Ocean Power Technologies, Inc. ("OPT"), 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
"We made great progress during the quarter as we continue our strategic transformation from a research and 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 $3.0 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.