Ocean Power Technologies, Inc. Announces First Quarter Fiscal 2024 Results
13 Setembro 2023 - 5:15PM
Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE
American: OPTT), today announced financial results for its fiscal
first quarter ended July 31, 2023 (“Q124”), including year over
year revenue, gross profit, and pipeline growth. Highlights from
the first quarter and recent activity include:
- The Company’s pipeline at July 31,
2023 (“Q124”) was approximately $85 million, representing a 215%
year-over-year increase over the pipeline of approximately $27
million for the prior year comparable timeframe. Our pipeline
continues to grow, reflecting a significant increase in defense and
security activity as well as an expansion of commercial
opportunities, due to growing interest from offshore wind companies
for autonomous monitoring, surveillance and survey-related services
during various stages of the project development cycle.
- Revenues of $1.3 million for Q124
grew $0.6 over revenues of $0.7 million for the fiscal quarter
ended July 31, 2022 (“Q123)”.
- Gross profit for Q124 was $0.7
million, compared to gross profit of $0.2 million in Q123.
- The gross margin rate was 52.1% and
27.2%, for the quarters ended Q124 and Q123, respectively.
- On September 1, 2023 we were
awarded a 3-year Indefinite Delivery, Indefinite Quantity (IDIQ)
contract with a total contract value up to $10 million (not
included in the pipeline figure noted above) from the National
Oceanic and Atmospheric Administration (NOAA). This project will
support Living Marine Resource Surveys and Research through the
observation and collection of data to understand the abundance,
distribution, and health of marine life and habitats which will be
developed and deployed for mapping, monitoring, management and
research missions. OPT will provide personnel, material, supplies,
equipment, transportation, and facilities in support of this
goal.
- August 24, 2023 marked an important
occasion for OPT as we celebrated the grand opening and
ribbon-cutting ceremony of the Company’s Marine Robotics Production
Facility in Richmond, CA. The event highlighted OPT’s contributions
and commitment to innovation, particularly in the form of
autonomous vehicles and wave energy buoys, both of which support
the United States’ energy independence and overarching security
imperatives. OPT was honored to host Congressman John Garamendi
CA-8, Mayor of Richmond Eduardo Martinez and esteemed
representatives from the Mayor's office, the distinguished members
of the Port of Richmond, and a confluence of distinguished
enterprises operating within the realm of offshore technology and
energy.
- On August 17, 2023 we announced a
groundbreaking milestone: the successful demonstration of the Wave
Adaptive Modular Vessel (WAM-V) attaching itself remotely to a buoy
and establishing a connection that will enable charging,
exemplifying OPT's advanced autonomous capabilities. This paves the
way for a future where autonomous vessels can operate for extended
durations, opening doors to various applications within the
maritime domain.
Management Commentary – Philipp
Stratmann, OPT's President and Chief Executive Officer
“I am pleased with our quarterly results and the
business momentum, which affirms that our strategy is working. The
demand signals from the market are clear: our customers are looking
for an increasing number of resident, persistent and roaming assets
that protect and conserve marine environments, collect ocean data
and enhance our national security. We continue to convert our
pipeline of considerable opportunities into backlog and revenues,
as evidenced by our most recent win with the NOAA IDIQ contract. We
believe we are well positioned to capitalize on this momentum to
satisfy the growing customer demand for our products and solutions
and to deliver profitable growth and meaningful value for our
shareholders.”
FINANCIAL HIGHLIGHTS – Q124
Income Statement:
- Revenues for Q124
were $1.3 million, compared to $0.7 million in Q123. This growth
was driven by sales of WAM-V autonomous vehicles, revenue from our
previously announced contract with the Department of Energy (“DOE”)
and strategic consulting services.
- Gross profit for
Q124 was $0.7 million, as compared to a gross profit of $0.2
million in Q123. The improvement in gross margin has been driven by
the MAR business, primarily through an increase in our higher
margin WAM-V leasing business, and our strategic consulting
services.
- Operating expenses
were $8.1 million in Q124, down 7.8% sequentially from the previous
quarter, however, up from $6.3 million in Q123, due to incremental
investments in people and systems to support our growth in revenue,
pipeline, and contracts.
- Net loss was $7.0
million for the Q124, as compared to a net loss of $5.9 million for
the Q123.
Balance Sheet and Cash Flow
- Combined cash, unrestricted cash,
cash equivalents and short-term investments as of July 31, 2023 was
$26.7 million, compared to $51.9 million at July 31, 2022.
- Bank debt remained at $0 as of July
31, 2023.
- Net cash used in operating
activities for the quarter ended Q124 was $8.0 million, compared to
$5.1 million for the same period in the prior year. This reflects
the net loss noted above, payment of the earnout related to our
autonomous vehicles business as a result of this business exceeding
our expectations, investment in inventory to satisfy growing
backlog, and payment of employment bonuses that were accrued during
fiscal year 2023.
Conference Call &
Webcast
As announced on August 14, 2023, a conference
call to discuss OPT’s financial results will be held tomorrow
morning, Thursday, September 14, 2023, at 9:00 a.m. Eastern Time.
Philipp Stratmann, CEO, Bob Powers, CFO, and Joseph DiPietro,
Treasurer and Controller, will host the call.
- The dial-in numbers for the
conference call are 877-407-8291 or 201-689-8345.
- Live Webcast: Link to Q124
Webcast
- Call Replay: Will be available by
telephone approximately two hours after the call's completion until
December 12, 2023. You may access the replay by dialing
877-660-6853 from the U.S. or 201-612-7415 for international
callers and using the Conference ID 13740597
- Webcast Replay: The archived
webcast will also be available on the OPT investor relations
section of its website.
About Ocean Power
TechnologiesOPT, a leader in innovative and
cost-effective, low carbon marine data, power, and consulting
services, provides intelligent maritime solutions and services that
enable safer, cleaner, and more productive ocean operations for the
defense and security, oil and gas, science and research, and
offshore wind markets. Our PowerBuoy® platforms provide clean and
reliable electric power and real-time data communications for
remote maritime and subsea applications. We also provide WAM-V®
autonomous surface vessels (ASV) and marine robotics services
through our wholly owned subsidiary Marine Advanced Robotics and
strategic consulting services including simulation engineering,
software engineering, concept design and motion analysis through
our wholly owned subsidiary 3Dent. We are headquartered in Monroe
Township, New Jersey, and have offices in Houston, Texas, and
Richmond, California. 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 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
FollowAdditional information may be found in the Company's
Quarterly Report on Form 10-Q that has been filed with the U.S.
Securities and Exchange Commission. The Form 10-Q is accessible at
www.sec.gov or the Investor Relations section of the Company's
website (www.OceanPowerTechnologies.com/investor-relations).
Ocean Power Technologies, Inc. and
SubsidiariesConsolidated Balance
Sheets(in thousands, except share
data)
|
July 31, 2023 |
|
April 30, 2023 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
3,863 |
|
|
$ |
6,883 |
|
Short term investments |
|
22,790 |
|
|
|
27,790 |
|
Restricted cash, short-term |
|
65 |
|
|
|
65 |
|
Accounts receivable |
|
730 |
|
|
|
745 |
|
Contract assets |
|
293 |
|
|
|
152 |
|
Inventory |
|
1,730 |
|
|
|
1,044 |
|
Other current assets |
|
619 |
|
|
|
994 |
|
Total current assets |
|
30,090 |
|
|
|
37,673 |
|
Property and equipment,
net |
|
1,342 |
|
|
|
1,280 |
|
Intangibles, net |
|
3,938 |
|
|
|
3,978 |
|
Right-of-use asset, net |
|
1,616 |
|
|
|
1,751 |
|
Restricted cash,
long-term |
|
156 |
|
|
|
155 |
|
Goodwill |
|
8,537 |
|
|
|
8,537 |
|
Total assets |
$ |
45,679 |
|
|
$ |
53,374 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,297 |
|
|
$ |
952 |
|
Earnout payable |
|
— |
|
|
|
1,500 |
|
Accrued expenses |
|
1,556 |
|
|
|
2,346 |
|
Contingent liabilities |
|
1,140 |
|
|
|
1,202 |
|
Right-of-use liabilities, current portion |
|
545 |
|
|
|
529 |
|
Contract liabilities |
|
1,207 |
|
|
|
1,378 |
|
Total current liabilities |
|
5,745 |
|
|
|
7,907 |
|
Deferred tax liability |
|
203 |
|
|
|
203 |
|
Right-of-use liabilities, less
current portion |
|
1,168 |
|
|
|
1,311 |
|
Total liabilities |
|
7,116 |
|
|
|
9,421 |
|
Commitments and
contingencies |
|
|
|
Shareholders’ 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 58,776,654 shares and 56,304,642 shares, respectively;
outstanding 58,731,974 shares and 56,263,728 shares,
respectively |
|
59 |
|
|
|
56 |
|
Treasury stock, at cost; 44,680 shares and 40,914 shares,
respectively |
|
(357 |
) |
|
|
(355 |
) |
Additional paid-in capital |
|
326,041 |
|
|
|
324,393 |
|
Accumulated deficit |
|
(287,135 |
) |
|
|
(280,096 |
) |
Accumulated other comprehensive loss |
|
(45 |
) |
|
|
(45 |
) |
Total shareholders’ equity |
|
38,563 |
|
|
|
43,953 |
|
Total liabilities and shareholders’ equity |
$ |
45,679 |
|
|
$ |
53,374 |
|
Ocean Power Technologies, Inc., and
SubsidiariesConsolidated Statements of
Operations(in thousands, except per share
data)
|
Three months ended July 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Revenues |
$ |
1,272 |
|
|
$ |
714 |
|
Cost of revenues |
|
609 |
|
|
|
520 |
|
Gross margin |
|
663 |
|
|
|
194 |
|
|
|
|
|
Gain from change in fair value
of consideration |
|
(62 |
) |
|
|
(131 |
) |
Operating expenses |
|
8,103 |
|
|
|
6,318 |
|
Operating loss |
|
(7,378 |
) |
|
|
(5,993 |
) |
|
|
|
|
Interest income, net |
|
339 |
|
|
|
141 |
|
Loss before income taxes |
|
(7,039 |
) |
|
|
(5,852 |
) |
Provision for income taxes |
|
— |
|
|
|
— |
|
Net loss |
$ |
(7,039 |
) |
|
$ |
(5,852 |
) |
Basic and diluted net loss per
share |
$ |
(0.12 |
) |
|
$ |
(0.10 |
) |
Weighted average shares used to compute basic and diluted net loss
per common share |
|
58,723,076 |
|
|
|
55,889,651 |
|
OCEAN POWER TECHNOLOGIES, INC., AND
SUBSIDIARIESConsolidated Statements of Cash
Flows(in thousands)
|
Three months ended July 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
Net loss |
$ |
(7,039 |
) |
|
$ |
(5,852 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation of fixed assets |
|
71 |
|
|
|
43 |
|
Amortization of intangible assets |
|
40 |
|
|
|
40 |
|
Amortization of right of use asset |
|
135 |
|
|
|
75 |
|
(Accretion of discount)/amortization of premium on investments |
|
(106 |
) |
|
|
220 |
|
Change in contingent consideration liability |
|
(62 |
) |
|
|
(131 |
) |
Stock based compensation |
|
401 |
|
|
|
333 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
15 |
|
|
|
363 |
|
Contract assets |
|
(141 |
) |
|
|
(280 |
) |
Inventory |
|
(686 |
) |
|
|
(146 |
) |
Other assets |
|
375 |
|
|
|
(13 |
) |
Accounts payable |
|
345 |
|
|
|
154 |
|
Earnout payable |
|
(500 |
) |
|
|
— |
|
Accrued expenses |
|
(540 |
) |
|
|
212 |
|
Change in lease liability |
|
(127 |
) |
|
|
(82 |
) |
Contract liabilities |
|
(171 |
) |
|
|
(28 |
) |
Net cash used in operating activities |
$ |
(7,990 |
) |
|
$ |
(5,092 |
) |
Cash flows from investing
activities: |
|
|
|
Redemptions of short term investments |
|
11,718 |
|
|
|
17,252 |
|
Purchases of short term investments |
|
(6,612 |
) |
|
|
(10,813 |
) |
Purchase of property and equipment |
|
(133 |
) |
|
|
(56 |
) |
Net cash provided by investing activities |
$ |
4,973 |
|
|
$ |
6,383 |
|
Cash flows from financing
activities: |
|
|
|
Cash paid for tax withholding related to shares withheld |
|
(2 |
) |
|
|
— |
|
Net cash used in financing activities |
$ |
(2 |
) |
|
$ |
— |
|
Net (decrease) / increase in cash, cash equivalents and restricted
cash |
$ |
(3,019 |
) |
|
$ |
1,291 |
|
Cash, cash equivalents and
restricted cash, beginning of period |
$ |
7,103 |
|
|
$ |
8,362 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
4,084 |
|
|
$ |
9,653 |
|
|
|
|
|
Supplemental disclosure of
noncash investing and financing activities: |
|
|
|
Issuance of common stock for Marine Advanced Robotics earn out |
$ |
1,000 |
|
|
$ |
— |
|
Bonus paid through stock issuance |
$ |
250 |
|
|
$ |
— |
|
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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