OPTT — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-03-17

• ● our failure to apply technology, data analytics and artificial intelligence effectively in driving value for our customers through technology-based solutions, or failure to gain internal efficiencies and effective internal controls through the application of technology and related tools;

• These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company’s operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising …

• In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) which is intended to streamline the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accorda…

• Three months ended January 31, Nine months ended January 31,

• Other expense, net for the three months ended January 31, 2026 and 2025 was $96,000 and (13,000), respectively. This change is due to insurance proceeds in the current year, whereas the prior year expense was related to realized foreign exchange loss.

Text removed vs the prior filing · source: 10-Q · 2025-12-15

• The Company believes cash on hand and forecasted operating results will provide sufficient liquidity to meet its obligation for at least the next 12 months. Convertible debt is expected to be repaid through the issuance of common stock. Subsequent to quarter end and through the date of this filing a…

• Other (expense) income, net for the three months ended October 31, 2025 and 2024 was $(128,000) and zero, respectively, with the decrease primarily related to a litigation settlement of $195,000, offset by insurance proceeds of $67,000 in the current year

• Six months ended October 31, 2025 compared to the six months ended October 31, 2024

• The following table contains selected statement of operations information, which serves as the basis of the discussion of our results of operations for the six months ended October 31, 2025 and 2024.

• Revenues for the six months ended October 31, 2025 and 2024 were approximately $1.6 million and $3.7 million, respectively. The year-over-year decrease is primarily related to the timing of deliveries on current year projects versus the prior year contracts of WAM-Vs.

Text added vs the prior filing · source: 10-Q · 2026-03-17

• There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the nine months ended January 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial …

Text removed vs the prior filing · source: 10-Q · 2025-12-15

• As previously disclosed in our Annual Report on Form 10-K for the year ended April 30, 2024, management identified material weaknesses in internal control over financial reporting related to control activities around share-based compensation and risk assessment and design of controls related to inve…

• There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the six months ended October 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial r…

Text added vs the prior filing · source: 10-Q · 2026-03-17

• Our ability to adopt and use artificial intelligence could have a material impact on our business.

• The development, adoption and use of artificial intelligence (“AI”) technologies are rapidly transforming our industry, enabling faster data analysis and automation through machine learning and predictive modeling. Many of our competitors are investing heavily in AI-driven capabilities to enhance cu…

• There are doubts about our ability to continue as a going concern.

• Our current cash balance may not be sufficient to fund our planned expenditures through twelve months from the filing date of this Form 10-Q. These conditions raise substantial doubt about our ability to continue as a going concern. The ability to continue as a going concern is dependent upon our op…

Text removed vs the prior filing · source: 10-Q · 2025-12-15

• Our convertible notes have certain limitations on sales in this offering and our use of proceeds, which may limit our ability to use this offering to raise capital.

• The convertible notes that we issued in May and October 2025 include certain limitation on the total dollars we can raise under our ATM program and also may require us to use the proceeds of the ATM program to pay down the principal and interest on those convertible notes. In addition, the investors…

• Any current or future indebtedness may limit our operations and our use of our cash flow, and any failure to comply with the covenants that apply to any indebtedness could adversely affect our liquidity and financial condition.

• We issued an aggregate of $16.5 million in convertible notes to investors in May and October 2025 and have the option to issue up to an additional $8.5 million in convertible notes under the same investment agreement. Our debt level and the need to meet related covenants can have negative consequenc…

• Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our obligations under our convertible notes.