Ocean Power Technologies Announces First Quarter FY2021 Results
September 14 2020 - 4:48PM
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
ReviewRevenue 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 FlowTotal 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 & WebcastOPT 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
ID#13694019. The archived webcast will also be available on the OPT
website investor relations page.
About Ocean Power TechnologiesHeadquartered 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 StatementsThis 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 FollowAdditional 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 InformationInvestors: 609-730-0400 x401
or InvestorRelations@oceanpowertech.com Media: 609-730-0400 x402 or
MediaRelations@oceanpowertech.com
Ocean 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-term |
707 |
|
|
707 |
|
|
Accounts receivable |
21 |
|
|
105 |
|
|
Contract assets |
366 |
|
|
251 |
|
|
Other current assets |
447 |
|
|
588 |
|
|
|
Total current assets |
12,606 |
|
|
11,653 |
|
Property and
equipment, net |
462 |
|
|
499 |
|
Right-of-use
asset, net |
1,113 |
|
|
1,165 |
|
Restricted cash- long-term |
221 |
|
|
221 |
|
|
|
Total assets |
$ |
14,402 |
|
|
$ |
13,538 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
228 |
|
|
$ |
220 |
|
|
Accrued expenses |
1,783 |
|
|
1,353 |
|
|
Contract liabilities- current |
87 |
|
|
100 |
|
|
Right-of-use
liability- current |
236 |
|
|
229 |
|
|
Warrant liabilities |
- |
|
|
- |
|
|
Paycheck
protection program loan- current |
396 |
|
|
- |
|
|
|
Total current liabilities |
2,730 |
|
|
1,902 |
|
Right-of-use
liability less current portion |
1,017 |
|
|
1,078 |
|
Contract liabilities less current portion |
44 |
|
|
65 |
|
Paycheck
protection program loan less current portion |
494 |
|
|
- |
|
|
|
Total liabilities |
4,285 |
|
|
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, respectively |
19 |
|
|
13 |
|
|
Treasury stock, at cost; 4,251 shares |
(302 |
) |
|
(302 |
) |
|
Additional paid-in capital |
234,089 |
|
|
231,101 |
|
|
Accumulated deficit |
(223,521 |
) |
|
(220,136 |
) |
|
Accumulated other comprehensive loss |
(168 |
) |
|
(183 |
) |
|
|
Total stockholders' equity |
10,117 |
|
|
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
revenues |
334 |
|
|
367 |
|
|
|
Gross loss |
(165 |
) |
|
(165 |
) |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Engineering and product development costs |
1,252 |
|
|
1,198 |
|
|
Selling, general and administrative costs |
1,987 |
|
|
1,697 |
|
|
|
Total operating expenses |
3,239 |
|
|
2,895 |
|
Operating
loss |
(3,404 |
) |
|
(3,060 |
) |
|
|
|
|
|
|
|
|
Gain due to the
change in fair value of warrant liabilities |
- |
|
|
6 |
|
Interest income,
net |
11 |
|
|
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 assets |
37 |
|
|
85 |
|
|
|
Amortization of right of use asset |
52 |
|
|
- |
|
|
|
Compensation expense related to stock option grants and restricted
stock |
116 |
|
|
92 |
|
|
|
Gain due to the
change in fair value of warrant liabilities |
- |
|
|
(6 |
) |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
84 |
|
|
(9 |
) |
|
|
|
Contract assets |
(115 |
) |
|
(121 |
) |
|
|
|
Other assets |
181 |
|
|
(30 |
) |
|
|
|
Accounts payable |
8 |
|
|
(215 |
) |
|
|
|
Accrued expenses |
381 |
|
|
(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 Loan |
890 |
|
|
- |
|
|
Proceeds from
issuance of common stock- Aspire financing |
|
|
|
|
|
|
|
net of issuance
costs |
2,635 |
|
|
- |
|
|
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 activities |
3,768 |
|
|
(19 |
) |
Effect of exchange
rate changes on cash, cash equivalents and restricted cash |
32 |
|
|
(20 |
) |
|
|
|
|
Net increase/(decrease) in cash, cash equivalents and restricted
cash |
1,063 |
|
|
(3,672 |
) |
Cash, cash
equivalents and restricted cash, beginning of period |
10,930 |
|
|
17,159 |
|
Cash, cash
equivalents and restricted cash, end of period |
$ |
11,993 |
|
|
$ |
13,487 |
|
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