Summary by Moomoo AI
Ocean Power Technologies reported Q3 FY2025 revenues of $0.8 million, down from $1.8 million in Q3 FY2024, with a net loss of $6.7 million. The company's backlog increased to $7.5 million as of January 31, 2025, compared to $3.3 million a year ago. Gross margin was $0.2 million, while operating expenses decreased to $6.1 million from $8.6 million YoY due to cost reduction initiatives.The company secured several strategic partnerships and contracts during the period, including a $5 million commitment in Latin America for PowerBuoys and WAM-V systems, and distribution agreements in the UAE and Kuwait. OPT also received funding from the Naval Postgraduate School for PowerBuoy deployment in Monterey Bay, integrating AI-capable Merrows technology with AT&T 5G communications.Management raised concerns about going concern, noting that current cash balance of $10.2 million may not be sufficient to fund operations through March 2026. The company completed several financing activities, including an ATM facility raising $16.9 million and a convertible note offering of up to $54 million, with an initial $4 million note already converted to equity at $0.26 per share.
Comment(0)
Reason For Report