Ocean Thermal Financials
Ocean Thermal (CPWR) reported $2.5M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The dominant mechanic is a revenue-generating but deeply liabilities-funded operation, with FY2025 cash movement supported by financing rather than operations.
In FY2025,$589K of gross profit and$72K of reported SG&A still coincided with a-$172K operating loss, indicating additional operating costs or charges not separately displayed in the supplied fields. Meanwhile, operating cash flow of-$93K was more than offset by$481K of financing cash flow, so the period’s cash movement came primarily from financing rather than internally generated cash.
The balance sheet carries
Accounts receivable of
Financial Health Signals
Ocean Thermal does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Ocean Thermal scores -256.42, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($922K) relative to total liabilities ($114.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ocean Thermal reported an operating loss of $172K against $2.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Ocean Thermal generated $3.0M in revenue in fiscal year 2025.
Ocean Thermal earned $0.34 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3300.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Ocean Thermal held $404K in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Ocean Thermal's gross margin was 19.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Ocean Thermal's operating margin was -5.7% in fiscal year 2025, reflecting core business profitability.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
CPWR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $92K-77.1% | $404K-74.5% | $1.6M+282.3% | $414K-51.1% | $846K+389.1% | $173K | N/A | $0 |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | $129K | N/A | N/A |
| Gross Profit | -$216K+16.8% | -$259K-216.7% | $222K+110.1% | $106K-51.1% | $217K+389.1% | $44K | N/A | $0 |
| SG&A Expenses | $43K+23.5% | $34K-18.0% | $42K+389.1% | $9K-40.7% | $15K+123.2% | $7K | N/A | $30K |
| Operating Income | -$484K+0.8% | -$488K-200.1% | $487K+271.4% | -$284K-121.8% | -$128K+48.1% | -$247K | N/A | N/A |
| Interest Expense | N/A | $739K-9.8% | $820K+15.0% | $713K+4.3% | $684K+4.3% | $656K | N/A | N/A |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | N/A | $0 |
| Net Income | N/A | N/A | N/A | N/A | N/A | -$1.4M | N/A | N/A |
| EPS (Diluted) | -$0.02 | $0.00-100.0% | $1.23+423.7% | -$0.38+20.8% | -$0.48-4700.0% | -$0.01 | $0.00 | $0.00 |
Not reported in any period shown, so not listed: R&D Expenses.
CPWR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $131K-69.6% | $430K-71.0% | $1.5M+110.5% | $705K+12.9% | $625K+13.9% | $549K+2495.1% | $21K-60.9% | $54K |
| Current Assets | $131K-69.6% | $430K-71.0% | $1.5M+110.5% | $705K+12.9% | $625K+13.9% | $549K+2495.1% | $21K-60.9% | $54K |
| Cash & Equivalents | $33K-80.0% | $166K-58.8% | $404K+619.4% | $56K-59.8% | $140K+3029.7% | $4K-72.3% | $16K-67.1% | $49K |
| Accounts Receivable | $92K-64.3% | $259K-75.9% | $1.1M+172.0% | $396K | N/A | $539K | $0 | N/A |
| Total Liabilities | $56.7M+9.4% | $51.8M-54.9% | $114.9M-46.1% | $213.0M+50.9% | $141.1M+204.1% | $46.4M+4.1% | $44.6M+0.6% | $44.3M |
| Current Liabilities | $56.7M+9.4% | $51.8M-54.9% | $114.8M-46.1% | $213.0M+51.0% | $141.1M+204.2% | $46.4M+4.1% | $44.6M+0.5% | $44.3M |
| Total Equity | -$56.6M-10.1% | -$51.4M+54.7% | -$113.4M+46.6% | -$212.3M-51.1% | -$140.5M-206.4% | -$45.9M-2.9% | -$44.6M-0.6% | -$44.3M |
| Retained Earnings | -$119.8M-4.6% | -$114.5M+35.1% | -$176.6M+35.9% | -$275.3M-35.4% | -$203.4M-87.1% | -$108.7M-1.3% | -$107.3M-0.3% | -$107.0M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
CPWR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$153K+35.6% | -$237K-203.9% | $228K+189.2% | -$256K-366.4% | $96K+159.3% | -$162K-57.7% | -$103K+29.9% | -$146K |
| Financing Cash Flow | $20K+7407.4% | -$270-100.2% | $119K-30.8% | $172K+339.0% | $39K-73.9% | $150K+115.4% | $70K-12.5% | $80K |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.
CPWR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -233.7% | -64.3%-78.4pp | 14.1%-11.5pp | 25.6%0.0pp | 25.6%0.0pp | 25.6% | N/A | N/A |
| Operating Margin | -523.6% | -120.9% | 30.8%+99.6pp | -68.7%-53.6pp | -15.2% | -142.6% | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | -810.7% | N/A | N/A |
| Return on Assets | N/A | N/A | N/A | N/A | N/A | -255.7% | N/A | N/A |
| Current Ratio | 0.000.0x | 0.010.0x | 0.010.0x | 0.000.0x | 0.000.0x | 0.010.0x | 0.000.0x | 0.00 |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$113.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.01), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Ocean Thermal Ranks
Frequently Asked Questions
What is Ocean Thermal's annual revenue?
Ocean Thermal (CPWR) reported $3.0M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
What is Ocean Thermal's gross margin?
Ocean Thermal (CPWR) had a gross margin of 19.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ocean Thermal's operating margin?
Ocean Thermal (CPWR) had an operating margin of -5.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ocean Thermal's operating cash flow?
Ocean Thermal (CPWR) recorded an outflow of $93K in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Ocean Thermal's total assets?
Ocean Thermal (CPWR) had $1.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Ocean Thermal's current ratio?
Ocean Thermal (CPWR) had a current ratio of 0.01 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
How does Ocean Thermal's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Ocean Thermal (CPWR) held $404K in cash, cash equivalents and investments, and reported an operating cash outflow of $93K over that year. Dividing the one by the other, the reported balance equals about 52 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Ocean Thermal's debt-to-equity ratio negative or not reported?
Ocean Thermal (CPWR) has negative shareholder equity of -$113.4M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Ocean Thermal's Altman Z-Score?
Ocean Thermal (CPWR) has an Altman Z-Score of -256.42, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
Can Ocean Thermal cover its interest payments?
Ocean Thermal (CPWR) reported an operating loss of $172K against $2.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.