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NOEM

CO2 Energy Transition Corp. Common Stock

NOEM

CO2 Energy Transition Corp. Common Stock • NASDAQ
$10.24 ▼ -0.17% (-0.02)
Market Cap $98.16 M
52w High $10.78
52w Low $9.78
Dividend Yield 0%
P/E 73.14
Volume 249.62K
Outstanding Shares 9.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $154.489K ▼ $434.805K ▲ 0% $0.05 ▲ $584.006K ▲
Q2-2025 $0 $162.313K ▼ $418.891K ▲ 0% $0.044 ▲ $567.298K ▲
Q1-2025 $0 $170.72K ▼ $406.402K ▲ 0% $0.042 ▲ $555.043K ▲
Q4-2024 $0 $179.154K ▲ $69.617K ▲ 0% $0.008 ▲ $131.743K ▲
Q3-2024 $0 $26.532K $-26.532K 0% $-0.003 $-26.532K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $343.499K ▼ $71.922M ▲ $2.693M ▲ $69.229M ▲
Q2-2025 $469.288K ▼ $71.357M ▲ $2.562M ▲ $68.795M ▲
Q1-2025 $631.409K ▼ $70.907M ▲ $2.531M ▲ $68.376M ▲
Q4-2024 $953.069K ▲ $70.485M ▲ $2.516M ▲ $67.969M ▲
Q3-2024 $2.792K $255.022K $658.852K $-403.83K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $434.805K ▲ $-125.789K ▲ $0 ▼ $0 $-125.789K ▲ $-125.789K ▲
Q2-2025 $418.891K ▲ $-226.329K ▲ $64.208K ▲ $0 $-162.121K ▲ $-226.329K ▲
Q1-2025 $406.402K ▲ $-337.343K ▼ $15.683K ▲ $0 ▼ $-321.66K ▼ $-337.343K ▼
Q4-2024 $69.617K ▲ $-210.644K ▼ $-69M ▼ $70.161M ▲ $950.277K ▲ $-210.644K ▼
Q3-2024 $-26.532K $-18.227K $0 $20.7K $2.473K $-18.227K

Five-Year Company Overview

Income Statement

Income Statement NOEM’s historical income statement looks like a typical SPAC shell: essentially no revenue and only small administrative losses. There is no operating business in the data provided, so we cannot draw any conclusions about pricing power, margins, or profitability trends. The real economic story lies in the post-merger entity (NET Power), which is not yet reflected in these historical income figures.

Balance Sheet

Balance Sheet The balance sheet is very small and simple, again consistent with a SPAC before it closes a deal. Assets and equity are minimal, with no meaningful debt showing, and no detailed cash picture. This structure limits financial risk in the pre‑merger phase but also means there is no tangible operating asset base yet. After the combination with NET Power, the balance sheet profile will likely change dramatically, with project assets, more substantial capital needs, and potentially new funding structures that are not visible in this snapshot.

Cash Flow

Cash Flow Reported cash flows are essentially flat, indicating no real operating activity, investing program, or capital spending — in line with a SPAC that has not been running a full business. There is no track record yet of generating cash from operations or managing large capital projects. For the post‑merger NET Power story, future cash flows will depend heavily on how quickly projects reach commercial operation, how licensing deals are structured, and how much capital must be raised to build out plants.

Competitive Edge

Competitive Edge On a standalone basis, NOEM as a SPAC had no operating competitive position. After the merger, the competitive lens shifts to NET Power. There, the company appears to have a differentiated position in low‑carbon power generation, built around a unique gas‑fired cycle with built‑in carbon capture, backed by a broad patent portfolio and blue‑chip industrial partners. This creates meaningful barriers to direct imitation. At the same time, NET Power competes in a crowded and fast‑moving decarbonization landscape, where traditional renewables, other gas technologies, and different carbon‑capture approaches are all vying for utility and industrial customers. Commercial adoption, cost competitiveness at scale, and regulatory support are still critical uncertainties.

Innovation and R&D

Innovation and R&D Innovation is the core of the NET Power story that now sits behind NOEM’s legacy shell. The Allam‑Fetvedt Cycle is an integrated design that uses pure oxygen and supercritical carbon dioxide to generate power while capturing essentially all emissions as part of the process, aiming to deliver clean power at costs closer to conventional gas plants. This is supported by a large patent estate, a demonstration plant that has validated key technical concepts, and ongoing work to standardize and modularize plant designs to bring down costs and shorten build times. The company is also experimenting with complementary technologies, such as post‑combustion capture through partners, and exploring both utility‑scale and industrial‑scale formats. The upside is a potentially scalable, proprietary platform; the risk is that complex engineering, project delays, or cost overruns could slow or limit commercial rollout.

Summary

Historically, NOEM’s own financials reflect a blank‑check vehicle with no operating business, no revenue, and only small losses — not a going concern that can be analyzed on traditional fundamentals. The substance now lies in the combined entity, NET Power, which is an early‑stage clean‑power technology company rather than a mature financial conglomerate. Its story is less about past earnings and more about whether a novel, heavily patented power cycle can scale into a commercial platform. Strengths include differentiated technology, strong intellectual property, and reputable industrial partners; risks center on execution of large projects, capital intensity, regulatory and policy dependence, and competition from other low‑carbon solutions. Overall, this is a transition from a simple, low‑activity SPAC balance sheet to a complex, innovation‑driven business where future outcomes depend on engineering success, project delivery, and market adoption rather than historical financial performance.