ocean power technologies appoints new auditor after merger

Ocean Power Technologies, Inc. (NYSE:OPTT), a $92 million market cap company with a 24% revenue growth in the last twelve months, has announced a change in its independent registered public accounting firm following a merger involving its current auditor. According to InvestingPro analysis, the company maintains a solid liquidity position with a current ratio of 3.88, though its overall financial health score indicates some challenges. According to a recent SEC filing, the company was informed that Moss Adams LLP, its existing auditor, merged with Baker Tilly US, LLP on June 3, 2025. As a result, Moss Adams resigned as the company’s auditor, and the audit practices of both firms will now operate under the Baker Tilly name.

The Audit Committee of Ocean Power Technologies’ Board of Directors has approved the appointment of Baker Tilly as the new independent registered public accounting firm for the company. This decision was made in connection with the merger notification. InvestingPro data reveals that while the company holds more cash than debt on its balance sheet, it’s currently experiencing rapid cash burn - one of 13+ key insights available to subscribers.

Moss Adams had been appointed as the company’s independent auditor on August 19, 2024, for the fiscal year ending April 30, 2025. However, as of the merger date, Moss Adams had not issued an audit report on the company’s consolidated financial statements.

During the period from August 19, 2024, to June 3, 2025, there were no disagreements between Ocean Power Technologies and Moss Adams concerning accounting principles, financial statement disclosures, or audit procedures. Additionally, there were no reportable events that required disclosure under the relevant SEC regulations.

Ocean Power Technologies also confirmed that neither the company nor its representatives consulted with Baker Tilly on any accounting matters or audit opinions prior to the merger. The company has provided Moss Adams with a copy of the SEC filing and requested a letter to the Commission confirming the accuracy of the statements regarding the merger and auditor change.

The company included Moss Adams’ letter to the SEC, dated June 6, 2025, as an exhibit in the filing. This letter is incorporated by reference in the SEC document.

This information is based on a press release statement from Ocean Power Technologies’ SEC filing. The company’s stock has shown significant volatility, with a notable 211% return over the past year. For deeper insights into OPTT’s financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US stocks with detailed analysis and actionable intelligence.

In other recent news, Ocean Power Technologies has made significant strides with two major developments. The company secured a new contract with a European Offshore Services Provider for its WAM-V® unmanned surface vehicle, marking its expansion into the European Union. This contract is part of Ocean Power Technologies’ broader strategy to grow its market presence globally, including regions such as the United States, Latin America, and the Middle East. Additionally, Ocean Power Technologies announced a partnership with Grava Hydrographic Solutions LLC to enhance the distribution of its marine robotics technology in the U.S. market. This reseller agreement allows Grava Hydro to offer Ocean Power Technologies’ Wave Adaptive Modular Vessels (WAM-V®) for maritime applications. CEO Philipp Stratmann emphasized that this collaboration is a crucial step in strengthening the company’s domestic reseller network. These developments align with Ocean Power Technologies’ strategy to increase the accessibility of its products through established channel partners. Both announcements highlight the company’s efforts to convert potential customers into contracts and realize anticipated revenues.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.