v3.26.1
Property and Equipment
 12 Months Ended
Apr. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment

(6) Property and Equipment

 

The components of property and equipment as of April 30, 2026 and 2025 consisted of the following:

 

   April 30, 2026   April 30, 2025 
   (in thousands) 
Equipment  $4,465   $1,569 
Computer equipment & software   643    620 
Office furniture & equipment   427    425 
Leasehold improvements   683    683 
Leased WAM-V’s   1,807    1,735 
Leased Buoys   5,662    949 
Property and equipment, gross   13,687    5,981 
Less: accumulated depreciation   (3,432)   (2,537)
Property and equipment, net  $10,255   $3,444 

 

Leased WAM-V’s and buoys represent fixed assets that are associated with underlying operating leases with customers or for customer demonstration as discussed in the revenue recognition section related to ASC 842.

 

Depreciation expense was approximately $895,000 and $771,000 for years ended April 30, 2026 and 2025, respectively. Of these amount, $0.2 million is related to a buoy that has left our facility but has not been placed into operation as of April 30, 2026. Additionally, the Company recognized an impairment on fixed assets of $0.8 million related to boats that were being used for internal product development and commercial driven operations.