N
NET Power Inc.
NPWRCIK 0001845437NYSENon-AcceleratedSmaller ReportingEmerging GrowthElectrical Industrial ApparatusNorth CarolinaFY ends Dec 31
Period
FY 2025
Revenue
$0
Net Income
$-578.63M
Total Assets
$599.70M
Equity
$203.90M
Shares Out
3.76M
Op. Cash Flow
$-120.78M
Business
NET Power Inc. is an energy technology company that develops and licenses a proprietary power generation system (the Net Power Cycle) designed to produce reliable electricity from natural gas while inherently capturing CO2 and minimizing air pollutants. The company offers technology licenses, plant designs (utility- and industrial-scale), support services, pre-qualified EPC vendor lists, and technical validation and commissioning assistance for customers. Its business is organized around technology development, licensing and commercialization, and plant deployment and support activities. NET Power targets customers and project deployment in the U.S. and international markets via direct licensing, strategic partnerships, and origination of project hubs.
Summary from filing dated 2025-03-10
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | 0 | 250,000 | 580,000 | — | |
| Cost of revenue | 0 | 31,000 | — | — | |
| Gross profit | 0 | 219,000 | 305,000 | — | |
| General and administrative | 40 | 30 | 6 | 632,131 | |
| Sales and marketing | 5 | 4 | 801,000 | — | |
| Research and development | 100 | 64 | — | — | |
| Project development | 72 | 2 | 15,000 | — | |
| Impairment and other charges | 1,512 | 0 | — | — | |
| Depreciation, amortization, and accretion | 62 | 82 | — | — | |
| Total operating expenses | 1,792 | 182 | 50 | — | |
| Operating loss | −1,792 | −181 | −50 | −697,131 | |
| Interest income, net | 20 | 31 | — | — | |
| Change in Earnout Shares liability and Warrant liability | 72 | −26 | — | — | |
| Change in Tax Receivable Agreement liability | 21 | 0 | — | — | |
| Other income | 11,000 | 364,000 | 38,000 | — | |
| Net other income | 114 | 6 | −5 | — | |
| Net loss before income tax | −1,678 | −175 | −55 | — | |
| Income tax benefit | 4 | 11 | 0 | — | |
| Net loss after income tax | −1,673 | −165 | −55 | −10 | |
| Net loss attributable to non-controlling interests | −1,095 | −115 | 0 | −391,892 | |
| Net loss attributable to NET Power Inc. | −579 | −49 | −55 | −10 | |
| Unrealized gain on investments | 97,000 | 139,000 | — | — | |
| Total other comprehensive income | 97,000 | 139,000 | −3,000 | — | |
| Comprehensive loss | −1,673 | −165 | −55 | — | |
| Comprehensive loss attributable to non-controlling interests | −1,095 | −115 | 0 | — | |
| Comprehensive loss attributable to NET Power Inc. | −579 | −49 | −55 | — | |
| Loss per share of Class A Common Stock, basic (in dollars per share) | −7.34 | −0.67 | −14.79 | — | |
| Loss per share of Class A Common Stock, diluted (in dollars per share) | −7.34 | −0.67 | −14.79 | — | |
| Weighted average shares of Class A Common Stock, basic (in shares) | 79 | 73 | 4 | — | |
| Weighted average shares of Class A Common Stock, diluted (in shares) | 79 | 73 | 4 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2025 2025-06-30 | FY 2025 2025-03-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 199 | — | — | 329 | 537 | |
| Short-term investments | 0 | 100 | — | 100 | 100 | |
| Investments in securities, available-for-sale | 138 | — | — | 78 | 0 | |
| Interest receivable | 1 | — | — | 4 | 2 | |
| Prepaid expenses and other current assets | 4 | — | — | 2 | 2 | |
| Total current assets | 344 | — | — | 513 | 641 | |
| Restricted cash | 2 | — | — | 2 | 0 | |
| Investments in securities, available-for-sale | 38 | — | — | 23 | 0 | |
| Intangible assets, net | 182 | — | — | 1,241 | 1,307 | |
| Goodwill | 0 | — | — | 360 | 424 | |
| Property, plant, and equipment, net | 33 | — | — | 151 | 97 | |
| Operating lease right-of-use assets | 551,000 | — | — | 3 | 2 | |
| Other long-term assets | 387,000 | — | — | 652,000 | 0 | |
| Total assets | 600 | — | — | 2,294 | 2,471 | |
| Accounts payable | 1 | — | — | 3 | 617,000 | |
| Accrued liabilities | 8 | — | — | 14 | 11 | |
| Due to related parties | 37 | — | — | 325,000 | 142,000 | |
| Operating lease liabilities, current portion | 1 | — | — | 683,000 | 347,000 | |
| Finance lease liabilities, current portion | 127,000 | — | — | 187,000 | 0 | |
| Total current liabilities | 47 | — | — | 18 | 12 | |
| Earnout Shares liability | 0 | — | — | 2 | — | |
| Warrant liability | 11 | — | — | 81 | 56 | |
| Asset retirement obligation | 4 | — | — | 3 | 2 | |
| Non-current operating lease liabilities | 3 | — | — | 2 | 2 | |
| Non-current finance lease liabilities | 0 | — | — | 110,000 | 0 | |
| Tax Receivable Agreement liability | 0 | — | 21 | 21 | 9 | |
| Deferred taxes | 0 | — | — | 4 | 58 | |
| Total liabilities | 64 | — | — | 132 | 140 | |
| Commitments and contingencies (Note 14) | — | — | — | — | — | |
| Redeemable non-controlling interests in subsidiary | 331 | — | — | 1,507 | 1,546 | |
| Preferred Stock, $.0001 par value; 1,000 shares authorized; no shares issued or outstanding as of December 31, 2025 and December 31, 2024 | 0 | — | — | 0 | 0 | |
| Additional paid-in capital | 898 | — | — | 772 | 852 | |
| Accumulated other comprehensive loss | 129,000 | — | — | 32,000 | 0 | |
| Accumulated deficit | −695 | — | — | −116 | −67 | |
| Total shareholders' equity | 204 | — | — | 656 | 785 | |
| Total liabilities, mezzanine shareholders' equity, and shareholders' equity | 600 | — | — | 2,294 | 2,471 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|
| Depreciation, amortization, and accretion | 62 | 82 | — | — | |
| Non-cash income | −2 | −3 | — | — | |
| Deferred taxes | −4 | −11 | 0 | — | |
| Change in fair value of Earnout Shares liability and Warrant liability | −72 | 26 | — | — | |
| Share-based compensation expense | 46 | 34 | 13 | — | |
| Accounts receivable, net | 0 | 58,000 | −301,000 | — | |
| Interest receivable | 3 | −989,000 | 0 | — | |
| Prepaid expenses and other current assets | −3 | 47,000 | — | — | |
| Other long-term assets | 265,000 | −625,000 | — | — | |
| Accounts payable | −2 | 2 | −1 | 58,405 | |
| Accrued liabilities | −4 | 4 | 752,000 | 25,918 | |
| Due to related parties | 37 | 183,000 | −2 | — | |
| Net cash used in operating activities | −121 | −32 | −17 | −1 | |
| Purchases of available-for-sale securities | −186 | −170 | — | — | |
| Maturities of available-for-sale securities | 112 | 71 | — | — | |
| Maturities of short-term investments | 100 | 0 | — | — | |
| Purchase of property, plant and equipment | −33 | −69 | −115,000 | — | |
| Capitalized software | −1 | −1 | — | — | |
| Net cash used in investing activities | −9 | −169 | −115,000 | −345 | |
| Issuance of Class A Common Stock under share-based compensation plans | 141,000 | 0 | — | — | |
| Payment of tax withholdings on vested share-based payment awards | −172,000 | −130,000 | — | — | |
| Exercise of Warrants | 0 | 19,000 | 0 | — | |
| Payments on finance lease obligations | −199,000 | −67,000 | — | — | |
| Tax-related partnership distribution | 0 | −5 | — | — | |
| Net cash used in financing activities | −230,000 | −5 | 21 | 349 | |
| Net decrease in cash, cash equivalents, and restricted cash | −130 | −205 | 5 | 3 | |
| Cash paid for interest | 29,000 | 0 | 81,000 | — | |
| Cash paid for income taxes | 1,000 | 0 | — | — | |
| Change in accruals for capital expenditures | −2 | −1 | — | — | |
| Operating lease right-of use asset acquired | 2 | 959,000 | — | — | |
| Finance lease right-of-use asset acquired | 0 | 349,000 | — | — | |
| Revision of estimated asset retirement obligation | 0 | 996,000 | — | — |
Filings
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