April 20, 2023 - Ocean Thermal Energy Corp [CPWR] (OTEC), a renewable energy company specializing in ocean thermal energy conversion, reported a net loss of $632,916 for the first quarter of 2023. The quarterly revenue showed a decrease in cash flows from operating activities compared to the same period last year.
In the first quarter of 2023, Ocean Thermal Energy Corp incurred operating expenses of $363,825, primarily driven by salaries and compensation. The company's net loss for the quarter was $632,916, a decrease from the net loss of $2,650,019 reported in the first quarter of 2022.
Despite the decrease in net loss, the company's revenue growth remained stagnant, with service income of $5,000 for the first quarter of 2023. This is the same as the previous year's first quarter, indicating that the company's revenue streams have not experienced significant growth.
Ocean Thermal Energy Corp's balance sheet reflects a total current asset value of $6,323 million as of March 31, 2023, with cash at $1,323 million. The company has current liabilities amounting to $35,748 million, primarily driven by accounts payable and accrued expenses. The total stockholders' deficiency stands at $35,741 million, indicating a challenging financial position.
The basic and diluted earnings per share for Ocean Thermal Energy Corp were both $0.00 for the first quarter of 2023, based on the weighted average number of common shares outstanding of 184,370,469. This shows no significant change from the previous year's first quarter, reflecting a stable earnings performance.
Looking ahead, Ocean Thermal Energy Corp aims to improve its financial stability by focusing on cost management and revenue diversification. The company aims to explore new opportunities in the renewable energy sector and strengthen its position as a leader in ocean thermal energy conversion.
Ocean Thermal Energy Corp's financial performance in the first quarter of 2023 showcased a decrease in net loss but stagnant revenue growth. The company's focus on cost management and revenue diversification will be crucial in improving its financial stability and driving future growth in the renewable energy industry.