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Ocean Power Technologies, Inc. (OPTT)

NasdaqGS - NasdaqGS Real-time price. Currency in USD
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3.1100+0.4600 (+17.36%)
At close: 4:00PM EST

3.1600 +0.05 (1.61%)
After hours: 5:39PM EST

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Trade prices are not sourced from all markets
Previous close2.6500
Open2.9400
Bid3.1000 x 1200
Ask3.1100 x 38500
Day's range2.8500 - 3.7000
52-week range0.3300 - 7.3000
Volume13,106,032
Avg. volume9,926,820
Market cap96.816M
Beta (5Y monthly)N/A
PE ratio (TTM)N/A
EPS (TTM)-0.5480
Earnings date09 Mar 2021
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target est6.00
  • Ocean Power Technologies Announces Third Quarter FY2021 Results
    GlobeNewswire

    Ocean Power Technologies Announces Third Quarter FY2021 Results

    Investor Conference Call and Webcast on March 9, 2020, at 11:00 A.M. ETMONROE TOWNSHIP, N.J., March 05, 2021 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (Nasdaq: OPTT), a leader in innovative and cost-effective ocean energy solutions, today announced financial results for the third quarter of fiscal year 2021 ended January 31, 2021. Recent Operational Highlights Acquired 3Dent Technology, adding offshore engineering and design services and an established project and customer base.Planned first OPT PowerBuoy® remote deployment.Strengthened its liquidity position with an increase in total cash of $80.4 million. Management Commentary"OPT's third quarter brought dramatic change to our company," said George H. Kirby, OPT's President and Chief Executive Officer. "We acquired 3Dent Technology, which we believe is an important step for our long-term growth strategy and for expanding our offerings of autonomous clean ocean energy and data solutions. Additionally, we planned our first remote installation of a turnkey wave energy-powered subsea data collection system in Chile, which we believe offers flexibility and cost-reduction to our customers. We also welcomed three new directors to our board who bring valuable expertise in offshore energy, safety, finance and governance." Kirby further said, "A key goal for us this year was to bolster our financial position, improve our liquidity and reduce our capital risk, and we believe that we've made great strides towards those efforts. During the fiscal year, the Company has generated $76.1 million in net proceeds through utilization of its ATM Facilities and Equity Line Common Stock Purchase Agreements, including $66.7 in net proceeds raised during the third quarter, during which we saw an increase in share price. Additionally, the Company's liquidity position has improved due to cost-cutting measures that were put in place at the beginning of the year. We believe that the Company's unrestricted cash balance of approximately $79.8 million as of January 31, 2021, in addition to continued prudent cost management, will provide us with the capital necessary to fund ongoing operations as well as the financial flexibility to execute on our growth strategy, consisting of market expansion, sales cycle acceleration, development of new products and solutions, and strategic acquisitions." Third Quarter and First Nine Months Fiscal Year 2021 Financial ReviewRevenue for the third quarter of fiscal year 2021 was $0.3 million compared to $0.7 million for the same period in the prior year, and the net loss for the third quarter of fiscal 2021 increased by $0.3 million as compared to the third quarter of fiscal 2020. Revenue for the first nine months of fiscal year 2021 was $0.6 million compared to $1.1 million for the same period in the prior year, and the net loss for the first nine months of fiscal 2021 increased by $0.5 million as compared to the same period in the prior year. The decrease in revenue and increase in net loss for the third quarter and first nine months of fiscal 2021 were mainly attributable to pandemic-related delays of the Company's revenue-generating projects. Balance Sheet and Cash FlowTotal cash, cash equivalents, and restricted cash was $80.4 million as of January 31, 2021. Net cash used in operating activities decreased by $0.1 million during the first nine months of fiscal 2021 to $8.5 million, as compared to the first nine months of fiscal 2020. This decrease is mainly the result of lower cash spending on customer projects and product development costs in the current fiscal year period as compared to the same period in the prior fiscal year. During the nine months ended January 31, 2021, the Company's At-The-Market agreements and equity line agreements with Aspire Capital generated net proceeds of $76.1 million. Conference Call & WebcastOPT will host a conference call and webcast to review its financial and operating results on Tuesday, March 9, 2021, at 11:00 A.M. Eastern Time. Interested parties may access the conference call by dialing 877-407-8291 (toll-free in the U.S.) or 201-689-8345 for international callers. Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call available on the Company's website at https://www.oceanpowertechnologies.com/investor-relations. A digital replay will be available by telephone approximately two hours after the completion of the call and until June 9, 2021. Access by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID#13694019. The archived webcast will also be available on the OPT website investor relations page. About Ocean Power TechnologiesHeadquartered in Monroe Township, New Jersey, OPT aspires to transform the world through durable, innovative, and cost-effective ocean energy solutions. Its PowerBuoy® solutions platform provides clean and reliable electric power and real-time data communications for remote offshore and subsea applications in markets such as offshore oil and gas, defense and security, science and research, and communications. To learn more, visit www.oceanpowertechnologies.com. Forward-Looking StatementsThis 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 which could be inaccurate and which are 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 a 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 FollowAdditional 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 may be accessed on www.sec.gov or the Company's website in the Investor Relations section. Ocean Power Technologies, Inc. and SubsidiariesConsolidated Balance Sheets(in thousands, except share data) January 31, 2021 April 30, 2020 (Unaudited) ASSETS Current assets: Cash and cash equivalents $79,801 $10,002 Restricted cash, short-term 384 707 Accounts receivable - 105 Contract assets 63 251 Other current assets 1,001 588 Total current assets 81,249 11,653 Property and equipment, net 417 499 Right-of-use asset, net 1,005 1,165 Restricted cash, long-term 222 221 Total assets $82,893 $13,538 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Loan payable $175 $- Accounts payable 74 220 Accrued expenses 2,340 1,353 Contract liabilities, current portion 75 100 Right-of-use liability, current portion 252 229 Warrant liabilities - - Paycheck protection program loan- current 396 - Total current liabilities 3,312 1,902 Paycheck protection program loan, less current portion 495 - Right-of-use liability, less current portion 887 1,078 Contract liabilities, less current portion - 65 Total liabilities 4,694 3,045 Commitments and contingencies (Note 16) Stockholders’ 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 50,589,809 and 12,939,420 shares, respectively 51 13 Treasury stock, at cost; 21,040 and 4,251 shares, respectively (338) (302) Additional paid-in capital 310,342 231,101 Stock subscription receivable (1,983) - Accumulated deficit (229,696) (220,136) Accumulated other comprehensive loss (177) (183) Total stockholders' equity 78,199 10,493 Total liabilities and stockholders’ equity $82,893 $13,538 Ocean Power Technologies, Inc. and SubsidiariesConsolidated Statements of Operations(in thousands, except per share data)(Unaudited) Three months ended January 31, Nine months ended January 31, 2021 2020 2021 2020 Revenues $317 $725 $604 $1,131 Cost of revenues 698 681 1,248 1,335 Gross profit/(loss) (381) 44 (644) (204) Operating expenses: Engineering and product development costs 1,019 896 3,334 3,403 Selling, general and administrative costs 1,763 2,093 5,591 5,629 Total operating expenses 2,782 2,989 8,925 9,032 Operating loss (3,163) (2,945) (9,569) (9,236) Gain due to the change in fair value of warrant liabilities - - - 6 Interest income, net 25 27 45 102 Other expense, net (16) - (49) - Foreign exchange gain/(loss) 3 (1) 13 (5)Net loss $(3,151) $(2,919) $(9,560) $(9,133)Basic and diluted net loss per share $(0.09) $(0.46) $(0.41) $(1.40) Weighted average shares used to compute basic and diluted net loss per share 33,715,334 6,318,162 23,160,885 6,543,500 Ocean Power Technologies, Inc. and SubsidiariesConsolidated Statements of Cash Flows(in thousands)(Unaudited) Nine months ended January 31, 2021 2020 Cash flows from operating activities: Net loss $(9,560) $(9,133) Adjustments to reconcile net loss to net cash used in operating activities: Foreign exchange (gain)/loss (13) 5 Depreciation of fixed assets 106 117 Amortization of right of use asset 159 146 Compensation expense related to stock option grants and restricted stock 338 225 Gain due to the change in fair value of warrant liabilities - (6) Loss on disposal of property, plant and equipment 2 - Changes in operating assets and liabilities: Accounts receivable 105 (7) Contract assets 188 (20) Other assets (310) 19 Accounts payable (473) (194) Accrued expenses 1,192 257 Change in lease liability (169) (147) Contract liabilities (90) 107 Net cash used in operating activities (8,525) (8,631)Cash flows from investing activities: Purchase of property, plant and equipment (17) (61) Net cash used in investing activities (17) (61)Cash flows from financing activities: Proceeds from Paycheck Protection Program Loan 890 - Proceeds from loan payable 467 - Payment of loan payable (292) - Proceeds from stock option exercises 40 - Proceeds from issuance of common stock- Aspire financing net of issuance costs 9,983 850 Proceeds from issuance of common stock- AGP At The Market offering, net of issuance costs 66,166 1,520 Proceeds associated with exercise of common stock warrants 769 - Proceeds (costs) associated with exercise of pre-funded warrants - (16) Acquisition of treasury stock (36) (1) Net cash provided by financing activities 77,987 2,353 Effect of exchange rate changes on cash, cash equivalents and restricted cash 32 (15) Net increase/(decrease) in cash, cash equivalents and restricted cash 69,477 (6,354)Cash, cash equivalents and restricted cash, beginning of period 10,930 17,159 Cash, cash equivalents and restricted cash, end of period $80,407 $10,805 CONTACT: Contact Information Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com

  • What We Learned About Ocean Power Technologies' (NASDAQ:OPTT) CEO Compensation
    Simply Wall St.

    What We Learned About Ocean Power Technologies' (NASDAQ:OPTT) CEO Compensation

    George Kirby became the CEO of Ocean Power Technologies, Inc. ( NASDAQ:OPTT ) in 2015, and we think it's a good time to...

  • Ocean Power Technologies Acquires 3Dent Technology, LLC
    GlobeNewswire

    Ocean Power Technologies Acquires 3Dent Technology, LLC

    Offshore Solution Engineering and Design Services Expand Potential Markets for OPTMONROE TOWNSHIP, N.J., Feb. 02, 2021 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NASDAQ: OPTT), a leader in innovative and cost-effective ocean energy solutions, today announced the acquisition of 3Dent Technology, LLC ("3Dent"), an offshore energy engineering and design services company based in Houston, Texas. OPT’s first acquisition brings additional revenue from 3Dent’s established project and customer base. 3Dent’s complementary services expand OPT’s ability to provide comprehensive solutions to customers operating in rapidly evolving markets such as offshore wind and offshore oil and gas. 3Dent Technology will operate under its current brand name as a wholly owned subsidiary of Ocean Power Technologies, Inc. Established in 2013, 3Dent Technology has built a dedicated team of engineers and naval architects to support oil and gas, offshore wind, and other industries, from early-stage innovation to detailed structural analysis. Their services include simulation engineering of hydrodynamic and structural applications, concept design, software engineering, and vessel monitoring for drilling contractors, construction yards, major oil companies, service companies, and engineering firms. "The 3Dent Technology acquisition is an important first step within our long-term growth strategy to expand our market value proposition while building OPT’s revenue," said George H. Kirby, President and CEO of OPT. "3Dent brings significant expertise in offshore engineering to OPT and our customers by providing complete project lifecycle engineering services, from concept through installation to decommissioning, including early-stage feasibility and design. Together, we are well-positioned to bring added value to our customers while expanding into new markets such as ocean renewables." "We believe that we have been very successful in providing creative and technically sound problem-solving expertise to the offshore industry, and OPT’s commercial experience and technology align well with our expertise. Together we believe that we can accelerate the growth of our offshore engineering services while solidifying and expanding OPT’s position as an offshore energy solution provider," said Dr. Jose Vazquez, Co-Founder and President of 3Dent Technology. "We are very excited to capitalize on our shared focus and vision to become an integral part of OPT’s long-term growth strategy." Under the terms of the deal, OPT agreed to pay 3Dent an amount of stock equal to $800,000 using the closing strike price on December 11, 2020 – the date that the parties executed a non-binding letter of intent -- equating to 361,991 shares of OPT common stock. About 3Dent TechnologyHouston, Texas-based 3Dent Technology is a wholly owned subsidiary of Ocean Power Technologies. 3Dent’s engineers and naval architects are uniquely suited for high-level offshore engineering, providing consulting engineering and design services to drilling contractors, defense contractors, construction yards, engineering firms, and oil and gas, offshore wind, wave energy, and marine construction and service companies. To learn more, visit www.3DentTech.com. About Ocean Power TechnologiesHeadquartered in Monroe Township, New Jersey, OPT aspires to transform the world through durable, innovative, and cost-effective ocean energy solutions. Its PowerBuoy® solutions platform provides clean and reliable electric power and real-time data communications for remote offshore and subsea applications in markets such as offshore oil and gas, defense and security, science and research, and communications. To learn more, visit www.OceanPowerTechnologies.com. Forward-Looking StatementsThis 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 which could be inaccurate and which are 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 a 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. CONTACT: Contact Information Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com