Ocean Power Technologies(US:OPTT)2024-07-25 21:00Financial Performance - Revenues for FY24 increased 102% to $5.5 million, compared to $2.7 million in FY23[4] - Gross profit for FY24 was $2.8 million, representing a gross margin of 51%, up from $0.2 million and 9% in FY23[4] - Net loss for FY24 was $27.5 million, slightly higher than the net loss of $26.3 million in FY23[7] - Revenue for the fiscal year 2024 was $5,525,000, compared to $2,732,000 for the fiscal year 2023, representing a growth of 102.9%[25] - Gross profit increased to $2,826,000 in fiscal year 2024 from $236,000 in fiscal year 2023, marking a significant improvement[25] - The net loss for fiscal year 2024 was $27,483,000, compared to a net loss of $26,326,000 in fiscal year 2023, reflecting a slight increase in losses[25] Operating Expenses - Operating expenses for FY24 were $32.2 million, compared to $28.3 million in FY23, including extraordinary expenses of $3.9 million[7] - Total operating expenses rose to $32,157,000 in fiscal year 2024, up from $29,452,000 in fiscal year 2023, indicating an increase of 5.8%[25] Cash and Assets - Cash and cash equivalents decreased to $3,151,000 as of April 30, 2024, down from $6,883,000 as of April 30, 2023, a decline of 54.2%[23] - Total current assets dropped to $10,543,000 in April 2024 from $37,673,000 in April 2023, a decrease of 72.0%[23] - The company reported a significant increase in inventory, which rose to $4,831,000 in April 2024 from $1,044,000 in April 2023, an increase of 362.5%[23] Liabilities - Total liabilities were $9,360,000 as of April 30, 2024, slightly down from $9,421,000 in April 30, 2023[23] Future Outlook - Backlog as of April 30, 2024, was $4.9 million, a 25% increase from $4.0 million at the same time last year[4] - Contracted orders for FY25 are expected to be approximately $12.5 million, representing nearly 2x growth over FY24[10] - The company anticipates reaching profitability during the second half of calendar year 2025[5] Strategic Partnerships - The company signed a reseller agreement with Survey Equipment Services, Inc. to provide WAM-Vs domestically, enhancing revenue streams[4] - A strategic partnership with Teledyne Marine aims to enhance product offerings and drive innovation in maritime technology[3] Share Information - The weighted average shares used to compute basic and diluted net loss per share increased to 59,031,736 in fiscal year 2024 from 55,998,543 in fiscal year 2023[25] Cash Flow - Cash used in operating activities for fiscal year 2024 was $29,763,000, compared to $21,707,000 in fiscal year 2023, indicating a higher cash outflow[26]