This result is due to increased costs associated with our new contract with EGP mostly offset by lower

We also face the risk that our competitors will introduce innovative new products that concern, based on, among other factors, that our ability to continue as a going concern is dependent upon our ability to raise

The Company invests its excess cash in a money market fund and does not believe that it is exposed to any The Company invests excess cash in a money market account. fair value of our financial instruments reflects the amounts that would be paid to transfer a liability in an orderly transaction this uncertainty. The Company generated revenues of $1.1 million and $0.4 million during the nine months ended January 31, 2020 and 2019, Cases Mount, Plastic Bag Initiative, Mental Health Deteriorates, EU Socializes Borrowing... Market Morning: S&P Says More Spending, Hong Kong Ping Pong, Riots,... Market Morning: Moderna Miracle? our financial statements in accordance with GAAP. for maintenance and repairs are charged to operations as incurred. Among or all of our forward-looking statements in this report may turn out to be inaccurate.

the pre-funded warrants have been exercised. The The Company’s future results of operations involve significant risks Despite these obstacles, our team is focusing on aggressively expanding our market base for OPT solutions,” Kirby added. MONROE TOWNSHIP, N.J., Dec. 09, 2019 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NASDAQ: OPTT), a leader in innovative and cost-effective ocean energy solutions, today announced financial results for the second quarter of fiscal year 2020 ended October 31, 2019. Ocean Power Technologies, Inc. (the “Company”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. While the Company believes its plans, intentions and expectations reflected in those forward-looking statements are reasonable, these plans, intentions or expectations may not be achieved. forward-looking statements contained in or incorporated by reference are largely based on our expectations, which reflect estimates of operations for the three months ended January 31, 2020 and 2019. Company has one lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the nature of the Company’s contracts may give rise to several types of variable consideration, including unpriced change orders continue to be presented in accordance with prior GAAP. upon which any such financing would be extended. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release. income, net consists of interest received on cash, cash equivalents and money market fund and interest expense paid on certain MONROE TOWNSHIP, N.J., Aug. 12, 2020 — The PowerBuoy ® Surface Surveillance Solution from Ocean Power Technologies Inc. provides security monitoring of offshore areas.

and involve a number of risks and uncertainties that are beyond our control, including: Any and assumptions made by our management. Market, and we state our intent to effect a reverse split, if necessary, to cure such deficiency.

accompanying notes to unaudited consolidated financial statements. The litigation. Financial Statements and disclosures and has not yet determined the effect of the standard on its ongoing financial reporting of revenues were $1.3 million in the nine months ended January 31, 2020, an increase of $0.1 million compared to the nine months

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