Ocean Power Technologies Inc 2024年度报告

Form10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedApril 30,2025 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto. Commission File Number001-33417 Ocean Power Technologies, Inc. 22-2535818(I.R.S. EmployerIdentification No.) 28 ENGELHARD DRIVE,SUITE BMONROE TOWNSHIP,NJ08831(Address of principal executive offices, including zip code) Registrant’s telephone number, including area code:(609)730-0400 Securities registered pursuant to Section 12(b) of the Act: Name of Exchange on Which RegisteredNYSE American Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The aggregate market value of the common stock of the registrant held by non-affiliates as of October 31, 2024, the last business dayof the registrant’s most recently completed second fiscal quarter, was $18.7million based on the closing sale price of the registrant’scommon stock on that date as reported on the NYSE American. The number of shares outstanding of the registrant’s common stock as of July 22, 2025 was177,542,775. OCEAN POWER TECHNOLOGIES, INC.ANNUAL REPORT ON FORM 10-KTABLE OF CONTENTS PART IItem 1.Business1Item 1A.Risk Factors15Item 1B.Unresolved Staff Comments31Item 2.Properties32Item 3.Legal Proceedings33Item 4.Mine Safety Disclosures33 PART IIItem 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities34Item 6.Selected Financial Data35Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations35Item 7A.Quantitative and Qualitative Disclosures About Market Risk45Item 8.Financial Statements and Supplementary Data45Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure46Item 9A.Controls and Procedures46Item 9B.Other Information47 Item 10.Directors, Executive Officers and Corporate Governance47Item 11.Executive Compensation51Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters62Item 13.Certain Relationships and Related Transactions, and Director Independence62Item 14.Principal Accountant Fees and Services63 PowerBuoy®, PB-Vue®, PowerTower®, Making Waves in Power®, Talk on Water®, Merrows™, WAM-V®and the OceanPower Technologies logo are trademarks of Ocean Power Technologies, Inc. All other@ tra