Ocean Power Technologies revises fiscal 2026 results after audit

Ocean Power Technologies, Inc. (NYSE American: OPTT) revised its preliminary financial results for the fiscal year ended April 30, 2026, following additional audit procedures and consultation with the National Office of its independent registered public accounting firm, according to a company statement.

The revisions reduced revenue by approximately $0.4 million, from $4.1 million to $3.7 million. Gross loss narrowed by approximately $2.2 million, from $8.1 million to $5.9 million, and operating loss decreased by approximately $1.5 million. Net loss increased by approximately $5.2 million, from $43.7 million to $48.9 million, for the fiscal year ended April 30, 2026.

Net loss for the fiscal year ended April 30, 2025 also increased by approximately $3.0 million due to the recognition of a loss on changes in fair value of a financial instrument.

The company stated that the revisions reflect changes in accounting treatment only and do not affect underlying business activities, cash or cash flows, or the terms of any customer contracts. The preliminary results were originally announced on July 23, 2026.

For the fiscal year ended April 30, 2026, total assets were $39.9 million, compared with $30.8 million a year earlier. Total liabilities rose to $27.4 million from $4.1 million, driven in part by $10.4 million in convertible notes payable and $6.0 million in current contract liabilities. Cash and cash equivalents at year-end were $8.7 million.

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