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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ocean Power Technologies Inc | AMEX:OPTT | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.006 | -2.99% | 0.195 | 0.2034 | 0.19 | 0.2024 | 286,155 | 00:59:58 |
Q4 HIGHLIGHTS:
FY22 HIGHLIGHTS:
Management Commentary – Philipp Stratmann, OPT's President and Chief Executive Officer"Fiscal 2022 was a year of significant progress for our company. We implemented a robust strategy that expanded our revenue generation capability, as reflected in our meaningful growth in revenue for the year. We broadened our strategic partnership base, grew our consulting services, and completed our acquisition of Marine Advanced Robotics. I am pleased with the continued integration of MAR. We expect execution of our strategy to deliver a record $9.0 million in orders in fiscal 2023, much of which should be revenue in the year. I am pleased with the progress we have made and remain keenly focused on becoming the technology leader for offshore Data-as-a-Service and Power-as-a-Service.”
FINANCIAL HIGHLIGHTS – Q422
Balance Sheet and Cash Flow
Conference Call & Webcast
As announced on June 14, 2022, OPT will host a conference call and webcast to review its financial and operating results on Thursday, July 14, 2022, at 9:00 A.M. Eastern Time. Investors, analysts, and other interested parties may access the conference call by:
A digital replay will be available by telephone approximately two hours after the call's completion and until October 14, 2022. Access by dialing 877-660-6853 (U.S.) or 201-612-7415 (International) and using the Conference ID# 13730472. The archived webcast will also be available on the OPT website investor relations page.
About Ocean Power Technologies
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASV) and marine robotics services through our wholly owned subsidiary Marine Advanced Robotics. We are headquartered in Monroe Township, New Jersey, and have offices in Houston, Texas, and Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.
Forward-Looking Statements
This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
Financial Tables Follow
Additional information may be found in the Company's Annual Report on Form 10-K that has been filed with the U.S. Securities and Exchange Commission. The Form 10-K is accessible at www.sec.gov or the Investor Relations section of the Company's website (www.OceanPowerTechnologies.com/investor-relations).
Contact InformationInvestors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
Ocean Power Technologies, Inc. and SubsidiariesConsolidated Balance Sheets(in thousands, except share data)
April 30, 2022 | April 30, 2021 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 7,885 | $ | 83,028 | |||
Short-term investments | 49,384 | — | |||||
Restricted cash, short-term | 258 | 384 | |||||
Accounts receivable | 482 | 350 | |||||
Contract assets | 386 | 190 | |||||
Inventory | 442 | — | |||||
Other current assets | 467 | 487 | |||||
Total current assets | $ | 59,304 | $ | 84,439 | |||
Property and equipment, net | 445 | 406 | |||||
Intangibles, net | 4,136 | 274 | |||||
Right-of-use asset, net | 752 | 1,036 | |||||
Restricted cash, long-term | 219 | 222 | |||||
Goodwill | 8,537 | — | |||||
Total assets | $ | 73,393 | $ | 86,377 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 905 | $ | 687 | |||
Accrued expenses | 877 | 1,881 | |||||
Contract liabilities | 129 | — | |||||
Right-of-use liability, current portion | 319 | 347 | |||||
Contingent liabilities, current portion | 748 | — | |||||
Litigation payable | — | 1,224 | |||||
Liability classified stock awards | — | 60 | |||||
Paycheck protection program loan, current portion | — | 495 | |||||
Total current liabilities | $ | 2,978 | $ | 4,694 | |||
Deferred tax liability | 203 | — | |||||
Contingent liabilities, less current portion | 843 | — | |||||
Paycheck protection program loan, less current portion | — | 396 | |||||
Right-of-use liability, less current portion | 538 | 819 | |||||
Total liabilities | $ | 4,562 | $ | 5,909 | |||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding | $ | — | $ | — | |||
Common stock, $0.001 par value; authorized 100,000,000 shares, issued and outstanding 55,905,213 and 52,479,051 shares, respectively | 56 | 52 | |||||
Treasury stock, at cost; 23,331 and 21,040 shares, respectively | (341 | ) | (338 | ) | |||
Additional paid-in capital | 322,932 | 315,820 | |||||
Accumulated deficit | (253,770 | ) | (234,895 | ) | |||
Accumulated other comprehensive loss | (46 | ) | (171 | ) | |||
Total shareholders' equity | 68,831 | 80,468 | |||||
Total liabilities and shareholders’ equity | $ | 73,393 | $ | 86,377 |
Ocean Power Technologies, Inc. and SubsidiariesConsolidated Statements of Operations(in thousands, except per share data)
Three months ended April 30, | Twelve months ended April 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Revenues | $ | 756 | $ | 601 | $ | 1,759 | $ | 1,206 | |||||||
Cost of revenues | 800 | 1,031 | 1,860 | 2,279 | |||||||||||
Gross loss | $ | (44 | ) | $ | (430 | ) | $ | (101 | ) | $ | (1,073 | ) | |||
Operating expenses | |||||||||||||||
Engineering and product development costs | $ | 1,828 | $ | 1,413 | $ | 9,606 | $ | 4,747 | |||||||
Selling, general and administrative costs | $ | 3,973 | $ | 2,179 | $ | 11,906 | $ | 7,772 | |||||||
Total operating expenses | $ | 5,801 | $ | 3,592 | $ | 21,512 | $ | 12,519 | |||||||
Operating loss | $ | (5,845 | ) | $ | (4,022 | ) | $ | (21,613 | ) | $ | (13,592 | ) | |||
Litigation settlement | $ | — | $ | (1,224 | ) | $ | — | $ | (1,224 | ) | |||||
Interest income, net | 68 | 79 | 124 | 124 | |||||||||||
Other income | — | — | 60 | — | |||||||||||
Gain on forgiveness of PPP loan | — | — | 890 | — | |||||||||||
Loss on liquidation of subsidiary | (157 | ) | — | (157 | ) | — | |||||||||
Other expense, net | — | (34 | ) | — | (83 | ) | |||||||||
Foreign exchange (loss) / gain | (1 | ) | 1 | (1 | ) | 15 | |||||||||
Loss before income taxes | $ | (5,935 | ) | $ | (5,200 | ) | $ | (20,697 | ) | $ | (14,760 | ) | |||
Income tax benefit | 782 | — | 1,823 | — | |||||||||||
Net loss | $ | (5,153 | ) | $ | (5,200 | ) | $ | (18,874 | ) | $ | (14,760 | ) | |||
Basic and diluted net loss per share | $ | (0.09 | ) | $ | (0.10 | ) | $ | (0.35 | ) | $ | (0.49 | ) | |||
Weighted average shares used to compute basic and diluted net loss per share | 55,834,735 | 51,286,196 | 54,010,233 | 30,018,838 |
OCEAN POWER TECHNOLOGIES, INC. AND SUBSIDIARIESConsolidated Statements of Cash Flows(in thousands)
Twelve months ended April 30, | |||||||
2022 | 2021 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (18,874 | ) | $ | (14,760 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Foreign exchange (gain) / loss | 1 | (15 | ) | ||||
Depreciation of fixed assets | 144 | 143 | |||||
Amortization of intangibles | 86 | 6 | |||||
Amortization of right of use asset | 285 | 223 | |||||
Amortization of premium on investments | 58 | — | |||||
Gain on forgiveness of PPP loan | (890 | ) | — | ||||
Loss on liquidation of subsidiary | 157 | — | |||||
Compensation expense related to equity compensation | 1,169 | 721 | |||||
Deferred tax liabilities | (377 | ) | — | ||||
Performance obligation shares compensation | (60 | ) | 60 | ||||
Net effect from disposal of property, plant and equipment | — | 2 | |||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (133 | ) | (245 | ) | |||
Contract assets | (195 | ) | 61 | ||||
Inventory | (292 | ) | — | ||||
Other assets | 19 | 106 | |||||
Accounts payable | 217 | 441 | |||||
Accrued expenses | (1,004 | ) | 761 | ||||
Litigation payable | (1,224 | ) | 1,224 | ||||
Change in right of use lease liability | (309 | ) | (237 | ) | |||
Contract liabilities | (74 | ) | (165 | ) | |||
Net cash used in operating activities | $ | (21,296 | ) | $ | (11,674 | ) | |
Cash flows from investing activities: | |||||||
Cash acquired in acquisition | $ | — | $ | 100 | |||
Purchase of short-term investments | (49,442 | ) | — | ||||
Purchase of property, plant and equipment | (145 | ) | (26 | ) | |||
Payment for MAR acquisition, net of cash acquired | (4,444 | ) | |||||
Net cash (used in) provided by investing activities | $ | (54,031 | ) | $ | 74 | ||
Cash flows from financing activities: | |||||||
Proceeds from Paycheck Protection Program Loan | $ | — | $ | 890 | |||
Proceeds from loan payable | — | 467 | |||||
Payment of loan payable | — | (467 | ) | ||||
Proceeds from stock option exercises | 90 | 184 | |||||
Payment of payroll taxes related to stock option exercises | — | (245 | ) | ||||
Proceeds from issuance of common stock- Aspire financing net of issuance costs | — | 14,393 | |||||
Proceeds from issuance of common stock- AGP At The Market offering, net of issuance costs | — | 66,166 | |||||
Proceeds associated with exercise of common stock warrants | — | 2,818 | |||||
Acquisition of treasury stock | (3 | ) | (36 | ) | |||
Net cash provided by financing activities | $ | 87 | $ | 84,170 | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | $ | (32 | ) | $ | 134 | ||
Net (decrease) / increase in cash, cash equivalents and restricted cash | $ | (75,272 | ) | $ | 72,704 | ||
Cash, cash equivalents and restricted cash, beginning of year | $ | 83,634 | $ | 10,930 | |||
Cash, cash equivalents and restricted cash, end of year | $ | 8,362 | $ | 83,634 |
1 Year Ocean Power Technologies Chart |
1 Month Ocean Power Technologies Chart |
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