Ocean Power Technologies Inc (NYSEAMERICAN:OPTT) stock fell 6.43% (As on July 14, 11:13:26 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 22 has reported the revenues of $756,000 for 4Q22, due to growth in Strategic Consulting Services. Engineering and product development costs decreased by $377,000 from 3Q22 but remain elevated from FY21, mainly due to OPT’s investment in its proprietary MDA platform. Selling, general, and administrative (SG&A) costs – increased from 3Q22 and 4Q21 due primarily to increased equity compensation, expenses related to the acquisition of MAR, and recruiting expenses. The Company’s net loss of $5.2 million for Q422 compared to a net loss of $5.2 million for the Q421. The company had $57.5 million of combined cash, unrestricted cash, cash equivalents and short-term investments as of April 30, 2022. The Company has no bank debt. Net cash used in operating activities for Fiscal Year 2022 was $21.3 million, compared to $11.7 million for Fiscal Year 2021, primarily due to increase program expenses, acquisition expenses, and associated headcount.

Moreover, the company continued development of its proprietary next-generation Maritime Domain Awareness (“MDA”) solution, configured to provide cyber-secure autonomous monitoring of large ocean areas, such as windfarms, marine protected areas, and areas of interest to national security, suitable for installation on buoys and vehicles. This MDA solution, initially field tested in October 2021, is undergoing a planned second round of field testing, which commenced during Q1 of Fiscal 2023.

Meanwhile, the company has completed its acquisition of Marine Advanced Robotics (MAR) , which expanded OPT’s commercial offering into autonomous vehicles for maritime data services. MAR is expected to contribute approximately $2.0 million to revenue for Fiscal Year 2023. OPTT has partnered with Sulmara Subsea, a global provider of innovative survey and inspection services to the offshore energy sector, to develop advanced uses for OPT’s WAM-V autonomous surface vehicles. OPTT has received an award for its WAM-V unmanned surface vehicle from the Australian Defense Engineering Group (ADEG) of the Royal Australian Navy via our local partner Blue Zone Group. This will be used as a research and development test bed for the ADEG. The company has partnered with the Naval Surface Warfare Center’s Port Hueneme Division for its Advanced Naval Technology Exercise Coastal Trident demonstration, where OPT will be deploying a single PowerBuoy equipped with its MDA platform. The demonstration is intended to help provide data and monitoring of several offshore threats, including dark ship tracking, drug and human trafficking, and illegal fishing.