Ocean Power Technologies(OPTT) - 2026 Q2 - Quarterly Results

Financial Performance - Revenues for the three months ended October 31, 2025, were $0.4 million, down from $2.4 million in the same period last year[7] - Net losses for the three months ended October 31, 2025, were $10.8 million, compared to $3.9 million for the same period in 2024[10] - Gross profit for the three months ended October 31, 2025, was a loss of $1.4 million, compared to a profit of $0.8 million in the prior year[7] - Operating expenses for the three months ended October 31, 2025, were $8.7 million, up from $4.7 million in the same period of 2024[7] - Revenues for the six months ended October 31, 2025, were $424 million, a decrease from $2,418 million in the same period of 2024[18] - Operating loss increased to $10,123 million for the six months ended October 31, 2025, compared to a loss of $3,915 million in 2024[18] - Net loss for the six months ended October 31, 2025, was $18,212 million, up from $8,365 million in 2024[20] - Basic and diluted net loss per share was $0.06 for the six months ended October 31, 2025, compared to $0.04 in 2024[18] Cash Flow and Financial Position - Cash and cash equivalents as of October 31, 2025, totaled $11.7 million, an increase from $6.7 million at the beginning of the fiscal year[10] - Net cash used in operating activities was $13,136 million for the six months ended October 31, 2025, compared to $10,890 million in 2024[20] - Net cash provided by financing activities was $19,799 million for the six months ended October 31, 2025, compared to $9,959 million in 2024[20] - Cash, cash equivalents, and restricted cash at the end of the period were $11,813 million, up from $2,246 million in 2024[20] Operational Highlights - Backlog increased to $15.0 million, a nearly 300% increase from $3.8 million year-over-year[10] - Pipeline as of October 31, 2025, stands at $137.5 million, reflecting a 63% increase from $84.4 million a year earlier[3] - The company shipped eight WAM-V® autonomous surface vehicles during the quarter, indicating growing demand and production capacity[3] - The company became certified by AUVSI as a Trusted Uncrewed Maritime Systems Operator Training Provider, expanding its training offerings[3] Strategic Initiatives - In November 2025, the company signed a strategic partnership with Mythos AI to enhance its WAM-V® ASVs and PowerBuoy® platforms with AI capabilities[3] Shareholder Information - Share-based compensation increased significantly to $5,191 million for the six months ended October 31, 2025, from $551 million in 2024[20] - Purchases of property and equipment were $1,719 million for the six months ended October 31, 2025, compared to $128 million in 2024[20] - The weighted average shares used to compute basic and diluted net loss per common share increased to 183,559,304 in 2025 from 108,396,875 in 2024[18]