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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): September 13, 2021


Ocean Power Technologies, Inc.

(Exact name of registrant as specified in its charter)


Delaware   001-33417   22-2535818

(State or other jurisdiction

of incorporation)



File Number)


(I.R.S. Employer

Identification No.)


28 Engelhard Drive, Suite B

Monroe Township, New Jersey

(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


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 September 13, 2021, Ocean Power Technologies, Inc. (the “Company”) issued a press release announcing its financial results for its fiscal first quarter ended July 31, 2021. 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 regarding fiscal first quarter earnings.







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: September 13, 2021


  /s/ Philipp Stratmann
  Philipp Stratmann
  President and Chief Executive Officer





Exhibit 99.1




Ocean Power Technologies Announces First Quarter Fiscal 2022 Results


Investor Conference Call and Webcast on September 14, 2021, at 11:00 A.M. ET


MONROE TOWNSHIP, N.J., September 13, 2021 (GLOBE NEWSWIRE) – Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced financial results for its first quarter, ended July 31, 2021.


Recent Operational Highlights


  Received a U.S. Department of Energy Small Business Innovation Research award to study a modular and scalable next generation autonomous wave energy device
  Entered into strategic partnerships with software and robotics developers, Greensea and Fathom5, and initiated development of proprietary next-generation Maritime Domain Awareness Solution (“MDA”) platform
  Strategic Consulting Services driven by the 3Dent Technology acquisition showed steady growth as customer base continues to expand
  Received permits for offshore demonstration fields (located off the coast of New Jersey) and received delivery of first MDA test buoy
  Added to the Russell Microcap® Index
  Appointed Philipp Stratmann as President and Chief Executive Officer


Management Commentary


“We made great progress during the quarter as we continue our strategic transformation from a research & development product-based company to a data and power services’ and solutions’ provider,” said Philipp Stratmann, OPT’s President and Chief Executive Officer. “I am excited about OPT’s future,” Stratmann continued. “Not only have our Strategic Consulting Services seen steady growth since the acquisition of 3Dent, but we have also made substantial progress on the data and power services’ and solutions’ front. We’ve partnered with experienced developers to offer a leading-edge proprietary Maritime Domain Awareness platform that features analytic capabilities and military-grade cybersecurity.” Stratmann concluded, “With the addition of the U.S. government’s investment in our next generation of wave energy conversion, OPT is anticipating the needs, and is at the forefront of, the ever-evolving markets we serve and seek to serve.”


First Quarter Fiscal Year 2022 Financial Review


Revenue for the first quarter of fiscal year 2022 was $0.3 million, compared to $0.2 million in the first quarter of fiscal year 2021, primarily the result of additional Strategic Consulting Services from the 3dent acquisition. The net loss for the first quarter of fiscal year 2022 was $3.1 million as compared to $3.4 million for the first quarter of fiscal year 2021. This decrease was mainly attributable to a $0.9 million gain on the extinguishment of the Company’s PPP loan, after the SBA granted its forgiveness during the quarter, and an income tax benefit of $1.0 million. These gains were partially offset by increases in the quarter for product development and administrative costs.





Balance Sheet and Cash Flow


Total cash, cash equivalents, and restricted cash was $78.3 million as of July 31, 2021. Net cash used in operating activities was $5.3 million during the first quarter of fiscal 2022, representing an increase of $2.6 million over the first quarter of fiscal year 2021, mainly as a result of higher project and employee-related costs and the settlement of litigation during the current fiscal year period.


Conference Call & Webcast


OPT will host a conference call and webcast to review its financial and operating results on Tuesday, September 14, 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 www.OceanPowerTechnologies.com/investor-relations.


A digital replay will be available by telephone approximately two hours after the call’s completion and until December 14, 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 Technologies


Headquartered in Monroe Township, New Jersey, OPT aspires to transform the world through durable, innovative, and cost-effective marine energy, data, and service solutions. Its PowerBuoy® solutions platform provides clean and reliable electric power and real-time data communications for remote maritime and subsea applications in markets such as offshore oil and gas, defense and security, science and research, and offshore wind. To learn more, visit www.OceanPowerTechnologies.com.


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. 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 Follow


Additional 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 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





Ocean Power Technologies, Inc. and Subsidiaries

Consolidated Statements of Operations

(in $ 000’s, except per share data)



   Three months ended July 31, 
   2021   2020 
Revenues  $272   $169 
Cost of revenues   423    334 
Gross loss   (151)   (165)
Operating expenses:          
Engineering and product development costs   1,971    1,252 
Selling, general and administrative costs   2,909    1,987 
Total operating expenses   4,880    3,239 
Operating loss   (5,031)   (3,404)
Interest income, net   20    11 
Gain on extiguishment of PPP loan   891    - 
Foreign exchange gain   -    8 
Loss before income taxes   (4,120)   (3,385)
Income tax benefit   1,041    - 
Net loss  $(3,079)  $(3,385)
Basic and diluted net loss per share  $(0.06)  $(0.22)
Weighted average shares used to compute basic and diluted net loss per share   52,458,011    15,677,331 





Ocean Power Technologies, Inc. and Subsidiaries

Consolidated Balance Sheet

(in $ 000’s, except share data)


   July 31, 2021   April 30, 2021 
Current assets:          
Cash and cash equivalents  $77,720   $83,028 
Restricted cash, short-term   384    384 
Accounts receivable   446    350 
Contract assets   304    190 
Other current assets   507    487 
Total current assets   79,361    84,439 
Property and equipment, net   373    406 
Intangibles, net   268    274 
Right-of-use asset, net   967    1,036 
Restricted cash, long-term   222    222 
Total assets  $81,191   $86,377 
Current liabilities:          
Accounts payable  $454   $687 
Accrued expenses   1,821    1,881 
Right-of-use liability, current portion   317    347 
Litigation payable   -    1,224 
Liability classified stock awards   60    60 
Paycheck protection program loan- current   -    495 
Total current liabilities   2,652    4,694 
Paycheck protection program loan, less current portion   -    396 
Right-of-use liability, less current portion   774    819 
Total liabilities   3,426    5,909 
Commitments and contingencies          
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 and outstanding 52,458,011 shares   52    52 
Treasury stock, at cost; 21,040 shares   (338)   (338)
Additional paid-in capital   316,211    315,821 
Accumulated deficit   (237,975)   (234,896)
Accumulated other comprehensive loss   (185)   (171)
Total stockholders’ equity   77,765    80,468 
Total liabilities and stockholders’ equity  $81,191   $86,377 





Ocean Power Technologies, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in $ 000’s)



   Three months ended July 31, 
   2021   2020 
Cash flows from operating activities:          
Net loss  $(3,079)  $(3,385)
Adjustments to reconcile net loss to net cash used in operating activities:          
Foreign exchange gain   -    (8)
Depreciation of fixed assets   40    37 
Amortization of intangible assets   6    - 
Amortization of right of use asset   69    52 
Gain on extinguishment of PPP Loan   (891)   - 
Stock-based compensation   390    116 
Changes in operating assets and liabilities:          
Accounts receivable   (96)   84 
Contract assets   (114)   (115)
Other assets   (20)   181 
Accounts payable   (233)   8 
Accrued expenses   (60)   381 
Change in lease liability   (75)   (54)
Contract liabilities   -    (34)
Litigation Payable   (1,224)   - 
Net cash used in operating activities   (5,287)   (2,737)
Cash flows from investing activities:          
Purchase of property, plant and equipment   (7)   - 
Net cash used in investing activities   (7)   - 
Cash flows from financing activities:          
Proceeds from Paycheck Protection Program Loan   -    890 
Proceeds from issuance of common stock- Aspire financing net of issuance costs   -    2,635 
Proceeds from issuance of common stock- AGP At The Market offering, net of issuance costs   -    243 
Net cash provided by financing activities   -    3,768 
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (14)   32 
Net (decrease)/increase in cash, cash equivalents and restricted cash   (5,308)   1,063 
Cash, cash equivalents and restricted cash, beginning of period   83,634    10,930 
Cash, cash equivalents and restricted cash, end of period  $78,326   $11,993 
Supplemental disclosure of noncash operating activities:          
Prepaid financing costs reported in accrued expenses  $-   $40 




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