NET Power Inc.
Business
Net Power is an energy technology company that designs, develops, builds, owns, and operates low-carbon gas power plants integrating natural gas turbines with post-combustion carbon capture. The company generates returns through electricity sales, CO2 sequestration incentives, and environmental attributes. Its primary project is located in the Permian Basin of West Texas using a modular, standardized approach. Net Power holds a perpetual license to oxy-combustion cycle technology from 8 Rivers and a pending exclusive license for carbon capture technology.
Summary from 10-K filed 2026-03-09
Financials
Consolidated Statement of Income
| 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
| 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
| 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is NET Power Inc.'s CIK number?
NET Power Inc.'s SEC CIK number is 0001845437 (1845437). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find NET Power Inc.'s SEC filings?
All of NET Power Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did NET Power Inc. last report earnings?
NET Power Inc. (NPWR) most recently filed an earnings 8-K with the SEC on May 11, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001845437-26-000018). This is NET Power Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is NET Power Inc.'s most recent earnings 8-K?
NET Power Inc.'s latest earnings 8-K (Item 2.02) was filed May 11, 2026 under accession 0001845437-26-000018. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View NET Power Inc.'s latest earnings 8-K →
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