Kapolei-based Hoku Scientific Inc. yesterday cut its revenue guidance for the current quarter because of a delay in a project the company is doing for the Navy.

The maker of fuel-cell membranes now expects fourth quarter revenue of $1.4 million, which is down from prior guidance of $1.7 million to $2 million in revenues. The announcement follows a delay in the installation of a fuel cell demonstration system for the Navy. In September the Navy agreed on a potentially $2.5 million option for Hoku to make and help operate 10 fuel-cell power plants.

Separately Hoku said it was awarded a new $2.7 million contract by Nissan Motor Co. to develop fuel cell components for Nissan cars and trucks. The contract calls for Hoku to develop advanced hydrocarbon-based membranes and membrane electrode assemblies for proton exchange membrane fuel cells used in Nissan vehicles.

The companies will conduct joint testing at Hoku's facility in Kapolei, and at Nissan's facility in Oppama, Japan, through Sept. 30. The companies have worked together since March 2004.

Hoku, which went public last year, said fluctuations in quarterly revenue are expected to continue because of uncertainty in the timing of customer contracts and achievement of contract milestones.

Shares of Hoku closed down 14 cents, or 1.61 percent, at $8.55 on the Nasdaq National Market yesterday.