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(1) Background, Basis of Presentation and Liquidity (a) Background Ocean Power Technologies, Inc. (“OPT,” “we,” “our,” or “the Company”) is a maritime domain awareness (“MDA”) company specializing in innovative intelligent maritime solutions. These solutions include a variety of “as a service” systems, including Data as a Service (DaaS), Robotics as a Service (RaaS), and Power as a Service (PaaS). These systems consist of a variety of platforms including the PowerBuoy®, our persistent sensor and power solution, the WAM-V®, our autonomous unmanned surface vehicle, and Merrows™, our user interface and command and control system that integrates multiple sensor feeds using software and hardware and enables AI/ML integration. We design, manufacture, deploy, and operate these systems for defense, security, subsea infrastructure, offshore oil and gas, offshore energy, marine research, and communication markets. We operate primarily through a combination of direct sales and leases, strategic partnerships, and long-term service agreements. Our business model emphasizes capital-light deployments, recurring revenue from service and maintenance contracts, and high-margin technology sales and leases. We serve a global customer base, including the U.S. and allied defense agencies, offshore energy operators, and commercial interests. The common thread across these markets is the growing need for a persistent, autonomous, and sustainable offshore presence, a need we believe we are uniquely positioned to fulfill. The Company holds numerous patents and leverages decades of research including control systems, energy storage, and marine integration. Our headquarters and assembly operations are located in New Jersey, and we maintain an additional manufacturing and robotics development facility in Richmond, CA. In addition, the Company maintains an office at the AUVSI headquarters in Washington, D.C., which serves to strengthen our strategic position in the fast-growing uncrewed systems market. OPT is committed to enabling a smarter, safer ocean economy through innovation in ocean intelligence and power. As we look forward, our strategic priorities include expanding our customer and geographic base, accelerating technology adoption, enhancing recurring revenue, and driving margin growth through platform scalability and supply chain efficiencies. We were incorporated under the laws of the State of New Jersey in April 1984 and began commercial operations in 1994. On April 23, 2007, we reincorporated in Delaware. (b) Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and for interim financial information in accordance with the Securities and Exchange Commission (“SEC”), instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The interim operating results are not necessarily indicative of the results for a full year or for any other interim period. Further information on potential factors that could affect the Company’s financial results can be found in the Company’s Annual Report on Form 10-K for the year ended April 30, 2026, as filed with the SEC and elsewhere in subsequent Exchange Act filings, including this Form 10-Q. (c) Going Concern During the three months ended July 31, 2026, the Company incurred a net loss of approximately $10.5 million and used cash in operations of approximately $10.2 million. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and could cause actual results to vary materially from expectations include, but are not limited to, performance of its products, its ability to market and commercialize its products and new products that it may develop, access to capital and credit, technology development, scalability of technology and production, ability to attract and retain key personnel, concentration of customers and suppliers, pending or threatened litigation and deployment risks and integration of acquisitions. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company’s operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The accompanying consolidated financial statements have been prepared on a basis which assumes the Company is a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from any uncertainty related to the Company’s ability to continue as a going concern. Such adjustments could be material.

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(2) Summary of Significant Accounting Policies (a) Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries, Marine Advanced Robotics Inc. (CA), referred to herein as MAR, Oregon Wave Energy Partners I LLC (DE), and ReedSport OPT WavePark, LLC (OR). Ocean Power Technologies Ltd. in the United Kingdom was dissolved on April 22, 2025. All significant intercompany balances and transactions have been eliminated in consolidation. (b) Use of Estimates The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States (“US GAAP”) requires management of the Company to make several estimates and assumptions relating to the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, share-based compensation based on the likelihood of meeting performance obligations, over time revenue recognition, valuation consideration related to business combinations, including contingent consideration based on actual and projected revenues, in addition to discount rates and present values, valuation of derivative liabilities, valuation of debt instruments for which the Company has elected the fair value option, evaluation of net realizable value of inventory, and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets. Actual results could differ from those estimates. (c) Cash, Cash Equivalents, Restricted Cash and Security Agreements Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased, to be cash equivalents. The Company invests excess cash in a money market account or in short-term investments that are held-to-maturity. The Company had cash, cash equivalents, and restricted cash of approximately $7.5 million and $8.9 million as of July 31, 2026 and April 30, 2026, respectively. Restricted Cash and Security Agreements The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $154,000 is on deposit at Santander and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash, Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260731_z4bYrRWRtn34" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260430_zPp7wVseAYqg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzbyj_zboBP35MuIdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,356</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,719</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RestrictedCashAndInvestmentsCurrent_iI_pn3n3_maCCERCzbyj_zkDYikF9KQO4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash, short-term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">154</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">154</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzbyj_z8BVZiuP0I0h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Cash, cash equivalents, restricted cash and restricted cash</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,510</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,873</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> (d) Inventory In accordance with ASC 330 - Inventory, inventory is stated at the lower of cost or net realizable value applicable to goods on hand. As of both July 31, 2026 and April 30, 2026, the Company had an inventory reserve of $745,000 to recognize inventory at the lower of cost or net realizable value. Items remain in inventory until they are shipped to the customer, at which time the costs are transferred on a first in first out basis to cost of revenues, or moved to leased assets as applicable, following the matching principle where costs and revenues are recognized in the same period. The Company has three classes of inventory; raw materials, work in process, and finished goods. (e) Accounts Receivable, net Accounts receivable, net are stated at the net amount expected to be collected. Amounts are usually due between 30 and 90 days after the invoice issuance. The Company is exposed to credit losses primarily on accounts receivable and contract assets related to sales to customers. If applicable, an allowance for credit losses is established to provide for the expected lifetime credit losses by evaluating factors such as customer creditworthiness, historical payment and loss experiences, current economic conditions (including geographic and political risk), and the age and status of outstanding receivables. During the three months ended July 31, 2026, the Company did not adjust its allowance for credit losses. The allowance for credit losses was $652,000 at both July 31, 2026 and April 30, 2026. Expected credit losses are written off in the period in which the underlying financial assets are determined to be uncollectible. The Company grants credit to its customers, generally, without collateral, under normal payment terms. Generally, invoicing occurs after the services are performed or control of the product has transferred to the customer. Accounts receivable represents an unconditional right to consideration arising from the Company’s performance under contracts with customers. (f) Property and Equipment, net Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives (three to seven years) of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Expenses for maintenance and repairs are charged to operations as incurred. Property and equipment is also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Schedule of Property and Equipment Estimated Useful Life <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify">Description</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify">Estimated depreciable life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zGvFAYO8A5fh" title="Property and equipment, useful life (Year)">5-<span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zhZbcUkaRghf" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Computer equipment & software</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_ziFCJGeg4NJ4" title="Property and equipment, useful life (Year)">3 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Office furniture & fixtures</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zDyUS83BTBM" title="Property and equipment, useful life (Year)">3-<span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zqOJtOQykWqd" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leasehold improvements</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zMyjX6FF6ck9" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeTermOfLeaseMember">Shorter of the estimated useful life or lease term</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leased Power Buoy and mooring assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedPowerBuoysAndMooringAssetsMember_zvpahpx3Vw2i" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leased WAM-V assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">7 years</td></tr> </table> (g) Foreign Exchange Gains and Losses Transactions denominated in a foreign currency may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which, if applicable, are included in “Foreign exchange loss” in the accompanying Consolidated Statements of Operations. (h) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable and cash equivalents. The Company believes that its credit risk is limited because the Company’s current contracts are with entities with a reliable payment history. The Company performs a credit evaluation of new customers prior to extending credit terms and monitors existing customers for changes in credit quality. The Company invests its excess cash in a money market fund and does not believe that it is exposed to any significant risks related to its cash accounts or money market funds. For each of the three months ended July 31, 2026 and 2025, the Company had three and four customers, respectively, whose revenues accounted for at least 10% of the Company’s consolidated revenues. These revenues accounted for approximately <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260501__20260731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zz5eFQSZ2iWb" title="Concentration risk percentage">87% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20250731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zyTuvaZ1B2fd" title="Concentration risk percentage">89% of the Company’s total revenues for the respective periods. As of both July 31, 2026 and 2025, the Company had five customers, whose total receivable balance accounted for at least 10% of the Company’s consolidated receivables. These receivables accounted for approximately <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260501__20260731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveCustomersMember_zPwDnAgd0bXg" title="Concentration risk percentage">93% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20250731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveCustomersMember_zqvLEYIvmXs3" title="Concentration risk percentage">79% of the Company’s total receivables for July 31, 2026 and 2025. As of July 31, 2026, one commercial customer represented about <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260501__20260731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zrFWrP5dnJga" title="Concentration risk percentage">14% of our accounts receivable balance. As part of that contract, we granted extended payment terms that are not typical for the Company, which increases our credit exposure. We continue to monitor this receivable closely, and while we have not recorded an allowance because we believe collectability is probable, we acknowledge that these terms carry additional risk if the customer’s financial condition changes. In addition, we have fully reserved one other receivable balance from one customer that represented <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260501__20260731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_z5aRBEkyffbe" title="Concentration risk percentage">20% of the total gross accounts receivable balance, recognizing a loss of $<span id="xdx_902_eus-gaap--IncomeTaxExpenseBenefit_c20260501__20260731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zUJ8ID7BYgyd" title="Income tax expense (benefit)">373,000 for the prior fiscal year. (i) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the three months ended July 31, 2026 and 2025 was approximately $1.8 million and $2.4 million, respectively. The Company’s policy is to account for forfeitures of share-based compensation awards as they occur. Additionally, upon vesting of Restricted Stock Units (“RSU”) that were granted to an employee, the employee is given the option to either pay the taxes themselves, or have enough shares of their RSU award withheld by the Company to cover the taxes incurred by the employee. In the event the employee elects to surrender shares to cover the tax obligation, the Company maintains those shares in the Company’s treasury stock account. Shares held in the Company’s treasury stock account are not available for future RSU grants. (j) Revenue Recognition The Company accounts for revenue in accordance with ASC Topic 606 – Revenue from Contracts with Customers (“ASC 606”) for contracts with customers and ASC Topic 842 – Leases (“ASC 842”) for leasing arrangements. In relation to ASC 606, which states that a performance obligation is the unit of account for revenue recognition, the Company assesses the goods or services promised in a contract with a customer and identifies a performance obligation as either: a) a good or service (or a bundle of goods and/or services) that is distinct; or b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. A contract may contain a single performance obligation or multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contracted transaction price to each performance obligation based upon the relative standalone selling price, which represents the price the Company would sell a promised good or service separately to a customer. The Company determines the standalone selling price based upon the facts and circumstances of each obligated good or service. When no observable standalone selling price is available, the standalone selling price is generally estimated based upon the Company’s forecast of the total cost to satisfy the performance obligation plus an appropriate profit margin. The nature of the Company’s contracts may give rise to several types of variable consideration, including unpriced change orders, liquidated damages and penalties. Variable consideration can also arise from modifications to the scope of services. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on the assessment of legal enforceability, performance, and any other information (historical, current, and forecasted) that is reasonably available to us. There was no variable consideration as of July 31, 2026 or 2025. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs in costs of goods sold and regular shipping and handling activities charged to operating expenses. The Company recognizes revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either (1) at a point in time or (2) over time. A good or service is transferred when or as the customer obtains control (e.g., upon shipment, upon delivery, as services are rendered, or upon completion of service), including when performance obligations are satisfied in a bill-and-hold arrangement. The evaluation of whether control of each performance obligation is transferred at a point in time or over time is made at contract inception. Input measures such as costs incurred are utilized to assess progress against specific contractual performance obligations for the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the input method using costs incurred best represents the measure of progress against the performance obligations incorporated within the contractual agreements. If estimated total costs on any contract project a loss, the Company charges the entire estimated loss to operations in the period the loss becomes known. The cumulative effect of revisions to revenue, estimated costs to complete contracts, including penalties, change orders, claims, anticipated losses, and others are recorded in the accounting period in which the events indicating a loss are known and the loss can be reasonably estimated. These loss projections are re-assessed for each subsequent reporting period until the project is complete. Such revisions could occur at any time and the effects may be material. During the three-month period ended July 31, 2026, the Company recognized approximately $1.0 million in revenue related to performance obligations satisfied at a point in time and less than $0.1 million in revenue related to performance obligations satisfied over time. During the three-month period ended July 31, 2025, the Company recognized approximately $1.0 million in revenue related to performance obligations satisfied at a point in time and approximately $0.2 million in revenue related to performance obligations satisfied over time. The Company’s contracts are either cost-plus contracts, fixed-price contracts, time and material agreements, lease agreements or service agreements. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. The Company has two types of fixed-price contracts, firm fixed-price and cost-sharing. Under firm fixed-price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract, and a profit or loss is recognized depending on whether actual costs are more or less than the agreed-upon amount. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. Under cost-sharing contracts, an amount corresponding to the revenue is recorded in cost of revenue, resulting in gross profit on these contracts of zero. There is $0.3 million recognized in revenue as of July 31, 2026 related to zero margin agreements. The Company reports its disaggregation of revenue by contract type since this method best represents the Company’s business. For each of the three-month periods ended July 31, 2026 and 2025, the majority of the Company’s contracts were classified as firm fixed-price and the remainder were cost-sharing. Certain product sales are made under Ex Works (“EXW”) shipping terms. For these arrangements, the Company’s performance obligation is satisfied, and revenue is recognized, at a point in time when the product has been completed, is available for customer pickup at the Company’s designated facility, and control transfers to the customer. Control is considered to transfer when the customer has the present right to direct the use of, and obtain substantially all of the remaining benefits from, the product, including legal title and risk of loss in accordance with the contractual shipping terms. Under EXW arrangements, the customer is responsible for transportation, export and import clearance, freight costs, insurance, and all risks associated with the shipment after pickup. Shipping and handling activities performed by the Company after control transfers, if any, are accounted for as fulfillment activities and do not represent separate performance obligations. The Company’s contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations. The Company’s accounts receivable balance is made up entirely of customer contract-related balances. The Company’s revenue also includes revenue from certain contracts which do not fall within the scope of ASC 606, but under the scope of ASC 842, “Leases.” At inception of a contract for those classified under ASC 842, the Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC 842. If the direct financing or sales-type classification criteria are met, then the lease is accounted for as a financing lease. All others are treated as operating leases. The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term, or as agreed upon in-use days are utilized, which is presented in Revenues in the Consolidated Statement of Operations. The Company also enters into lease arrangements for its PowerBuoys® and Wave Adaptive Modular Vessels (“WAM-V®”) with certain customers. Revenue related to multiple-element arrangements is allocated to lease and non-lease elements based on their relative standalone selling prices or expected cost plus a margin approach. Lease elements generally include a PowerBuoy®, WAM-V®, and components, while non-lease elements, which the Company expects to become more prevalent, generally include engineering, monitoring and support services. In the lease arrangement, the customer may be provided with an option to extend the lease term or purchase the leased buoy or WAM-V® at some point during and/or at the end of the lease term. As of July 31, 2026, the Company’s remaining performance obligations that are expected to be recognized in the next 12 months totaled $1.1 million Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined that collectability of any portion of the contract value is not probable, an analysis of variable consideration will be performed using either the most likely amount or expected value method to determine the amount of revenue that must be constrained until the scenario causing the variability has been resolved. The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue. The table below represents the total revenue recognized under ASC 606 and ASC 842 for the three months ended July 31, 2026 and 2025. Schedule of Revenue Recognized Under ASC 606 and ASC 842 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; text-align: center"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260501__20260731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zoElRglUVCad" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 606</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260501__20260731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zidBj1okiaIc" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 842</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260501__20260731_zrsBxOOSFsJl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="border-left: Black 1pt solid; display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250501__20250731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zHdzJaWOPzU3" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 606</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250501__20250731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zPFdbqFGN3O3" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 842</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250501__20250731_zC5z7THU7hZf" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-left: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended July 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-left: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td><td style="border-left: Black 1pt solid"> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Product Line:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--WAMVMember_z13iCPxdo248" style="vertical-align: bottom; background-color: White"> <td style="width: 28%">WAM-V</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">321</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">68</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">389</td><td style="width: 1%; text-align: left"> </td><td style="border-left: Black 1pt solid; width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,038</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">67</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,105</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--BuoyMember_zYYwwY2UIfQd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Buoy</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">616</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right">66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ServiceMember_z82sNAUAtGol" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">698</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">698</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-left: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ProductMember_zo2ZViusXAJ7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">657</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,703</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left">$</td><td style="text-align: right">1,115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,182</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Region:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--NorthAndSouthAmericaMember_zQ3b81whi6p" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">North and South America</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">768</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">589</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,357</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left">$</td><td style="text-align: right">134</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">134</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--EMEAMember_z83RSaIv0vth" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>EMEA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">89</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right">980</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,047</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember_zCdnCOl4FGja" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Asia and Australia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">257</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">257</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-left: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_zK3eyv9At4F6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">657</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,703</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left">$</td><td style="text-align: right">1,115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,182</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_znomzYwCijak" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none">Revenues</td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,046</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">657</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,703</td><td style="display: none; text-align: left"> </td><td style="border-left: Black 1pt solid; display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,115</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">67</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,182</td><td style="display: none; text-align: left"> </td></tr> </table> Revenue by geographic region is presented based on the location of the customer’s corporate headquarters (or principal place of business), which management uses to determine the geographic region for financial reporting purposes. Accordingly, the geographic classification of revenue may differ from the ultimate destination of the products delivered or the location where services are performed or equipment is deployed. (k) Net Loss per Common Share Basic and diluted net loss per common share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents outstanding during the period. Due to the Company’s net losses, potentially dilutive securities, consisting of options and warrants to purchase shares of common stock, unvested RSUs issued to employees and non-employee directors, and convertible notes were excluded from the diluted loss per share calculation due to their anti-dilutive effect. In computing diluted net loss per common share on the Consolidated Statement of Operations, options and warrants to purchase shares of common stock, unvested RSUs issued to employees and non-employee directors, and notes convertible into common stock totaling <span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20260501__20260731_zc08N17ONylj" title="Antidilutive securities excluded from computation of diluted net loss per share">2,378,061 and <span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250501__20250731_zz5HIzYY8NZ5" title="Antidilutive securities excluded from computation of diluted net loss per share">742,838 for the three months ended July 31, 2026 and 2025, respectively, were excluded from each of the computations as the effect would have been anti-dilutive due to the net loss for the periods. Share purchase rights, which include a contingency, are not included in the calculation until the contingency is resolved. (l) Intangibles, net Separately identifiable intangible assets acquired in a business combination are recognized apart from goodwill and are initially recognized at their fair value at the acquisition date. Intangible assets, including patents, are amortized over the estimated useful life of the asset on a basis that approximates the pattern of economic benefit. The patents, trade name and customer relationship intangibles are being amortized over <span id="xdx_905_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260731__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--PatentsMember_zTr35g1KJyq" title="Intangible asset estimated lives">20, <span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260731__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zKyb4oDEXSEk" title="Intangible asset estimated lives">12 and <span id="xdx_90A_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260731__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zjrTvcwPbL7a" title="Intangible asset estimated lives">10 years respectively, which is consistent with the estimated pattern of economic benefit of the assets. The trademark is not subject to amortization. Intangible assets are reviewed for impairment if indicators of potential impairment exist. There were no indications of potential impairment of intangible assets for either the three months ended July 31, 2026 or 2025. (m) Goodwill Goodwill is assessed for impairment using a qualitative or quantitative approach. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. There were no indications of potential impairment of goodwill identified for the year ended April 30, 2026. There were no indications of potential impairment of goodwill identified for the three months ended July 31, 2026. Where the Company uses a qualitative analysis, it considers factors that include historical financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is also performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time to determine fair value of the Company. If the fair value is less than the carrying amounts, an impairment charge for the difference is recorded. The Company acquired goodwill as part of its purchase of MAR. Management performed its annual qualitative assessment in the last quarter of fiscal year 2026 and 2025 and determined that it is more likely than not that no goodwill impairment existed as of April 30, 2026 and 2025. (n) Income Taxes The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon examination. Management must believe there is at least a 50% chance of a tax position being sustained for its maximum realizable value for it to be recognized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses, to the extent incurred. Refer to Note 16 for additional disclosure. In order to monetize their attributes, the Company has historically sold the Net Operating Losses (NOLs) generated in New Jersey. The Company has elected to recognize the gain on the sale as a component of tax expense at the time of the sale. Prior to the time of sale, the Company has elected to not factor the expected sales when assessing the realizability of the related deferred tax assets. (o) Accumulated Other Comprehensive Loss The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in Accumulated Other Comprehensive (Income) Loss within Shareholders’ Equity. For each of the three months ended July 31, 2026 and 2025, there were no amounts recorded to other comprehensive (income) loss due to no longer having any foreign subsidiaries. (p) Warranty The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. Warranty expense incurred to date has not been material. (q) Product Development Costs related to product development activities by the Company are expensed as incurred. The Company had approximately $2.7 million and $0.6 million in product development expense for the three months ended July 31, 2026 and 2025, respectively. (r) Derivative Financial Instruments The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives. Additionally, the Company evaluates all freestanding equity-linked instruments to determine if they meet the definition of a derivative. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the statement of operations each period. Freestanding equity-linked instruments that meet the definition of a derivative are also recognized at fair value, with changes in fair value recognized in the statement of operations each period. (s) Recently Issued Accounting Standards In recent periods, the FASB issued certain ASUs that may be relevant to the Company’s operations and financial reporting. We are currently evaluating the potential impact of these ASUs and adopting them when applicable based on their effective dates. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which improves the transparency of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. The Company adopted ASU 2023-09 on May 1, 2026. The adoption of this standard did not have an impact on the Company’s interim consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-3, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses This ASU improves the disclosures about a public business entity’s expenses and addresses requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating what the potential impact of adopting this ASU 2024-03 could have on our consolidated financial statements and disclosures In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05). ASU 2025-05 provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The Company adopted ASU 2025-05 on May 1, 2026 and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes certain aspects of the accounting for, and disclosure of, internal-use software costs. The ASU removes all references to software development project stages so that the guidance is neutral to different software development methods and clarifies the threshold entities apply to begin capitalizing costs. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) which is intended to streamline the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements.

(a) Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries, Marine Advanced Robotics Inc. (CA), referred to herein as MAR, Oregon Wave Energy Partners I LLC (DE), and ReedSport OPT WavePark, LLC (OR). Ocean Power Technologies Ltd. in the United Kingdom was dissolved on April 22, 2025. All significant intercompany balances and transactions have been eliminated in consolidation.

(b) Use of Estimates The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States (“US GAAP”) requires management of the Company to make several estimates and assumptions relating to the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, share-based compensation based on the likelihood of meeting performance obligations, over time revenue recognition, valuation consideration related to business combinations, including contingent consideration based on actual and projected revenues, in addition to discount rates and present values, valuation of derivative liabilities, valuation of debt instruments for which the Company has elected the fair value option, evaluation of net realizable value of inventory, and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets. Actual results could differ from those estimates.

(c) Cash, Cash Equivalents, Restricted Cash and Security Agreements Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased, to be cash equivalents. The Company invests excess cash in a money market account or in short-term investments that are held-to-maturity. The Company had cash, cash equivalents, and restricted cash of approximately $7.5 million and $8.9 million as of July 31, 2026 and April 30, 2026, respectively. Restricted Cash and Security Agreements The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $154,000 is on deposit at Santander and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash, Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260731_z4bYrRWRtn34" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260430_zPp7wVseAYqg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzbyj_zboBP35MuIdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,356</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,719</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RestrictedCashAndInvestmentsCurrent_iI_pn3n3_maCCERCzbyj_zkDYikF9KQO4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash, short-term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">154</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">154</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzbyj_z8BVZiuP0I0h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Cash, cash equivalents, restricted cash and restricted cash</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,510</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,873</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

7500000

8900000

154000

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash, Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260731_z4bYrRWRtn34" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260430_zPp7wVseAYqg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzbyj_zboBP35MuIdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,356</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,719</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RestrictedCashAndInvestmentsCurrent_iI_pn3n3_maCCERCzbyj_zkDYikF9KQO4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash, short-term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">154</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">154</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzbyj_z8BVZiuP0I0h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Cash, cash equivalents, restricted cash and restricted cash</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,510</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,873</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

7356000

8719000

154000

7510000

8873000

(d) Inventory In accordance with ASC 330 - Inventory, inventory is stated at the lower of cost or net realizable value applicable to goods on hand. As of both July 31, 2026 and April 30, 2026, the Company had an inventory reserve of $745,000 to recognize inventory at the lower of cost or net realizable value. Items remain in inventory until they are shipped to the customer, at which time the costs are transferred on a first in first out basis to cost of revenues, or moved to leased assets as applicable, following the matching principle where costs and revenues are recognized in the same period. The Company has three classes of inventory; raw materials, work in process, and finished goods.

745000

(e) Accounts Receivable, net Accounts receivable, net are stated at the net amount expected to be collected. Amounts are usually due between 30 and 90 days after the invoice issuance. The Company is exposed to credit losses primarily on accounts receivable and contract assets related to sales to customers. If applicable, an allowance for credit losses is established to provide for the expected lifetime credit losses by evaluating factors such as customer creditworthiness, historical payment and loss experiences, current economic conditions (including geographic and political risk), and the age and status of outstanding receivables. During the three months ended July 31, 2026, the Company did not adjust its allowance for credit losses. The allowance for credit losses was $652,000 at both July 31, 2026 and April 30, 2026. Expected credit losses are written off in the period in which the underlying financial assets are determined to be uncollectible. The Company grants credit to its customers, generally, without collateral, under normal payment terms. Generally, invoicing occurs after the services are performed or control of the product has transferred to the customer. Accounts receivable represents an unconditional right to consideration arising from the Company’s performance under contracts with customers.

652000

(f) Property and Equipment, net Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives (three to seven years) of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Expenses for maintenance and repairs are charged to operations as incurred. Property and equipment is also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Schedule of Property and Equipment Estimated Useful Life <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify">Description</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify">Estimated depreciable life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zGvFAYO8A5fh" title="Property and equipment, useful life (Year)">5-<span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zhZbcUkaRghf" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Computer equipment & software</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_ziFCJGeg4NJ4" title="Property and equipment, useful life (Year)">3 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Office furniture & fixtures</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zDyUS83BTBM" title="Property and equipment, useful life (Year)">3-<span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zqOJtOQykWqd" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leasehold improvements</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zMyjX6FF6ck9" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeTermOfLeaseMember">Shorter of the estimated useful life or lease term</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leased Power Buoy and mooring assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedPowerBuoysAndMooringAssetsMember_zvpahpx3Vw2i" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leased WAM-V assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">7 years</td></tr> </table>

Schedule of Property and Equipment Estimated Useful Life <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify">Description</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify">Estimated depreciable life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zGvFAYO8A5fh" title="Property and equipment, useful life (Year)">5-<span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zhZbcUkaRghf" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Computer equipment & software</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_ziFCJGeg4NJ4" title="Property and equipment, useful life (Year)">3 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Office furniture & fixtures</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zDyUS83BTBM" title="Property and equipment, useful life (Year)">3-<span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zqOJtOQykWqd" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leasehold improvements</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zMyjX6FF6ck9" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeTermOfLeaseMember">Shorter of the estimated useful life or lease term</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leased Power Buoy and mooring assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedPowerBuoysAndMooringAssetsMember_zvpahpx3Vw2i" title="Property and equipment, useful life (Year)">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leased WAM-V assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">7 years</td></tr> </table>

P5Y

P7Y

P3Y

P7Y

(g) Foreign Exchange Gains and Losses Transactions denominated in a foreign currency may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which, if applicable, are included in “Foreign exchange loss” in the accompanying Consolidated Statements of Operations.

(h) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable and cash equivalents. The Company believes that its credit risk is limited because the Company’s current contracts are with entities with a reliable payment history. The Company performs a credit evaluation of new customers prior to extending credit terms and monitors existing customers for changes in credit quality. The Company invests its excess cash in a money market fund and does not believe that it is exposed to any significant risks related to its cash accounts or money market funds. For each of the three months ended July 31, 2026 and 2025, the Company had three and four customers, respectively, whose revenues accounted for at least 10% of the Company’s consolidated revenues. These revenues accounted for approximately <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260501__20260731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zz5eFQSZ2iWb" title="Concentration risk percentage">87% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20250731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourCustomersMember_zyTuvaZ1B2fd" title="Concentration risk percentage">89% of the Company’s total revenues for the respective periods. As of both July 31, 2026 and 2025, the Company had five customers, whose total receivable balance accounted for at least 10% of the Company’s consolidated receivables. These receivables accounted for approximately <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260501__20260731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveCustomersMember_zPwDnAgd0bXg" title="Concentration risk percentage">93% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250501__20250731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveCustomersMember_zqvLEYIvmXs3" title="Concentration risk percentage">79% of the Company’s total receivables for July 31, 2026 and 2025. As of July 31, 2026, one commercial customer represented about <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260501__20260731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zrFWrP5dnJga" title="Concentration risk percentage">14% of our accounts receivable balance. As part of that contract, we granted extended payment terms that are not typical for the Company, which increases our credit exposure. We continue to monitor this receivable closely, and while we have not recorded an allowance because we believe collectability is probable, we acknowledge that these terms carry additional risk if the customer’s financial condition changes. In addition, we have fully reserved one other receivable balance from one customer that represented <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260501__20260731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_z5aRBEkyffbe" title="Concentration risk percentage">20% of the total gross accounts receivable balance, recognizing a loss of $<span id="xdx_902_eus-gaap--IncomeTaxExpenseBenefit_c20260501__20260731__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zUJ8ID7BYgyd" title="Income tax expense (benefit)">373,000 for the prior fiscal year.

0.87

0.89

0.93

0.79

0.14

0.20

373000

(i) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the three months ended July 31, 2026 and 2025 was approximately $1.8 million and $2.4 million, respectively. The Company’s policy is to account for forfeitures of share-based compensation awards as they occur. Additionally, upon vesting of Restricted Stock Units (“RSU”) that were granted to an employee, the employee is given the option to either pay the taxes themselves, or have enough shares of their RSU award withheld by the Company to cover the taxes incurred by the employee. In the event the employee elects to surrender shares to cover the tax obligation, the Company maintains those shares in the Company’s treasury stock account. Shares held in the Company’s treasury stock account are not available for future RSU grants.

1800000

2400000

(j) Revenue Recognition The Company accounts for revenue in accordance with ASC Topic 606 – Revenue from Contracts with Customers (“ASC 606”) for contracts with customers and ASC Topic 842 – Leases (“ASC 842”) for leasing arrangements. In relation to ASC 606, which states that a performance obligation is the unit of account for revenue recognition, the Company assesses the goods or services promised in a contract with a customer and identifies a performance obligation as either: a) a good or service (or a bundle of goods and/or services) that is distinct; or b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. A contract may contain a single performance obligation or multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contracted transaction price to each performance obligation based upon the relative standalone selling price, which represents the price the Company would sell a promised good or service separately to a customer. The Company determines the standalone selling price based upon the facts and circumstances of each obligated good or service. When no observable standalone selling price is available, the standalone selling price is generally estimated based upon the Company’s forecast of the total cost to satisfy the performance obligation plus an appropriate profit margin. The nature of the Company’s contracts may give rise to several types of variable consideration, including unpriced change orders, liquidated damages and penalties. Variable consideration can also arise from modifications to the scope of services. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on the assessment of legal enforceability, performance, and any other information (historical, current, and forecasted) that is reasonably available to us. There was no variable consideration as of July 31, 2026 or 2025. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs in costs of goods sold and regular shipping and handling activities charged to operating expenses. The Company recognizes revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either (1) at a point in time or (2) over time. A good or service is transferred when or as the customer obtains control (e.g., upon shipment, upon delivery, as services are rendered, or upon completion of service), including when performance obligations are satisfied in a bill-and-hold arrangement. The evaluation of whether control of each performance obligation is transferred at a point in time or over time is made at contract inception. Input measures such as costs incurred are utilized to assess progress against specific contractual performance obligations for the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the input method using costs incurred best represents the measure of progress against the performance obligations incorporated within the contractual agreements. If estimated total costs on any contract project a loss, the Company charges the entire estimated loss to operations in the period the loss becomes known. The cumulative effect of revisions to revenue, estimated costs to complete contracts, including penalties, change orders, claims, anticipated losses, and others are recorded in the accounting period in which the events indicating a loss are known and the loss can be reasonably estimated. These loss projections are re-assessed for each subsequent reporting period until the project is complete. Such revisions could occur at any time and the effects may be material. During the three-month period ended July 31, 2026, the Company recognized approximately $1.0 million in revenue related to performance obligations satisfied at a point in time and less than $0.1 million in revenue related to performance obligations satisfied over time. During the three-month period ended July 31, 2025, the Company recognized approximately $1.0 million in revenue related to performance obligations satisfied at a point in time and approximately $0.2 million in revenue related to performance obligations satisfied over time. The Company’s contracts are either cost-plus contracts, fixed-price contracts, time and material agreements, lease agreements or service agreements. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. The Company has two types of fixed-price contracts, firm fixed-price and cost-sharing. Under firm fixed-price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract, and a profit or loss is recognized depending on whether actual costs are more or less than the agreed-upon amount. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. Under cost-sharing contracts, an amount corresponding to the revenue is recorded in cost of revenue, resulting in gross profit on these contracts of zero. There is $0.3 million recognized in revenue as of July 31, 2026 related to zero margin agreements. The Company reports its disaggregation of revenue by contract type since this method best represents the Company’s business. For each of the three-month periods ended July 31, 2026 and 2025, the majority of the Company’s contracts were classified as firm fixed-price and the remainder were cost-sharing. Certain product sales are made under Ex Works (“EXW”) shipping terms. For these arrangements, the Company’s performance obligation is satisfied, and revenue is recognized, at a point in time when the product has been completed, is available for customer pickup at the Company’s designated facility, and control transfers to the customer. Control is considered to transfer when the customer has the present right to direct the use of, and obtain substantially all of the remaining benefits from, the product, including legal title and risk of loss in accordance with the contractual shipping terms. Under EXW arrangements, the customer is responsible for transportation, export and import clearance, freight costs, insurance, and all risks associated with the shipment after pickup. Shipping and handling activities performed by the Company after control transfers, if any, are accounted for as fulfillment activities and do not represent separate performance obligations. The Company’s contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations. The Company’s accounts receivable balance is made up entirely of customer contract-related balances. The Company’s revenue also includes revenue from certain contracts which do not fall within the scope of ASC 606, but under the scope of ASC 842, “Leases.” At inception of a contract for those classified under ASC 842, the Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC 842. If the direct financing or sales-type classification criteria are met, then the lease is accounted for as a financing lease. All others are treated as operating leases. The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term, or as agreed upon in-use days are utilized, which is presented in Revenues in the Consolidated Statement of Operations. The Company also enters into lease arrangements for its PowerBuoys® and Wave Adaptive Modular Vessels (“WAM-V®”) with certain customers. Revenue related to multiple-element arrangements is allocated to lease and non-lease elements based on their relative standalone selling prices or expected cost plus a margin approach. Lease elements generally include a PowerBuoy®, WAM-V®, and components, while non-lease elements, which the Company expects to become more prevalent, generally include engineering, monitoring and support services. In the lease arrangement, the customer may be provided with an option to extend the lease term or purchase the leased buoy or WAM-V® at some point during and/or at the end of the lease term. As of July 31, 2026, the Company’s remaining performance obligations that are expected to be recognized in the next 12 months totaled $1.1 million Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined that collectability of any portion of the contract value is not probable, an analysis of variable consideration will be performed using either the most likely amount or expected value method to determine the amount of revenue that must be constrained until the scenario causing the variability has been resolved. The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue. The table below represents the total revenue recognized under ASC 606 and ASC 842 for the three months ended July 31, 2026 and 2025. Schedule of Revenue Recognized Under ASC 606 and ASC 842 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; text-align: center"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260501__20260731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zoElRglUVCad" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 606</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260501__20260731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zidBj1okiaIc" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 842</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260501__20260731_zrsBxOOSFsJl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="border-left: Black 1pt solid; display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250501__20250731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zHdzJaWOPzU3" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 606</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250501__20250731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zPFdbqFGN3O3" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 842</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250501__20250731_zC5z7THU7hZf" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-left: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended July 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-left: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td><td style="border-left: Black 1pt solid"> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Product Line:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--WAMVMember_z13iCPxdo248" style="vertical-align: bottom; background-color: White"> <td style="width: 28%">WAM-V</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">321</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">68</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">389</td><td style="width: 1%; text-align: left"> </td><td style="border-left: Black 1pt solid; width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,038</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">67</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,105</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--BuoyMember_zYYwwY2UIfQd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Buoy</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">616</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right">66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ServiceMember_z82sNAUAtGol" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">698</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">698</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-left: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ProductMember_zo2ZViusXAJ7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">657</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,703</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left">$</td><td style="text-align: right">1,115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,182</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Region:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--NorthAndSouthAmericaMember_zQ3b81whi6p" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">North and South America</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">768</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">589</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,357</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left">$</td><td style="text-align: right">134</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">134</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--EMEAMember_z83RSaIv0vth" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>EMEA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">89</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right">980</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,047</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember_zCdnCOl4FGja" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Asia and Australia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">257</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">257</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-left: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_zK3eyv9At4F6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">657</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,703</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left">$</td><td style="text-align: right">1,115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,182</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_znomzYwCijak" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none">Revenues</td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,046</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">657</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,703</td><td style="display: none; text-align: left"> </td><td style="border-left: Black 1pt solid; display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,115</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">67</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,182</td><td style="display: none; text-align: left"> </td></tr> </table> Revenue by geographic region is presented based on the location of the customer’s corporate headquarters (or principal place of business), which management uses to determine the geographic region for financial reporting purposes. Accordingly, the geographic classification of revenue may differ from the ultimate destination of the products delivered or the location where services are performed or equipment is deployed.

1000000.0

100000

1000000.0

200000

300000

1100000

The table below represents the total revenue recognized under ASC 606 and ASC 842 for the three months ended July 31, 2026 and 2025. Schedule of Revenue Recognized Under ASC 606 and ASC 842 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; text-align: center"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260501__20260731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zoElRglUVCad" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 606</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260501__20260731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zidBj1okiaIc" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 842</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260501__20260731_zrsBxOOSFsJl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="border-left: Black 1pt solid; display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250501__20250731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdate606Member_zHdzJaWOPzU3" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 606</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250501__20250731__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardUpdate201602Member_zPFdbqFGN3O3" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">ASC 842</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250501__20250731_zC5z7THU7hZf" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-left: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended July 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-left: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 606</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ASC 842</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td><td style="border-left: Black 1pt solid"> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Product Line:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--WAMVMember_z13iCPxdo248" style="vertical-align: bottom; background-color: White"> <td style="width: 28%">WAM-V</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">321</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">68</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">389</td><td style="width: 1%; text-align: left"> </td><td style="border-left: Black 1pt solid; width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,038</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">67</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,105</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--BuoyMember_zYYwwY2UIfQd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Buoy</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">616</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right">66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ServiceMember_z82sNAUAtGol" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">698</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">698</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-left: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ProductMember_zo2ZViusXAJ7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">657</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,703</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left">$</td><td style="text-align: right">1,115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,182</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Region:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--NorthAndSouthAmericaMember_zQ3b81whi6p" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">North and South America</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">768</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">589</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,357</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left">$</td><td style="text-align: right">134</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">134</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--EMEAMember_z83RSaIv0vth" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>EMEA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">89</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left"> </td><td style="text-align: right">980</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,047</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--AsiaAndAustraliaMember_zCdnCOl4FGja" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Asia and Australia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">257</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">257</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-left: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_zK3eyv9At4F6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">657</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,703</td><td style="text-align: left"> </td><td style="border-left: Black 1pt solid"> </td> <td style="text-align: left">$</td><td style="text-align: right">1,115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,182</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_pn3n3_hsrt--StatementGeographicalAxis__custom--RegionMember_znomzYwCijak" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none">Revenues</td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,046</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">657</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,703</td><td style="display: none; text-align: left"> </td><td style="border-left: Black 1pt solid; display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,115</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">67</td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right">1,182</td><td style="display: none; text-align: left"> </td></tr> </table>

321000

68000

389000

1038000

67000

1105000

27000

589000

616000

66000

698000

11000

1046000

657000

1703000

1115000

67000

1182000

768000

589000

1357000

134000

21000

68000

89000

980000

67000

1047000

257000

1000

1046000

657000

1703000

1115000

67000

1182000

1046000

657000

1703000

1115000

67000

1182000

(k) Net Loss per Common Share Basic and diluted net loss per common share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents outstanding during the period. Due to the Company’s net losses, potentially dilutive securities, consisting of options and warrants to purchase shares of common stock, unvested RSUs issued to employees and non-employee directors, and convertible notes were excluded from the diluted loss per share calculation due to their anti-dilutive effect. In computing diluted net loss per common share on the Consolidated Statement of Operations, options and warrants to purchase shares of common stock, unvested RSUs issued to employees and non-employee directors, and notes convertible into common stock totaling <span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20260501__20260731_zc08N17ONylj" title="Antidilutive securities excluded from computation of diluted net loss per share">2,378,061 and <span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250501__20250731_zz5HIzYY8NZ5" title="Antidilutive securities excluded from computation of diluted net loss per share">742,838 for the three months ended July 31, 2026 and 2025, respectively, were excluded from each of the computations as the effect would have been anti-dilutive due to the net loss for the periods. Share purchase rights, which include a contingency, are not included in the calculation until the contingency is resolved.

2378061

742838

(l) Intangibles, net Separately identifiable intangible assets acquired in a business combination are recognized apart from goodwill and are initially recognized at their fair value at the acquisition date. Intangible assets, including patents, are amortized over the estimated useful life of the asset on a basis that approximates the pattern of economic benefit. The patents, trade name and customer relationship intangibles are being amortized over <span id="xdx_905_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260731__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--PatentsMember_zTr35g1KJyq" title="Intangible asset estimated lives">20, <span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260731__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zKyb4oDEXSEk" title="Intangible asset estimated lives">12 and <span id="xdx_90A_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260731__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zjrTvcwPbL7a" title="Intangible asset estimated lives">10 years respectively, which is consistent with the estimated pattern of economic benefit of the assets. The trademark is not subject to amortization. Intangible assets are reviewed for impairment if indicators of potential impairment exist. There were no indications of potential impairment of intangible assets for either the three months ended July 31, 2026 or 2025.

P20Y

P12Y

P10Y

(m) Goodwill Goodwill is assessed for impairment using a qualitative or quantitative approach. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. There were no indications of potential impairment of goodwill identified for the year ended April 30, 2026. There were no indications of potential impairment of goodwill identified for the three months ended July 31, 2026. Where the Company uses a qualitative analysis, it considers factors that include historical financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is also performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time to determine fair value of the Company. If the fair value is less than the carrying amounts, an impairment charge for the difference is recorded. The Company acquired goodwill as part of its purchase of MAR. Management performed its annual qualitative assessment in the last quarter of fiscal year 2026 and 2025 and determined that it is more likely than not that no goodwill impairment existed as of April 30, 2026 and 2025.

(n) Income Taxes The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon examination. Management must believe there is at least a 50% chance of a tax position being sustained for its maximum realizable value for it to be recognized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses, to the extent incurred. Refer to Note 16 for additional disclosure. In order to monetize their attributes, the Company has historically sold the Net Operating Losses (NOLs) generated in New Jersey. The Company has elected to recognize the gain on the sale as a component of tax expense at the time of the sale. Prior to the time of sale, the Company has elected to not factor the expected sales when assessing the realizability of the related deferred tax assets.

(o) Accumulated Other Comprehensive Loss The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in Accumulated Other Comprehensive (Income) Loss within Shareholders’ Equity. For each of the three months ended July 31, 2026 and 2025, there were no amounts recorded to other comprehensive (income) loss due to no longer having any foreign subsidiaries. (p) Warranty The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. Warranty expense incurred to date has not been material.

(q) Product Development Costs related to product development activities by the Company are expensed as incurred. The Company had approximately $2.7 million and $0.6 million in product development expense for the three months ended July 31, 2026 and 2025, respectively.

2700000 600000

(r) Derivative Financial Instruments The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives. Additionally, the Company evaluates all freestanding equity-linked instruments to determine if they meet the definition of a derivative. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the statement of operations each period. Freestanding equity-linked instruments that meet the definition of a derivative are also recognized at fair value, with changes in fair value recognized in the statement of operations each period.

(s) Recently Issued Accounting Standards In recent periods, the FASB issued certain ASUs that may be relevant to the Company’s operations and financial reporting. We are currently evaluating the potential impact of these ASUs and adopting them when applicable based on their effective dates. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which improves the transparency of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. The Company adopted ASU 2023-09 on May 1, 2026. The adoption of this standard did not have an impact on the Company’s interim consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-3, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses This ASU improves the disclosures about a public business entity’s expenses and addresses requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating what the potential impact of adopting this ASU 2024-03 could have on our consolidated financial statements and disclosures In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05). ASU 2025-05 provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The Company adopted ASU 2025-05 on May 1, 2026 and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes certain aspects of the accounting for, and disclosure of, internal-use software costs. The ASU removes all references to software development project stages so that the guidance is neutral to different software development methods and clarifies the threshold entities apply to begin capitalizing costs. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) which is intended to streamline the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements.

(3) Accounts Receivable, Contract Assets and Contract Liabilities <p id="xdx_899_ecustom--ScheduleOfAccountsReceivableContractAssetsAndContractLiabilitiesTableTextBlock_zFA89YZZRZQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers: Schedule of Accounts Receivable, Contract Assets and Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260731_zEalZJY76ZIf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260430_zMTb9fy8TTP5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250430_zGN8JzikRRUl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_405_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_z0QZ0mWpJlhg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,249</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">587</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,191</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ContractWithCustomerAssetNetCurrent_iI_pn3n3_zhs6iloWG7Ge" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contract assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">269</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">590</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,088</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3_zSg4krZX3r85" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contract liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,091</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,029</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table> Contract Assets Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditional on completing additional tasks or services for a performance obligation. The decrease in contract assets from year end is primarily a result of being able to contractually bill on active projects for which revenue was recognized in the prior period but was not yet been billed as of the beginning of the period. No impairments to contract assets were incurred during the three months ended July 31, 2026 and 2025. Significant changes in the contract assets balances during the period were as follows: Schedule of Significant Changes in Contract Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260501__20260731_zm80DSfqbU81" style="border-bottom: Black 1pt solid; text-align: center">Three months ended July 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250501__20250731_zpoWSxrXzsdj" style="border-bottom: Black 1pt solid; text-align: center">Three months ended July 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40B_eus-gaap--ContractWithCustomerAssetReclassifiedToReceivable_pn3n3_maIDICWzkNJ_z063G4GidYqf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Transferred to receivables from contract assets recognized</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(475</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(644</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--RevenueRecognizedAndNotBilled_pn3n3_maIDICWzkNJ_zkbFdlXyfehj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Revenue recognized and not billed</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">154</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">111</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_iT_pn3n3_mtIDICWzkNJ_z46HLd8Hf7Sg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(321</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(533</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> Contract Liabilities Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The increase in contract liabilities from year end is primarily due to collecting payments for jobs we cannot contractually recognize revenue on the current year. Significant changes in the contract liabilities balances during the period are as follows: Schedule of Significant Changes in Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260501__20260731_zNHDR5zsrUs3" style="border-bottom: Black 1pt solid; text-align: center">Three months ended July 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250501__20250731_zYXKGqR4TH49" style="border-bottom: Black 1pt solid; text-align: center">Three months ended July 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40A_ecustom--ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance_iN_pn3n3_di_msIDICWz3fD_zT0xTwQDWPV3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Revenue recognized</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(938</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(115</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--PaymentsCollectedForWhichRevenueHasNotBeenRecognized_pn3n3_maIDICWz3fD_z7QxwXNKql84" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Payments billed or collected for which revenue has not been recognized</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">250</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_iT_pn3n3_mtIDICWz3fD_zITY7nlyYhng" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(938</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">135</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_899_ecustom--ScheduleOfAccountsReceivableContractAssetsAndContractLiabilitiesTableTextBlock_zFA89YZZRZQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers: Schedule of Accounts Receivable, Contract Assets and Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260731_zEalZJY76ZIf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260430_zMTb9fy8TTP5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250430_zGN8JzikRRUl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="10" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_405_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_z0QZ0mWpJlhg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,249</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">587</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,191</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ContractWithCustomerAssetNetCurrent_iI_pn3n3_zhs6iloWG7Ge" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contract assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">269</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">590</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,088</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3_zSg4krZX3r85" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contract liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,091</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,029</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table>

1249000

587000

1191000

269000

590000

1088000

5091000

6029000

Significant changes in the contract assets balances during the period were as follows: Schedule of Significant Changes in Contract Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260501__20260731_zm80DSfqbU81" style="border-bottom: Black 1pt solid; text-align: center">Three months ended July 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250501__20250731_zpoWSxrXzsdj" style="border-bottom: Black 1pt solid; text-align: center">Three months ended July 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40B_eus-gaap--ContractWithCustomerAssetReclassifiedToReceivable_pn3n3_maIDICWzkNJ_z063G4GidYqf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Transferred to receivables from contract assets recognized</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(475</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(644</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--RevenueRecognizedAndNotBilled_pn3n3_maIDICWzkNJ_zkbFdlXyfehj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Revenue recognized and not billed</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">154</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">111</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_iT_pn3n3_mtIDICWzkNJ_z46HLd8Hf7Sg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(321</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(533</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

-475000

-644000

154000 111000

-321000

-533000

Significant changes in the contract liabilities balances during the period are as follows: Schedule of Significant Changes in Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260501__20260731_zNHDR5zsrUs3" style="border-bottom: Black 1pt solid; text-align: center">Three months ended July 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250501__20250731_zYXKGqR4TH49" style="border-bottom: Black 1pt solid; text-align: center">Three months ended July 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40A_ecustom--ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance_iN_pn3n3_di_msIDICWz3fD_zT0xTwQDWPV3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Revenue recognized</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(938</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(115</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--PaymentsCollectedForWhichRevenueHasNotBeenRecognized_pn3n3_maIDICWz3fD_z7QxwXNKql84" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Payments billed or collected for which revenue has not been recognized</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">250</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_iT_pn3n3_mtIDICWz3fD_zITY7nlyYhng" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(938</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">135</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 938000 115000 250000

-938000

135000

(4) Inventory The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products. Schedule of Inventory <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260731_zY9GWrkBfaul" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260430_zNk9AlV3e7ia" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40A_eus-gaap--InventoryRawMaterials_iI_pn3n3_maINzERb_zdtmIqSIo5Ji" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Raw Materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,934</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,581</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryWorkInProcess_iI_pn3n3_maINzERb_zENWMF4YAe23" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work in Process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,618</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">609</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InventoryFinishedGoods_iI_pn3n3_maINzERb_zP5TByJIy9ff" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished Products</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--InventoryNet_iTI_pn3n3_mtINzERb_zI1FMxhBtsq9" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Inventory</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,552</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,190</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company’s raw materials balance represents the majority of the inventory as the Company orders parts in quantity to fill orders. Work in process is a combination of buoy and boat builds that are for both active projects and for inventory to have ready for potential future projects. The Company typically ships finished products as they are completed.

The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products. Schedule of Inventory <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260731_zY9GWrkBfaul" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260430_zNk9AlV3e7ia" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40A_eus-gaap--InventoryRawMaterials_iI_pn3n3_maINzERb_zdtmIqSIo5Ji" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Raw Materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,934</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,581</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryWorkInProcess_iI_pn3n3_maINzERb_zENWMF4YAe23" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work in Process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,618</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">609</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InventoryFinishedGoods_iI_pn3n3_maINzERb_zP5TByJIy9ff" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished Products</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--InventoryNet_iTI_pn3n3_mtINzERb_zI1FMxhBtsq9" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Inventory</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,552</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,190</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2934000

2581000

1618000

609000

4552000

3190000

(5) Other Current Assets Other current assets consisted of the following at July 31, 2026 and April 30, 2026: Schedule of Other Current Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260731_zvDXykk7Z8q5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260430_z30qoMDBh7s5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_405_eus-gaap--PrepaidInsurance_iI_pn3n3_maCzWjX_zM9XFA7gv0m" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Prepaid insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">282</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--PrepaidSoftwareAndLicenses_iI_pn3n3_maCzWjX_zTx6kBI14sI3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid software & licenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PrepaidSalesAndMarketing_iI_pn3n3_maCzWjX_z2atVq1fi70k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid sales & marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">157</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--PrepaidProjectCosts_iI_pn3n3_maCzWjX_zsJcrsrF3M8h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid project costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">163</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">421</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--PrepaidInventoryMaterials_iI_pn3n3_maCzWjX_zun0USBmCc7i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid inventory materials</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">985</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,458</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetInvestmentInLease_iI_pn3n3_maCzWjX_zkJPVuQCMMn" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net investment in lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maCzWjX_zsNONLjd9Bg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Prepaid expenses- other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">104</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherAssetsCurrent_iTI_pn3n3_mtCzWjX_zNxpbtcoDr0k" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,852</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,648</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company recognizes prepaid project costs when the Company has incurred costs for customer contracts but for which the Company has not yet achieved and delivered related milestones or complete performance obligations under that contract. Prepaid project costs are classified within other current assets based on when management estimates the revenue will be recognized. As of July 31, 2026, the Company has net prepaid project costs of $0.2 million. The amount recorded will be recognized as cost of goods sold if and when the Company achieves and delivers the performance obligations under the terms of the applicable agreement.

Other current assets consisted of the following at July 31, 2026 and April 30, 2026: Schedule of Other Current Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260731_zvDXykk7Z8q5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260430_z30qoMDBh7s5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_405_eus-gaap--PrepaidInsurance_iI_pn3n3_maCzWjX_zM9XFA7gv0m" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Prepaid insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">282</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--PrepaidSoftwareAndLicenses_iI_pn3n3_maCzWjX_zTx6kBI14sI3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid software & licenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PrepaidSalesAndMarketing_iI_pn3n3_maCzWjX_z2atVq1fi70k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid sales & marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">157</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--PrepaidProjectCosts_iI_pn3n3_maCzWjX_zsJcrsrF3M8h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid project costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">163</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">421</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--PrepaidInventoryMaterials_iI_pn3n3_maCzWjX_zun0USBmCc7i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid inventory materials</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">985</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,458</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetInvestmentInLease_iI_pn3n3_maCzWjX_zkJPVuQCMMn" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net investment in lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maCzWjX_zsNONLjd9Bg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Prepaid expenses- other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">104</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherAssetsCurrent_iTI_pn3n3_mtCzWjX_zNxpbtcoDr0k" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,852</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,648</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

282000

258000 133000 226000 157000 163000 421000 985000 1458000

116000

127000

104000

70000

1852000

2648000

200000

(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: Schedule of Components of Property and Equipment, Net <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260731_zELivu0POvog" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260430_zVRNvQMJDr6e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zG7CCFnpoL37" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,539</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,465</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_zMDDLn38QJfe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computer equipment & software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">692</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">643</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndEquipmentMember_z4LfcRR00lE" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture & equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">427</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">427</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zoa7zeSAeDFe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">683</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedWAMVsMember_zwei2ucWAwma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leased WAM-V’s</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,066</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,807</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedBuoysMember_zi1GAVeTj7yf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Leased Buoys</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,991</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,662</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzI8F_zfpRQ3khBvA4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,398</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,687</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzI8F_zdcaoNNCGsVe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,600</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,432</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzI8F_zVOCUXpANnPb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,798</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,255</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 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, <span id="xdx_909_ecustom--PropertyPlantAndEquipmentDescription_c20260501__20260731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedBuoysMember_z879BgLeU2Y5" title="Property and equipment description">$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.

The components of property and equipment, net as of July 31, 2026 and April 30, 2026 consisted of the following: Schedule of Components of Property and Equipment, Net <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260731_zELivu0POvog" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260430_zVRNvQMJDr6e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zG7CCFnpoL37" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,539</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,465</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_zMDDLn38QJfe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computer equipment & software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">692</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">643</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndEquipmentMember_z4LfcRR00lE" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture & equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">427</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">427</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zoa7zeSAeDFe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">683</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedWAMVsMember_zwei2ucWAwma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leased WAM-V’s</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,066</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,807</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedBuoysMember_zi1GAVeTj7yf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Leased Buoys</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,991</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,662</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzI8F_zfpRQ3khBvA4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,398</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,687</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzI8F_zdcaoNNCGsVe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,600</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,432</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzI8F_zVOCUXpANnPb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,798</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,255</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4539000

4465000

692000

643000

427000

683000

2066000

1807000

4991000

5662000

13398000

13687000

3600000

3432000

9798000

10255000

$1.0 million is related to a buoy that has not been placed into operation as of July 31, 2026

300000

200000

-769000

(7) Intangible Assets The components of intangible assets, net as of July 31, 2026 and April 30, 2026 consisted of the following: Schedule of Components of Intangible Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260731_zuEAjUAcvLu4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260430_z1PXlnYO6It7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedPatentsGross_iI_pn3n3_maFLIAGzcoU_zl7Tlfzxl5Y7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Patents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedTrademarksGross_iI_pn3n3_maFLIAGzcoU_zE7Rgb7iubn7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Trademarks</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,769</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,769</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsGross_iTI_pn3n3_mtFLIAGzcoU_maFLIANzod8_znKY15sz46a6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Intangible assets, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,498</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_msFLIANzod8_zn2w8LmKfld5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,174</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,141</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANzod8_zNrf5KGOjZs3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,357</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Amortization expense was approximately $33,000 and $34,000 for the three-month periods ended July 31, 2026 and 2025, respectively.

The components of intangible assets, net as of July 31, 2026 and April 30, 2026 consisted of the following: Schedule of Components of Intangible Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260731_zuEAjUAcvLu4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260430_z1PXlnYO6It7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedPatentsGross_iI_pn3n3_maFLIAGzcoU_zl7Tlfzxl5Y7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Patents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedTrademarksGross_iI_pn3n3_maFLIAGzcoU_zE7Rgb7iubn7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Trademarks</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,769</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,769</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsGross_iTI_pn3n3_mtFLIAGzcoU_maFLIANzod8_znKY15sz46a6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Intangible assets, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,498</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_msFLIANzod8_zn2w8LmKfld5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,174</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,141</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANzod8_zNrf5KGOjZs3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,357</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2729000

2769000

5498000

2174000

2141000

3324000

3357000

33000

34000

(8) Goodwill Goodwill in the amount of $8.5 million was recognized in November 2021 related to the acquisition of MAR. There have been no additions to or impairment of goodwill during the three-month periods ended July 31, 2026 and 2025.

8500000

(9) Leases Lessor Information As of both July 31, 2026 and April 30, 2026, the Company had four WAM-V’s, as of the same dates, and had three and zero buoys, respectively, leased to customers which have been classified as operating leases per accounting guidance contained within ASC 842. The remaining term on these operating leases is less than 1 year. Lessee Information Right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. When the implicit rate of the lease is not provided or cannot be determined, the Company uses the incremental borrowing rate based on the information available at the effective date to determine the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The renewal options have not been included in the lease term as they are not reasonably certain of exercise. The Company’s operating leases consist of leases for office facilities and warehouse space. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term and consists of interest on the lease liability and the amortization of the right of use asset. The Company has a lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the Company’s principal offices and corporate headquarters. In August 2025, the Company extended the lease for its main headquarters in Monroe, NJ to October 31, 2027 and it was executed and recorded as an additional right of use asset and liability. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities – current, and right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets. The Company also has a lease for office space located in Richmond, California. This lease commenced in April of 2023 and will continue for 62 months. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities- current and right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets. The Company also has a lease for warehouse space located in Richmond, California. The lease commenced in June of 2025 and will continue for 24 months. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities- current and right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets. Variable lease expenses, if any, are recorded as incurred. The operating lease expense in the Consolidated Statement of Operations the three months ended July 31, 2026 and 2025 were $312,000 and $267,000, respectively. The operating lease cash flow payments for the three months ended July 31, 2026 and 2025 were $328,000 and $314,000, respectively. The components of lease expense which are included in our operating expenses in the Consolidated Statement of Operations for the three months ended July 31, 2026 and 2025 were as follows: Schedule of Operating Lease Costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_496_20260501__20260731_zlh3bfmgBbyj" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_492_20250501__20250731_zD5LWNC5AuB" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended July 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseCost_pn3n3_maLCzBwM_zKLYx4BNpCm9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">312</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">267</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzBwM_zvn8hM56gEl9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LeaseCost_iT_pn3n3_mtLCzBwM_zRmQOFDRCPEf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">267</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Information related to the Company’s right-of use assets and lease liabilities as of July 31, 2026 was as follows: Schedule of Right-of use Assets and Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260731_z6dBAg6Qvbh8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">Operating lease:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_znVyW8fNIoik" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left; padding-bottom: 2.5pt">Operating right-of-use assets, net</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">1,614</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzIil_zxpuHXwHUww" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Right-of-use liabilities- current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,228</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzIil_z0cGikaxTpq3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Right-of-use liabilities- long term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">522</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzIil_zKdENgX52nMc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,750</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average remaining lease term- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.48 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average discount rate- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.5</td><td style="text-align: left">%</td></tr> </table> Total remaining lease payments under the Company’s operating leases are as follows: Schedule of Future Minimum Lease Payments Under Operating Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260731_z4ITlMSCdufa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_maLOLLPzbOq_zBWBWIb2Gtn2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Remainder of fiscal year 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">994</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzbOq_zCF5iJXLAOQ5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">821</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzbOq_zMv4mAk6jPIj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzbOq_zJWhb1WhWNd8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPzbOq_zcERnxUNydv4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour_iI_pn3n3_maLOLLPzbOq_zfNnXrjOCT38" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzbOq_z5P4JFZkG4Kg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total future minimum lease payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,843</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zVktwXRVbixg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(93</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iI_pn3n3_zCI9lQGBJ9b4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,750</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

P1Y

This lease commenced in April of 2023 and will continue for 62 months.

The lease commenced in June of 2025 and will continue for 24 months.

312000

267000

328000

314000

The components of lease expense which are included in our operating expenses in the Consolidated Statement of Operations for the three months ended July 31, 2026 and 2025 were as follows: Schedule of Operating Lease Costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_496_20260501__20260731_zlh3bfmgBbyj" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_492_20250501__20250731_zD5LWNC5AuB" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended July 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseCost_pn3n3_maLCzBwM_zKLYx4BNpCm9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">312</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">267</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzBwM_zvn8hM56gEl9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LeaseCost_iT_pn3n3_mtLCzBwM_zRmQOFDRCPEf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">267</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

312000

267000

312000

267000

Information related to the Company’s right-of use assets and lease liabilities as of July 31, 2026 was as follows: Schedule of Right-of use Assets and Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260731_z6dBAg6Qvbh8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">Operating lease:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_znVyW8fNIoik" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left; padding-bottom: 2.5pt">Operating right-of-use assets, net</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">1,614</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzIil_zxpuHXwHUww" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Right-of-use liabilities- current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,228</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzIil_z0cGikaxTpq3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Right-of-use liabilities- long term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">522</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzIil_zKdENgX52nMc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,750</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average remaining lease term- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.48 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average discount rate- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.5</td><td style="text-align: left">%</td></tr> </table>

1614000

1228000

522000

1750000

P1Y5M23D

0.085

Total remaining lease payments under the Company’s operating leases are as follows: Schedule of Future Minimum Lease Payments Under Operating Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260731_z4ITlMSCdufa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_maLOLLPzbOq_zBWBWIb2Gtn2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Remainder of fiscal year 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">994</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzbOq_zCF5iJXLAOQ5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">821</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzbOq_zMv4mAk6jPIj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzbOq_zJWhb1WhWNd8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPzbOq_zcERnxUNydv4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour_iI_pn3n3_maLOLLPzbOq_zfNnXrjOCT38" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzbOq_z5P4JFZkG4Kg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total future minimum lease payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,843</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zVktwXRVbixg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(93</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iI_pn3n3_zCI9lQGBJ9b4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,750</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

994000

821000

28000

1843000

93000

1750000

(10) Accrued Expenses Accrued expenses consisted of the following at July 31, 2026 and April 30, 2026: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260731_z1uv6xXyE5ya" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260430_zIH9pSmTr3Z3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40E_eus-gaap--OtherEmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zKxeFbTlukF9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Employee incentive payments</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,278</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">632</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedSalariesCurrent_iI_pn3n3_maCzsTG_zbXxVk74olWb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued salary and benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maCzsTG_zwR0HsydweB7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AccruedProjectCosts_iI_pn3n3_maCzsTG_z0F1I4XIRcPd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued project costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,831</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,273</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestPayableCurrent_iI_pn3n3_maCzsTG_zVwkXxmT7qqc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">146</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zBgxxijYogmf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">46</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtCzsTG_ztrc2UsH717g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Accrued expenses total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,608</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,232</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued expenses consisted of the following at July 31, 2026 and April 30, 2026: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260731_z1uv6xXyE5ya" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260430_zIH9pSmTr3Z3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40E_eus-gaap--OtherEmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zKxeFbTlukF9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Employee incentive payments</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,278</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">632</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedSalariesCurrent_iI_pn3n3_maCzsTG_zbXxVk74olWb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued salary and benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maCzsTG_zwR0HsydweB7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AccruedProjectCosts_iI_pn3n3_maCzsTG_z0F1I4XIRcPd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued project costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,831</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,273</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestPayableCurrent_iI_pn3n3_maCzsTG_zVwkXxmT7qqc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">146</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zBgxxijYogmf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">46</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtCzsTG_ztrc2UsH717g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Accrued expenses total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,608</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,232</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1278000

632000

407000

135000

86000

2831000 3273000

146000

6000

46000

4608000

4232000

(11) Share-Based Compensation In 2015, upon approval by the Company’s shareholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20151231__us-gaap--PlanNameAxis__custom--TwoThousandAndFifteenOmnibusIncentivePlanMember_zk7yVnPt9dW2" title="Share-based compensation arrangement shares authorized">44,402 shares were authorized for issuance under the 2015 Omnibus Incentive Plan, including shares available for awards under the 2006 Stock Incentive Plan remaining at the time that plan terminated, or that were subject to awards under the 2006 Stock Incentive Plan that thereafter terminated by reason of expiration, forfeiture, cancellation or otherwise. If any award under the 2006 Stock Incentive Plan or 2015 Plan expires, is cancelled, terminates unexercised or is forfeited, those shares become again available for grant under the 2015 Plan. Most recently in January 2026, the shareholders approved an amendment and restatement of the 2015 Plan to, among other things, provide an aggregate increase to the 2015 Plan of <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_pid_c20250101__20250131__us-gaap--PlanNameAxis__custom--TwoThousandAndFifteenOmnibusIncentivePlanMember_zfqBK4FaZOye" title="Share-based compensation arrangement shares authorized increase">166,666 shares resulting in total shares authorized for issuance of <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20260731__us-gaap--PlanNameAxis__custom--TwoThousandAndFifteenOmnibusIncentivePlanMember_zgOAI5Ry8Ahe" title="Share-based compensation arrangement shares authorized">1,076,068 as of July 31, 2026 based on <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20260430__us-gaap--PlanNameAxis__custom--TwoThousandAndFifteenOmnibusIncentivePlanMember_zcVokdEJdzD6" title="Share-based compensation arrangement shares authorized">909,402 available before the amendment. The 2015 Plan will now terminate in January 2035, but is subject to earlier termination as provided in the 2015 Plan. On January 18, 2018, the Company’s Board of Directors adopted the Company’s Employment Inducement Incentive Award Plan (the “2018 Inducement Plan”) pursuant to which the Company reserved <span id="xdx_90F_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20180118__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zoPMYXmEJUfg" title="Reserved for future issuance">834 shares of common stock for issuance under the Inducement Plan in accordance with Rule 711(a) of the NYSE American Company Guide. On February 9, 2022, the 2018 Inducement Plan was amended to increase the authorized shares by <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_pid_c20220209__20220209__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zjguNc52TnC9" title="Share-based compensation arrangement shares authorized increase">8,333 to <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20220209__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zIVZLWn4gZok" title="Share-based compensation arrangement shares authorized increase">9,167. On June 3, 2025, the 2018 Inducement Plan was further amended and restated to increase the authorized shares by <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_pid_c20250603__20250603__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zEavlBGhU5Rd" title="Share-based compensation arrangement shares authorized increase">23,833 to <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20250603__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zQqaPJfr84l5" title="Share-based compensation arrangement shares authorized">33,000. On January 27, 2026, the 2018 Inducement Plan was further amended to increase the authorized shares by <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_pid_c20260127__20260127__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zQYCwKmpUMM3" title="Share-based compensation arrangement shares authorized increase">33,334 to <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20260127__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zW3lBnqC5rA1" title="Share-based compensation arrangement shares authorized">66,334. Stock Options The Company estimates the fair value of each stock option award granted with service-based vesting requirements, using the Black-Scholes option pricing model, assuming no dividends, and using weighted average valuation assumptions. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant commensurate with the expected life of the award. The expected life (estimated period of time outstanding) of the stock options granted was estimated using the “simplified” method as permitted by the SEC’s Staff Accounting Bulletin No. 110, Share-Based Payment. Expected volatility is based on the Company’s historical volatility over the expected life of the stock option granted. The Company did not grant any stock options during either the three months ended July 31, 2026 and 2025. A summary of stock options under the stock incentive plans is detailed in the following table. Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Shares Underlying Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (In Years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Outstanding as of April 30, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260501__20260731_z7gcbWhfR727" style="width: 14%; text-align: right" title="Shares Underlying Options Outstanding, Beginning">13,206</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260501__20260731_zoQN4wenBgK5" style="width: 14%; text-align: right" title="Weighted Average Exercise Price, Beginning balance">54.90</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250501__20260430_zVfFEhJj3qT3" title="Weighted Average Remaining Contractual Term (In Years), Beginning">5.6</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260501__20260731_zKj1M6cGYcFh" style="text-align: right" title="Shares underlying Options Outstanding, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260501__20260731_zx4dA9TWj0Ic" style="text-align: right" title="Weighted Average Exercise Price, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260501__20260731_zdSdb9Kpwfs4" style="text-align: right" title="Shares Underlying Options ,Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20260501__20260731_zPY3m49s1jBh" style="text-align: right" title="Weighted Average Exercise Price, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20260501__20260731_z7ilTlZX2cu1" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Cancelled/forfeited">(248</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20260501__20260731_zzweTEhlpbJ2" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled/forfeited">133.50</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of July 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260501__20260731_zlrftb4ZS6ce" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options Outstanding, Ending">12,958</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260501__20260731_zxxk4fsnEEg4" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Ending balance">53.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260501__20260731_zF3KscYEVk0j" title="Weighted Average Remaining Contractual Term (In Years), Ending">5.4</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable as of July 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20260501__20260731_z8Nnp1ggWmy4" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options, Exercisable at Ending">12,958</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260501__20260731_zYNUt8RQ9uD6" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Exercisable at Ending">53.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260501__20260731_z0F0LBFRaI07" title="Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending">5.4</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of July 31, 2026, the total intrinsic value of outstanding and exercisable options was approximately <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_dc_c20260731__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjm0G53p5cUh" title="Intrinsic value of exercisable options">zero. As of July 31, 2026, no options were unvested. The outstanding options had an intrinsic value of <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iI_dc_c20260731__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zI4gGVgbIws5" title="Intrinsic value of outstanding options">zero and a weighted average remaining contractual term of <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_pid_dtY_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zPbcYkxDQysa" title="Weighted average remaining contractual term">5.4 years. There was approximately <span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_dc_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVwosJ0LyGnc" title="Share-based payment arrangement, expense">zero and $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_c20250501__20250731__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zS4daKX75dj4" title="Share-based payment arrangement, expense">9,000 of total recognized compensation cost related to stock options during the three months ended July 31, 2026 and 2025, respectively. As of July 31, 2026, there was <span id="xdx_901_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_do_c20260731__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zT1PCcL0fkk6" title="Unrecognized compensation cost">no unrecognized compensation cost related to unvested stock options granted under the plans. Performance Stock Units <p id="xdx_89C_eus-gaap--ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock_zUirRXbAFYMb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">A summary of performance stock units (“PSUs”) under our Stock Incentive Plans is detailed in the following table. Schedule of Performance Stock Units <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Price per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Outstanding at April 30, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zbbree461Ok7" style="width: 16%; text-align: right" title="Number of Shares, Unvested, Beginning">5,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zHD9tIgf2J1f" style="width: 16%; text-align: right" title="Weighted Average Price per Share, Unvested, Beginning">16.80</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z60teaO0yWjg" style="text-align: right" title="Number of Shares, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_ze7ESKGNqCT2" style="text-align: right" title="Weighted Average Price per Share, Granted/Adjusted">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zUT5iVlSryz5" style="text-align: right" title="Number of Shares, Vested and issued">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zTOsp4SVn2Hj" style="text-align: right" title="Weighted Average Price per Share, Vested and issued">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_znW8B6Wq98b7" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Cancelled/forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zLao72HzrrMh" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Price per Share, Cancelled/forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding at July 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zOPQAjLIxbYg" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Unvested, Ending">5,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z2LoCXKzLy41" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Price per Share, Unvested, Ending">16.80</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> There was approximately $10,000 and $<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_c20250501__20250731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zguLNeTpzXPd" title="Share-based payment arrangement, expense">8,000 of total recognized compensation cost related to PSUs for the three months ended July 31, 2026 and 2025, respectively. As of July 31, 2026, there was approximately $<span id="xdx_90D_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_c20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z7nH5Hnme2sg" title="Unrecognized compensation cost">18,000 of unrecognized compensation cost remaining related to unvested PSUs. This cost is expected to be recognized over a weighted-average period of <span id="xdx_90F_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_ztXDkPtsPSOf" title="Share-based compensation of weighted-average period">0.3 years. Restricted Stock Units Compensation expense for RSUs is generally recorded based on the market value on the date of grant and recognized ratably over the associated service and performance period. During the three months ended July 31, 2026 and 2025, the Company granted approximately <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z6BdoiT69AN7" title="Number of restricted shares, granted">2,167 and <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250501__20250731__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zfVfkU2Z5nB" title="Number of restricted shares, granted">17,367 shares, respectively, that were subject to both service-based and market-based vesting requirements. <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_zc7ZWIKytR58" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">A summary of unvested RSU’s under the Stock Incentive Plans is as follows: Schedule of Non-vested Restricted Stock Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Price per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Outstanding at April 30, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zOpXsPo0T9Fk" style="width: 16%; text-align: right" title="Number of Shares, Issued and unvested, Beginning">793,756</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zz7wExsOG0Pg" style="width: 16%; text-align: right" title="Weighted Average Price per Share, Issued and unvested, Beginning">17.10</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zRqpYHFXWvma" style="text-align: right" title="Number of Shares, Granted">2,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zGR72tu6BxKh" style="text-align: right" title="Weighted Average Price per Share, Granted">8.70</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zroEnnBjPt3g" style="text-align: right" title="Number of Shares, Vested and issued">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zQwWvp7iSpNk" style="text-align: right" title="Weighted Average Price per Share, Vested and issued">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zhrXeHD9xLz5" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Cancelled/forfeited">(1,935</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zxmxFbdSn9S8" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Price per Share, Cancelled/forfeited">17.40</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding at July 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zfKpdk1OvA47" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Issued and unvested, Ending">793,988</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_z9S4Y5Du1Ld7" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Price per Share, Issued and unvested, Ending">17.10</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> There was approximately $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_znQiNdWfqGVg" title="Share-based payment arrangement, expense">1.8 million and $<span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20250501__20250731__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z69j1LcEoBc6" title="Share-based payment arrangement, expense">2.4 million of total recognized compensation cost related to RSUs for the three months ended July 31, 2026 and 2025, respectively. As of July 31, 2026, there was approximately $<span id="xdx_907_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn5n6_c20260731__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z9XIGnol9xEj" title="Unrecognized compensation cost">6.7 million of unrecognized compensation cost remaining related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of <span id="xdx_903_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zxnBaKliZ7nd" title="Share-based compensation of weighted-average period">0.4 years.

44402

166666

1076068

909402

834

8333

9167

23833

33000

33334

66334

A summary of stock options under the stock incentive plans is detailed in the following table. Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Shares Underlying Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (In Years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Outstanding as of April 30, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260501__20260731_z7gcbWhfR727" style="width: 14%; text-align: right" title="Shares Underlying Options Outstanding, Beginning">13,206</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260501__20260731_zoQN4wenBgK5" style="width: 14%; text-align: right" title="Weighted Average Exercise Price, Beginning balance">54.90</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250501__20260430_zVfFEhJj3qT3" title="Weighted Average Remaining Contractual Term (In Years), Beginning">5.6</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260501__20260731_zKj1M6cGYcFh" style="text-align: right" title="Shares underlying Options Outstanding, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260501__20260731_zx4dA9TWj0Ic" style="text-align: right" title="Weighted Average Exercise Price, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260501__20260731_zdSdb9Kpwfs4" style="text-align: right" title="Shares Underlying Options ,Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20260501__20260731_zPY3m49s1jBh" style="text-align: right" title="Weighted Average Exercise Price, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20260501__20260731_z7ilTlZX2cu1" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Cancelled/forfeited">(248</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20260501__20260731_zzweTEhlpbJ2" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled/forfeited">133.50</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of July 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260501__20260731_zlrftb4ZS6ce" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options Outstanding, Ending">12,958</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260501__20260731_zxxk4fsnEEg4" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Ending balance">53.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260501__20260731_zF3KscYEVk0j" title="Weighted Average Remaining Contractual Term (In Years), Ending">5.4</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable as of July 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20260501__20260731_z8Nnp1ggWmy4" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options, Exercisable at Ending">12,958</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260501__20260731_zYNUt8RQ9uD6" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Exercisable at Ending">53.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260501__20260731_z0F0LBFRaI07" title="Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending">5.4</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

13206

54.90

P5Y7M6D

248

133.50

12958

53.40

P5Y4M24D

12958

53.40

P5Y4M24D

9000

<p id="xdx_89C_eus-gaap--ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock_zUirRXbAFYMb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">A summary of performance stock units (“PSUs”) under our Stock Incentive Plans is detailed in the following table. Schedule of Performance Stock Units <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Price per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Outstanding at April 30, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zbbree461Ok7" style="width: 16%; text-align: right" title="Number of Shares, Unvested, Beginning">5,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zHD9tIgf2J1f" style="width: 16%; text-align: right" title="Weighted Average Price per Share, Unvested, Beginning">16.80</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z60teaO0yWjg" style="text-align: right" title="Number of Shares, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_ze7ESKGNqCT2" style="text-align: right" title="Weighted Average Price per Share, Granted/Adjusted">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zUT5iVlSryz5" style="text-align: right" title="Number of Shares, Vested and issued">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zTOsp4SVn2Hj" style="text-align: right" title="Weighted Average Price per Share, Vested and issued">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_znW8B6Wq98b7" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Cancelled/forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zLao72HzrrMh" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Price per Share, Cancelled/forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding at July 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zOPQAjLIxbYg" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Unvested, Ending">5,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260501__20260731__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z2LoCXKzLy41" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Price per Share, Unvested, Ending">16.80</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

5000

16.80

5000

16.80

10000

8000

18000

P0Y3M18D

2167

17367

<p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_zc7ZWIKytR58" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">A summary of unvested RSU’s under the Stock Incentive Plans is as follows: Schedule of Non-vested Restricted Stock Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Price per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Outstanding at April 30, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zOpXsPo0T9Fk" style="width: 16%; text-align: right" title="Number of Shares, Issued and unvested, Beginning">793,756</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zz7wExsOG0Pg" style="width: 16%; text-align: right" title="Weighted Average Price per Share, Issued and unvested, Beginning">17.10</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zRqpYHFXWvma" style="text-align: right" title="Number of Shares, Granted">2,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zGR72tu6BxKh" style="text-align: right" title="Weighted Average Price per Share, Granted">8.70</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zroEnnBjPt3g" style="text-align: right" title="Number of Shares, Vested and issued">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zQwWvp7iSpNk" style="text-align: right" title="Weighted Average Price per Share, Vested and issued">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zhrXeHD9xLz5" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Cancelled/forfeited">(1,935</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zxmxFbdSn9S8" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Price per Share, Cancelled/forfeited">17.40</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding at July 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zfKpdk1OvA47" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Issued and unvested, Ending">793,988</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260501__20260731__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_z9S4Y5Du1Ld7" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Price per Share, Issued and unvested, Ending">17.10</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

793756

17.10

2167

8.70

1935

17.40

793988

17.10

1800000

2400000

6700000

P0Y4M24D

(12) Fair Value Measurements ASC 820 - Fair Value Measurements states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable input and minimizes the use of unobservable inputs. The following is a description of the three hierarchy levels. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Inputs that are unobservable for the asset or liability.</td></tr> </table> ASC 825 – Financial Instruments allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value (the fair value option). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should be reported in earnings at each subsequent reporting date. Disclosure of Fair Values The Company’s financial instruments that are not re-measured at fair value include cash, cash equivalents, restricted cash, accounts receivable, other assets, contract assets and liabilities, deposits, accounts payable, and accrued expenses. The carrying value is equal to their fair value due to the short-term nature of these accounts. <p id="xdx_898_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zbT5s98VTWBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">The following tables sets forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy (amounts in thousands): Schedule of Fair Value Liability on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260501__20260731__us-gaap--FinancialInstrumentAxis__custom--ConvertibleNotesFairValueOptionMember_zDcpm3TvBpK4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Convertible Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260501__20260731__us-gaap--FinancialInstrumentAxis__custom--WarrantLiabilityFairValueMember_zsCUDW4ph5b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrant Liability</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueHedgeLiabilitiesAtFairValue_iS_pn3n3_z8iE6XnuYSe4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Convertible note fair value - April 30, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,428</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RepaymentsOfConvertibleDebt_iN_pn3n3_di_zWLrDB60avW8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change due to note repayment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,355</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zSEqHlCoK126" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change due to fair value adjustment of convertible notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FairValueAdjustmentOfWarrants_iN_pn3n3_di_z64GCZ0sorfk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Warrant Liability – June Issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,663</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ConvertibleNotesWarrantLiabilitiesFairValueAdjustment_pn3n3_zgeEJRnPeO8b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change due to fair value adjustment of convertible notes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,907</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--FairValueHedgeLiabilitiesAtFairValue_iE_pn3n3_zxHVBu3QjJjc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Fair Value - July 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,068</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,756</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260501__20260731__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zvhfYMTwXdSd" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250501__20260430__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zDW2haYrBmsb" style="border-bottom: Black 1pt solid; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_400_eus-gaap--FairValueHedgeLiabilitiesAtFairValue_iE_pn3n3_hus-gaap--FinancialInstrumentAxis__custom--ConvertibleNotesFairValueOptionMember_zocsoRFD5j4c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify">April 2026 Convertible Note</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,068</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,428</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FairValueHedgeLiabilitiesAtFairValue_iE_pn3n3_hus-gaap--FinancialInstrumentAxis__custom--WarrantLiabilityFairValueMember_zd4cedBMXVY3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">June 2026 Warrant Liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,756</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueHedgeLiabilitiesAtFairValue_iE_pn3n3_hus-gaap--FinancialInstrumentAxis__custom--WarrantLiabilityFairValueMember_zDhuny95uDBa" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Fair Value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,756</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> The Company elected the fair value option for the April 2026 convertible note issuances. Management determined that the fair value option would be elected for these convertible notes as they are required to be measured at fair value as part of the determination of the extinguishment of the previously issued convertible notes. At July 31, 2026, the fair value of these convertibles notes was $8.1 million, as compared to the aggregate unpaid principal and premium balance of $8.6 million at that same date. The fair value of the convertible notes, including the conversion option and all embedded features, was determined using a simulation model. Key inputs to the model include the initial conversion price of $12.00 per share, the common stock value as of the issuance date of $<span id="xdx_908_eus-gaap--DerivativeAssetMeasurementInput_iI_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zlRVoYWtUsah" title="Derivative asset measurement input">10.50, the risk-free rate of <span id="xdx_90C_eus-gaap--DerivativeAssetMeasurementInput_iI_dp_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zPtljJDmUyyd" title="Derivative asset measurement input">3.68%, and probability of settlement options, and the equity volatility of <span id="xdx_90B_eus-gaap--DerivativeAssetMeasurementInput_iI_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zPrUn2Im9tUl" title="Derivative asset measurement input">150%. The equity volatility was determined using the Company’s historical volatility. Interest expense of approximately $278,000 was recorded during the three-month period ended July 31, 2026. This amount is included within “Interest (expense)/income, net” within the Company’s Consolidated Statements of Operations.

<p id="xdx_898_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zbT5s98VTWBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">The following tables sets forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy (amounts in thousands): Schedule of Fair Value Liability on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260501__20260731__us-gaap--FinancialInstrumentAxis__custom--ConvertibleNotesFairValueOptionMember_zDcpm3TvBpK4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Convertible Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260501__20260731__us-gaap--FinancialInstrumentAxis__custom--WarrantLiabilityFairValueMember_zsCUDW4ph5b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrant Liability</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueHedgeLiabilitiesAtFairValue_iS_pn3n3_z8iE6XnuYSe4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Convertible note fair value - April 30, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,428</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RepaymentsOfConvertibleDebt_iN_pn3n3_di_zWLrDB60avW8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change due to note repayment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,355</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zSEqHlCoK126" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change due to fair value adjustment of convertible notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FairValueAdjustmentOfWarrants_iN_pn3n3_di_z64GCZ0sorfk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Warrant Liability – June Issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,663</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ConvertibleNotesWarrantLiabilitiesFairValueAdjustment_pn3n3_zgeEJRnPeO8b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change due to fair value adjustment of convertible notes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,907</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--FairValueHedgeLiabilitiesAtFairValue_iE_pn3n3_zxHVBu3QjJjc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Fair Value - July 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,068</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,756</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260501__20260731__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zvhfYMTwXdSd" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250501__20260430__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zDW2haYrBmsb" style="border-bottom: Black 1pt solid; text-align: center">April 30, 2026</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_400_eus-gaap--FairValueHedgeLiabilitiesAtFairValue_iE_pn3n3_hus-gaap--FinancialInstrumentAxis__custom--ConvertibleNotesFairValueOptionMember_zocsoRFD5j4c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify">April 2026 Convertible Note</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,068</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,428</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FairValueHedgeLiabilitiesAtFairValue_iE_pn3n3_hus-gaap--FinancialInstrumentAxis__custom--WarrantLiabilityFairValueMember_zd4cedBMXVY3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">June 2026 Warrant Liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,756</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueHedgeLiabilitiesAtFairValue_iE_pn3n3_hus-gaap--FinancialInstrumentAxis__custom--WarrantLiabilityFairValueMember_zDhuny95uDBa" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Fair Value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,756</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

10428000

2355000

-5000

-8663000

-4907000

8068000

3756000

8068000

10428000

3756000

8100000

8600000

12.00

10.50

0.0368

150

278000

(13) Equity At-the-Market Offering Agreement On August 8, 2025, the Company entered into an At Market Issuance Sales Agreement with Ladenburg Thalmann &Co. Inc. (the “Ladenburg Sales Agreement”), under which the Company may, from time to time, offer and sell shares of its common stock having an aggregate gross sales price of up to $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20250808__20250808__us-gaap--TypeOfArrangementAxis__custom--AtMarketIssuanceSalesAgreementMember__dei--LegalEntityAxis__custom--LadenburgThalmannAndCoIncMember_zKaLgbO8Ufhk" title="Proceeds from issuance of common stock">40.0 million. The shares will be offered pursuant to the Company’s shelf registration statement on Form S-3, including the related prospectus supplement filed with the SEC on August 8, 2025. Sales, if any, will be made in transactions deemed to be “at the market offerings” as defined in Rule 415(a)(4) under the Securities Act, directly on or through the NYSE American or in negotiated transactions as otherwise permitted under the Sales Agreement. The Company is not obligated to sell any shares under the Ladenburg sales agreement and may suspend or terminate the offering at any time. A total of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260501__20260731__us-gaap--TypeOfArrangementAxis__custom--LadenburgSalesAgreementMember_zgz1WtE3U0ad" title="Number of shares issued, shares">189,797 shares were sold under the Ladenburg Sales Agreement during the three-month period ended July 31, 2026 totaling proceeds of $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20260501__20260731__us-gaap--TypeOfArrangementAxis__custom--LadenburgSalesAgreementMember_zDTFgpmMzGP4" title="Proceeds from sale of shares">1.4 million. The agreement was terminated effective July 22, 2026. On July 27, 2026, the Company entered into an at-the-market offering agreement (the “Wainwright Sales Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which the Company may offer and sell, from time to time through Wainwright acting as sales agent, shares of the Company’s common stock having an aggregate offering price of up to $<span id="xdx_902_ecustom--AggregateOfferingPriceOfCommonStock_iI_pn5n6_c20260727__us-gaap--TypeOfArrangementAxis__custom--WainwrightSalesAgreementMember__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__srt--RangeAxis__srt--MaximumMember_zYkKdZSNZ025" title="Aggregate offering price of common stock">20.0 million. Sales under the Wainwright Sales Agreement may be made through methods deemed to be “at-the-market offerings,” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, including sales made directly on or through the NYSE American or another existing trading market for the Company’s common stock. The Company is not obligated to sell any shares under the Wainwright Sales Agreement. Wainwright is required to use commercially reasonable efforts to sell shares in accordance with the Company’s instructions, subject to the terms and conditions of the Wainwright Sales Agreement. The Company will pay Wainwright a commission equal to 3.0% of the aggregate gross proceeds from shares sold under the Wainwright Sales Agreement. The shares issuable under the Wainwright Sales Agreement were registered pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-275843), which was declared effective by the Securities and Exchange Commission on December 12, 2023, and the related prospectus supplement dated July 27, 2026. Subsequent to July 31, 2026, the Company did not timely file its Annual Report on Form 10-K for the fiscal year ended April 30, 2026 within the extension period provided by Rule 12b-25. As a result, the Company is not currently eligible to use Form S-3 and, as of the date of this Quarterly Report on Form 10-Q, is unable to offer or sell additional shares under the Wainwright Sales Agreement pursuant to the Form S-3 registration statement and related prospectus supplement. The Company’s ability to conduct future sales under an at-the-market offering will be subject to its regaining eligibility to use its shelf registration on Form S-3, the availability of an effective registration statement and satisfaction of the other applicable legal and contractual requirements. Convertible Debt Issuance In April 2026, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors pursuant to which the Company issued and sold senior convertible notes (the “Notes”) in an aggregate principal amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20260430__us-gaap--DebtInstrumentAxis__custom--AprilTwoThousandTwentySixConvertibleDebtIssuanceMember_zzbh3wTyOi1i" title="Aggregate principal amount of convertible notes">10.0 million, along with a 13% premium on the principal amount. The conversion rate related to this agreement is $12.00 per share. Proceeds from these Notes were used to pay off the remaining balances associated with the May and October 2025 convertible notes, respectively. Beginning on the closing date, the Notes are subject to quarterly cash amortization payments through maturity and monthly interest payments calculated on a 4.5% annual rate for the outstanding principal amount at the end of the previous month. Between the premium and annual interest rate, the effective interest rate on this Note is approximately 20%. The agreement also contains a make-whole interest whereby in connection with any conversion, redemption, or other repayment would result in an additional interest amount as if the principal remained outstanding through the maturity date. The Notes rank senior to the Company’s other unsecured indebtedness, subject to certain exceptions, and contain customary affirmative and negative covenants, including restrictions on indebtedness, liens, restricted payments, asset transfers, changes in business, and affiliate transactions, including a covenant requirement $<span id="xdx_904_ecustom--AggregatePrincipalAmountOfConvertibleCashBalance_iI_pn5n6_c20260430__us-gaap--DebtInstrumentAxis__custom--AprilTwoThousandTwentySixConvertibleDebtIssuanceMember_zmECeBWlI9S5" title="Aggregate principal amount of convertible cash balance">2.0 million minimum cash balance to be maintained. The Notes also contain customary events of default. The conversion of these notes into equity may occur at times and under pricing mechanisms that could lead to a substantial number of shares being issued, potentially at prices below prevailing market prices. The Company did not timely file its Annual Report on Form 10-K as required under the reporting covenants of the Notes, which resulted in the Company not having an ongoing ATM program. As a result, the Company was technically not in compliance with these covenants as of the date of issuance of these consolidated financial statements. No notice of default has been received by the Company from its lenders. As of July 31, 2026, the Notes could potentially be converted into approximately 733,334 shares. These shares are not included in the calculation of earnings per share as the impact of these conversions would be anti-dilutive. The conversions are at the election of the Note holders to be converted in shares but may also be repaid through cash payments. Absent conversions, the total remaining debt maturity cash payments under the Company’s convertible debt are as follows: Schedule of Debt Maturity Cash Payments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260731_zOZoZoqFrpfj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLTDzzTw_zAZbtmn4jbS6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Fiscal year 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">6,066</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLTDzzTw_zXZgDUArfLs7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Fiscal year 2028</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,844</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebt_iTI_mtLTDzzTw_zh1q4qtbV5k6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total future minimum debt payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,910</td><td style="text-align: left"> </td></tr> </table> Common Stock and Warrant Issuance On June 4, 2026, the Company entered into a Securities Purchase Agreement with certain institutional accredited investors in connection with a registered direct offering. The offering closed on June 8, 2026, at which time the Company issued 833,334 shares of its common stock together with warrants to purchase up to an aggregate of 833,334 additional shares of common stock (the “Warrants”). The combined purchase price for each share of common stock and accompanying Warrant was $12.00. The Company received gross proceeds of $10.0 million and net proceeds of approximately $9.3 million after placement-agent fees and other offering expenses of approximately $0.7 million. The Company used approximately $0.7 million of the net proceeds to repay principal and other amounts due under its convertible notes payable, with the remaining proceeds available for working capital and other general corporate purposes. The Warrants have an initial exercise price of $12.00 per share, become exercisable on December 8, 2026, and expire on December 8, 2032. The exercise price and number of shares issuable upon exercise are subject to adjustment for stock splits, stock dividends and similar transactions. The Warrants contain beneficial-ownership limitations and provisions applicable upon a fundamental transaction, including provisions under which holders may be entitled to receive consideration based on the Black-Scholes value of the Warrants. The terms of the agreement stipulate that the Black-Scholes model utilize the greater of a) 100%, b) the 30-day volatility of the Company’s common stock, c) the 100-day volatility of the Company’s common stock, or d) the 365-day volatility of the Company’s common stock. Additionally, the price per share to be used in the Black-Scholes model is to be the greater of the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any being offered in the fundamental transaction and the highest volume-weighted average price for the Company’s common stock during the period beginning on the trading day immediately preceding the announcement of the fundamental transaction (or the consummation of the fundamental transaction, if earlier) and ending on the trading day of the holder’s request. The Company evaluated the Warrants in accordance with ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and concluded that the Warrants do not meet all of the requirements for equity classification. Accordingly, the Warrants are accounted for as derivative liabilities. The Warrants were initially recognized at fair value on the issuance date and are subsequently remeasured at fair value at each reporting date. Changes in the fair value of the Warrant liability are recognized in the consolidated statements of operations. On June 8, 2026, the initial fair value of the Warrants was approximately $8.7 million. The Company allocated an equivalent amount of the gross proceeds to the Warrant liability, with the remaining proceeds allocated to common stock and additional paid-in capital. Offering costs were allocated between the common stock and the Warrant liability based on their relative fair values. Offering costs of less than $0.1 million attributable to the common stock were recorded as a reduction of additional paid-in capital, and offering costs of approximately $<span id="xdx_907_eus-gaap--AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_pn5n6_c20260608__20260608__us-gaap--FinancialInstrumentAxis__custom--WarrantLiabilityFairValueMember_zOTf5ET4ecZ" title="Reduction of additional paid-in capital, and offering costs">0.6 million attributable to the Warrant liability were expensed as incurred. The Company estimated the fair value of the Warrant liability using a Black-Scholes option-pricing model. The Warrant liability is classified within Level 3 of the fair value hierarchy because the valuation incorporates significant unobservable inputs, principally expected stock-price volatility. <p id="xdx_899_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_znjfhHftwNo5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table summarizes the assumptions used to estimate the fair value of the Warrants: Schedule of Assumptions Used to Estimate the Fair Value of the Warrants <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 8, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Common stock price VWAP</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z7SawAJ2zNql" title="Common stock price VWAP">11.70</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zyOVE5CmRcwk" title="Common stock price VWAP">5.40</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Exercise price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zt2bofMRcrNd" title="Exercise price">12.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zj5uMj0FnHc2" title="Exercise price">12.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSWV3Bqo8MX4" title="Expected volatility">120</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zsGmI4asEo75" title="Expected volatility">121</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zCnIJWR595a7" title="Risk-free interest rate">4.27</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zYfrg0obhpL1" title="Risk-free interest rate">4.56</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Expected remaining term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdbYvvwLTHGf" title="Expected remaining term">6.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMNfERPEmv3h" title="Expected remaining term">6.3 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zpabpKTkt1Ol" title="Expected dividend yield">—</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_znsskKTnV84h" title="Expected dividend yield">—</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Fair value of Warrant liability</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,663,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,756,000</td><td style="text-align: left"> </td></tr> </table> For the three months ended July 31, 2026, the Company recognized a gain of approximately $4.9 million resulting from the change in fair value of the Warrant liability. As of July 31, 2026, all 833,334 Warrants remained outstanding and <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_do_c20260501__20260731__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zKEGHVB1TwF1" title="Warrants exercised">no Warrants had been exercised. If all Warrants are exercised for cash at the initial exercise price, the Company would receive additional gross proceeds of $10.0 million. However, the Warrants may be exercised on a cashless basis under certain circumstances, and there can be no assurance that any Warrants will be exercised or that the Company will receive any additional cash proceeds.

40000000.0

189797

1400000

20000000.0

10000000.0

12.00

2000000.0

733334

Absent conversions, the total remaining debt maturity cash payments under the Company’s convertible debt are as follows: Schedule of Debt Maturity Cash Payments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260731_zOZoZoqFrpfj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLTDzzTw_zAZbtmn4jbS6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Fiscal year 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">6,066</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLTDzzTw_zXZgDUArfLs7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Fiscal year 2028</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,844</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebt_iTI_mtLTDzzTw_zh1q4qtbV5k6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total future minimum debt payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,910</td><td style="text-align: left"> </td></tr> </table>

6066000

3844000

9910000

833334

12.00

10000000.0

9300000

700000

12.00

8700000

100000

600000

<p id="xdx_899_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_znjfhHftwNo5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table summarizes the assumptions used to estimate the fair value of the Warrants: Schedule of Assumptions Used to Estimate the Fair Value of the Warrants <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 8, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Common stock price VWAP</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z7SawAJ2zNql" title="Common stock price VWAP">11.70</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zyOVE5CmRcwk" title="Common stock price VWAP">5.40</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Exercise price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zt2bofMRcrNd" title="Exercise price">12.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zj5uMj0FnHc2" title="Exercise price">12.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSWV3Bqo8MX4" title="Expected volatility">120</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zsGmI4asEo75" title="Expected volatility">121</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zCnIJWR595a7" title="Risk-free interest rate">4.27</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zYfrg0obhpL1" title="Risk-free interest rate">4.56</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Expected remaining term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdbYvvwLTHGf" title="Expected remaining term">6.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMNfERPEmv3h" title="Expected remaining term">6.3 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260608__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zpabpKTkt1Ol" title="Expected dividend yield">—</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260731__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_znsskKTnV84h" title="Expected dividend yield">—</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Fair value of Warrant liability</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,663,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,756,000</td><td style="text-align: left"> </td></tr> </table>

11.70

5.40

12.00

120

121

4.27

4.56

P6Y6M

P6Y3M18D

8663000000

3756000000

4900000

833334

10000000.0

(14) Acquisition of In-Process Research and Development Assets On July 22, 2026, the Company entered into and closed an Asset Purchase Agreement with Columbia Power Technologies, Inc. (“C-Power”), pursuant to which the Company acquired certain intellectual property, engineering materials, and developmental work related to a subsurface wave energy converter technology known as “SubWEC”. The Company also obtained a license to certain background intellectual property used in connection with the acquired technology. The acquired technology is intended to support the Company’s development of subsea power capabilities and complement its existing offshore power and autonomous maritime systems. As consideration for the acquired assets, the Company issued <span id="xdx_909_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20260722__20260722__us-gaap--BusinessAcquisitionAxis__custom--ColumbiaPowerTechnologiesIncMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zbiIow8omlcj" title="Shares issued">366,162 restricted shares of its common stock to C-Power. The number of shares issued was determined using a contractually agreed value of $<span id="xdx_908_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_iI_pn5n6_c20260722__us-gaap--BusinessAcquisitionAxis__custom--ColumbiaPowerTechnologiesIncMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z4DvxxlIgOua" title="Stock value">2.9 million and a trailing 30-day volume-weighted average price of approximately $8.10 per share. The Company also paid C-Power $<span id="xdx_90F_ecustom--BusinessCombinationAcquisitionRelatedCash_iI_pn5n6_c20260722__us-gaap--BusinessAcquisitionAxis__custom--ColumbiaPowerTechnologiesIncMember_z7BCsWk2Gon6" title="Business acquisition reimbursement cash">0.1 million in cash as reimbursement of certain expenses. For accounting purposes, the common stock issued was measured at its acquisition-date fair value rather than the historical volume-weighted average price used to determine the number of shares issued. Based on the quoted market price of the Company’s common stock of $5.40 per share on July 22, 2026, the <span id="xdx_901_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20260701__20260722__us-gaap--BusinessAcquisitionAxis__custom--ColumbiaPowerTechnologiesIncMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zVvEzqW5ZmC8" title="Shares issued">366,162 shares had a fair value of approximately $<span id="xdx_90C_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_pn5n6_c20260722__20260722__us-gaap--BusinessAcquisitionAxis__custom--ColumbiaPowerTechnologiesIncMember_zPmDntTzhEQg" title="Research and development expense excluding acquired cost">2.0 million on the acquisition date. Including the $<span id="xdx_90C_ecustom--BusinessCombinationAcquisitionRelatedCash_iI_pn5n6_c20260722__us-gaap--BusinessAcquisitionAxis__custom--ColumbiaPowerTechnologiesIncMember_zoV7izKXgrBi" title="Business acquisition reimbursement cash">0.1 million cash payment and approximately $<span id="xdx_90D_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn5n6_c20260722__us-gaap--BusinessAcquisitionAxis__custom--ColumbiaPowerTechnologiesIncMember_zTeIsbm8OUjb" title="Direct transaction costs">0.1 million of direct transaction costs, the total accounting cost of the acquisition was approximately $<span id="xdx_904_eus-gaap--ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationFairValueAcquired_pn5n6_c20260722__20260722__us-gaap--BusinessAcquisitionAxis__custom--ColumbiaPowerTechnologiesIncMember_zFynEk00bRD8" title="Research and development expense">2.2 million. The difference between the $2.9 million contractual reference value and the acquisition-date fair value of the shares resulted from the use of the trailing 30-day volume-weighted average price to establish the fixed number of shares issued and the subsequent change in the Company’s stock price. No gain or loss was recognized as a result of this difference. The Company evaluated the acquired set under ASC 805, Business Combinations, and concluded that it did not constitute a business because the acquired set did not include an assembled workforce or a substantive process capable of significantly contributing to the creation of outputs. Accordingly, the transaction was accounted for as an asset acquisition. As of the acquisition date, the acquired technology remained under development, had not reached technological feasibility and required substantive additional research, engineering, integration and testing before it could be available for its intended commercial use. The Company determined that the acquired in-process research and development assets were specific to the SubWEC development project and had no alternative future use, in other research and development projects or otherwise, at the acquisition date. Accordingly, the Company charged the entire acquisition cost of approximately $<span id="xdx_900_eus-gaap--ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationFairValueAcquired_pn5n6_c20260501__20260731__us-gaap--BusinessAcquisitionAxis__custom--ColumbiaPowerTechnologiesIncMember_zNfKNJiXDML2" title="Research and development expense">2.2 million to research and development expense during the three months ended July 31, 2026. No acquired intangible asset or goodwill was recognized in connection with the transaction. The <span id="xdx_906_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20260722__20260722__us-gaap--BusinessAcquisitionAxis__custom--ColumbiaPowerTechnologiesIncMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zH6B8NiQTlM" title="Shares issued">366,162 shares issued as consideration represented noncash consideration that is excluded from the Company’s condensed consolidated statement of cash flows. The shares were recorded as common stock and additional paid-in capital and are included in weighted-average shares outstanding for earnings-per-share purposes beginning on the July 22, 2026 issuance date.

366162

2900000

8.10

100000

5.40

366162

2000000.0

100000

2200000

2900000

2200000

366162

(15) Commitments and Contingencies General Legal Matters From time to time, the Company is involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements. Onerous Contract The Company has one contract with a customer that has been determined to be an onerous contract, which means that the expected costs of the contract are expected to exceed the revenue. The total value of this contract is $1.4 million. As of July 31, 2026, total revenue recognized for this contract was $0.7 million, with total costs incurred of $3.6 million. The Company estimates total future costs associated with this contract of $<span id="xdx_90B_eus-gaap--ContractWithCustomerLiability_iI_pn5n6_c20260731__us-gaap--TypeOfArrangementAxis__custom--OnerousContractMember__srt--RangeAxis__srt--MaximumMember_zkOCrav9LXkl" title="Contract with customer liability">2.8 million, which will be incurred over the next 24 months.

1400000

700000

3600000

2800000

(16) Income Taxes Uncertain Tax Positions The Company accounts for income taxes in accordance with ASC 740, Income Taxes. The guidance requires the Company to recognize in its consolidated financial statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. The Company has no current or deferred tax due to current and projected losses for the year. At July 31, 2026, the Company had no uncertain tax positions. The Company does not expect any material increases or decreases in its income tax expense or benefit in the next twelve months, related to examinations or uncertain tax positions. Net operating losses and credit carryforwards since inception remain open to examination by taxing authorities and will continue to remain open for a period of time after utilization. Tax Preservation Plan In June 2023, in order to protect the Company’s valuable tax assets related to its net operating losses from being limited or lost under Section 382 of the Internal Revenue Code, the Company adopted a Tax Benefits Preservation Plan (the “Plan”). Pursuant to the Plan, the Board declared a dividend of one preferred share purchase right (each, a “Right”) for each outstanding share of common stock of the Company. The dividend was distributed to stockholders of record as of the close of business on July 11, 2023. The Plan substantially diminishes the risk that the Company’s ability to utilize its net operating loss carryovers to reduce potential future federal income tax obligations may become substantially limited. The Plan is intended to act as a deterrent to any person or group acquiring beneficial ownership of 4.99% or more of the outstanding common stock without approval by potentially subjecting any such person or group to significant dilution. The Plan was approved by shareholders by a non-binding advisory vote at the Company’s Annual Meeting held on February 28, 2024. The Plan was amended and restated on June 29, 2026 to among other things extend the life of the Plan through June 29, 2029. The Company determined the grant date fair value of the Rights using an option-pricing model. The amount was immaterial to the consolidated financial statements and deemed to be de minimis, and accordingly was not recorded to the financial statements.

0.0499

(17) Operating Segments and Geographic Information The Company operates as one operating segment. The Company’s chief operating decision maker (the “CODM”) is its Chief Executive Officer, who reviews financial information on a consolidated basis and utilizes net loss for purposes of making operating decisions, assessing financial performance of the consolidated Company, and making resource allocation decisions. The CODM also reviews total assets. While assets may move throughout the world to support our revenue projects, for reporting purposes they are included in North America total assets. Revenue and expenses are generally attributed to the operating unit that bills the customers. The following table presents selected financial information with respect to the Company’s single operating segment and its significant segment expenses for the three months ended July 31, 2026 and 2025, respectively: Schedule of Operating Segment Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-left: 0pt"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260501__20260731_zHYHHPrapOV7" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250501__20250731_zjpmuRJBrmQh" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three month ended July 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_maNILz8dF_zFxEV8OLhF23" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; width: 60%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,703</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,182</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0pt">Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CostOfRevenue_pn3n3_msNILz8dF_zmEjE6aCK6R9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Cost of sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,534</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,205</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherCostAndExpenseOperating_pn3n3_msNILz8dF_zLZafTczq9Fl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Product development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LaborAndRelatedExpense_pn3n3_msNILz8dF_z5anuKhdTN38" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Employee-related costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,285</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ProfessionalFees_pn3n3_msNILz8dF_zaUt0ik8nUt" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Professional, consulting and contractor fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,645</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">977</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_msNILz8dF_zoWChIppv6wb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">General and administrative costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">652</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--FacilitiesCosts_pn3n3_msNILz8dF_z7aq8gGxlfY" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Facilities costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">463</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">379</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensation_pn3n3_msNILz8dF_zaj1XedgD074" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Share-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,829</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,399</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DepreciationAndAmortization_pn3n3_msNILz8dF_zIMMnM4ieh1l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">319</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherOperatingIncomeExpenseNet_iN_pn3n3_di_maNILz8dF_zaaedI8ELGRi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other expense, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestIncomeExpenseNet_iN_pn3n3_di_maNILz8dF_zWbbKfzH5WY9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest (income)/expense, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ChangeInFairValueOfDerivative_pn3n3_maNILz8dF_zrzb9BuFraGh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Change in fair value of derivatives</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_pn3n3_di_maNILz8dF_zMJcGoSVnQzd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Loss on extinguishment of debt</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_iT_pn3n3_mtNILz8dF_zFkNfWnQN8K1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; text-align: left; padding-bottom: 2.5pt">Net loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(10,537</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(7,388</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

The following table presents selected financial information with respect to the Company’s single operating segment and its significant segment expenses for the three months ended July 31, 2026 and 2025, respectively: Schedule of Operating Segment Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-left: 0pt"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260501__20260731_zHYHHPrapOV7" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250501__20250731_zjpmuRJBrmQh" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three month ended July 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_401_eus-gaap--Revenues_pn3n3_maNILz8dF_zFxEV8OLhF23" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; width: 60%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,703</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,182</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0pt">Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CostOfRevenue_pn3n3_msNILz8dF_zmEjE6aCK6R9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Cost of sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,534</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,205</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherCostAndExpenseOperating_pn3n3_msNILz8dF_zLZafTczq9Fl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Product development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LaborAndRelatedExpense_pn3n3_msNILz8dF_z5anuKhdTN38" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Employee-related costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,285</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ProfessionalFees_pn3n3_msNILz8dF_zaUt0ik8nUt" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Professional, consulting and contractor fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,645</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">977</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_msNILz8dF_zoWChIppv6wb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">General and administrative costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">652</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--FacilitiesCosts_pn3n3_msNILz8dF_z7aq8gGxlfY" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Facilities costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">463</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">379</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensation_pn3n3_msNILz8dF_zaj1XedgD074" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Share-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,829</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,399</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DepreciationAndAmortization_pn3n3_msNILz8dF_zIMMnM4ieh1l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">319</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherOperatingIncomeExpenseNet_iN_pn3n3_di_maNILz8dF_zaaedI8ELGRi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other expense, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestIncomeExpenseNet_iN_pn3n3_di_maNILz8dF_zWbbKfzH5WY9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest (income)/expense, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ChangeInFairValueOfDerivative_pn3n3_maNILz8dF_zrzb9BuFraGh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Change in fair value of derivatives</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_pn3n3_di_maNILz8dF_zMJcGoSVnQzd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Loss on extinguishment of debt</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_iT_pn3n3_mtNILz8dF_zFkNfWnQN8K1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; text-align: left; padding-bottom: 2.5pt">Net loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(10,537</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(7,388</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

1703000

1182000

4534000

1205000

2719000

136000

3046000

2285000

1645000

977000

2225000

652000

463000 379000

1829000

2399000

319000

227000

1000

-373000

-310000

4912000

-10537000

-7388000

(18) Subsequent Events Reverse Stock Split On September 10, 2026, the Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation authorizing the Board of Directors to effect a reverse stock split of the Company’s common stock at a ratio within a specified range, with the exact ratio to be determined by the Board of Directors. On the same date, the Board of Directors approved a reverse stock split at a ratio of one-for-thirty (the “Reverse Stock Split”). The Reverse Stock Split became effective on September 11, 2026 upon the filing and effectiveness of a Certificate of Amendment with the Secretary of State of the State of Delaware, and the Company’s common stock began trading on a split-adjusted basis on the NYSE American on September 14, 2026 under the existing trading symbol “OPTT” but under a new CUSIP number. As a result, every thirty shares of the Company’s issued and outstanding common stock were automatically combined into one issued and outstanding share of common stock. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders otherwise entitled to receive a fractional share received one whole share of common stock in lieu of the fractional share. The Reverse Stock Split did not change the number of authorized shares of common stock or the par value of the common stock. Proportionate adjustments were made to the number of shares issuable upon the exercise, vesting or conversion of the Company’s outstanding stock options, restricted stock units, other equity awards, warrants and other convertible securities, including the convertible notes; the applicable exercise and conversion prices; and the number of shares authorized, reserved and available for issuance under the Company’s equity compensation plans. The Reverse Stock Split did not generate any proceeds for the Company. The Reverse Stock Split was intended, among other objectives, to increase the market price per share of the Company’s common stock, support compliance with applicable stock-exchange listing standards, improve the marketability of the common stock and enhance the Company’s ability to pursue financing and potential future exchange-listing opportunities. All common share and per-share amounts presented in these unaudited condensed consolidated financial statements and the related notes, including earnings per share and shares underlying outstanding equity awards, warrants and other convertible securities, including the convertible notes, have been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split. The number of authorized shares and the par value per share have not been retrospectively adjusted because they were not affected by the Reverse Stock Split. Pursuant to the terms of that certain Amended and Restated Section 382 Tax Benefits Preservation Plan, dated as of June 29, 2026 (the “Plan”), by and between the Company and Computershare Trust Company, N.A., a federally chartered trust company, as rights agent (the “Rights Agent”), the Reverse Stock Split resulted in an automatic, mechanical, and proportional adjustment pursuant to Section 11(o) of the Plan to the purchase price of the preferred stock purchase rights (the “Rights”) associated with each outstanding share of Common Stock. Effective as of the Effective Time, the initial purchase price of $2.25 per one one-thousandth of a share of Series A Participating Preferred Stock, par value $0.001 per share (the “Preferred Stock”), was multiplied by the Reverse Stock Split ratio factor of one for thirty, resulting in an adjusted purchase price of $67.50 per one one-thousandth of a share of Preferred Stock, subject to further adjustment as provided in the Plan. Pursuant to Section 11(o) of the Plan: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(i) <span id="xdx_902_eus-gaap--StockholdersEquityReverseStockSplit_c20260910__20260910__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--PlanNameAxis__custom--PlanOneMember_zgTiMxj4MeTa" title="Description of reverse stock split">the fraction of a share of Preferred Stock purchasable upon exercise of each Right remains unchanged at one one-thousandth of a share of Preferred Stock per Right; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(ii) <span id="xdx_90C_eus-gaap--StockholdersEquityReverseStockSplit_c20260910__20260910__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--PlanNameAxis__custom--PlanTwoMember_zjYpwThgM0Cd" title="Description of reverse stock split">the number of Rights associated with each outstanding share of Common Stock remains unchanged at one (1) Right per share.</td></tr></table> On September 11, 2026, in accordance with Section 12 of the Plan, the Company delivered to the Rights Agent the required notice setting forth the adjustments to the Purchase Price and the statement of facts and computations accounting for such adjustment. No formal text amendment to the Plan or its underlying exhibits was executed or required in connection therewith. Chief Executive Officer Transition On September 14, 2026, Dr. Philipp Stratmann resigned as President and Chief Executive Officer of the Company. The Board of Directors appointed Tracy Pagliara to serve as Acting Chief Executive Officer, effective September 14, 2026. Dr. Stratmann’s resignation was not the result of any disagreement with the Company concerning its operations, policies or practices. In connection with his departure, Dr. Stratmann will be entitled to receive six months of base salary and the balance of his agreed fiscal 2026 bonus. He also will receive continued Company health benefits through September 30, 2026. The resignation and related leadership transition did not result in an adjustment to the Company’s consolidated financial statements as of and for the three months ended July 31, 2026.

the initial purchase price of $2.25 per one one-thousandth of a share of Series A Participating Preferred Stock, par value $0.001 per share (the “Preferred Stock”), was multiplied by the Reverse Stock Split ratio factor of one for thirty, resulting in an adjusted purchase price of $67.50 per one one-thousandth of a share of Preferred Stock, subject to further adjustment as provided in the Plan.

the fraction of a share of Preferred Stock purchasable upon exercise of each Right remains unchanged at one one-thousandth of a share of Preferred Stock per Right

the number of Rights associated with each outstanding share of Common Stock remains unchanged at one (1) Right per share.