Ocean Power Technologies, Inc. filed a Form 8-K on October 28, 2026, reporting the dismissal of Baker Tilly US, LLP as its independent registered public accounting firm effective October 26, 2026, and the appointment of Carr, Riggs & Ingram, L.L.C. as its successor for the fiscal year ending April 30, 2027.

Key Highlights

  • Baker Tilly dismissed: The Audit Committee dismissed Baker Tilly US, LLP effective October 26, 2026, citing the decision was made "to save on audit fees and costs, among other factors," according to the filing.
  • CRI appointed: Carr, Riggs & Ingram, L.L.C. (PCAOB firm ID 213) was appointed as the company's independent registered public accounting firm for the fiscal year ending April 30, 2027.
  • Going concern: Baker Tilly's audit report for the fiscal year ended April 30, 2026, contained an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern.
  • Material weaknesses disclosed: The company identified material weaknesses in internal control over financial reporting relating to complex and non-routine transactions and inventory management system controls.
  • No disagreements: The filing states there were no disagreements with Baker Tilly on any matter of accounting principles, practices, or auditing scope through October 26, 2026.
  • Stratum Holdings letter of intent: On October 26, 2026, the company announced execution of a letter of intent with Stratum Holdings for a proposed strategic collaboration to demonstrate offshore renewable-powered data center assets.

Ocean Power Technologies Changes Auditors Amid Going Concern and Material Weakness Disclosures

According to the Form 8-K filed with the SEC, Ocean Power Technologies, Inc. (NYSE American:OPTT) reported that its Audit Committee dismissed Baker Tilly US, LLP as the company's independent registered public accounting firm on October 26, 2026, effective immediately. The filing states the decision was made "to save on audit fees and costs, among other factors." Baker Tilly had itself become the company's auditor following its merger with Moss Adams LLP, which was completed effective June 2, 2025, at which point Moss Adams resigned and the Audit Committee approved Baker Tilly as successor.

The filing discloses that Baker Tilly's audit reports for the fiscal years ended April 30, 2026, and April 30, 2025, did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles, with one exception: the report for the year ended April 30, 2026, included an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern. The filing also reports that the company identified material weaknesses in internal controls, specifically relating to controls over complex and non-routine transactions including revenue recognition and convertible debt agreements, and separately, over the completeness and accuracy of key data elements derived from the company's inventory management system.

Effective October 26, 2026, the Audit Committee appointed Carr, Riggs & Ingram, L.L.C. ("CRI"), with PCAOB firm ID 213, as the company's independent registered public accounting firm for the fiscal year ending April 30, 2027. The filing states that neither the company nor anyone acting on its behalf consulted with CRI during the two most recent fiscal years or the subsequent interim period through October 26, 2026, regarding accounting principles, audit opinions, disagreements, or reportable events. Baker Tilly's letter to the SEC dated October 28, 2026, stating its agreement with the company's disclosures, is filed as Exhibit 16.1.

What Was Disclosed

Ocean Power Technologies reported the dismissal of Baker Tilly US, LLP and the appointment of Carr, Riggs & Ingram, L.L.C. as its new auditor, along with previously identified material weaknesses in internal controls and a going concern paragraph in the fiscal year 2026 audit report.