Ocean Power Technologies dismisses auditor Baker Tilly, appoints Carr, Riggs & Ingram
Ocean Power Technologies' Audit Committee dismissed Baker Tilly as its independent auditor on October 26, 2026, citing audit fees and costs among other factors, and appointed Carr, Riggs & Ingram for the fiscal year ending April 30, 2027. Baker Tilly's report on the fiscal year ended April 30, 2026 included a going-concern explanatory paragraph, and the company disclosed material weaknesses in its internal controls, which raises concerns for shareholders about its financial reporting. The filing also describes a non-binding letter of intent with Stratum Holdings for a proposed data center demonstration.
Key points
- Audit Committee dismissed Baker Tilly effective immediately on October 26, 2026, citing audit fees and costs among other factors.
- Baker Tilly's audit report for the fiscal year ended April 30, 2026 included an explanatory paragraph on substantial doubt about the company's ability to continue as a going concern.
- Company disclosed material weaknesses in internal control over financial reporting, including controls over complex transactions such as revenue recognition and convertible debt, and over inventory data.
- Carr, Riggs & Ingram was appointed as independent registered public accounting firm for the fiscal year ending April 30, 2027.
The filing
Written by AI on Nov 9, 2026, 10:08 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 28, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.