0001493152-24-029103.txt : 20240725 0001493152-24-029103.hdr.sgml : 20240725 20240725170025 ACCESSION NUMBER: 0001493152-24-029103 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240725 DATE AS OF CHANGE: 20240725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ocean Power Technologies, Inc. CENTRAL INDEX KEY: 0001378140 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 222535818 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33417 FILM NUMBER: 241142699 BUSINESS ADDRESS: STREET 1: 28 ENGELHARD DRIVE STREET 2: SUITE B CITY: MONROE TOWNSHIP STATE: NJ ZIP: 08831 BUSINESS PHONE: 609-730-0400 MAIL ADDRESS: STREET 1: 28 ENGELHARD DRIVE STREET 2: SUITE B CITY: MONROE TOWNSHIP STATE: NJ ZIP: 08831 FORMER COMPANY: FORMER CONFORMED NAME: Ocean Power Technologies, INc. DATE OF NAME CHANGE: 20061012 8-K 1 form8-k.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

Current Report Pursuant to Section 13 or 15(d) of

the Securities Act of 1934

 

Date of Report (Date of earliest event reported): July 25, 2024

 

Ocean Power Technologies, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-33417   22-2535818

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

 

28 Engelhard Drive, Suite B

Monroe Township, New Jersey

   08831
(Address of principal executive offices)   (Zip Code)

 

(609) 730-0400

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
  ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
  ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14-2(b))
     
  ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CRF 240.133-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol (s)   Name of each exchange on which registered
Common Stock, $0.001 Par Value   OPTT   NYSE American
Series A Preferred Stock Purchase Rights   N/A   NYSE American

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On July 25, 2024, Ocean Power Technologies, Inc. (the “Company”) issued a press release announcing its financial results for its fiscal fourth quarter and fiscal year ended April 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.

 

In accordance with General Instruction B.2 of Form 8-K, the information set forth in Item 2.02 and in the attached Exhibit 99.1 shall be deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit Number   Description
     
*99.1   Press release dated July 25, 2024 regarding fiscal fourth quarter and fiscal year end earnings.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

*Furnished herewith.

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: July 25, 2024

 

  OCEAN POWER TECHNOLOGIES, INC.
   
  /s/ Philipp Stratmann
  Philipp Stratmann
  President and Chief Executive Officer

 

 

 

 EX-99.1 2 ex99-1.htm

 

Exhibit 99.1

 

 

Ocean Power Technologies, Inc.

Announces Fourth Quarter and Full Year Fiscal 2024 Results

 

Significant Improvement in Revenue and Gross Margin

 

MONROE TOWNSHIP, N.J., July 25, 2024 (GLOBE NEWSWIRE) – Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), today announced financial results for its fiscal fourth quarter (“4Q24”) and full-year ended April 30, 2024 (“FY24”). Highlights include:

 

4Q24 and RECENT HIGHLIGHTS

 

  ● Backlog at April 30, 2024 is $4.9 million, a 25% increase over the prior year.
  ● Pipeline at April 30, 2024 stood at $71.6 million
  ● In July 2024 we announced a contract for immediate delivery of a PowerBuoy equipped with Merrows, our Artificial Intelligence capable Maritime Domain Awareness Solution, in the Midde East. This order follows our previous announcement of the customer’s selection of OPT as a preferred supplier for Merrows equipped buoys in the region. This shipment for a solar and wind powered system highlights our ability to service almost all marine environments across the globe.
  ● In June 2024 we announced the signing of an Original Equipment Manufacturer agreement with Teledyne Marine, a key supplier of maritime technology inclusive of connectors, instruments, and vehicles. This strategic partnership will enhance OPT’s product offerings and drive innovation within the industry providing customers with a turnkey system. Joining forces with Teledyne allows us to leverage Teledyne’s best-in-class offerings to deliver superior sensor and ocean technology products to our customers. We believe this partnership further accelerates our growth and enables an additional revenue stream.
  ● In April 2024 we announced a strategic alliance with Red Cat Holdings, Inc., a leading aerial drone technology firm specializing in the integration of robotic hardware and software across military, government, and commercial sectors. This collaboration signifies a material step forward in enhancing maritime domain awareness capabilities for air, sea, and subsea defense and security missions. Through this relationship, OPT’s PowerBuoy and WAM-V platforms will be integrated with Red Cat’s Drones, facilitating a new era of autonomous vehicle deployment. By combining our sustainable, ocean-powered solutions with Red Cat’s advanced drone technology, we believe we are setting a new standard for naval and border protection operations.
  ● Also in April 2024, we signed a teaming agreement with a major international defense contractor to provide our Merrows suite of solutions with a focus on certain geographic regions. Under the terms of the agreement, the defense contractor will have exclusive rights to provide OPT’s MDAS solution within certain international geographic regions. Leveraging OPT’s cutting-edge technology alongside the international contractor’s extensive expertise in defense, homeland security, and commercial programs, the collaboration should strengthen the contractor’s capabilities in maritime security and surveillance. This collaboration underscores the opportunity and our commitment to enhancing maritime security globally and positions us to achieve remarkable advancements in this field.

 

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FY24 and OTHER HIGHLIGHTS

 

  ● Revenues for FY24 increased 102% to $5.5 million, over FY23.
  ● Gross profit for FY24 was 51% and $2.8 million, as compared to 9% and $0.2 million in FY23.
  ● We recently partnered with Unique Group, a UAE headquartered global innovator in subsea technologies and engineering, to collaborate to deploy OPT’s WAM-V’s in the UAE and other countries in the Gulf Collaboration Council (“GCC”) region. Integrating OPT’s commercially available vehicles with Unique’s leading position in the offshore energy industry in the UAE should accelerate the adoption of USVs in the region. Working with Unique Group should further accelerate our efforts to deploy USVs globally. The GCC in general, and the UAE specifically, are rapidly becoming a major focus area for us as we continue our growth in both the defense and security, and offshore energy industries.
  ● Back home in the USA, we signed a reseller agreement with Survey Equipment Services, Inc. (SES), a specialist in the supply of Marine Survey and Navigation equipment. The agreement focuses on the provision of OPT’s WAM-Vs domestically. This agreement allows us to leverage SES’s offering of survey and navigation equipment and deploy WAM-V’s to SES’s customer base. This partnership further accelerates our growth and enables additional revenue stream.
  ● Most recently, we entered into a Memorandum of Understanding with AltaSea at the Port of Los Angeles. The joint aim is to explore exciting opportunities within the Blue Economy and partnering with AltaSea provides additional opportunities for staging our renewable energy PowerBuoys and WAM-V unmanned surface vehicles for projects in the Pacific Ocean.
  ● In February 2024, we received multiple orders for fully integrated WAM-V Unmanned Surface Vehicles (USVs) from clients in Latin America, highlighting the wide-ranging capabilities and applications of the WAM-V USVs and the opportunities for growth in this region.
  ● In November 2023 we announced that we had substantially completed our research and development phase and are now primarily focused on commercial activities. This pivot to commercial activities has enabled a reduction and reallocation of headcount and a material reduction in third-party expenditures. As a result, the majority of OPT’s employees are now dedicated to customer delivery. We expect that recent meaningful contract wins, the growth in our commercial pipeline, and the corresponding savings will enable us to reach profitability during the second half of calendar year 2025.
  ● During the first quarter of fiscal 2024 we announced a groundbreaking milestone: the successful demonstration of the WAM-V attaching itself remotely to a buoy and establishing a connection that will enable charging, exemplifying OPT’s advanced autonomous capabilities. This paves the way for a future where autonomous vessels can operate for extended durations, opening doors to various applications within the maritime domain

 

Management Commentary – Dr. Philipp Stratmann, OPT’s President and Chief Executive Officer

 

“Fiscal 2024 was a landmark year for OPT, resulting in significant increases in pipeline, backlog, revenue, and gross margin. As a result of the foundation and opportunities achieved during fiscal 2024, we remain on track to achieve our previously stated goal of attaining profitability during the second half of calendar 2025. Moving forward, we plan to leverage these opportunities to increase our market presence, expand our geographical focus, and improve operational efficiencies. We are confident that these efforts will drive sustainable growth and create long-term value for our shareholders.”

 

4Q24 FINANCIALS

 

  ● Revenues for the 4Q23 were $1.6 million, 60% growth over 4Q23 revenues.
  ● Operating expenses were $7.6 million in the 4Q24, down from $8.8 million in Q423
  ● Net loss was $6.7 million for 4Q24, as compared to a net loss of $9.5 million for 4Q23

 

2

 

 

FY24 FINANCIALS

 

  ● Revenues for FY24 increased to $5.5 million, a 102% increase over FY23 revenue of $2.7 million.
  ● Gross profit for FY24 was $2.8 million, as compared to a gross profit of $0.2 million for FY23.
  ● Operating expenses were $32.2 million in FY24, as compared to $28.3 million in FY23. FY24 included extraordinary expenses of $3.9 million.
  ● Net loss was $27.5 million for FY24, as compared to a net loss of $26.3 million for FY23
  ● Backlog was $4.9 million as of April 30, 2024 as compared to $4.0 million at April 30, 2023. Our backlog includes unfilled firm written orders for our products and services from commercial or governmental customers, which we call orders. We believe the disclosure of orders is a useful metric for investors, as it helps support our future revenue expectations and adds validity to our strategic growth plan. Company management uses orders as a tool to manage expected growth, budget and cash requirements, and to monitor the success of our sales and marketing efforts. If any of our orders were to be terminated, delayed or revised downward, our orders and our backlog would be reduced by the expected value of the remaining terms of such contract.

 

Balance Sheet:

 

  ● Combined cash, unrestricted cash, cash equivalents and short-term investments as of April 30, 2024, was $3.3 million, which compares to $34.9 million at the beginning of the fiscal year.
  ● The Company continues to have no bank debt as of April 30, 2024.
  ● Net cash used in operating activities for FY24 was approximately $29.8 million, compared to $21.7 million FY23.

 

Introduction of Fiscal 2025 Annual Guidance

 

The Company is also introducing the following select guidance for full-year fiscal 2024:

 

  a. Contracted orders for FY25 are expected to be approximately $12.5 million. This represents growth of almost 2x over FY24.

 

The Company’s anticipated order growth will be driven primarily by the continued ramp in its DaaS line, WAM-V sales and leases.

 

Conference Call & Webcast

 

As previously announced, a conference call to discuss OPT’s financial results will be held tomorrow morning, Friday, July 26, 2024, at 9:00 a.m. Eastern time. Philipp Stratmann, CEO, and Bob Powers, CFO will host the call.

 

  a. The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345.
     
  a. Live webcast: Link to 4Q23 Webcast for OPT
     
  a. Call Replay: Will be available by telephone approximately two hours after the call’s completion until August 26, 2024. You may access the replay by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID 1374 7852.
     
  a. Webcast Replay: The archived webcast will also be available on the OPT investor relations section of its website.

 

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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 (ASVs) and marine robotics services. The Company’s headquarters is located in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.

 

Non-GAAP Measures: Pipeline

 

Pipeline is not a term recognized under United States generally accepted accounting principles; however, it is a common measurement used in our industry. Our methodology for determining pipeline may not be comparable to the methodologies used by other companies. Pipeline is a representation of the journey potential customers take from the moment they become aware of our products and service to the moment they become a paying customer. The sales pipeline is divided into a series of phases, each representing a different milestone in the customer journey. It is a tool we use to track sales progress, identify potential roadblocks, and make data-driven decisions to improve our sales performance. Revenue estimates derived from our pipeline can be subject to change due to project accelerations, cancellations or delays due to various factors. These factors can also cause revenue amounts to be realized in periods and at levels different than originally projected.

 

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.. Except as may be required by applicable law, the Company undertakes no, and expressly disclaims any, obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, circumstances or otherwise after the date of this press release, and you are cautioned not to rely upon them unduly,

 

Financial Tables Follow

 

Additional information may be found in the Company’s Annual Report on Form 10-K that will be 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 Information

 

Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com

Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com

 

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Ocean Power Technologies, Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share data)

 

   April 30, 2024  April 30, 2023
ASSETS      
Current assets:          
Cash and cash equivalents  $3,151   $6,883 
Short-term investments   —    27,790 
Restricted cash, short-term   —    65 
Accounts receivable   796    745 
Contract assets   18    152 
Inventory   4,831    1,044 
Other current assets   1,747    994 
Total current assets  $10,543   $37,673 
Property and equipment, net   3,443    1,280 
Intangibles, net   3,622    3,978 
Right-of-use assets, net   2,405    1,751 
Restricted cash, long-term   154    155 
Goodwill   8,537    8,537 
Total assets  $28,704   $53,374 
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable  $3,366   $952 
Earn out payable   1,130    1,500 
Accrued expenses   1,787    2,346 
Contract liabilities   302    1,378 
Right-of-use liabilities, current portion   774    529 
Contingent liabilities, current portion   —    1,202 
Total current liabilities  $7,359   $7,907 
Deferred tax liability   203    203 
Right-of-use liabilities, less current portion   1,798    1,311 
Total liabilities  $9,360   $9,421 
Commitments and contingencies (Note 15)          
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 61,352,731 and 56,304,642 shares, respectively, and outstanding 61,264,714 and 56,263,728 shares, respectively   61    56 
Treasury stock, at cost; 88,017 and 40,914 shares, respectively   (369)   (355)
Additional paid-in capital   327,276    324,393 
Accumulated deficit   (307,579)   (280,096)
Accumulated other comprehensive loss   (45)   (45)
Total shareholders’ equity   19,344    43,953 
Total liabilities and shareholders’ equity  $28,704   $53,374 

 

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Ocean Power Technologies, Inc. and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share data)

 

   Fiscal year ended April 30,
   2024  2023
Revenue  $5,525   $2,732 
Cost of revenue   2,699    2,496 
Gross profit   2,826    236 
Loss/(Gain) from change in fair value of consideration   (72)   1,112 
Operating expenses   32,229    28,340 
Total operating expenses   32,157    29,452 
Operating loss  $(29,331)  $(29,216)
Interest income, net   800    902 
Other income, employee retention credit   —    1,251 
Other income, proceeds from insurance claim   —    458 
Other income   2    — 
Loss on disposition of assets (Note 7)   (210)   — 
Foreign exchange gain   2    1 
Loss before income taxes  $(28,737)  $(26,604)
Income tax benefit   1,254    278 
Net loss  $(27,483)  $(26,326)
Basic and diluted net loss per share  $(0.47)  $(0.47)
Weighted average shares used to compute basic and diluted net loss per share   59,031,736    55,998,543 

 

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OCEAN POWER TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(in thousands)

 

   Fiscal year ended April 30,
   2024  2023
Cash flows from operating activities:          
Net loss  $(27,483)  $(26,326)
Adjustments to reconcile net loss to net cash used in operating activities:          
Foreign exchange gain   (2)   (1)
Depreciation of fixed assets   420    183 
Amortization of intangible assets   148    158 
Amortization of right-of-use assets   593    296 
(Accretion of discount)/amortization of premium on investments   (290)   113 
Change in contingent consideration liability   (72)   1,112 
Loss on disposal of assets   210    — 
Stock based compensation   1,155    1,461 
Changes in operating assets and liabilities, net of acquisitions:          
Accounts receivable   (51)   (262)
Contract assets   134    234 
Inventory   (3,787)   (602)
Other assets   (753)   (527)
Accounts payable   2,414    47 
Accrued expenses   (309)   1,469 
Earn out payable   (500)   — 
Right-of-use liabilities   (514)   (311)
Contract liabilities   (1,076)   1,249 
Net cash used in operating activities  $(29,763)  $(21,707)
Cash flows from investing activities:          
Redemptions of short term investments  $35,975   $64,923 
Purchases of short term investments   (7,894)   (43,442)
Purchases of property and equipment   (2,585)   (648)
Leased WAM-Vs built and capitalized   —    (371)
Net cash provided by investing activities  $25,496   $20,462 
Cash flows from financing activities:          
Proceeds from issuance of common stock - Cantor At The Market offering, net of issuance costs  $29   $— 
Proceeds from issuance of common stock - AGP At The Market offering, net of issuance costs   454    — 
Cash paid for tax withholding related to shares withheld   (14)   (14)
Net cash provided by/(used in) financing activities  $469   $(14)
Effect of exchange rate changes on cash, cash equivalents and restricted cash  $—   $— 
Net decrease in cash, cash equivalents and restricted cash  $(3,798)  $(1,259)
Cash, cash equivalents and restricted cash, beginning of year   7,103   $8,362 
Cash, cash equivalents and restricted cash, end of year  $3,305   $7,103 
           
Supplemental disclosure of noncash investing and financing activities:          
Common stock issued related to bonus and earnout payments  $1,250   $— 
Operating right of use asset obtained in exchange for operating lease liability  $1,247   $1,296 

 

7

 

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Cover
Jul. 25, 2024
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 25, 2024
Entity File Number 001-33417
Entity Registrant Name Ocean Power Technologies, Inc.
Entity Central Index Key 0001378140
Entity Tax Identification Number 22-2535818
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 28 Engelhard Drive
Entity Address, Address Line Two Suite B
Entity Address, City or Town Monroe Township
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 08831
City Area Code (609)
Local Phone Number 730-0400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock, $0.001 Par Value  
Title of 12(b) Security Common Stock, $0.001 Par Value
Trading Symbol OPTT
Security Exchange Name NYSEAMER
Series A Preferred Stock Purchase Rights  
Title of 12(b) Security Series A Preferred Stock Purchase Rights
Trading Symbol N/A
Security Exchange Name NYSEAMER
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