The revenue decline and expanding losses outweigh the record backlog and Coast Guard contract narrative. Watch for FY27 Q1 revenue conversion from the $19.8M backlog and any further dilution from convertible notes or equity raises given the $8.7M cash balance against $9.2M in convertible debt.
Price Chart
Executive Summary
Ocean Power Technologies reported FY26 (ending April 30, 2026) revenue of $4.1M, down 30% YoY from $5.9M, with a net loss of -$43.7M (-$0.22/share) vs -$21.5M (-$0.17/share) last year, driven by a gross loss of -$8.1M and $9.5M in non-cash stock-based compensation. The company highlighted a record backlog of $19.8M (+58% YoY) and a $6.5M Coast Guard contract, but the sharp revenue decline, expanding losses, and $9.2M in convertible notes payable create a bearish fundamental picture despite the strategic pivot narrative.
Key Financial Metrics
Key Facts
- FY26 revenue fell 30% YoY to $4.1M from $5.9M
- Net loss widened to -$43.7M (-$0.22/share) from -$21.5M (-$0.17/share)
- Gross loss of -$8.1M vs gross profit of $1.7M in FY25
- Record backlog of $19.8M, up 58% YoY from $12.5M
- Cash and equivalents of $8.7M vs $6.7M at FY25 year-end
- Convertible notes payable of $9.2M added to balance sheet
- EPS of -$0.06 beat consensus of -$0.12 by 47.8% for Q3 2026 period
- Operating cash flow used -$22.7M vs -$18.6M in FY25
Financial Impact
Revenue declined $1.8M (30% YoY); net loss increased $22.2M (103% YoY); gross margin swung from +$1.7M to -$8.1M
Risk Factors
- Continued revenue decline and inability to convert backlog into recognized revenue
- Further dilution from convertible notes or equity offerings to fund operations
- Cash burn rate of -$22.7M operating cash flow may require additional financing within 12 months
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3332592 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Press Release | $0.6824 | awaiting T+5 | — | $0.6624 (−2.93%) |
Oct 15, 2026 12d ago | EFFECT | $0.6878 $0.6496 | ▼ −5.55% | ▼ −4.54% | $0.6624 (−3.69%) |
Oct 14, 2026 12d ago | 424B5 | $0.6878 $0.6496 | ▲ +5.55% | ▲ +4.54% | $0.6624 (+3.69%) |
Oct 7, 2026 19d ago | 8-K/A | $0.9001 $0.6878 | ▼ −23.59% | ▼ −23.31% | $0.6624 (−26.41%) |
Oct 6, 2026 20d ago | 8-K | $0.9600 $0.6600 | ▼ −31.25% | ▼ −30.27% | $0.6624 (−31.00%) |
Sep 25, 2026 4w ago | S-1/A | $1.67 $0.9594 | ▼ −42.55% | ▼ −43.76% | $0.6624 (−60.34%) |
Sep 25, 2026 4w ago | 8-K | $1.67 $0.9594 | ▲ +42.55% | ▲ +43.76% | $0.6624 (+60.34%) |
Sep 11, 2026 6w ago | 8-K | $0.1065 $2.11 | ▲ +1881.22% | ▲ +1881.56% | $0.6624 (+521.97%) |
Aug 24, 2026 9w ago | 8-K | $0.1815 $0.1732 | ▲ +4.57% | ▲ +5.04% | $0.6624 (−264.96%) |
Aug 21, 2026 9w ago | Press Release | $0.1815 $0.1732 | ▲ +4.57% | ▲ +5.04% | $0.6624 (−264.96%) |
US Market Status
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