Ocean Power Tech Q2 orders surge to $2.3M; annual meeting adjourned for lack of quorum

Ocean Power Technologies, Inc.

2024-Q2 EPS reported -$0.19 revenue$1,017,000

Q2 orders $2.3M (vs $0.1M prior year); fiscal year order guidance reaffirmed at $9.0M.
Revenue $0.3M (+23% YoY); net loss $4.8M improved from $5.2M loss prior year.
Cash $46.4M, no debt; operating cash burn $11.0M for six months.
Annual meeting adjourned to Jan 13, 2023 due to lack of quorum; votes still being solicited.
Awarded $0.5M government surveillance contract; $1.1M advance for MOSWEC wave energy project.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Ocean Power Technologies, Inc. reported fiscal second quarter ended October 31, 2022 results: revenue $0.3 million, net income $4.8 million.

Period: fiscal second quarter ended October 31, 2022
Revenue: $0.3 million
Net income: $4.8 million
Result: reported results

Exact text from the filing

● Revenues for the 2Q23 were $0.3 million, as compared to $0.2 million in 2Q22. Revenues increased to $1.0 million for the six months ended 2Q23, as compared to $0.5 million for the same period in the six month period, reflecting growth of 96.0%. This growth has been driven by sales of WAM-V’s and an increase in Strategic Consulting Services during the first six months ended 2Q23. 1 ● Engineering and product development costs were $1.8 million in the 2Q23, down slightly from the $2.2 million in 1Q23 due to timing of projects and programs. ● Selling, general, and administrative (SG&A) costs were $4.6 million for the 2Q23, reflecting an increase over $4.1 million for 1Q23. This increase is mainly related to increased payroll related expenses in the quarter. ● Net loss was $4.8 million for the 2Q23, as compared to $5.2 million for the 2Q22. Net loss was $10.7 million for the six months ended 2Q23, as compared to a net loss of $8.3 million for the same period 2Q22.

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Source: SEC EDGAR

accession 0001493152-22-035445

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