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Property and Equipment, net
 3 Months Ended
Jul. 31, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment, net

(6) Property and Equipment, net

 

The components of property and equipment, net as of July 31, 2026 and April 30, 2026 consisted of the following:

 

   July 31, 2026   April 30, 2026 
   (in thousands) 
Equipment  $4,539   $4,465 
Computer equipment & software   692    643 
Office furniture & equipment   427    427 
Leasehold improvements   683    683 
Leased WAM-V’s   2,066    1,807 
Leased Buoys   4,991    5,662 
Property and equipment, gross   13,398    13,687 
Less: accumulated depreciation   (3,600)   (3,432)
Property and equipment, net  $9,798   $10,255 

 

Leased WAM-V’s and buoys represent fixed assets that are associated with underlying operating leases with customers as discussed in the revenue recognition section related to ASC 842 or utilized for customer demonstrations. Of gross book amounts, $1.0 million is related to a buoy that has not been placed into operation as of July 31, 2026.

 

Depreciation expense was approximately $0.3 million and $0.2 million for the three months ended July 31, 2026 and 2025, respectively.

 

During the three months ended July 31, 2026, the Company recognized a non-cash abandonment loss of approximately $769,000 associated with a deployed mooring system that sank and could not be recovered. The asset had no estimated salvage value and was fully derecognized from property and equipment. The abandonment loss is included in operating expenses in the condensed consolidated statement of operations. No insurance recovery was recognized as of July 31, 2026.