Ocean Thermal Energy Q2 FY26 operating loss narrows to USD 971,527; revenue falls to USD 92,403
CPWR•Q2 FY26 revenue declines as contract work winds down
Ocean Thermal Energy said revenue fell 89.08% to USD 92,403 in the quarter ended June 30, 2026.
Direct cost of contracts dropped 51.04% to USD 308,315, reflecting completion of the Kwajalein Atoll U.S. Defense Department work.
Losses narrow, but interest expense rises and cash remains limited
Operating loss narrowed to USD 971,527.
Interest expense rose 9.77% to USD 750,618, driven by compounded interest rates on notes payable.
Cash slid to USD 33,265 at June 30, 2026, and working capital deficit stood at about USD 57 million.
Management flagged substantial doubt about going concern, citing insufficient cash for the next 12 months while pursuing external funding and DOE grants.
