Ocean Thermal Energy Corp
otecorporation.comWhat Do They Do?
Develops renewable-power, desalination, and cooling systems for government agencies, tropical and subtropical communities, and large commercial facilities.
10-K for FY2025, filed Mar 24, 2026We develop projects for renewable power generation, desalinated water production, and air conditioning using proprietary intellectual…View ↗
Seawater Air Conditioning, known in the industry as SWAC, plants are designed to use cold water from ocean depths to provide air…View ↗
We expect to use our technology to develop OTEC and SWAC/LSC systems for various applications for potential customers in tropical and…View ↗
SWAC/LSC is a significantly more cost-effective and environmentally friendly way to implement air-conditioning using cold water sourced…View ↗
How Do They Make Money?
The company earns contract revenue for engineering and technical development of a renewable-energy system as the work progresses. It expects development fees when project financing closes and operating revenue once a plant is built and running.
10-K for FY2025, filed Mar 24, 2026We recognize revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. The…View ↗
Revenue is recognized over time using the cost-to-cost input method. This method compares actual costs incurred to total estimated costs to…View ↗
None of our projects is at a stage of development that will allow them to generate revenues in the near future. Our project development…View ↗
$3M
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10-K for FY2025, filed Mar 24, 2026
$3M ↗
Who Are Their Customers?
The company is executing an Army engineering contract through Johnson Controls; other engagements are in planning or development with the Indian government and a French engineering company.
10-K for FY2025, filed Mar 24, 2026
Do Revenues Turn Into Profits?
No. It lost $69.3M in FY2025.
10-K for FY2025, filed Mar 24, 2026
How Are They Changing?
Project stage
The older report described OTEC opportunities as discussions and projects in planning; the latest describes an Army engineering contract underway and a pipeline of commercial engagements.
10-K for FY2022, filed Sep 5, 2023 10-K for FY2025, filed Mar 24, 2026
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