Ocean Power Technologies, Inc. ("OPT"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, announced financial results for the fourth quarter and full fiscal year 2021, ended April 30, 2021.
Fiscal Year 2021 and Recent Operational Highlights
- Acquired 3Dent Technology to add offshore engineering and consulting services to the Company's portfolio of offerings
- Contracted with Adams Communication & Engineering Technology, Inc. ("ACET") for U.S. Navy Naval Postgraduate School's Sea, Land, Air, Military Research ("SLAMR") Initiative study
- Completed DeepStar® study of utilizing OPT's PB3 PowerBuoy® for deepwater subsea oil production applications
- Deployed a PB3 PowerBuoy® in Chile
- Achieved PB3 PowerBuoy® operational milestone in the Adriatic Sea
- Launched two new products: Hybrid PowerBuoy® and Subsea Battery
- Opened a Houston office to support energy sector business development
"Despite the challenges presented by the COVID-19 pandemic, during fiscal year 2021, OPT continued its business progression, including the successful acquisition and integration of 3Dent Technology, which will open up new avenues for consulting services, and we significantly improved our cash position," said Philipp Stratmann, OPT's President and Chief Executive Officer. "I am proud to say that our offices have reopened, and we continue to operate with attention to safety as the pandemic subsides."
Stratmann continued, "I'm excited to be leading OPT at this juncture, and believe the Company is well-positioned for success in terms of products, solutions, and customer developments. Our growth strategy, including a particular focus on Maritime Domain Awareness and expansion in the ocean protection and ocean data markets, will help solidify our position as a leader in maritime power and data solutions." Stratmann concluded, "We are energized and excited for the year ahead and our plans to grow our business to benefit our shareholders."
Fourth Quarter and Fiscal Year 2021 Financial Review
Revenue for the fourth quarter of fiscal year 2021 was $0.6 million, essentially flat compared to the prior-year period, while revenue for the full fiscal year 2021 was $1.2 million, reflecting a 28% decrease from fiscal 2020. The decline in revenue for the full year was mainly attributable to COVID-19 pandemic-related project delays. The net loss for the fourth quarter and fiscal year 2021 was $5.2 million, and $14.8 million, respectively, representing increases over the prior year comparable periods primarily attributable to higher costs incurred due to COVID-19 pandemic-related delays, higher engineering, product development, and general and administrative costs, and the impact of an arbitration settlement.
Balance Sheet and Cash Flow
Total cash, cash equivalents, and restricted cash was $83.6 million as of April 30, 2021. Net cash used in operating activities increased by $1.1 million during the fiscal year ended April 30, 2021, to $11.7 million. The use of cash reflects the timing of the receipt of proceeds on the sale of net operating losses, which occurred subsequent to yearend for fiscal 2021, and within the fiscal year 2020.