Summary by Moomoo AI
Ocean Power Technologies, Inc. reported financial results for Q1 fiscal 2025 ended July 31, 2024. Revenue remained stable at $1.3 million compared to the same period last year. Net loss decreased to $4.5 million from $7.0 million in Q1 2024, reflecting cost reduction efforts. Cash used in operations declined to $6.1 million from $8.0 million year-over-year.The company made progress commercializing its maritime domain awareness and autonomous vehicle solutions. Key developments included new reseller agreements, a patent pending for docking technology, and contracts with the Naval Postgraduate School. OPT also launched global 24/7 service support to drive recurring revenues.Management noted substantial completion of R&D efforts, allowing increased focus on commercial activities. However, OPT's cash balance of $3.3 million as of July 31 may not be sufficient to fund operations through September 2025, raising substantial doubt about its ability to continue as a going concern. The company is pursuing additional financing options to address liquidity needs.