revenue $513,000, net income -$11.4M. Ocean Power flags going-concern doubt as cash may not last 12 months despite backlog surge

Filed March 17, 2026 · Period ending January 31, 2026 · Compared to 10-Q Mar 17, 2025 · ~1 min read

Key Changes

• high

  Backlog tripled to $19.9M from $7.5M year-over-year, expected to convert within 12-36 months. However, new risk disclosure warns conversion timing is uncertain and subject to customer schedule changes and regulatory approvals.

  MD&A: Backlog verify on EDGAR →
• high

  Operating expenses jumped $8.5M (54%) year-over-year to $24.2M, driven primarily by $6.5M in share-based compensation. This reverses prior-year cost-cutting efforts and raises questions about cash burn sustainability.

  MD&A: Operating Expenses verify on EDGAR →
• high

  Material weaknesses in internal controls over financial reporting have been remediated. Management now concludes disclosure controls are effective as of January 31, 2026, versus ineffective in prior year.

  Controls and Procedures verify on EDGAR →