Thu, Jul 25, 8:17 PM (44 days ago)
Ocean Power Technologies, Inc. (OPT) filed its annual report on Form 10-K for the fiscal year ending April 30, 2024. The company, not a well-known seasoned issuer, focuses on three service areas: Data as a Service (DaaS), Robotics as a Service (RaaS), and Power as a Service (PaaS). OPT has pivoted from research and development to commercial activities, resulting in $4.5 million in annual run rate savings. The company reported a net loss of $27.5 million for fiscal 2024, with an accumulated deficit of $307.6 million. Revenue concentration is high, with four customers accounting for 52% of total revenue. The backlog increased to $4.9 million from $4.0 million in the prior year. OPT's strategic focus on defense and security markets includes recent contracts with the U.S. Navy and NOAA. The company is also addressing macroeconomic risks, supply chain issues, and cybersecurity threats while pursuing growth through partnerships and international market expansion.