Ocean Power Technologies (OPTT) Q4 2024 Earnings Report

Revenue: Q4 2024 revenue of $1.57M; YoY growth 60.4%, QoQ -12.3%. Full-year revenue: $5.50M; YoY growth 102%. Gross Profit: Q4 2024 gross profit $0.862M; gross margin 54.8%; full-year gross profit $2.80M. Operating Expenses: Q4 2024 operating expenses $7.50M; full-year $32.20M, including approximately $3.9M of extraordinary costs related to litigation and other shareholder actions. Operating Income: Q4 2024 operating loss of $6.72M; full-year operating loss aligns with the net loss of the period due to the same drivers. Net Income: Q4 2024 net loss of $6.72M; full-year net loss $27.5M. EPS: Q4 2024 diluted EPS -$0.11; full-year EPS -$0.11. Backlog: $4.9M as of April 30, 2024 (vs $4.0M prior year). Pipeline: current pipeline cited at $85M (opportunities under negotiation/NDAs). Cash & liquidity: cash and equivalents + short-term investments total $3.15M; net debt remained negative (net cash) at approximately -$0.58M. Backdrop: as of Q4, management projected contracted orders for fiscal 2025 of $12.5M with revenues near that level, supported by ongoing expansion into Latin America and the Middle East. Backstop: management highlighted a step-down in OpEx through headcount reductions and tighter cost controls, with an emphasis on scalable, high-margin service and solution delivery partnerships.