Ocean Power Technologies, Inc.

Good morning, ladies and gentlemen. Welcome to the Ocean Power Technologies fourth quarter fiscal year 2021 conference call. A webcast of this call is also available on the company's website at www.oceanpowertechnologies.com. As a reminder, this conference call is being recorded and will be available for replay after its completion. Today, Philip Stratman, President and Chief Executive Officer, and Matthew Schaefer are Senior Vice President, Chief Financial Officer, and Treasurer are on the call. Following prepared remarks, we will open the call to questions. On July 19th, 2021, OPT issued its earnings press release and filed its quarterly report on Form 10-K for the quarter and fiscal year ended April 30th, 2021 with the Securities and Exchange Commission. All OPT public filings are available on the SEC website at sec.gov or in the OPT website's investor relations section. Please note that management's prepared remarks may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases and are based on assumptions made by management regarding future circumstances over which the company may have little or no control and involve risks uncertainties, and other factors that may cause actual results to materially differ from any future results expressed or implied by such forward-looking statements. For a further discussion of these risks and uncertainties, please refer to our most recent Form 10-K and subsequent filings with the SEC. We disclaim any obligation or intent to update the forward-looking statements in order to reflect events or circumstances discussed in this call. Now I'd like to introduce Dr. Philip Stratton. Thank you, you may begin.

Thank you and good morning. Today, I will review OPT's business operations and provide an update on activities and developments during fiscal year 2021 and up to today. Then Matt will review our financials before we open the line for questions. Off the top, I'd like to take a moment to introduce myself. I joined OPT in 2019 as Vice President of Global Business Development global energy industry experience and leadership positions with Velocis, Intermoor, an acting group company, and Ernst & Young, in addition to experience with VT Shipbuilding and Shell. I was born in Germany, studied in England, and hold a doctorate in engineering management and a master's degree in ship science from the United Kingdom's University of Southampton. I served in the German Navy, and I've worked worldwide and in many other regions OPT is working to sell its solutions. Until recently, I have worked in our Houston office, and I am now in the process of moving my family closer to OPT's New Jersey headquarters. I am proud that the Board of Directors has chosen me to lead the next chapter of OPT's development, and I'm excited to execute the company's ambitious plans for growth. Despite the challenges of the COVID-19 pandemic during fiscal year 2021, OPT continued to progress, notably successfully acquiring 3DEM technology. The addition of Freedent grew our presence in Houston and opened up new avenues for strategic consulting services, providing engineering and design services for offshore energy customers, including oil and gas contractors, offshore wind, wave energy, and marine construction and service companies. The fiscal year also saw OPT delivering studies for defence contractor Adams Communication and Engineering Technology for the US Navy Naval Postgraduate School SLAMA initiative. and oil and gas consortium Deepstar on subsea oil production applications for the PV3 power buoy. OPT also deployed a PV3 power buoy in Chile, achieved a PV3 operational milestone in the Adriatic Sea, and launched two new products, hybrid power buoy and subsea battery. The company had a key goal of improving its financial position and reducing capital risk in fiscal year 2021. I'm going to ask Matt to expand on that now as he discusses OPT's financials.

Thank you, Philip, and good morning, everyone. We are all very excited to have Philip in this capacity and are all very much looking forward to working together. I want to highlight that during fiscal year 2021, OPT significantly improved its cash position, generating more than $80 million in net proceeds through utilization of its at-the-market facilities and equity line common stock purchase agreements. Also recently, OPT changed its listing from the NASDAQ capital market to the NYSE American Stock Exchange. We believe this transition enhances the visibility of the company, and like our recent addition to the Russell Microcap Index, not only benefits our existing shareholders, but will also lead to greater exposure to potential investors. With that, now turning to the OPT financials. Revenue for the fourth quarter of fiscal year 2021 was $600,000. That was essentially flat compared to the same period in the prior year. Revenue for the full fiscal year 2021 was $1.2 million, reflecting a 28% decrease from fiscal 2020. The decline in revenue for the full year was mainly attributable to COVID-19 pandemic-related project delays. The net loss for the fourth quarter and fiscal year 2021 was $5.2 million and $14.8 million, respectively, representing increases over the prior year comparable periods primarily attributable to higher costs incurred due to COVID-19 pandemic delays, higher engineering, product development, and general and administrative costs, and the impact of an arbitration settlement. On the balance sheet, total cash, cash equivalents, and restricted cash was $83.6 million as of April 30th, 2021. Net cash used in operating activities increased by $1.1 million compared to the 12 months ended April 30, 2020. With that, I'll turn it back to Philip.