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Ocean Thermal Energy Corporation reported very limited operating activity for the quarter ended June 30, 2026. Revenue was $92,403 for the quarter and $495,920 for the first half of 2026, down sharply from 2025 as a major U.S. Army engineering contract neared completion, resulting in a six‑month operating loss of $971,527.
Despite this, the company recorded six‑month net income of $56.8 million, driven almost entirely by a non‑cash $59.3 million decrease in the fair value of its derivative liability, which fell to $16.4 million from $75.7 million. Cash was only $33,265 at June 30, 2026, with a working capital and stockholders’ deficit of approximately $57 million, and management disclosed substantial doubt about the company’s ability to continue as a going concern.
The company has numerous notes in default totaling $18.9 million of principal and interest, and internal controls continue to have material weaknesses due to limited staffing. Subsequent to quarter‑end, authorized common shares were increased from 200 million to 800 million, and a transaction with subsidiary OCEES forgave about $1.1 million of related‑party debt in exchange for 90% of OCEES, with the parent retaining a 10% stake and a profit‑based royalty.
Ocean Thermal Energy Corp, a Nevada corporation, is conducting a private exempt offering of equity securities under Rule 506(b) of Regulation D. The total offering size is $1,000,000, of which $20,000 has been sold and $980,000 remains available. The company declines to disclose its revenue or asset size. No finders’ fees are reported, and director Jeremy Feakins signs as the authorized representative. The issuer appoints the SEC and relevant state officials as agents for service of process in connection with this offering.
Ocean Thermal Energy Corp. created a new Series E Preferred Stock and completed a small initial private placement. On July 7, 2026, the company sold two Series E Preferred shares to two private investors at $10,000 per share, raising $20,000 under a Section 4(a)(2) and Regulation D exemption. A certificate of designation authorizes up to 150 Series E Preferred shares, each with a $10,000 liquidation value and an 8.0% annual cumulative dividend, payable in cash or common stock. The preferred automatically converts into common shares upon specified events, including execution of commercial contracts for ocean thermal energy or related services, a change of control, or a significant public offering, with the conversion amount based on the 10-day volume-weighted average price multiplied by 0.5. After two years, the company may redeem the shares before conversion, and the series carries limited voting rights mainly on matters affecting its terms or priority.
Ocean Thermal Energy Corporation reported first-quarter 2026 revenue of $403,517, more than double the prior year, driven by its U.S. Department of Defense engineering contract for an OTEC unit at Kwajalein Atoll. Higher project costs produced a gross loss of $259,467 and a loss from operations of $487,672.
GAAP net income was $62.0M, entirely from a non-cash $63.3M decrease in the fair value of derivative liabilities; core operations remained unprofitable. Cash was $166,220 with negative operating cash flow of $237,177, a working capital and stockholders’ deficit of about $51M, substantial loan defaults, and a going concern warning alongside material weaknesses in internal controls.
Ocean Thermal Energy Corporation is a Nevada-based developer of ocean thermal and seawater cooling projects that has not yet completed or operated any commercial plants and currently generates no operating revenue. Its business model centers on proprietary OTEC and SWAC/LSC technologies aimed at tropical and subtropical markets, often for government and defense customers.
The company’s auditors have expressed substantial doubt about its ability to continue as a going concern, as it relies on external capital, carries significant defaulted and convertible debt, and faces long, risky project development cycles. Ocean Thermal Energy is working under a $3.6 million U.S. Army engineering contract in the Pacific, but any long-term power purchase agreement remains uncertain. With a public float valued at about $181,247 and roughly 190 million shares outstanding as of March 15, 2026, its thinly traded penny stock is highly speculative and vulnerable to dilution from legacy financing obligations.