OPTT Ocean Power Technologies, Inc.

Overview and Growth

In fiscal 2026, Ocean Power Technologies, Inc. recorded $3.74M of revenue, net loss of $48.91M, and an operating cash outflow of $20.77M. At $3.74M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 36.2% from $5.86M in fiscal 2025; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of -$0.25, adding a shareholder-level measure to the absolute income figures considered below. Diluted shares averaged 194.35M; this is the reported share base over which the company’s diluted per-share earnings were spread. At period end, total assets were $39.92M, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.09x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Direct costs exceeded revenue, producing a gross loss of $5.92M before operating expenses. Gross margin was -158.4%, reflecting direct costs that exceeded revenue by 158.4%. Operations produced a $38.36M operating loss before non-operating and tax effects. After all below-operating-line items, the company recorded a net loss of $48.91M for the fiscal year. The company reported negative EBITDA of $37.34M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The pretax result was a loss of $48.91M, establishing the deficit before tax effects. The net loss equaled 392.1% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 122.5%. Compared with a $24.47M net loss in fiscal 2025, the current loss increased to $48.91M.

Liquidity and Capital Structure

The company held $39.92M of assets against $27.45M of liabilities and $12.48M of equity, revealing how the asset base was financed. At period end, current assets of $15.89M compared with current liabilities of $26.41M, defining the company’s short-term resource position. The current ratio was 0.6x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. The company held $8.72M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 33.0% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $12.01M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.96x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 30.1%, comparing borrowing with the total asset balance. The equity-to-assets relationship was 31.3%, placing book capital against the total resource base. Liabilities represented 68.7% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 21.8%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 29.6% from $30.79M in fiscal 2025, leaving current total assets higher year over year. Against $26.65M of equity in fiscal 2025, the current book-equity balance moved 53.2% and ended lower. The reported cash balance changed 29.8% from $6.71M in fiscal 2025, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities used $20.77M of cash, resulting in an operating cash outflow for the year. Capital spending of $4.01M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $24.78M, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to revenue, the post-investment cash deficit represented 663.2%. The free-cash-flow deficit equaled 62.1% of total assets, placing the cash shortfall against the company’s resource base. Cash absorbed by operations increased from $18.63M in fiscal 2025 to $20.77M.

Based on the annual report for the fiscal year ending Apr 30, 2026. Analysis generated Sep 24, 2026.