn3n3_maCzWjX_zlHBlbwYFtqb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid software & licenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PrepaidSalesAndMarketing_iI_pn3n3_maCzWjX_z7ea7d6or793" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid sales & marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">157</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--PrepaidProjectCosts_iI_pn3n3_maCzWjX_zNhuj7XKmDS6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid project costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">421</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--PrepaidInventoryMaterials_iI_pn3n3_maCzWjX_zuoDkohoacgf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid inventory materials</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,458</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetInvestmentInLease_iI_pn3n3_maCzWjX_zhZoVusf3L73" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net investment in lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maCzWjX_zIAcKBSlRmbj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Prepaid expenses- other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">126</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherAssetsCurrent_iTI_pn3n3_mtCzWjX_zSlvwO44A849" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,648</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">400</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

282000

80000

133000 68000 157000 90000 421000 36000 1458000

127000

70000

126000

2648000

400000

(6) Property and Equipment The components of property and equipment as of April 30, 2026 and 2025 consisted of the following: Schedule of Components of Property and Equipment, Net <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260430_z6GAAIqZGqKh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250430_zGiEp8pDTri8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_z1XNBMCSQBw4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">4,465</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,569</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_zlLnLNXHYqTh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computer equipment & software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">643</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">620</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndEquipmentMember_zmR7Gxdcegr" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture & equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">427</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">425</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_ziZsVD8INAHf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">683</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedWAMVsMember_ztdJO1ZPddBk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leased WAM-V’s</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,807</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,735</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedBuoysMember_zNVGHfgqJUij" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Leased Buoys</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,662</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">949</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzI8F_z882Z8doKfHf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,981</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzI8F_zhoH1bM1D2j2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,432</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,537</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzI8F_zYgNsPdCEu12" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,255</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,444</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 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 $895,000 and $771,000 for years ended April 30, 2026 and 2025, respectively. Of these amount, <span id="xdx_904_ecustom--PropertyPlantAndEquipmentDescription_c20250501__20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedBuoysMember_zmLAzxMh32Kc" title="Property and equipment description">$0.2 million is related to a buoy that has left our facility but has not been placed into operation as of April 30, 2026. Additionally, the Company recognized an impairment on fixed assets of $0.8 million related to boats that were being used for internal product development and commercial driven operations.

The components of property and equipment as of April 30, 2026 and 2025 consisted of the following: Schedule of Components of Property and Equipment, Net <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260430_z6GAAIqZGqKh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250430_zGiEp8pDTri8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_z1XNBMCSQBw4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">4,465</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,569</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_zlLnLNXHYqTh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computer equipment & software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">643</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">620</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndEquipmentMember_zmR7Gxdcegr" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture & equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">427</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">425</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_ziZsVD8INAHf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">683</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedWAMVsMember_ztdJO1ZPddBk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leased WAM-V’s</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,807</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,735</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedBuoysMember_zNVGHfgqJUij" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Leased Buoys</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,662</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">949</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzI8F_z882Z8doKfHf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,981</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzI8F_zhoH1bM1D2j2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,432</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,537</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzI8F_zYgNsPdCEu12" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,255</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,444</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4465000

1569000

643000

620000

427000

425000

683000

1807000

1735000

5662000

949000

13687000

5981000

3432000

2537000

10255000

3444000

895000

771000

$0.2 million is related to a buoy that has left our facility but has not been placed into operation as of April 30, 2026. Additionally, the Company recognized an impairment on fixed assets of $0.8 million related to boats that were being used for internal product development and commercial driven operations.

800000

(7) Intangible Assets The components of intangible assets, net as of April 30, 2026 and 2025 consisted of the following: Schedule of Components of Intangible Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260430_zTApEOQFBQtl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250430_zYjyssOI7clg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedPatentsGross_iI_pn3n3_maFLIAGzcoU_zDw7EIEuSsqk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Patents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedTrademarksGross_iI_pn3n3_maFLIAGzcoU_zju6suky2pgf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Trademarks</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,769</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,769</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsGross_iTI_pn3n3_mtFLIAGzcoU_maFLIANzod8_zqNqVWXTSrGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Intangible assets, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,498</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_msFLIANzod8_z0XZCIA6tLE9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,141</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,008</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANzod8_zMq5kjwTczVg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,357</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,490</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Amortization expense was approximately $133,000 and $132,000 for the years ended April 30, 2026 and 2025, respectively.

The components of intangible assets, net as of April 30, 2026 and 2025 consisted of the following: Schedule of Components of Intangible Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260430_zTApEOQFBQtl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250430_zYjyssOI7clg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedPatentsGross_iI_pn3n3_maFLIAGzcoU_zDw7EIEuSsqk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Patents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedTrademarksGross_iI_pn3n3_maFLIAGzcoU_zju6suky2pgf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Trademarks</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,769</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,769</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsGross_iTI_pn3n3_mtFLIAGzcoU_maFLIANzod8_zqNqVWXTSrGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Intangible assets, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,498</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_msFLIANzod8_z0XZCIA6tLE9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,141</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,008</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANzod8_zMq5kjwTczVg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,357</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,490</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2729000

2769000

5498000

2141000

2008000

3357000

3490000

133000

132000

(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 impairment of goodwill during the years ended April 30, 2026 and 2025.

8500000

(9) Leases Lessor Information As of April 30, 2026 and 2025, the Company had four and three WAM-V’s, respectively, and had three and zero buoys, respectfully, leased to customers which have been classified as operating leases per accounting guidance contained within ASC 842. 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 October 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 expense in the Consolidated Statement of Operations was $1.2 million and $1.0 million for the fiscal year ended April 30, 2026 and 2025, respectively. The operating lease cash flow payments for the year ended April 30, 2026 and 2025 were $1,284,000 and $994,000, respectively. The components of lease expense in the Consolidated Statement of Operations for the fiscal year ended April 30, 2026 and 2025 was as follows: Schedule of Operating Lease Costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250501__20260430_zTjIY2z50kxa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240501__20250430_zbtnuWbk4YIf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseCost_pn3n3_maLCzBwM_zCpiBnELORk2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,189</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,038</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzBwM_zk58yGAoSE74" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LeaseCost_iT_pn3n3_mtLCzBwM_zCT1aOdbSGli" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,189</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,070</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_899_ecustom--ScheduleOfRightofUseAssetsAndLeaseLiabilitiesTableTextBlock_zyX9wSZnAJpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Information related to the Company’s right-of use assets and lease liabilities as of April 30, 2026 is as follows: Schedule of Right-of use Assets and Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260430_zfV6RDK6oUvk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">Operating lease:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_zY0e2MeqqZ18" style="vertical-align: bottom; background-color: White"> <td style="width: 82%; text-align: left; padding-bottom: 1pt">Operating right-of-use assets, net</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 14%; text-align: right">1,886</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzIil_zt498QcIYb19" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Right-of-use liabilities- current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,202</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzIil_zOnoMi9mAoN8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Right-of-use liabilities- long-term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">837</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzIil_zu4HCOoU9sL8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,039</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average remaining lease term- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.72 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average discount rate- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.5</td><td style="text-align: left">%</td></tr> </table> Total remaining lease payments under the Company’s operating leases are as follows: Schedule of Future Minimum Lease Payments Under Operating Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260430_zcPd0M1MSJQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzbOq_ztRFHQCiQwll" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,317</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzbOq_zhOZK4J4Q7Cb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">821</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzbOq_z9gvy03C8nSc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPzbOq_zBQh5Pdn6Ayj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour_iI_pn3n3_maLOLLPzbOq_zcCJzCPPEcF5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzbOq_zkeZgWS2x1Ef" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total future minimum lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,166</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zSS6qgNq4DM" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Less imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(127</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iI_pn3n3_z7v8UWqUWVve" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,039</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

P2Y

This lease commenced in April of 2023 and will continue for 62 months.

1200000

1000000.0

1284000

994000

The components of lease expense in the Consolidated Statement of Operations for the fiscal year ended April 30, 2026 and 2025 was as follows: Schedule of Operating Lease Costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250501__20260430_zTjIY2z50kxa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240501__20250430_zbtnuWbk4YIf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal year ended April 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseCost_pn3n3_maLCzBwM_zCpiBnELORk2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,189</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,038</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzBwM_zk58yGAoSE74" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LeaseCost_iT_pn3n3_mtLCzBwM_zCT1aOdbSGli" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,189</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,070</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1189000

1038000

32000

1189000

1070000

<p id="xdx_899_ecustom--ScheduleOfRightofUseAssetsAndLeaseLiabilitiesTableTextBlock_zyX9wSZnAJpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Information related to the Company’s right-of use assets and lease liabilities as of April 30, 2026 is as follows: Schedule of Right-of use Assets and Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260430_zfV6RDK6oUvk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">Operating lease:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_zY0e2MeqqZ18" style="vertical-align: bottom; background-color: White"> <td style="width: 82%; text-align: left; padding-bottom: 1pt">Operating right-of-use assets, net</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 14%; text-align: right">1,886</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzIil_zt498QcIYb19" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Right-of-use liabilities- current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,202</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzIil_zOnoMi9mAoN8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Right-of-use liabilities- long-term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">837</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzIil_zu4HCOoU9sL8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,039</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average remaining lease term- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.72 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average discount rate- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.5</td><td style="text-align: left">%</td></tr> </table>

1886000

1202000

837000

2039000

P1Y8M19D

0.085

Total remaining lease payments under the Company’s operating leases are as follows: Schedule of Future Minimum Lease Payments Under Operating Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260430_zcPd0M1MSJQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzbOq_ztRFHQCiQwll" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,317</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzbOq_zhOZK4J4Q7Cb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">821</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzbOq_z9gvy03C8nSc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPzbOq_zBQh5Pdn6Ayj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour_iI_pn3n3_maLOLLPzbOq_zcCJzCPPEcF5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzbOq_zkeZgWS2x1Ef" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total future minimum lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,166</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zSS6qgNq4DM" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Less imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(127</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iI_pn3n3_z7v8UWqUWVve" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,039</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1317000

821000

28000

2166000

127000

2039000

(10) Accrued Expenses Accrued expenses consisted of the following at April 30, 2026 and 2025: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260430_zE78m6xnJUv8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250430_zBrbMOzmj0te" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40E_eus-gaap--OtherEmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zLS4IF1lcYs1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Employee incentive payments</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">632</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">759</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedSalariesCurrent_iI_pn3n3_maCzsTG_zJSYGYRzLyX1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued salary and benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">417</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AccruedProjectCosts_iI_pn3n3_maCzsTG_zVnRxoUY5kU8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued project costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,273</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestPayableCurrent_iI_pn3n3_maCzsTG_zNIDWkkLHzQ7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">146</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zZJ5c0Z9Tv6f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">46</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">95</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtCzsTG_z4fmFkRLBpP6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Accrued expenses total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,232</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,271</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued expenses consisted of the following at April 30, 2026 and 2025: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260430_zE78m6xnJUv8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250430_zBrbMOzmj0te" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40E_eus-gaap--OtherEmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zLS4IF1lcYs1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Employee incentive payments</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">632</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">759</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedSalariesCurrent_iI_pn3n3_maCzsTG_zJSYGYRzLyX1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued salary and benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">417</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AccruedProjectCosts_iI_pn3n3_maCzsTG_zVnRxoUY5kU8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued project costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,273</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestPayableCurrent_iI_pn3n3_maCzsTG_zNIDWkkLHzQ7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">146</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zZJ5c0Z9Tv6f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">46</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">95</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtCzsTG_z4fmFkRLBpP6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Accrued expenses total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,232</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,271</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

632000

759000

135000

417000

3273000

146000

46000

95000

4232000

1271000

(11) Share-Based Compensation Plans In 2015, upon approval by the Company’s shareholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20151231__us-gaap--PlanNameAxis__custom--TwoThousandAndFifteenOmnibusIncentivePlanMember_zpm5MAYmyvo1" title="Share-based compensation arrangement shares authorized">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 2026, the shareholders approved an amendment and restatement of the 2015 Plan to, among other things, provide an aggregate increase to the 2015 Plan of <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_pid_c20250101__20250131__us-gaap--PlanNameAxis__custom--TwoThousandAndFifteenOmnibusIncentivePlanMember_zj8LqSh2SIQd" title="Share-based compensation arrangement shares authorized increase">5,000,000 shares resulting in total shares authorized for issuance of <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20260430__us-gaap--PlanNameAxis__custom--TwoThousandAndFifteenOmnibusIncentivePlanMember_zZLDMZbg6e75" title="Share-based compensation arrangement shares authorized">32,282,036 as of April 30, 2026, based on <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20250430__us-gaap--PlanNameAxis__custom--TwoThousandAndFifteenOmnibusIncentivePlanMember_zyMunWDTtuEg" title="Share-based compensation arrangement shares authorized">27,282,036 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 <span id="xdx_90F_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20180118__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zfgE6EmFzEQg" title="Reserved for future issuance">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 <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_pid_c20220209__20220209__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zbal0UgXB21e" title="Share-based compensation arrangement shares authorized increase">250,000 to <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20220209__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_z6jR8Eo5oqU6" title="Share-based compensation arrangement shares authorized increase">275,000. On June 3, 2025, the 2018 Inducement Plan was further amended to increase the authorized shares by <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_pid_c20250603__20250603__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zsaefI0hPfka" title="Share-based compensation arrangement shares authorized increase">715,000 to <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20250603__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zLZZHth1kkx" title="Share-based compensation arrangement shares authorized">990,000. On January 27, 2026, the 2018 Inducement Plan was further amended to increase the authorized shares by <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_pid_c20260127__20260127__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_z2vqyYV3DtGj" title="Share-based compensation arrangement shares authorized increase">1,000,000 to <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20260127__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zGoq6pjZ89l2" title="Share-based compensation arrangement shares authorized">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 a period equal to the expected life of the stock option granted. The Company did not grant any stock options during the periods ended April 30, 2026 and 2025, respectively. <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_zmMGmukmBAYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">A summary of stock options under our Stock Incentive Plans is detailed in the following table. Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Shares Underlying Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (In Years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Outstanding as of April 30, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250501__20260430_zHLpPoa4QkSi" style="width: 12%; text-align: right" title="Shares Underlying Options Outstanding, Beginning">483,342</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250501__20260430_zuT9Kmk5jH7i" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Beginning balance">2.59</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240501__20250430_zdL4ndooacM1" title="Weighted Average Remaining Contractual Term (In Years), Beginning">6.3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250501__20260430_z7lwcuj2xGz3" style="text-align: right" title="Shares underlying Options Outstanding, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250501__20260430_z6m6mDyMfgG8" style="text-align: right" title="Weighted Average Exercise Price, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250501__20260430_zCtSXZKCh0e6" style="text-align: right" title="Shares Underlying Options ,Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250501__20260430_z4NM3gUAl9we" style="text-align: right" title="Weighted Average Exercise Price, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20250501__20260430_zITYIpTCfBih" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Cancelled/forfeited">(87,163</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20250501__20260430_zdtIVQBwl8R4" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Cancelled/forfeited">6.92</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of April 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250501__20260430_ztksmtQFEXL4" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options Outstanding, Ending">396,179</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250501__20260430_zR7esocC030c" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Ending balance">1.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250501__20260430_zCC6bHWfWibk" title="Weighted Average Remaining Contractual Term (In Years), Ending">5.6</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable as of April 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260430_zRsGNOBtRrX9" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options, Exercisable at Ending">396,179</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20260430_z6VgwURSWKci" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Exercisable at Ending">1.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250501__20260430_zsrcKni94CEh" title="Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending">5.6</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of April 30, 2026, the total intrinsic value of outstanding and exercisable options was <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_dc_c20260430__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z3Z9C8nkLz27" title="Intrinsic value of exercisable options">zero. As of April 30, 2026, no options were unvested. The outstanding options had an intrinsic value of zero and a weighted average remaining contractual term of <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_pid_dtY_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zDb5fWqeYZa9" title="Weighted average remaining contractual term">5.6 years. There was approximately $<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUhRG2Gjhz89" title="Share-based payment arrangement, expense">22,000 and $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_c20240501__20250430__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ziVMOqiBvNa" title="Share-based payment arrangement, expense">47,000 of total recognized compensation cost related to stock options during each of the fiscal year ended April 30, 2026 and 2025, respectively. As of April 30, 2026, there was no unrecognized compensation cost related to non-vested stock options granted under the plans. Performance Stock Options <p id="xdx_89C_eus-gaap--ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock_zs88Fxv0pqNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">A summary of performance stock units (“PSUs”) under our Stock Incentive Plans is detailed in the following table. Schedule of Performance Stock Units <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Price per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at April 30, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zVe6TGqBRU27" style="text-align: right" title="Number of Shares, Unvested, Beginning">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zG5HEQ0w5eNa" style="text-align: right" title="Weighted Average Price per Share, Unvested, Beginning">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%">Granted</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z5JtUukjGjq6" style="width: 14%; text-align: right" title="Number of Shares, Granted">150,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zHpkSh5ZfWNc" style="width: 14%; text-align: right" title="Weighted Average Price per Share, Granted/Adjusted">0.56</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zAczsmjMtPYj" style="text-align: right" title="Number of Shares, Vested and issued">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zF9vp4dV0WXg" style="text-align: right" title="Weighted Average Price per Share, Vested and issued">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zE5o1qDE5emi" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Cancelled/forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zgsMmIvnzM28" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Price per Share, Cancelled/forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Unvested at April 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zXKy4qs52aBe" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Unvested, Ending">150,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z8WrfaniGsI2" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Price per Share, Unvested, Ending">0.56</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> There was approximately $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zwucDH918aq6" title="Share-based payment arrangement, expense">56,000 and <span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_dc_c20240501__20250430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zkuzrv4pr1D1" title="Share-based payment arrangement, expense">zero of total recognized compensation cost related to PSUs for the years ended April 30, 2026 and 2025, respectively. As of April 30, 2026, there was approximately $<span id="xdx_902_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_c20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z9tumcqRLne5" title="Unrecognized compensation cost">29,000 of unrecognized compensation cost remaining related to unvested PSUs. This cost is expected to be recognized over a weighted-average period of <span id="xdx_905_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zPKm04cT3i37" title="Share-based compensation of weighted-average period">1.1 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 years ended April 30, 2026 and 2025, the Company granted <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z5bokYqVINZ1" title="Number of restricted shares, granted">12,696,574 and <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20240501__20250430__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zWcaspal9qi2" title="Number of restricted shares, granted">21,079,453 shares, respectively, subject to service-based, performance, and market condition vesting requirements. <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_zV0kxJQ2hqBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">A summary of unvested restricted stock units under our stock incentive plans is as follows: Schedule of Non-vested Restricted Stock Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Price per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Issued and unvested at April 30, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zuN12zwDs9r7" style="width: 14%; text-align: right" title="Number of Shares, Issued and unvested, Beginning">22,461,633</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zzzxsYx6ES89" style="width: 14%; text-align: right" title="Weighted Average Price per Share, Issued and unvested, Beginning">0.79</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zPiJfgOX7zJd" style="text-align: right" title="Number of Shares, Granted">12,696,574</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_z89shl2MDmRd" style="text-align: right" title="Weighted Average Price per Share, Granted">0.50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zM5FWBSYgNS9" style="text-align: right" title="Number of Shares, Vested and issued">(7,682,091</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zPZM4NgmpMek" style="text-align: right" title="Weighted Average Price per Share, Vested and issued">0.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zWZQtQ0buVOj" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Cancelled/forfeited">(3,663,443</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zqJXVds4L5M" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Price per Share, Cancelled/forfeited">0.81</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Issued and unvested at April 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zmK1c2ZtQBha" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Issued and unvested, Ending">23,812,673</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zrDKKlLFedJ8" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Price per Share, Issued and unvested, Ending">0.57</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> There was approximately $<span id="xdx_905_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zx53kaSmNF9f" title="Share-based payment arrangement, expense">9.5 million and $<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20240501__20250430__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zvDvBOAppSz5" title="Share-based payment arrangement, expense">4.6 million of total recognized compensation cost related to restricted stock units for the years ended April 30, 2026 and 2025, respectively. As of April 30, 2026, there was $<span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn5n6_c20260430__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zxtLwo2E6FAl" title="Unrecognized compensation cost">8.5 million of unrecognized compensation cost remaining related to unvested restricted stock granted under our plans. This cost is expected to be recognized over a weighted-average period of <span id="xdx_90F_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zqNaG1RQd6yi" title="Share-based compensation of weighted-average period">1.5 years.

1332036

5000000

32282036

27282036

25000

250000

275000

715000

990000

1000000

1990000

<p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_zmMGmukmBAYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">A summary of stock options under our Stock Incentive Plans is detailed in the following table. Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Shares Underlying Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (In Years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Outstanding as of April 30, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250501__20260430_zHLpPoa4QkSi" style="width: 12%; text-align: right" title="Shares Underlying Options Outstanding, Beginning">483,342</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250501__20260430_zuT9Kmk5jH7i" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Beginning balance">2.59</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240501__20250430_zdL4ndooacM1" title="Weighted Average Remaining Contractual Term (In Years), Beginning">6.3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250501__20260430_z7lwcuj2xGz3" style="text-align: right" title="Shares underlying Options Outstanding, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250501__20260430_z6m6mDyMfgG8" style="text-align: right" title="Weighted Average Exercise Price, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250501__20260430_zCtSXZKCh0e6" style="text-align: right" title="Shares Underlying Options ,Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250501__20260430_z4NM3gUAl9we" style="text-align: right" title="Weighted Average Exercise Price, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20250501__20260430_zITYIpTCfBih" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Cancelled/forfeited">(87,163</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20250501__20260430_zdtIVQBwl8R4" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Cancelled/forfeited">6.92</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of April 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250501__20260430_ztksmtQFEXL4" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options Outstanding, Ending">396,179</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250501__20260430_zR7esocC030c" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Ending balance">1.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250501__20260430_zCC6bHWfWibk" title="Weighted Average Remaining Contractual Term (In Years), Ending">5.6</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable as of April 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260430_zRsGNOBtRrX9" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options, Exercisable at Ending">396,179</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20260430_z6VgwURSWKci" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Exercisable at Ending">1.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250501__20260430_zsrcKni94CEh" title="Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending">5.6</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

483342

2.59

P6Y3M18D

87163

6.92

396179

1.83

P5Y7M6D

396179

1.83

P5Y7M6D

22000

47000

<p id="xdx_89C_eus-gaap--ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock_zs88Fxv0pqNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">A summary of performance stock units (“PSUs”) under our Stock Incentive Plans is detailed in the following table. Schedule of Performance Stock Units <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Price per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at April 30, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zVe6TGqBRU27" style="text-align: right" title="Number of Shares, Unvested, Beginning">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zG5HEQ0w5eNa" style="text-align: right" title="Weighted Average Price per Share, Unvested, Beginning">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%">Granted</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z5JtUukjGjq6" style="width: 14%; text-align: right" title="Number of Shares, Granted">150,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zHpkSh5ZfWNc" style="width: 14%; text-align: right" title="Weighted Average Price per Share, Granted/Adjusted">0.56</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zAczsmjMtPYj" style="text-align: right" title="Number of Shares, Vested and issued">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zF9vp4dV0WXg" style="text-align: right" title="Weighted Average Price per Share, Vested and issued">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zE5o1qDE5emi" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Cancelled/forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zgsMmIvnzM28" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Price per Share, Cancelled/forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Unvested at April 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zXKy4qs52aBe" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Unvested, Ending">150,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250501__20260430__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z8WrfaniGsI2" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Price per Share, Unvested, Ending">0.56</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

150000

0.56

150000

0.56

56000

29000

P1Y1M6D

12696574

21079453

<p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_zV0kxJQ2hqBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">A summary of unvested restricted stock units under our stock incentive plans is as follows: Schedule of Non-vested Restricted Stock Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Price per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Issued and unvested at April 30, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zuN12zwDs9r7" style="width: 14%; text-align: right" title="Number of Shares, Issued and unvested, Beginning">22,461,633</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zzzxsYx6ES89" style="width: 14%; text-align: right" title="Weighted Average Price per Share, Issued and unvested, Beginning">0.79</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zPiJfgOX7zJd" style="text-align: right" title="Number of Shares, Granted">12,696,574</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_z89shl2MDmRd" style="text-align: right" title="Weighted Average Price per Share, Granted">0.50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zM5FWBSYgNS9" style="text-align: right" title="Number of Shares, Vested and issued">(7,682,091</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zPZM4NgmpMek" style="text-align: right" title="Weighted Average Price per Share, Vested and issued">0.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zWZQtQ0buVOj" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Cancelled/forfeited">(3,663,443</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zqJXVds4L5M" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Price per Share, Cancelled/forfeited">0.81</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Issued and unvested at April 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zmK1c2ZtQBha" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Issued and unvested, Ending">23,812,673</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250501__20260430__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zrDKKlLFedJ8" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Price per Share, Issued and unvested, Ending">0.57</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

22461633

0.79

12696574

0.50

7682091

0.99

3663443

0.81

23812673

0.57

9500000

4600000

8500000

P1Y6M

(12) Fair Value Measurements ASC 820 - Fair Value Measurements (“ASC 820”) 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">Level 1 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 2 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 3 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Inputs that are unobservable for the asset or liability.</td></tr> </table> ASC 825 – Financial Instruments (“ASC 825”) allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value (the fair value option). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should be reported in earnings at each subsequent reporting date. 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. <p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zQw8Sl4OoIm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Derivative liability – May issuance</td><td> </td> <td style="text-align: left">$</td><td id="xdx_495_20260430__us-gaap--FinancialInstrumentAxis__custom--DerivativeLiabilityMember_z6VptpB8RiQ2" style="text-align: right">699</td><td style="text-align: left"> </td> <td> </td> <td> </td> <td id="xdx_491_20260430__us-gaap--FinancialInstrumentAxis__custom--ConvertibleNotesFairValueOptionMember_zJKxLql79Ih2" style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Derivative Liability</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Convertible Notes – Fair Value Option</td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_hus-gaap--DebtInstrumentAxis__custom--MayTwoThousandTwewntyFiveConvertibleDebtIssuanceMember_zAVWyRNTbA8d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Derivative liability – May issuance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">699</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 14%">-</td> <td style="width: 1%"> </td></tr> <tr id="xdx_40E_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_hus-gaap--DebtInstrumentAxis__custom--OctoberTwoThousandTwewntyFiveConvertibleDebtIssuanceMember_zbIlE8B6qFi1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Derivative liability – October issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">490</td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr id="xdx_40F_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_hus-gaap--DebtInstrumentAxis__custom--OctoberTwoThousandTwewntyFiveConvertibleDebtIssuanceMember_zP6f92ZE9nWc" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Derivative liability – issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">490</td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr id="xdx_400_ecustom--ChangeDueToFairValueAdjustmentOfDerivativeLiability_iI_z8z0ljIGLHZ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change due to fair value adjustment of derivative liability</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">5,871</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr id="xdx_403_eus-gaap--DerivativeLiabilityFairValueGrossAsset_iNI_di_zUEZDTzMdSp3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change due to conversion of notes and note repayment</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">(7,060</td><td style="padding-bottom: 1pt; text-align: left">)</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr id="xdx_404_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_zxvnE0vDvpEl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Convertible note – April issuance</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right">10,045</td> <td> </td></tr> <tr id="xdx_403_ecustom--ChangeDueToFairValueAdjustment_iNI_di_z1FEtjTtQSgk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change due to fair value adjustment of convertible notes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">383</td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--AprilTwoThousandTwewntySixConvertibleDebtIssuanceMember_zEz3SJdry8M" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Convertible note fair value - April 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">10,428</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260430__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zYozVsunkBYi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250430__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zkRwwJhU00pb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--ConvertibleNotesPayableCurrent_iI_pn3n3_zwzSydc5vXPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify; padding-bottom: 1pt">April 2026 Convertible Note</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">3</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">10,428</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table> The derivative liability related to our May 2025 and October 2025 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 April 30, 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 years ended April 30, 2026 and 2025. The Company elected the fair value option for the April 2026 convertible note issuances. Management determined that the fair value option would be elected for these convertible notes as they are required to be measured at fair value as part of the determination of the extinguishment of the previously issued convertible notes. At April 30, 2026, the fair value of these convertibles notes was $10.4 million, as compared to the aggregate unpaid principal and premium balance of $11.3 million at that same date. The fair value of the convertible notes, including the conversion option and all embedded features, was determined using a simulation model. Key inputs to the model include the initial conversion price of $0.40 per share, the common stock value as of the issuance date of $<span id="xdx_90D_eus-gaap--DerivativeAssetMeasurementInput_iI_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zWPSoobTkAt2" title="Derivative asset measurement input">0.35, the risk-free rate of <span id="xdx_90F_eus-gaap--DerivativeAssetMeasurementInput_iI_dp_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zgxTg9uHbXPc" title="Derivative asset measurement input">3.68%, and probability of settlement options, and the equity volatility of <span id="xdx_904_eus-gaap--DerivativeAssetMeasurementInput_iI_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zxTfkpuFV5E6" title="Derivative asset measurement input">150%. The equity volatility was determined using the Company’s historical volatility. Interest expense of approximately $124,000 was recorded during the year ended April 30, 2026. This amount is included within “Interest (expense)/income, net” within the Company’s Consolidated Statements of Operations.

<p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zQw8Sl4OoIm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Derivative liability – May issuance</td><td> </td> <td style="text-align: left">$</td><td id="xdx_495_20260430__us-gaap--FinancialInstrumentAxis__custom--DerivativeLiabilityMember_z6VptpB8RiQ2" style="text-align: right">699</td><td style="text-align: left"> </td> <td> </td> <td> </td> <td id="xdx_491_20260430__us-gaap--FinancialInstrumentAxis__custom--ConvertibleNotesFairValueOptionMember_zJKxLql79Ih2" style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Derivative Liability</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Convertible Notes – Fair Value Option</td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_hus-gaap--DebtInstrumentAxis__custom--MayTwoThousandTwewntyFiveConvertibleDebtIssuanceMember_zAVWyRNTbA8d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Derivative liability – May issuance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">699</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 14%">-</td> <td style="width: 1%"> </td></tr> <tr id="xdx_40E_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_hus-gaap--DebtInstrumentAxis__custom--OctoberTwoThousandTwewntyFiveConvertibleDebtIssuanceMember_zbIlE8B6qFi1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Derivative liability – October issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">490</td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr id="xdx_40F_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_hus-gaap--DebtInstrumentAxis__custom--OctoberTwoThousandTwewntyFiveConvertibleDebtIssuanceMember_zP6f92ZE9nWc" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Derivative liability – issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">490</td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr id="xdx_400_ecustom--ChangeDueToFairValueAdjustmentOfDerivativeLiability_iI_z8z0ljIGLHZ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change due to fair value adjustment of derivative liability</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">5,871</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr id="xdx_403_eus-gaap--DerivativeLiabilityFairValueGrossAsset_iNI_di_zUEZDTzMdSp3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change due to conversion of notes and note repayment</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">(7,060</td><td style="padding-bottom: 1pt; text-align: left">)</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr id="xdx_404_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_zxvnE0vDvpEl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Convertible note – April issuance</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right">10,045</td> <td> </td></tr> <tr id="xdx_403_ecustom--ChangeDueToFairValueAdjustment_iNI_di_z1FEtjTtQSgk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change due to fair value adjustment of convertible notes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">383</td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--AprilTwoThousandTwewntySixConvertibleDebtIssuanceMember_zEz3SJdry8M" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Convertible note fair value - April 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">10,428</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260430__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zYozVsunkBYi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250430__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zkRwwJhU00pb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--ConvertibleNotesPayableCurrent_iI_pn3n3_zwzSydc5vXPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify; padding-bottom: 1pt">April 2026 Convertible Note</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">3</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">10,428</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table>

699000

490000

5871000

7060000

10045000

-383000

10428000

10400000

11300000

0.40

0.35

0.0368

150

124000

(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 $<span id="xdx_905_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20240321__20240321__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeATMFacilityMember_z9dyvNST8Tdf" title="Aggregate offering price">7.0 million (the “2023 ATM Facility”). On August 30, 2024 the aggregate offering price under the 2023 ATM Facility was increased to approximately $<span id="xdx_902_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20240830__20240830__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeATMFacilityMember_zM3iSWb3MYoi" title="Aggregate offering price">16.0 million. It was then reduced to approximately $<span id="xdx_904_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20240930__20240930__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeATMFacilityMember_zZO5Vk5BePh3" title="Aggregate offering price">2.9 million in September 2024 and increased again to approximately $<span id="xdx_909_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20241231__20241231__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeATMFacilityMember_zqmV9VXE29Qe" title="Aggregate offering price">60.0 million in December 2024. A total of <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20250501__20260430__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeATMFacilityMember_zpX55y7ZEYS5" title="Aggregate offering price">694,949 shares were sold under this agreement during fiscal 2026. The Company received proceeds of approximately $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20250430__20250430__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeATMFacilityMember_zOHfocGBo70h" title="Proceeds from issuance">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 $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20250808__20250808__us-gaap--TypeOfArrangementAxis__custom--AtMarketIssuanceSalesAgreementMember__dei--LegalEntityAxis__custom--LadenburgThalmannAndCoIncMember_z2B2YYqQS3Pl" title="Proceeds from issuance of common stock">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 <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250501__20260430__us-gaap--TypeOfArrangementAxis__custom--LadenburgSalesAgreementMember_z1TRYwzIg2Uf" title="Number of shares issued, shares">16,192,137 shares were sold under the Ladenburg sales agreement during the year ended April 30, 2026 totaling proceeds of $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20250501__20260430__us-gaap--TypeOfArrangementAxis__custom--LadenburgSalesAgreementMember_ztnIBxhb1swl" title="Proceeds from sale of shares">7.4 million. Subsequent to April 30, 2026, through filing, there were an additional <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260501__20260501__us-gaap--TypeOfArrangementAxis__custom--LadenburgSalesAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zEQDYXpkSBS7" title="Number of shares issued, shares">5,693,890 shares were sold under the Ladenburg sales agreement, totaling proceeds of $<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20260501__20260501__us-gaap--TypeOfArrangementAxis__custom--LadenburgSalesAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zYaxyi1PezY2" title="Proceeds from sale of shares">1.4 million. Convertible Debt Issuance In May 2025, the Company issued $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20250531__us-gaap--DebtInstrumentAxis__custom--MayTwoThousandTwewntyFiveConvertibleDebtIssuanceMember_zeurfKxWMfm6" title="Aggregate principal amount of convertible notes">10.0 million, along with a 13% premium on the principal amount, in aggregate principal amount of convertible notes with a 24-month maturity to new institutional investors with net proceeds of $<span id="xdx_903_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_c20250501__20250531__us-gaap--DebtInstrumentAxis__custom--MayTwoThousandTwewntyFiveConvertibleDebtIssuanceMember_zktAQvRdRfmk" title="Proceeds from convertible debt">9.7 million. The notes are convertible into shares of our common stock under specific terms outlined in the Securities Purchase Agreement and Indenture. In October 2025, we issued and sold to the investors $<span id="xdx_905_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_c20250501__20250531__us-gaap--DebtInstrumentAxis__custom--MayTwoThousandTwewntyFiveConvertibleDebtIssuanceMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InvestorsMember_z0di7Wbqu5Sc" title="Proceeds from convertible debt">6.5 million of additional convertible notes. This financing was aimed at providing us with additional liquidity, supporting the commercialization of our systems, and advancing our autonomous maritime solutions. Principal and interest conversions during the year ended April 30, 2026 were approximately $11.9 million. In April 2026, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors pursuant to which the Company issued and sold senior convertible notes (the “Notes”) in an aggregate principal amount of $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20260430__us-gaap--DebtInstrumentAxis__custom--AprilTwoThousandTwewntySixConvertibleDebtIssuanceMember_z7iZK3CZHIP" title="Aggregate principal amount of convertible notes">10.0 million, along with a 13% premium on the principal amount. The conversion rate related to this agreement is $0.40 per share. Proceeds from these Notes were used to pay off the remaining balances associated with the May and October 2025 convertible notes, respectively. Beginning on the closing date, the Notes are subject to quarterly cash amortization payments through maturity and monthly interest payment calculated on a 4.5% annual rate for the outstanding principal amount at the end of the previous month. Between the premium and annual interest rate, the effective interest rate on this Note is approximately 20%. The agreement also contains a make-whole interest whereby in connection with any conversion, redemption, or other repayment would result in an additional interest amount as if the principal remained outstanding through the maturity date. The Notes rank senior to the Company’s unsecured indebtedness, subject to certain exceptions, and contain customary affirmative and negative covenants, including restrictions on indebtedness, liens, restricted payments, asset transfers, changes in business, and affiliate transactions, including a covenant requirement $<span id="xdx_901_ecustom--AggregatePrincipalAmountOfConvertibleCashBalance_iI_pn5n6_c20260430__us-gaap--DebtInstrumentAxis__custom--AprilTwoThousandTwewntySixConvertibleDebtIssuanceMember_zsDnt8igTZAg" title="Aggregate principal amount of convertible cash balance">2.0 million minimum cash balance to be maintained. The Notes also contain customary events of default. The conversion of these notes into equity may occur at times and under pricing mechanisms that could lead to a substantial number of shares being issued, potentially at prices below prevailing market prices. Subsequent to April 30, 2026, the Company did not timely file its Annual Report on Form 10-K as required under the reporting covenants of the Notes. As a result, the Company was technically not in compliance with this covenant as of the date of issuance of these consolidated financial statements. No notice of default has been received by the Company from its lenders. As of April 30, 2026, the Notes could potentially be converted into 28,250,000 shares. These shares are not included in the calculation of earnings per share as the impact of these conversions would be anti-dilutive. The conversions are at the election of the Note holders to be converted in shares but may also be repaid through cash payments. Absent conversions, the total remaining debt maturity cash payments under the Company’s convertible debt are as follows: Schedule of Debt Maturity Cash Payments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" id="xdx_49C_20260430_zs5OzW3DkN0l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">(in thousands)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLTDzzTw_z9UkCFyiveka" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: justify">Fiscal year 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">6,223</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLTDzzTw_z9fezJNd8Ir6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: justify">Fiscal year 2028</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,789</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebt_iTI_mtLTDzzTw_zivkoJnjzC17" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total future minimum debt payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,012</td><td style="text-align: left"> </td></tr> </table>

7000000.0

16000000.0

2900000

60000000.0

694949

18000000.0

40000000.0

16192137

7400000

5693890

1400000

10000000.0

9700000

6500000

11900000

10000000.0

0.40

2000000.0

28250000

Absent conversions, the total remaining debt maturity cash payments under the Company’s convertible debt are as follows: Schedule of Debt Maturity Cash Payments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" id="xdx_49C_20260430_zs5OzW3DkN0l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">(in thousands)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLTDzzTw_z9UkCFyiveka" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: justify">Fiscal year 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">6,223</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLTDzzTw_z9fezJNd8Ir6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: justify">Fiscal year 2028</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,789</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebt_iTI_mtLTDzzTw_zivkoJnjzC17" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total future minimum debt payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,012</td><td style="text-align: left"> </td></tr> </table>

6223000

5789000

12012000

(14) Income Taxes <p id="xdx_895_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zrrf8vgpJRNg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Loss before income taxes for the years ended April 30, 2026 and 2025 consisted of the following components: Schedule of Components of Loss Before Income Taxes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250501__20260430_zw4qpUaNAWg2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240501__20250430_zg5KmC00G0b3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_408_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_pn3n3_maILFCOzq5R_z8CG6Vz8bCc6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Domestic</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(48,915</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(25,500</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_pn3n3_maILFCOzq5R_zDJMDSqsG8sd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Foreign</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_mtILFCOzq5R_zeSJTSP0UFab" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total loss before income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(48,915</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(25,500</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> The income tax benefit for the years ended April 30, 2026 and 2025 consisted of zero and $1.0 million, respectively, from the sale of New Jersey net operating losses and research and development credits. Tax Rate Reconciliation <p id="xdx_89F_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zjTDOHPFL5ga" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The effective income tax rate differed from the percentages computed by applying the U.S. federal income tax rate for the periods ended April 30, 2026 and 2025 to loss before income taxes as a result of the following: Schedule of Effective Income Tax Rate Reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount (in thousands)</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250501__20260430_zV0k3hoaaN08" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td><td colspan="5" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount (in thousands)</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_ecustom--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRates_iN_pid_dpi_uPure_maLeoqITb5_zlgUFIECCtX3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 63%; text-align: left"><span id="xdx_902_eus-gaap--TaxJurisdictionOfDomicileExtensibleEnumeration_dxL_c20250501__20260430_zI6WtxJze6Je" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23TaxJurisdictionOfDomicileExtensibleEnumeration">Computed expected tax benefit</td> <td style="width: 1%"> </td><td style="width: 1%">$</td> <td id="xdx_98D_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20250501__20260430_zopXygPjWdrf" style="text-align: right; width: 16%" title="Computed expected tax benefit, value">(10,272</td> <td style="width: 1%">)</td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(21.0</td><td style="width: 1%; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increase (reduction) in income taxes resulting from:</td> <td> </td><td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maLeoqITb5_zEXFRdiyOmNf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">State income taxes, net of federal benefit (a)</td> <td> </td><td> </td> <td id="xdx_981_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_c20250501__20260430_zE5vE1AUwCUj" style="text-align: right" title="State income taxes, net of federal benefit, value">186</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.4</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_ecustom--EffectiveIncomeTaxRateReconciliationExpirationOfTaxCredits_pid_dp_uPure_maLeoqITb5_zx4Ui3Mpdu36" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Expiration of tax credits</td> <td> </td><td> </td> <td id="xdx_98A_ecustom--IncomeTaxReconciliationExpirationOfTaxCredits_pn3n3_c20250501__20260430_zxorXQT1Y1f7" style="text-align: right" title="Expiration of tax credits, value">513</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.1</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_msLeoqITb5_zIoIlkRvNu8e" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Federal research and development tax credits</td> <td> </td><td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_maLeoqITb5_zjZfqaN9PbZ8" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Foreign rate differential</td> <td> </td><td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsChangeInValuationAllowance_pid_dp_uPure_maLeoqITb5_zLVtsNwo5EU9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Change in valuation allowance</td> <td> </td><td> </td> <td id="xdx_981_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20250501__20260430_z6qibs7wkhHc" style="text-align: right" title="Change in valuation allowance, value">6,087</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Non-deductible/non-taxable items:</td> <td> </td><td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--EffectiveIncomeTaxRateReconciliationStockCompensation_pid_dp_uPure_maLeoqITb5_z4WwOS9moeR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Stock compensation</td> <td> </td><td> </td> <td id="xdx_982_ecustom--IncomeTaxReconciliationStockCompensation_pn3n3_c20250501__20260430_zDh1FAd7EPj3" style="text-align: right" title="Stock compensation, value">757</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.6</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_ecustom--EffectiveIncomeTaxRateReconciliationStockCompensationChangeInFairValueOfDerivative_pid_dp_uPure_maLeoqITb5_zcuKOxyVIbN2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Change in fair value of derivative</td> <td> </td><td> </td> <td style="text-align: right" title="Stock compensation, value">1,195</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.5</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_ecustom--EffectiveIncomeTaxRateReconciliationOtherNondeductibleExpenses_pid_dp_uPure_maLeoqITb5_zRZRWO74ecM" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Other non-deductible expenses</td> <td> </td><td> </td> <td id="xdx_98F_ecustom--IncomeTaxReconciliationOtherNondeductibleExpenses_pn3n3_c20250501__20260430_z7yKI8Bwvypa" style="text-align: right" title="Stock compensation, value">320</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.7</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_ecustom--EffectiveIncomeTaxReconciliationProceedsOfSaleOfNewJerseyTaxBenefits_iN_pid_dpi_uPure_maLeoqITb5_ztnVzOqlyly3" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Proceeds of sale of New Jersey tax benefits</td> <td> </td><td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Other Adjustments</td> <td> </td><td> </td> <td style="text-align: right"></td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_maLeoqITb5_zhF1v6YtXNAb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Deferred true-up</td> <td> </td><td> </td> <td id="xdx_988_eus-gaap--IncomeTaxReconciliationOtherAdjustments_pn3n3_c20250501__20260430_zpFEbbOq4y74" style="text-align: right" title="Deferred true-up, value">8</td> <td> </td> <td style="text-align: right"> </td><td style="text-align: right">—</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_ecustom--EffectiveIncomeTaxRateReconciliationExpirationOfNetOperatingLossDueToDissolutionOfSubsidiary_iN_pid_dpi_uPure_maLeoqITb5_znOlhowmTFlc" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Expiration of net operating loss due to dissolution of subsidiary</td> <td> </td><td style="padding-bottom: 1pt"> </td> <td> </td> <td> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--EffectiveIncomeTaxReconciliationOtherExpirationOfNetOperatingLoss_pid_dp_uPure_maLeoqITb5_zxCefWfQdKc2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Expiration of net operating loss</td> <td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_988_ecustom--IncometaxreconciliationexpirationOfNetOperatingLoss_pn3n3_c20250501__20260430_znb6jnoTGXA1" style="border-bottom: Black 1pt solid; text-align: right" title="Expiration of net operating loss, value">1,206</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2.5</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iNT_pid_dpi_mtLeoqITb5_z02O13Gbf32l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Income tax (benefit)</td> <td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td id="xdx_981_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20250501__20260430_zdhNbvMTFYk2" style="border-bottom: Black 2.5pt double; text-align: right" title="Income tax (benefit), value">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">For the year ended April 30, 2026, state taxes in the following states listed below made up the majority (greater than 50% of the tax effect):</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif">New Jersey</td></tr> </table> As previously disclosed for the years ended April 30, 2025, prior to the adoption of ASU 2023-09, the table below is a reconciliation of the components that caused the Company’s (provision) benefit for income taxes to differ from amounts computed by applying the U.S. federal statutory rate: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240501__20250430_zdnJFrtHrzpk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_iN_pid_dpi_uPure_maLeoqITb5_zmlkRohR57Qe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">Computed expected tax benefit</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(21.0</td><td style="width: 1%; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increase (reduction) in income taxes resulting from:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_iN_pid_dpi_uPure_maLeoqITb5_z8KPE6j3x2Aa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">State income taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.7</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_msLeoqITb5_zFUZhbyFBpJc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Federal research and development tax credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_maLeoqITb5_z3W4JtmLXM0a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Foreign rate differential</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_iN_pid_dpi_uPure_maLeoqITb5_z43pwQxTA6H9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Other non-deductible expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.1</td><td style="text-align: left">)%</td></tr> <tr id="xdx_405_ecustom--EffectiveIncomeTaxReconciliationProceedsOfSaleOfNewJerseyTaxBenefits_iN_pid_dpi_uPure_maLeoqITb5_zUJnACAExcPk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Proceeds of sale of New Jersey tax benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.6</td><td style="text-align: left">)%</td></tr> <tr id="xdx_400_ecustom--EffectiveIncomeTaxRateReconciliationExpirationOfNetOperatingLossDueToDissolutionOfSubsidiary_iN_pid_dpi_uPure_maLeoqITb5_zkCdALscxNAl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Expiration of net operating loss due to dissolution of subsidiary</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.8</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_ecustom--EffectiveIncomeTaxReconciliationOtherExpirationOfNetOperatingLoss_iN_pid_dpi_uPure_maLeoqITb5_zluZruzL9al9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Other expiration of net operating loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.7</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_pid_dpi_uPure_maLeoqITb5_z7qdcsQPcLee" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Increase in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8.3</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iNT_pid_dpi_mtLeoqITb5_zT3UICnFKrHb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Income tax (benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(4.6</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table> Significant Components of Deferred Taxes <p id="xdx_897_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zT4WMGGZcDV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The tax effects of temporary differences and carry forwards that give rise to the Company’s deferred tax assets and deferred tax liabilities are presented below. Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260430_zff5hHlUvZLa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250430_zcn8EouFCddh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_iI_pn3n3_maDTAGzon3_zuLOz2cx4fwi" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left; padding-left: 10pt">Federal net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">57,269</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">52,496</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_pn3n3_maDTAGzon3_zuCygAXWUGxj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Foreign net operating loss carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_iI_pn3n3_maDTAGzon3_z2OmRs6UQ22f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">State operating loss carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,630</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,950</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn3n3_maDTAGzon3_z3dRA2y7QlQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Federal and New Jersey research and development tax credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,859</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,553</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_maDTAGzon3_zY197KvLPKM5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Stock compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">993</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">378</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_iI_pn3n3_maDTAGzon3_zUhMEtlN2Fc8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">769</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">188</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_iI_pn3n3_maDTAGzon3_z13wqi4ZGzU7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Research and experimentation expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,971</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,259</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzon3_zXept0FVCJrh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,655</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">337</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzon3_maDTANzeHh_zeoNpL132D3f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Net deferred tax assets before valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">70,146</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">63,161</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzeHh_zmqZlEsQGko8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Valuation allowance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(69,162</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(62,192</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzeHh_maNDTALzlhV_zbSRBDvmCGee" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Deferred tax assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">982</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">969</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_iNI_pn3n3_di_msNDTALzlhV_zQgbDQpVOtl4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Intangibles</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(737</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(788</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--DeferredTaxLiabilitiesOtherLiabilities_iNI_pn3n3_di_msNDTALzlhV_zZDrgZfi8CYd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(448</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(384</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--NetDeferredTaxAssetsLiabilities_iTI_pn3n3_mtNDTALzlhV_z3FJIlPSVGml" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Net deferred tax liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(203</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(203</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences and carry forwards become deductible or are utilized. As of April 30, 2026 and 2025, based upon the level of historical taxable losses, valuation allowances of $69.2 million and $62.2 million, respectively, were recorded to fully offset deferred tax assets. The valuation allowance increased $7.0 million during the year ended April 30, 2026 and increased $1.9 million during the year ended 2025 respectively, due to continuing net operating losses. On July 4, 2025, the One Big Beautiful Bill was enacted (“OBBBA”), introducing significant and wide-ranging changes to the U.S. federal tax system. Significant components include restoration of 100% accelerated tax depreciation on qualifying property including expansion to cover qualified production property. Another major aspect includes the return to immediate expensing of domestic research and experimental expenditures (“R&E”) which in some cases may include retroactive application back to 2021 for businesses with gross receipts of less than $31 million or accelerated tax deductions of R&E that was previously capitalized for larger businesses. The legislation also reinstates EBITDA-based interest deductions for tax purposes and makes several business tax incentives permanent. Less favorable business provisions include limitations on tax deductions for charitable contributions. The Company determined there was no material impact to our income tax expense tax rate, due to the full valuation allowance against the net deferred tax asset. As of April 30, 2026, the Company had net operating loss carryforwards for federal income tax purposes of approximately $272.7 million, of which $128.1 begin to expire in fiscal 2027; $144.7 million of the federal carryforward has no expiration, but the deductibility of such federal net operating losses may be limited to 80% of our taxable income in future years. The Company also had federal research and development tax credit carry forwards of approximately $4.7 million as of April 30, 2026, which begins to expire in 2027. The Tax Reform Act of 1986 contains provisions that limit the utilization of net operating loss and tax credit carry forwards if there has been an ownership change, as defined. The Company has determined that as a result of multiple ownership changes, as described in Section 382 of the Internal Revenue Code, its ability to utilize these NOL’s and research and development tax credit have been significantly limited. In addition, as of April 30, 2026, the Company had state net operating loss carry forwards of approximately $33.7 million which <span id="xdx_903_eus-gaap--OperatingLossCarryforwardsLimitationsOnUse_c20250501__20260430__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zENHZ8wDtX3h" title="Operating loss carryforwards, expiration description">begin to expire in 2036, which also may be limited to utilization limitations. Further, as of April 30, 2025, the Company dissolved their UK subsidiary, Ocean Power Technologies Ltd., and thus have written off their outstanding net operating losses. The ability to utilize these carry forwards may also be limited due to ownership changes. Income Tax Benefit The Company has sold New Jersey State net operating losses and research development credits under the New Jersey Economic Development Authority Tax Transfer programs, which has resulted in zero and $1.0 million of tax benefit related to the fiscal year ended April 30, 2026 and 2025, respectively, from the sale of New Jersey net operating losses and research and development credits. New Jersey-based technology or biotechnology companies with fewer than 225 US employees may be eligible to sell net operating losses and research and development tax credits to unaffiliated corporations, up to a maximum lifetime benefit of $<span id="xdx_909_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_pn5n6_c20250501__20260430__srt--RangeAxis__srt--MaximumMember_zKuDCU5ZnnQ3" title="Income tax benefit, research and development expense">20.0 million per business. Uncertain Tax Positions The Company applies the guidance issued by the FASB for the accounting and reporting of uncertain tax positions. 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. At April 30, 2026 and 2025, the Company had no other unrecognized tax positions. The Company does not expect any material increase or decrease in its income tax expense in the next fiscal year, related to examinations or uncertain tax positions. Net operating loss and credit carry forwards since inception remain open to examination by taxing authorities and will continue to remain open for a period after utilization. The Company does not have any interest or penalties accrued related to uncertain tax positions as it does not have any unrecognized tax benefits.

<p id="xdx_895_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zrrf8vgpJRNg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Loss before income taxes for the years ended April 30, 2026 and 2025 consisted of the following components: Schedule of Components of Loss Before Income Taxes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250501__20260430_zw4qpUaNAWg2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240501__20250430_zg5KmC00G0b3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_408_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_pn3n3_maILFCOzq5R_z8CG6Vz8bCc6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Domestic</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(48,915</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(25,500</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_pn3n3_maILFCOzq5R_zDJMDSqsG8sd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Foreign</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_mtILFCOzq5R_zeSJTSP0UFab" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total loss before income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(48,915</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(25,500</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

-48915000

-25500000

-48915000

-25500000

1000000.0

<p id="xdx_89F_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zjTDOHPFL5ga" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The effective income tax rate differed from the percentages computed by applying the U.S. federal income tax rate for the periods ended April 30, 2026 and 2025 to loss before income taxes as a result of the following: Schedule of Effective Income Tax Rate Reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount (in thousands)</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250501__20260430_zV0k3hoaaN08" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td><td colspan="5" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount (in thousands)</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_ecustom--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRates_iN_pid_dpi_uPure_maLeoqITb5_zlgUFIECCtX3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 63%; text-align: left"><span id="xdx_902_eus-gaap--TaxJurisdictionOfDomicileExtensibleEnumeration_dxL_c20250501__20260430_zI6WtxJze6Je" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23TaxJurisdictionOfDomicileExtensibleEnumeration">Computed expected tax benefit</td> <td style="width: 1%"> </td><td style="width: 1%">$</td> <td id="xdx_98D_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20250501__20260430_zopXygPjWdrf" style="text-align: right; width: 16%" title="Computed expected tax benefit, value">(10,272</td> <td style="width: 1%">)</td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(21.0</td><td style="width: 1%; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increase (reduction) in income taxes resulting from:</td> <td> </td><td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maLeoqITb5_zEXFRdiyOmNf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">State income taxes, net of federal benefit (a)</td> <td> </td><td> </td> <td id="xdx_981_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_c20250501__20260430_zE5vE1AUwCUj" style="text-align: right" title="State income taxes, net of federal benefit, value">186</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.4</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_ecustom--EffectiveIncomeTaxRateReconciliationExpirationOfTaxCredits_pid_dp_uPure_maLeoqITb5_zx4Ui3Mpdu36" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Expiration of tax credits</td> <td> </td><td> </td> <td id="xdx_98A_ecustom--IncomeTaxReconciliationExpirationOfTaxCredits_pn3n3_c20250501__20260430_zxorXQT1Y1f7" style="text-align: right" title="Expiration of tax credits, value">513</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.1</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_msLeoqITb5_zIoIlkRvNu8e" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Federal research and development tax credits</td> <td> </td><td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_maLeoqITb5_zjZfqaN9PbZ8" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Foreign rate differential</td> <td> </td><td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsChangeInValuationAllowance_pid_dp_uPure_maLeoqITb5_zLVtsNwo5EU9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Change in valuation allowance</td> <td> </td><td> </td> <td id="xdx_981_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20250501__20260430_z6qibs7wkhHc" style="text-align: right" title="Change in valuation allowance, value">6,087</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Non-deductible/non-taxable items:</td> <td> </td><td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--EffectiveIncomeTaxRateReconciliationStockCompensation_pid_dp_uPure_maLeoqITb5_z4WwOS9moeR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Stock compensation</td> <td> </td><td> </td> <td id="xdx_982_ecustom--IncomeTaxReconciliationStockCompensation_pn3n3_c20250501__20260430_zDh1FAd7EPj3" style="text-align: right" title="Stock compensation, value">757</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.6</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_ecustom--EffectiveIncomeTaxRateReconciliationStockCompensationChangeInFairValueOfDerivative_pid_dp_uPure_maLeoqITb5_zcuKOxyVIbN2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Change in fair value of derivative</td> <td> </td><td> </td> <td style="text-align: right" title="Stock compensation, value">1,195</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.5</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_ecustom--EffectiveIncomeTaxRateReconciliationOtherNondeductibleExpenses_pid_dp_uPure_maLeoqITb5_zRZRWO74ecM" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Other non-deductible expenses</td> <td> </td><td> </td> <td id="xdx_98F_ecustom--IncomeTaxReconciliationOtherNondeductibleExpenses_pn3n3_c20250501__20260430_z7yKI8Bwvypa" style="text-align: right" title="Stock compensation, value">320</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.7</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_ecustom--EffectiveIncomeTaxReconciliationProceedsOfSaleOfNewJerseyTaxBenefits_iN_pid_dpi_uPure_maLeoqITb5_ztnVzOqlyly3" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Proceeds of sale of New Jersey tax benefits</td> <td> </td><td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Other Adjustments</td> <td> </td><td> </td> <td style="text-align: right"></td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_maLeoqITb5_zhF1v6YtXNAb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Deferred true-up</td> <td> </td><td> </td> <td id="xdx_988_eus-gaap--IncomeTaxReconciliationOtherAdjustments_pn3n3_c20250501__20260430_zpFEbbOq4y74" style="text-align: right" title="Deferred true-up, value">8</td> <td> </td> <td style="text-align: right"> </td><td style="text-align: right">—</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_ecustom--EffectiveIncomeTaxRateReconciliationExpirationOfNetOperatingLossDueToDissolutionOfSubsidiary_iN_pid_dpi_uPure_maLeoqITb5_znOlhowmTFlc" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Expiration of net operating loss due to dissolution of subsidiary</td> <td> </td><td style="padding-bottom: 1pt"> </td> <td> </td> <td> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--EffectiveIncomeTaxReconciliationOtherExpirationOfNetOperatingLoss_pid_dp_uPure_maLeoqITb5_zxCefWfQdKc2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Expiration of net operating loss</td> <td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_988_ecustom--IncometaxreconciliationexpirationOfNetOperatingLoss_pn3n3_c20250501__20260430_znb6jnoTGXA1" style="border-bottom: Black 1pt solid; text-align: right" title="Expiration of net operating loss, value">1,206</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2.5</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iNT_pid_dpi_mtLeoqITb5_z02O13Gbf32l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Income tax (benefit)</td> <td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td id="xdx_981_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20250501__20260430_zdhNbvMTFYk2" style="border-bottom: Black 2.5pt double; text-align: right" title="Income tax (benefit), value">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">For the year ended April 30, 2026, state taxes in the following states listed below made up the majority (greater than 50% of the tax effect):</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif">New Jersey</td></tr> </table> As previously disclosed for the years ended April 30, 2025, prior to the adoption of ASU 2023-09, the table below is a reconciliation of the components that caused the Company’s (provision) benefit for income taxes to differ from amounts computed by applying the U.S. federal statutory rate: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240501__20250430_zdnJFrtHrzpk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_iN_pid_dpi_uPure_maLeoqITb5_zmlkRohR57Qe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">Computed expected tax benefit</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(21.0</td><td style="width: 1%; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increase (reduction) in income taxes resulting from:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_iN_pid_dpi_uPure_maLeoqITb5_z8KPE6j3x2Aa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">State income taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.7</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_msLeoqITb5_zFUZhbyFBpJc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Federal research and development tax credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_maLeoqITb5_z3W4JtmLXM0a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Foreign rate differential</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_iN_pid_dpi_uPure_maLeoqITb5_z43pwQxTA6H9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Other non-deductible expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.1</td><td style="text-align: left">)%</td></tr> <tr id="xdx_405_ecustom--EffectiveIncomeTaxReconciliationProceedsOfSaleOfNewJerseyTaxBenefits_iN_pid_dpi_uPure_maLeoqITb5_zUJnACAExcPk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Proceeds of sale of New Jersey tax benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.6</td><td style="text-align: left">)%</td></tr> <tr id="xdx_400_ecustom--EffectiveIncomeTaxRateReconciliationExpirationOfNetOperatingLossDueToDissolutionOfSubsidiary_iN_pid_dpi_uPure_maLeoqITb5_zkCdALscxNAl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Expiration of net operating loss due to dissolution of subsidiary</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.8</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_ecustom--EffectiveIncomeTaxReconciliationOtherExpirationOfNetOperatingLoss_iN_pid_dpi_uPure_maLeoqITb5_zluZruzL9al9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Other expiration of net operating loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.7</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_pid_dpi_uPure_maLeoqITb5_z7qdcsQPcLee" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Increase in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8.3</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iNT_pid_dpi_mtLeoqITb5_zT3UICnFKrHb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Income tax (benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(4.6</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table>

-10272000

0.210

186000

0.004

513000 0.011

6087000

0.125 757000 0.016 1195000 0.025 320000 0.007

8000

1206000 0.025

-0.000

0.210

0.037

0.001

0.036 -0.088 -0.067

-0.083

0.046

<p id="xdx_897_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zT4WMGGZcDV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The tax effects of temporary differences and carry forwards that give rise to the Company’s deferred tax assets and deferred tax liabilities are presented below. Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260430_zff5hHlUvZLa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250430_zcn8EouFCddh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_iI_pn3n3_maDTAGzon3_zuLOz2cx4fwi" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left; padding-left: 10pt">Federal net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">57,269</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">52,496</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_pn3n3_maDTAGzon3_zuCygAXWUGxj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Foreign net operating loss carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_iI_pn3n3_maDTAGzon3_z2OmRs6UQ22f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">State operating loss carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,630</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,950</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn3n3_maDTAGzon3_z3dRA2y7QlQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Federal and New Jersey research and development tax credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,859</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,553</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_maDTAGzon3_zY197KvLPKM5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Stock compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">993</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">378</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_iI_pn3n3_maDTAGzon3_zUhMEtlN2Fc8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">769</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">188</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_iI_pn3n3_maDTAGzon3_z13wqi4ZGzU7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Research and experimentation expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,971</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,259</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzon3_zXept0FVCJrh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,655</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">337</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzon3_maDTANzeHh_zeoNpL132D3f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Net deferred tax assets before valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">70,146</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">63,161</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzeHh_zmqZlEsQGko8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Valuation allowance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(69,162</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(62,192</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzeHh_maNDTALzlhV_zbSRBDvmCGee" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Deferred tax assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">982</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">969</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_iNI_pn3n3_di_msNDTALzlhV_zQgbDQpVOtl4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Intangibles</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(737</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(788</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--DeferredTaxLiabilitiesOtherLiabilities_iNI_pn3n3_di_msNDTALzlhV_zZDrgZfi8CYd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(448</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(384</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--NetDeferredTaxAssetsLiabilities_iTI_pn3n3_mtNDTALzlhV_z3FJIlPSVGml" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Net deferred tax liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(203</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(203</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

57269000

52496000

2630000

1950000

4859000

5553000

993000

378000

769000

188000

1971000

2259000

1655000

337000

70146000

63161000

69162000

62192000

982000

969000

737000

788000

448000 384000 -203000 -203000

69200000

62200000

7000000.0

1900000

31000000

272700000

of which $128.1 begin to expire in fiscal 2027 144700000

the deductibility of such federal net operating losses may be limited to 80% of our taxable income in future years.

4700000

33700000

begin to expire in 2036

1000000.0

20000000.0

(15) Commitments and Contingencies 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. Onerous Contract The Company has one contract with a customer that has been determined to be an onerous contract, where the expected costs exceed the expected revenue. The total value of this contract is $1.4 million. As of April 30, 2026, total revenue recognized for this contract was $0.5 million, with total costs incurred of $3.6 million. The Company estimates total future costs associated with this contract of $<span id="xdx_905_eus-gaap--ContractWithCustomerLiability_iI_pn5n6_c20260430__us-gaap--TypeOfArrangementAxis__custom--OnerousContractMember__srt--RangeAxis__srt--MaximumMember_zpVzdtlalID1" title="Contract with customer liability">5.6 million, which will be incurred over the next 24 months.

1400000

500000

3600000

5600000

(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. Geographic information is as follows: <p id="xdx_894_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zDKMNVNsh9C7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Year Ended April 30, 2026</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">North & South America</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Europe</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Asia and Australia</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="14" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Revenue from external customers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zmSwsIXWjSSf" style="width: 11%; text-align: right" title="Revenues from external customers">1,220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zs52DpFZtGgk" style="width: 11%; text-align: right" title="Revenues from external customers">1,793</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zCtJLM81re6b" style="width: 11%; text-align: right" title="Revenues from external customers">724</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250501__20260430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zd91OSvSVXVb" style="width: 11%; text-align: right" title="Revenues from external customers">3,737</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating loss</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OperatingIncomeLoss_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zIyfCVg2By23" style="text-align: right" title="Operating (loss) income">(36,494</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--OperatingIncomeLoss_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zU5bgdizaSK6" style="text-align: right" title="Operating (loss) income">(82</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--OperatingIncomeLoss_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zpfXGcDDQArb" style="text-align: right" title="Operating (loss) income">(1,787</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--OperatingIncomeLoss_pn3n3_c20250501__20260430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_ziFGypKGwMAj" style="text-align: right" title="Operating (loss) income">(38,363</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right-of-use assets, net</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zsyeJWjns3j8" style="text-align: right" title="Right of use assets">1,886</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zMwoCDtpf2h7" style="text-align: right" title="Right of use assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_z4iyBU3oqW47" style="text-align: right" title="Right of use assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20260430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zkwStvxzBKO4" style="text-align: right" title="Right of use assets">1,886</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-lived assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zqv9Py5JF22f" style="text-align: right" title="Long-lived assets">10,255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zdhrulWmE4xc" style="text-align: right" title="Long-lived assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zpIBhvfyi5U6" style="text-align: right" title="Long-lived assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20260430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zENBdCADflnf" style="text-align: right" title="Long-lived assets">10,255</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--Assets_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zMRj3CjZrAbj" style="text-align: right" title="Total assets">39,923</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Assets_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zimkYdRHilde" style="text-align: right" title="Total assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--Assets_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zQe63jbfPfHf" style="text-align: right" title="Total assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Assets_iI_pn3n3_c20260430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_z0LzpaDHiXHk" style="text-align: right" title="Total assets">39,923</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Year Ended April 30, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">North & South America</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Europe</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Asia and Australia</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="14" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Revenue from external customers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zWy17MjWZGNa" style="width: 11%; text-align: right" title="Revenues from external customers">3,855</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zeMI34t1lYXe" style="width: 11%; text-align: right" title="Revenues from external customers">1,888</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_znph6FSsdPTd" style="width: 11%; text-align: right" title="Revenues from external customers">118</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240501__20250430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zMaHCIX9RBy3" style="width: 11%; text-align: right" title="Revenues from external customers">5,861</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating (loss) income</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--OperatingIncomeLoss_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zTua4aj9QM8b" style="text-align: right" title="Operating (loss) income">(22,835</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--OperatingIncomeLoss_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zn4Fe3CbJjx9" style="text-align: right" title="Operating (loss) income">467</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--OperatingIncomeLoss_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zlL8vip2rq2e" style="text-align: right" title="Operating (loss) income">78</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--OperatingIncomeLoss_pn3n3_c20240501__20250430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zT2SQGnucXR3" style="text-align: right" title="Operating (loss) income">(22,290</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right-of-use assets, net</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zcY6HFDdMJN4" style="text-align: right" title="Right of use assets">1,552</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zcXQtl5zKow" style="text-align: right" title="Right of use assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_z8lFO9I2RCri" style="text-align: right" title="Right of use assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20250430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zvbMhKResEGe" style="text-align: right" title="Right of use assets">1,552</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-lived assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zsoBDb5FtkN3" style="text-align: right" title="Long-lived assets">3,444</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zK8LuJi82s15" style="text-align: right" title="Long-lived assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zfnw579D97L5" style="text-align: right" title="Long-lived assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20250430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zilBHewEOEFj" style="text-align: right" title="Long-lived assets">3,444</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--Assets_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zjwZtxmKFdU1" style="text-align: right" title="Total assets">30,793</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--Assets_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zzPdtSIbTL25" style="text-align: right" title="Total assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--Assets_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zlmZ72sQPdu8" style="text-align: right" title="Total assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Assets_iI_pn3n3_c20250430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zSMmvcMJMGeg" style="text-align: right" title="Total assets">30,793</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_894_eus-gaap--ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock_zmNUZumckCyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents selected financial information with respect to the Company’s single operating segment and its significant segment expenses for the years ended April 30, 2026 and 2025: Schedule of Operating Segment Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250501__20260430_zqWalTdUXTY4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240501__20250430_z3Wq8By08hdg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal years ended April 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_maNILz8dF_zuK2VEQ4TSo4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,737</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,861</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CostOfRevenue_pn3n3_msNILz8dF_zW7S2IyBXoo4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Cost of sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,658</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ProductDevelopmentCosts_pn3n3_msNILz8dF_zfc49Cjtgde3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Product development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,690</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,619</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CostsAndExpensesRelatedParty_pn3n3_msNILz8dF_zcpT8MJObVb3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Employee-related costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,939</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ProfessionalFees_pn3n3_msNILz8dF_zpLbpByAy6F6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Professional, consulting and contractor fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,584</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,705</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_msNILz8dF_zpOoXDQOYa96" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">General and administrative costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,568</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,889</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--FacilitiesCosts_pn3n3_msNILz8dF_z00s7U3UDjtk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Facilities costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensation_pn3n3_msNILz8dF_zVqjEzBC8V99" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Share-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,488</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,603</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DepreciationAndAmortization_pn3n3_msNILz8dF_zuACO2yowNdf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,028</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">904</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherOperatingIncomeExpenseNet_iN_pn3n3_di_maNILz8dF_zq0eFznQEzNj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Other expense, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestIncomeExpenseNet_iN_pn3n3_di_maNILz8dF_zVtAKxfG490a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Interest expense/(income), net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,785</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(47</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_msNILz8dF_zkLWFGw8pCLc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Credit loss expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ChangeInFairValueOfDerivative_iN_pn3n3_di_maNILz8dF_zM9b8r72rzVc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Change in fair value of derivatives</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,690</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,956</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_pn3n3_di0_maNILz8dF_zRGqY7TuTz7i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Loss on extinguishment of debt</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,186</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">838</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Income tax benefit</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,034</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_iT_pn3n3_mtNILz8dF_zceruZpMwinj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(48,915</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,466</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

<p id="xdx_894_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zDKMNVNsh9C7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Year Ended April 30, 2026</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">North & South America</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Europe</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Asia and Australia</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="14" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Revenue from external customers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zmSwsIXWjSSf" style="width: 11%; text-align: right" title="Revenues from external customers">1,220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zs52DpFZtGgk" style="width: 11%; text-align: right" title="Revenues from external customers">1,793</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zCtJLM81re6b" style="width: 11%; text-align: right" title="Revenues from external customers">724</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250501__20260430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zd91OSvSVXVb" style="width: 11%; text-align: right" title="Revenues from external customers">3,737</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating loss</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OperatingIncomeLoss_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zIyfCVg2By23" style="text-align: right" title="Operating (loss) income">(36,494</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--OperatingIncomeLoss_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zU5bgdizaSK6" style="text-align: right" title="Operating (loss) income">(82</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--OperatingIncomeLoss_pn3n3_c20250501__20260430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zpfXGcDDQArb" style="text-align: right" title="Operating (loss) income">(1,787</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--OperatingIncomeLoss_pn3n3_c20250501__20260430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_ziFGypKGwMAj" style="text-align: right" title="Operating (loss) income">(38,363</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right-of-use assets, net</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zsyeJWjns3j8" style="text-align: right" title="Right of use assets">1,886</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zMwoCDtpf2h7" style="text-align: right" title="Right of use assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_z4iyBU3oqW47" style="text-align: right" title="Right of use assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20260430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zkwStvxzBKO4" style="text-align: right" title="Right of use assets">1,886</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-lived assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zqv9Py5JF22f" style="text-align: right" title="Long-lived assets">10,255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zdhrulWmE4xc" style="text-align: right" title="Long-lived assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zpIBhvfyi5U6" style="text-align: right" title="Long-lived assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20260430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zENBdCADflnf" style="text-align: right" title="Long-lived assets">10,255</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--Assets_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zMRj3CjZrAbj" style="text-align: right" title="Total assets">39,923</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Assets_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zimkYdRHilde" style="text-align: right" title="Total assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--Assets_iI_pn3n3_c20260430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zQe63jbfPfHf" style="text-align: right" title="Total assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Assets_iI_pn3n3_c20260430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_z0LzpaDHiXHk" style="text-align: right" title="Total assets">39,923</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Year Ended April 30, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">North & South America</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Europe</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Asia and Australia</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="14" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Revenue from external customers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zWy17MjWZGNa" style="width: 11%; text-align: right" title="Revenues from external customers">3,855</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zeMI34t1lYXe" style="width: 11%; text-align: right" title="Revenues from external customers">1,888</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_znph6FSsdPTd" style="width: 11%; text-align: right" title="Revenues from external customers">118</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240501__20250430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zMaHCIX9RBy3" style="width: 11%; text-align: right" title="Revenues from external customers">5,861</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating (loss) income</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--OperatingIncomeLoss_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zTua4aj9QM8b" style="text-align: right" title="Operating (loss) income">(22,835</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--OperatingIncomeLoss_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zn4Fe3CbJjx9" style="text-align: right" title="Operating (loss) income">467</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--OperatingIncomeLoss_pn3n3_c20240501__20250430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zlL8vip2rq2e" style="text-align: right" title="Operating (loss) income">78</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--OperatingIncomeLoss_pn3n3_c20240501__20250430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zT2SQGnucXR3" style="text-align: right" title="Operating (loss) income">(22,290</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right-of-use assets, net</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zcY6HFDdMJN4" style="text-align: right" title="Right of use assets">1,552</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zcXQtl5zKow" style="text-align: right" title="Right of use assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_z8lFO9I2RCri" style="text-align: right" title="Right of use assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20250430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zvbMhKResEGe" style="text-align: right" title="Right of use assets">1,552</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-lived assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zsoBDb5FtkN3" style="text-align: right" title="Long-lived assets">3,444</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zK8LuJi82s15" style="text-align: right" title="Long-lived assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zfnw579D97L5" style="text-align: right" title="Long-lived assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20250430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zilBHewEOEFj" style="text-align: right" title="Long-lived assets">3,444</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--Assets_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--NorthAmericaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zjwZtxmKFdU1" style="text-align: right" title="Total assets">30,793</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--Assets_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__srt--EuropeMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zzPdtSIbTL25" style="text-align: right" title="Total assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--Assets_iI_pn3n3_c20250430__srt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zlmZ72sQPdu8" style="text-align: right" title="Total assets">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Assets_iI_pn3n3_c20250430__us-gaap--StatementBusinessSegmentsAxis__custom--OperatingSegmentMember_zSMmvcMJMGeg" style="text-align: right" title="Total assets">30,793</td><td style="text-align: left"> </td></tr> </table>

1220000

1793000

724000

3737000

-36494000

-82000

-1787000

-38363000

1886000

10255000

39923000

3855000

1888000

118000

5861000

-22835000

467000

78000

-22290000

1552000

3444000

30793000

<p id="xdx_894_eus-gaap--ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock_zmNUZumckCyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents selected financial information with respect to the Company’s single operating segment and its significant segment expenses for the years ended April 30, 2026 and 2025: Schedule of Operating Segment Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250501__20260430_zqWalTdUXTY4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240501__20250430_z3Wq8By08hdg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal years ended April 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_maNILz8dF_zuK2VEQ4TSo4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,737</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,861</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CostOfRevenue_pn3n3_msNILz8dF_zW7S2IyBXoo4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Cost of sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,658</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ProductDevelopmentCosts_pn3n3_msNILz8dF_zfc49Cjtgde3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Product development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,690</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,619</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CostsAndExpensesRelatedParty_pn3n3_msNILz8dF_zcpT8MJObVb3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Employee-related costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,939</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ProfessionalFees_pn3n3_msNILz8dF_zpLbpByAy6F6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Professional, consulting and contractor fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,584</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,705</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_msNILz8dF_zpOoXDQOYa96" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">General and administrative costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,568</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,889</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--FacilitiesCosts_pn3n3_msNILz8dF_z00s7U3UDjtk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Facilities costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensation_pn3n3_msNILz8dF_zVqjEzBC8V99" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Share-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,488</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,603</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DepreciationAndAmortization_pn3n3_msNILz8dF_zuACO2yowNdf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,028</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">904</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherOperatingIncomeExpenseNet_iN_pn3n3_di_maNILz8dF_zq0eFznQEzNj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Other expense, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestIncomeExpenseNet_iN_pn3n3_di_maNILz8dF_zVtAKxfG490a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Interest expense/(income), net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,785</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(47</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_msNILz8dF_zkLWFGw8pCLc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Credit loss expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ChangeInFairValueOfDerivative_iN_pn3n3_di_maNILz8dF_zM9b8r72rzVc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Change in fair value of derivatives</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,690</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,956</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_pn3n3_di0_maNILz8dF_zRGqY7TuTz7i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Loss on extinguishment of debt</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,186</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">838</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Income tax benefit</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,034</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_iT_pn3n3_mtNILz8dF_zceruZpMwinj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(48,915</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,466</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

3737000

5861000

9658000

4201000

1690000 1619000

8425000

6939000

5584000

4705000

3568000

2889000

1726000 1587000

9488000

4603000

1028000

904000

-891000

-68000

-2785000

47000

933000

100000

-5690000 -2956000

-1186000

-838000

-1034000

-48915000

-24466000

(17) Employee Benefits 401(k) Savings & Retirement Plan The Company offers a 401(k) Savings & Retirement Plan to eligible employees meeting certain age and service requirements. This plan permits participants to contribute 100% of their salary, up to the maximum allowable by the Internal Revenue Service regulations. Participants are immediately vested in their voluntary contributions plus actual earnings or less actual losses thereon. Participants are eligible to participate in the Company match after one year of service and are fully vested in the Company match after two years of service. The Company matches employee contributions dollar for dollar up to the first 3% and fifty cents on the dollar for each additional 1% up to 9% for a maximum match contribution of 6%. The aggregate employer 401(k) match expense recorded in the Consolidated Statements of Operations for the years ended April 30, 2026 and 2025 was approximately $<span id="xdx_907_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_pn5n6_c20250501__20260430__us-gaap--PlanNameAxis__custom--RetirementPlanMember_zuHpmiXwtEUe" title="Employee benefits and share-based compensation">0.2 million and $<span id="xdx_905_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_pn5n6_c20240501__20250430__us-gaap--PlanNameAxis__custom--RetirementPlanMember_zpCkV3fjIzB6" title="Employee benefits and share-based compensation">0.2 million, respectively. The Company may also provide for a voluntary contribution to the plan which is approved by the Company’s Board of Directors on an annual basis. All participants immediately vest on the date of distribution.

0.03 0.01 0.09 0.06

200000

(18) Revision of Prior Period Financial Statements During fiscal 2026, the Company identified errors related to the accounting for certain convertible debt conversion transactions that occurred during fiscal 2025. The Company assessed the materiality of these changes in presentation on prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” (ASC Topic 250, Accounting Changes and Error Corrections). Based on this assessment, the Company concluded that these error corrections are not material to any previously presented consolidated financial statements. The corrections had no impact on the Consolidated Statement of Cash Flows or notes to these consolidated financial statements, for any previously presented interim or annual consolidated financial statements. Accordingly, the Company corrected the previously reported immaterial errors for the year ended April 30, 2025 in this Annual Report on Form 10-K. Materiality Assessment and Reliance The Company evaluated the errors considering both quantitative and qualitative factors and determined that the effects of the errors were not material, individually or in the aggregate, to any previously issued interim or annual financial statements. However, the Company determined that recording the cumulative effect of correcting the errors as an out-of-period adjustment in the current period would have been material to the Company’s results of operations for the fiscal year ended April 30, 2026. Accordingly, the Company revised the applicable prior period amounts. A summary of the immaterial corrections to the Company’s previously reported audited consolidated financial statements follows: Schedule of Immaterial Corrections Year Ended April 30, 2025 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: justify">Balance Sheet</td><td style="padding-bottom: 1pt"> </td> <td colspan="10" style="padding-bottom: 1pt; text-align: center">(in thousands)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Additional paid-in capital</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_c20250430__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zBREhd0NFit2" style="padding-bottom: 1pt; width: 14%; text-align: right" title="Additional paid-in capital">356,588</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_c20250430__srt--RestatementAxis__srt--RestatementAdjustmentMember_zyE4MaIvxIYi" style="padding-bottom: 1pt; width: 14%; text-align: right" title="Additional paid-in capital">2,956</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_c20250430_zplNR1meb3ye" style="padding-bottom: 1pt; width: 14%; text-align: right" title="Additional paid-in capital">359,544</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Statement of Operations</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Change in fair value of financial instrument</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_98B_ecustom--ChangeInFairValueOfFinancialInstrument_pn3n3_c20240501__20250430__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zdsV5acVqKF3" style="padding-bottom: 1pt; text-align: right" title="Change in fair value of financial instrument">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98D_ecustom--ChangeInFairValueOfFinancialInstrument_pn3n3_c20240501__20250430__srt--RestatementAxis__srt--RestatementAdjustmentMember_zMsHOdAboe4d" style="padding-bottom: 1pt; text-align: right" title="Change in fair value of financial instrument">2,956</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98F_ecustom--ChangeInFairValueOfFinancialInstrument_iN_pn3n3_di_c20240501__20250430_zT4TfnzrmKzh" style="padding-bottom: 1pt; text-align: right" title="Change in fair value of financial instrument">2,956</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

A summary of the immaterial corrections to the Company’s previously reported audited consolidated financial statements follows: Schedule of Immaterial Corrections Year Ended April 30, 2025 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: justify">Balance Sheet</td><td style="padding-bottom: 1pt"> </td> <td colspan="10" style="padding-bottom: 1pt; text-align: center">(in thousands)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Additional paid-in capital</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_c20250430__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zBREhd0NFit2" style="padding-bottom: 1pt; width: 14%; text-align: right" title="Additional paid-in capital">356,588</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_c20250430__srt--RestatementAxis__srt--RestatementAdjustmentMember_zyE4MaIvxIYi" style="padding-bottom: 1pt; width: 14%; text-align: right" title="Additional paid-in capital">2,956</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_c20250430_zplNR1meb3ye" style="padding-bottom: 1pt; width: 14%; text-align: right" title="Additional paid-in capital">359,544</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Statement of Operations</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Change in fair value of financial instrument</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_98B_ecustom--ChangeInFairValueOfFinancialInstrument_pn3n3_c20240501__20250430__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zdsV5acVqKF3" style="padding-bottom: 1pt; text-align: right" title="Change in fair value of financial instrument">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98D_ecustom--ChangeInFairValueOfFinancialInstrument_pn3n3_c20240501__20250430__srt--RestatementAxis__srt--RestatementAdjustmentMember_zMsHOdAboe4d" style="padding-bottom: 1pt; text-align: right" title="Change in fair value of financial instrument">2,956</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98F_ecustom--ChangeInFairValueOfFinancialInstrument_iN_pn3n3_di_c20240501__20250430_zT4TfnzrmKzh" style="padding-bottom: 1pt; text-align: right" title="Change in fair value of financial instrument">2,956</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

356588000

2956000

359544000

2956000 -2956000

(19) Subsequent Events Common Stock and Warrant Issuance In June 2026 the Company entered into a Securities Purchase Agreement with certain institutional accredited investors pursuant to which the Company agreed to issue and sell an aggregate of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260601__20260630__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zzNpCesTarJb" title="Shares of common stock">25,000,000 shares of its common stock, together with warrants to purchase up to an aggregate of <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zG0vHznRf9K5" title="Warrants to purchase of shares">25,000,000 additional shares of common stock (the “Warrants”). The combined purchase price for each share of common stock and accompanying Warrant was $<span id="xdx_90D_eus-gaap--SharePrice_iI_pid_c20260630__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zTEl9NnRo80g" title="Share price">0.40. The Warrants become exercisable on the six-month anniversary of the date of issuance and have an exercise price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z6anTb5uOdn1" title="Warrants exercise price">0.40 per share, subject to customary anti-dilution adjustments. The Warrants expire on the sixth anniversary of the initial exercise date. Of the proceeds, $2.2 million was used to pay down the convertible notes payable that was outstanding as of April 30, 2026. CPower Acquisition On July 22, 2026, the Company entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Columbia Power Technologies, Inc. (the “Seller”) pursuant to which the Company acquired from the Seller certain of its intellectual property assets. Seller is an ocean power company, tapping the ocean to supply cost-effective, dependable, and predictable energy generation systems for its customers. In consideration for the purchase, the Company issued <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260722__20260722__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zf7iDUjQosch" title="Shares of common stock, issued">10,984,848 shares of its common stock to the Seller with an agreed value of $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260722__20260722__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z3l5YuSTOJM6" title="Shares of common stock, value">2,900,000 based on a trailing thirty day VWAP. The Asset Purchase Agreement includes a number of other standard representations, warranties, covenants and indemnification.

25000000

0.40

2200000

10984848

2900000

For the year ended April 30, 2026, state taxes in the following states listed below made up the majority (greater than 50% of the tax effect):