Ocean Power Technologies, Inc.
OPTT Industrials Specialty Industrial Machinery
Ocean Power Technologies, Inc.’s revenue for fiscal 2026 (year ended April 2026) was $3.7 million, down 36.2% from fiscal 2025. In the quarter to July 2026, revenue grew 44.1%, EPS was flat, free cash flow fell 46.8% and total debt rose 13.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Ocean Power Technologies, Inc. (OPTT) Beneish M-score
Ocean Power Technologies, Inc.'s Beneish M-score for fiscal 2026 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.42 | (0.57) |
| FY2024 | −1.85 | 2.05 |
| FY2023 | −3.90 | (69.26) |
| FY2016 | 65.36 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.77 | — | 0.71 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 0.77 | — | 0.31 | |
| Sales growth index | 0.64 | — | 0.57 | |
| Depreciation index | 1.69 | — | 0.19 | |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (0.70) | — | −3.30 | |
| Leverage index | 6.19 | — | −2.03 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| XCH XCHG Limited compare | −5.0× |
| INLF INLIF Limited compare | −3.1× |
| SPPL SIMPPLE LTD. compare | −2.7× |
| JCSE JE Cleantech Holdings Limited compare | −2.0× |
| CETY Clean Energy Technologies, Inc. compare | −1.6× |
| WFF WF Holding Limited compare | −0.6× |
| VGTK Camber Energy, Inc. compare | — |
| BURU Nuburu, Inc. compare | — |
| OPTT Ocean Power Technologies, Inc. | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI