Ocean Power Technologies Inc (OPTT) reported a modest Q3 2025 revenue of $0.825 million against a backdrop of material non-operating expenses and a sizable quarterly loss. Gross profit amounted to $0.197 million, yielding a gross margin of approximately 23.9%, but operating expenses surged by the impact of other charges to push EBITDA to a negative $5.689 million and net income to a loss of $6.72 million (EPS -$0.0455). The quarter was characterized by an accelerated cash burn from operations (-$3.74 million) and a sizable financing infusion (+$11.89 million) via equity issuance, which boosted ending cash to about $10.18 million and left OPTT with a net cash position of roughly -$7.96 million of net debt (net cash negative? Note: the company reports net debt negative, i.e., net cash). These dynamics imply a near-term liquidity runway contingent on further equity raises or licensing/contract wins, rather than robust operating cash generation. The balance sheet remains cash-rich for a small cap industrials player, with current ratio ~3.88 and a strong cash position, but accumulated deficits and a minimal revenue engine underscore the high execution risk in scaling commercialization of PowerBuoy-based solutions. Management commentary (where available) was not provided in the data; the narrative thus centers on cash-flow milestones, cost structure, and strategic repositioning needs to advance toward meaningful commercial cadence.