Canada markets close in 3 hours 25 minutes

Ocean Power Technologies, Inc. (OPTT)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
Add to watchlist
0.8798-0.0297 (-3.27%)
As of 12:28PM EDT. Market open.
Full screen
Trade prices are not sourced from all markets
Previous Close0.9095
Open0.8730
Bid0.8658 x 1200
Ask0.8799 x 1000
Day's Range0.8465 - 0.9027
52 Week Range0.3300 - 1.9000
Volume312,420
Avg. Volume2,216,804
Market Cap16.382M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-1.4360
Earnings DateSep. 15, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est6.00
  • GlobeNewswire

    Ocean Power Technologies Enters Into a New $12.5 Million Common Stock Purchase Agreement With Aspire Capital Fund

    New Agreement Provides Flexible Access to Funding at a Lower Cost of CapitalMONROE TOWNSHIP, N.J., Sept. 18, 2020 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (Nasdaq: OPTT), a leader in innovative and cost-effective ocean energy solutions, announced today it has executed a new Common Stock Purchase Agreement (the "Purchase Agreement") with Aspire Capital Fund, LLC ("Aspire Capital") to sell up to $12.5 million in common stock to Aspire Capital over a term of 30 months. Proceeds will be used by OPT to build additional PowerBuoys® as needed to meet potential market demand, to further advance the development of new products and solutions, and for other general corporate purposes. "We are excited to renew our relationship with Aspire Capital and the flexibility to potentially access capital on a cost-effective basis," said George H. Kirby, President and Chief Executive Officer of Ocean Power Technologies. "By focusing on lowering costs to obtain working capital, we believe this agreement allows the Company to receive a higher value return for funding to meet our projected sales growth and our continued innovations in providing ocean power."Key terms under the Purchase Agreement include: * The Company will control the timing and amount of any sales to Aspire Capital based on market price at the time of each sale; * Aspire Capital has no right to require any sales by OPT but is obligated to make purchases when the Company desires to sell shares of its common stock to Aspire Capital, in accordance with the terms of the Purchase Agreement; * The Company has the right to sell up to 250,000 shares of stock to Aspire Capital each trading day (a "regular purchase") at the lower of either: (a) the lowest sale price of the Company's common stock on that day; or (b) the arithmetic average of the three lowest closing sale prices during the ten consecutive trading days ending on the trading day immediately preceding that day; * The Company also has the right to sell shares to Aspire Capital at up to 30% to the trading volume of the shares for the next business day at a volume weighted average price ("VWAP") at the lesser of the closing sale price or 97% of the next day's VWAP. * Aspire Capital has agreed that neither it nor any of its agents, representatives, and affiliates shall engage in any direct or indirect short-selling or hedging of the Company's common stock during any time prior to the termination of the Purchase Agreement; * There are no limitations on the use of proceeds, financial covenants or restrictions on future financings and there are no rights of first refusal, participation rights, penalties, or liquidated damages in the Purchase Agreement; and * The Purchase Agreement may be terminated by the Company at any time, at its discretion, without any additional cost or penalty.A complete and detailed description of the Purchase Agreement and related Registration Rights Agreement are set forth in the Company's Current Report on Form 8-K filed on Friday, September 18, 2020, with the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.About Ocean Power Technologies Headquartered in Monroe Township, New Jersey, OPT aspires to transform the world through durable, innovative, and cost-effective ocean energy solutions. Its PowerBuoy® solutions platform provides clean and reliable electric power and real-time data communications for remote offshore and subsea applications in markets such as offshore oil and gas, defense and security, science and research, and communications. To learn more, visit www.oceanpowertechnologies.com.About Aspire Capital Fund LLC Aspire Capital is an institutional investor based in Chicago, Illinois, with a fundamental investment approach. Aspire Capital invests primarily in life sciences and technology companies with bright prospects and strong management teams whose full potential have not yet been realized in the market.Forward-Looking Statements This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the SEC for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release. CONTACT: Contact Information - OPT Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com

  • GlobeNewswire

    Ocean Power Technologies Announces First Quarter FY2021 Results

    Investor Conference Call and Webcast on September 15, 2020, at 11:00 A.M. ETMONROE TOWNSHIP, N.J., Sept. 14, 2020 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (“OPT” or “the Company”) (Nasdaq: OPTT), a leader in innovative and cost-effective ocean energy solutions, today announced financial results for the first quarter of fiscal year 2021 ended July 31, 2020.Recent Operational Highlights * OPT announced two complementary new products: the hybrid PowerBuoy® with solar panels and an efficient Stirling engine to power payloads independent of wave activity; and the Subsea Battery that is compatible with PowerBuoy® products or deployable as a standalone power source. * The Company unveiled a Surface Surveillance Solution integrating high-definition radar and cameras with state-of-the-art security sensors and software to enable agencies and organizations seeking to secure marine assets and territorial waters. * OPT expanded its sales team with an Indonesia-based Southeast Asia representative to execute the Company’s customer expansion strategy in the region. * The Company opened a Houston office strategically located adjacent to the city’s Energy Corridor as a base for regional sales and business development activities in support of Gulf of Mexico and broader U.S. and South America opportunities. * OPT’s PB3 PowerBuoy® on lease to Eni and deployed in the Adriatic Sea reached a milestone surpassing more than 600 days of continuous operation.Management Commentary “We are fielding strong demand for proposals of OPT solutions from diverse markets,” said George H. Kirby, President and Chief Executive Officer of OPT. “With new products and solutions, and an expanding sales and business development presence, we believe that we are well-positioned to deliver on our commitment to grow our revenue.”First Quarter Fiscal Year 2021 Financial Review Revenue for the first quarter of fiscal year 2021 was $0.2 million, which was essentially flat compared to the first quarter of fiscal year 2020. Revenue for the three months ended July 31, 2020, was primarily derived from the Enel Green Power project, while revenue for the same period in the prior year was mainly from projects with Premier Oil and the U.S. Navy. The net loss for the first quarter of fiscal 2021 increased by $0.4 million as compared to the first quarter of fiscal 2020, which was mainly attributable to product development and administrative costs.Balance Sheet and Cash Flow Total cash, cash equivalents, and restricted cash was $12.0 million as of July 31, 2020. Net cash used in operating activities decreased by $0.9 million during the first quarter of fiscal 2021 to $2.7 million, as compared to the first quarter of fiscal 2020. On May 5, 2020, the Company received $0.9 million from the Paycheck Protection Program made available by the Coronavirus Aid, Relief and Economic Security Act, commonly referred to as the CARES Act.Conference Call & Webcast OPT will host a conference call and webcast to review its financial and operating results on Tuesday, September 15, 2020, at 11:00 A.M. Eastern Time. Interested parties may access the conference call by dialing 877-407-8291 (toll-free in the U.S.) or 201-689-8345 for international callers.Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call available on the investor relations section of the Company’s website at https://www.oceanpowertechnologies.com/investor-relations.A digital replay will be available by telephone approximately two hours after the completion of the call and until December 15, 2020. It may be accessed by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID13694019. The archived webcast will also be available on the OPT website investor relations page.About Ocean Power Technologies Headquartered in Monroe Township, New Jersey, OPT aspires to transform the world through durable, innovative, and cost-effective ocean energy solutions. Its PowerBuoy® solutions platform provides clean and reliable electric power and real-time data communications for remote offshore and subsea applications in markets such as offshore oil and gas, defense and security, science and research, and communications. To learn more, visit www.oceanpowertechnologies.com.Forward-Looking Statements This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company’s current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company’s most recent Forms 10-Q and 10-K and subsequent filings with the SEC for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.Financial Tables Follow Additional information may be found in the Company’s Annual Report on Form 10-K that has been filed with the U.S. Securities and Exchange Commission (“SEC”). The Form 10-K may be accessed on www.sec.gov or the Company’s website in the Investor Relations section.Contact Information Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.comOcean Power Technologies, Inc. and Subsidiaries   Consolidated Balance Sheets   (in thousands, except share data)               July 31, 2020  April 30, 2020     (Unaudited)     ASSETS      Current assets:       Cash and cash equivalents$ 11,065  $ 10,002   Restricted cash- short-term707  707   Accounts receivable21  105   Contract assets366  251   Other current assets447  588    Total current assets12,606  11,653  Property and equipment, net462  499  Right-of-use asset, net1,113  1,165  Restricted cash- long-term221  221    Total assets$14,402  $ 13,538  LIABILITIES AND STOCKHOLDERS' EQUITY      Current liabilities:       Accounts payable$228  $ 220   Accrued expenses1,783  1,353   Contract liabilities- current87  100   Right-of-use liability- current236  229   Warrant liabilities-    -     Paycheck protection program loan- current396  -      Total current liabilities2,730  1,902  Right-of-use liability less current portion 1,017  1,078  Contract liabilities less current portion44  65  Paycheck protection program loan less current portion494  -      Total liabilities4,285  3,045  Commitments and contingencies (Note 15)      Stockholders’ Equity:       Preferred stock, $0.001 par value; authorized 5,000,000 shares,       none issued or outstanding-    -     Common stock, $0.001 par value; authorized 100,000,000 shares,       issued 18,624,816 and 12,939,420 shares, respectively19  13   Treasury stock, at cost; 4,251 shares(302) (302)  Additional paid-in capital234,089  231,101   Accumulated deficit(223,521) (220,136)  Accumulated other comprehensive loss(168) (183)   Total stockholders' equity10,117  10,493    Total liabilities and stockholders’ equity$14,402  $13,538  Ocean Power Technologies, Inc. and Subsidiaries   Consolidated Statements of Operations   (in thousands, except per share data)   (Unaudited)               Three months ended July 31,      2020  2019           Revenues$169  $202  Cost of revenues334  367    Gross loss (165) (165)          Operating expenses:       Engineering and product development costs1,252  1,198   Selling, general and administrative costs1,987  1,697    Total operating expenses3,239  2,895  Operating loss(3,404) (3,060)          Gain due to the change in fair value of warrant liabilities-    6  Interest income, net11  42  Foreign exchange gain/(loss)8  (13) Net loss$(3,385) (3,025) Basic and diluted net loss per share$ (0.22) $(0.50)  Weighted average shares used to compute            basic and diluted net loss per share 15,677,331  6,040,466           Ocean Power Technologies, Inc. and Subsidiaries Consolidated Statements of Cash Flows (in thousands) (Unaudited)                 Three months ended July 31,        2020  2019             Cash flows from operating activities:       Net loss$(3,385) $(3,025)  Adjustments to reconcile net loss to net cash used in operating activities:        Foreign exchange (gain)/loss(8) 13    Depreciation of fixed assets37  85    Amortization of right of use asset52  -      Compensation expense related to stock option grants and restricted stock116  92    Gain due to the change in fair value of warrant liabilities-    (6)   Changes in operating assets and liabilities:         Accounts receivable84  (9)    Contract assets(115) (121)    Other assets181  (30)    Accounts payable8  (215)    Accrued expenses381  (332)    Change in lease liability(54) (47)    Contract liabilities(34) (10)     Net cash used in operating activities(2,737) (3,605) Cash flows from investing activities:       Purchase of computers, equipment and furniture-    (28)     Net cash used in investing activities-    (28) Cash flows from financing activities:       Proceeds from Paycheck Protection Program Loan890  -     Proceeds from issuance of common stock- Aspire financing        net of issuance costs2,635  -     Proceeds from issuance of common stock- AGP At The Market offering,         net of issuance costs 243  -     Proceeds (costs) associated with exercise of pre-funded warrants-    (18)  Acquisition of treasury stock-    (1)     Net cash provided/ (used) by financing activities3,768  (19) Effect of exchange rate changes on cash, cash equivalents and restricted cash32  (20)     Net increase/(decrease) in cash, cash equivalents and restricted cash1,063  (3,672) Cash, cash equivalents and restricted cash, beginning of period10,930  17,159  Cash, cash equivalents and restricted cash, end of period$11,993  $ 13,487

  • GlobeNewswire

    Ocean Power Technologies Expands Commercial Team With Indonesia-Based Representative

    Newly Created Strategic Role Will Execute OPT’s Asia-Pacific Market ExpansionMONROE TOWNSHIP, N.J., Aug. 26, 2020 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NASDAQ: OPTT), a leader in innovative and cost-effective ocean energy solutions, today announced the addition of Gilar Prakoso to the OPT Commercial team as Asia-Pacific Representative, based in Jakarta, Indonesia. “The Asia-Pacific region presents significant opportunities for OPT’s power and communications solutions among nations concerned with maritime border enforcement and safeguarding vast oceanic resources,” said George H. Kirby, President and Chief Executive Officer of OPT. “Gilar’s fluency with local maritime agencies and industry, and his established relationships are essential to growing OPT’s customer base and cultivating regional partnerships. We are excited to have him on board to execute our market expansion strategy and promote our capabilities in this area of the world.”In Indonesia and throughout the Asia-Pacific region, OPT is developing new opportunities for protecting territorial waters, fortifying illegal fishing prosecution and prevention, and supporting oil well decommissioning in the area. The addition of an Asia-Pacific Representative builds on the Company’s existing business relationship with Taiwan-based satellite data solutions provider BAP Precision, Inc. to pursue joint surveillance solutions for government agencies announced earlier this year.In his role, Mr. Prakoso will provide local and regional support of OPT’s commercial activities, including direct sales, strategic relationships, and project execution.Mr. Prakoso was most recently Senior Officer at Directorate General of Capture Fisheries with the Ministry of Marine Affairs and Fisheries for the Republic of Indonesia. In that role, he monitored the Food and Agriculture Organization (FAO) of the United Nations’ Regional Fisheries Livelihood Program, supported and monitored the FAO Regional Fisheries Livelihood Programme (RFLP) in Kupang, East Nusa Tenggara, and developed an alternative livelihood program for small-scale fishermen. He was also the main contributor to the marine and fisheries geographic information system for Indonesia’s One Map Policy, specifically informing the national map and geodatabase of fishing ports, fisheries management areas, and utilization level of fish resources.Mr. Prakoso holds a Master of Environmental Science and Management degree from the University of Rhode Island as well as a Bachelor of Science degree in Fisheries from Bogor Agricultural University in Indonesia. He also has a Post-Baccalaureate Certificate in geographic information systems and remote sensing from the University of Rhode Island.About Ocean Power Technologies Headquartered in Monroe Township, New Jersey, OPT aspires to transform the world through durable, innovative, and cost-effective ocean energy solutions. Its PowerBuoy® solutions platform provides clean and reliable electric power and real-time data communications for remote offshore and subsea applications in markets such as offshore oil and gas, defense and security, science and research, and communications. To learn more, visit www.oceanpowertechnologies.com.Forward-Looking Statements This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company’s current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company’s most recent Forms 10-Q and 10-K and subsequent filings with the SEC for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.Contact Information Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com