---
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"
generated_at: "2026-06-13T09:20:54.015170+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# OPT FY2023 revenue up 55% to $2.7M; net loss widens to $26.3M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-024338
- JSON: https://secwatch.observer/filing/0001493152-23-024338.json
- Plain text: https://secwatch.observer/filing/0001493152-23-024338.txt

## Key facts
- Earnings Releases
  Ocean Power Technologies, Inc. updated its fiscal year 2024 guidance (initiated).
  - Period: fiscal year 2024
  - Guidance: initiated
  - Result: guidance update
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1378140/000149315223024338/0001493152-23-024338-index.htm
- Earnings Releases
  Ocean Power Technologies, Inc. reported fiscal year ended April 30, 2023 results: revenue $2.7 million, net income ($26.3) million.
  - Period: fiscal year ended April 30, 2023
  - Revenue: $2.7 million
  - Net income: ($26.3) million
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1378140/000149315223024338/0001493152-23-024338-index.htm
- Earnings Releases
  Ocean Power Technologies, Inc. reported fiscal fourth quarter ended April 30, 2023 results: revenue $1.0 million, net income ($9.5) million.
  - Period: fiscal fourth quarter ended April 30, 2023
  - Revenue: $1.0 million
  - Net income: ($9.5) million
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1378140/000149315223024338/0001493152-23-024338-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.