Ocean Power Technologies(OPTT) - 2025 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 FY25 was $0.8 million, a 54% decrease compared to $1.8 million in the prior year, while year-to-date revenues totaled $4.5 million, reflecting a 15% increase year-over-year[10] - Loss before income taxes for Q3 FY25 was $6.7 million, a 15% decrease from $7.8 million in the prior year[10] - Net loss for the nine months ended January 31, 2025, was $15,085, compared to a net loss of $20,761 for the same period in 2024, representing a 27% improvement[19] Operating Expenses - Operating expenses decreased by 29% to $6.1 million in Q3 FY25 from $8.6 million in the prior year, and year-to-date operating expenses were down 36% to $15.7 million[10] - Cash used in operating activities was $3.7 million, a significant decrease of 60% from $9.2 million in the prior year[5] - Net cash used in operating activities decreased to $14,628 from $24,711 year-over-year, indicating a 41% reduction in cash outflow[19] Assets and Cash Position - Total assets increased to $34.4 million as of January 31, 2025, compared to $28.7 million at April 30, 2024[15] - Cash and cash equivalents rose to $10.0 million from $3.2 million at April 30, 2024[15] - Cash, cash equivalents, and restricted cash at the end of the period totaled $10,180, up from $4,874 at the end of the previous year, marking a 109% increase[19] Financing Activities - Cash provided by financing activities increased significantly to $21,853, compared to only $16 in the prior year[19] - The company raised $16,880 from the issuance of common stock through At The Market offerings, net of issuance costs[19] Inventory and Depreciation - Inventory levels improved with a net increase of $366, contrasting with a significant decrease of $2,416 in the prior year[19] - Depreciation of fixed assets increased to $610 from $286, reflecting a 113% rise[19] Compensation and Debt - Share-based compensation expenses rose to $1,331, compared to $803, which is a 66% increase[19] - The company reported a loss on extinguishment of debt amounting to $838, with no such loss reported in the previous year[19] Strategic Initiatives - Backlog reached $7.5 million, a 127% increase from $3.3 million in the same period last year, driven by new partnerships in Latin America[5] - A new sales executive was added to focus on growth within the Department of Homeland Security and Department of Defense, enhancing the company's strategic presence in key government sectors[5] - The company aims to accelerate the conversion of backlog to revenues and continue executing on strategic priorities in autonomous ocean security solutions[7] Events and Showcases - The company participated in NAVDEX 2025, showcasing advanced capabilities of WAM-V® Unmanned Surface Vehicles and Next Generation PowerBuoys®[6]