{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-23-024338","form_type":"8-K","ticker":"OPTT","cik":"0001378140","company_name":"Ocean Power Technologies, Inc.","filed_at":"2023-07-12T23:59:59+00:00","discovered_at":"2026-05-14T18:03:33.742142+00:00","generated_at":"2026-06-13T09:20:54.015170+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"OPT FY2023 revenue up 55% to $2.7M; net loss widens to $26.3M","bullets":["Q4 revenue $1.0M (+29.5% YoY); Q4 net loss $9.5M vs $5.1M loss year ago.","FY2023 total orders $6.3M, up 250% from $1.8M YoY; backlog $4.0M.","Cash and short-term investments $34.7M, down from $57.3M; net cash used in ops $21.7M.","FY2024 guidance: contracted orders expected ~$15M, more than 2x FY2023."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-23-024338","json":"https://secwatch.observer/filing/0001493152-23-024338.json","markdown":"https://secwatch.observer/filing/0001493152-23-024338.md","text":"https://secwatch.observer/filing/0001493152-23-024338.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1378140/000149315223024338/0001493152-23-024338-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1378140/000149315223024338/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-13T09:20:54.015170+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"267f51f9cd6725cdb5280fecaed71ae2bfc69eb8","claim":"Ocean Power Technologies, Inc. updated its fiscal year 2024 guidance (initiated).","evidence_excerpt":"Introduction of Fiscal 2024 Annual Guidance The Company is also introducing the following select guidance for full-year fiscal 2024: ● Contracted orders for FY24 are expected to be approximately $15 million. This represents growth of more than 2x over FY23.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1378140/000149315223024338/0001493152-23-024338-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"fiscal year 2024"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"guidance update"}],"fact_type":"earnings_release"},{"claim_id":"a5c62f9b08fb6505490ffe60c43e85f9103efbf5","claim":"Ocean Power Technologies, Inc. reported fiscal year ended April 30, 2023 results: revenue $2.7 million, net income ($26.3) million.","evidence_excerpt":"FY23 FINANCIALS ● Revenues for FY23 increased to $2.7 million, a 55.3% increase over FY22. This growth has been driven by sales of WAM-V autonomous vehicles and an increase in strategic consulting services during the year. ● Gross profit for FY23 was $0.2 million, as compared to a gross loss of $(0.1) million for FY22. ● Operating expenses were $28.3 million in FY23, as compared to $21.5 million in FY22, primarily due to the inclusion of a full year of activity related to our MAR acquisition, and strategic increases in bonus and headcount, including additional resource needs in the areas of sales and marketing. ● Net loss was ($26.3) million for FY23, as compared to a net loss of ($18.9) million for FY22 which included non-cash equity compensation expense of $1.5 million and $1.2 million for FY23 and FY22, respectively.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1378140/000149315223024338/0001493152-23-024338-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"fiscal year ended April 30, 2023"},{"label":"Revenue","value":"$2.7 million"},{"label":"Net income","value":"($26.3) million"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"ef161247edb642b842c9a2f6b297243210ea30d2","claim":"Ocean Power Technologies, Inc. reported fiscal fourth quarter ended April 30, 2023 results: revenue $1.0 million, net income ($9.5) million.","evidence_excerpt":"4Q23 FINANCIALS ● Revenues for the 4Q23 were $1.0 million, 29.5% growth over 4Q22 revenues. ● Gross loss for 4Q23 was $133 thousand, as compared to a gross loss of $44 thousand in Q422. ● Operating expenses were $8.8 million in the 4Q23, up sequentially from $7.2 million in 3Q23, due to timing of projects and programs. ● Net loss was ($9.5) million for 4Q23, as compared to a net loss of ($5.1) million for the 4Q22.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1378140/000149315223024338/0001493152-23-024338-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"fiscal fourth quarter ended April 30, 2023"},{"label":"Revenue","value":"$1.0 million"},{"label":"Net income","value":"($9.5) million"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}