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NPWR

NET Power Inc.

NPWR

NET Power Inc. • NYSE
$2.90 ▲ 1.75% (+0.05)
Market Cap $243.37 M
52w High $14.12
52w Low $1.48
Dividend Yield 0%
P/E -0.38
Volume 1.20M
Outstanding Shares 83.92M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $45.078M ▼ $-411.498M ▼ 0% $-5.28 ▼ $-1.145B ▼
Q2-2025 $0 $68.886M ▼ $-28.142M ▲ 0% $-0.36 ▲ $-68.886M ▼
Q1-2025 $0 $470.063M ▲ $-119.35M ▼ 0% $-1.55 ▼ $-36.968M ▲
Q4-2024 $0 ▼ $29.105M ▼ $-34.32M ▼ 0% ▼ $-0.45 ▼ $-77.091M ▼
Q3-2024 $12K $47.256M $818K 6.817K% $0.011 $-27.035M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $365.393M ▼ $629.895M ▼ $47.407M ▼ $143.762M ▼
Q2-2025 $403.398M ▼ $1.789B ▼ $58.995M ▲ $616.2M ▼
Q1-2025 $490.705M ▼ $1.839B ▼ $40.392M ▼ $637.211M ▼
Q4-2024 $507.574M ▼ $2.294B ▼ $131.927M ▲ $655.604M ▼
Q3-2024 $559.125M $2.337B $90.837M $767.475M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-411.498M ▼ $-48.006M ▼ $-6.626M ▼ $-65K ▼ $-54.709M ▼ $-51.313M ▼
Q2-2025 $-82.047M ▲ $-24.6M ▼ $8.655M ▲ $-49K ▲ $-15.994M ▲ $-28.013M ▲
Q1-2025 $-373.586M ▼ $-20.374M ▼ $-8.764M ▲ $-50K ▲ $-29.188M ▲ $-29.818M ▲
Q4-2024 $-34.32M ▼ $-12.969M ▼ $-39.206M ▼ $-4.838M ▼ $-57.027M ▼ $-42.67M ▼
Q3-2024 $-6.813M $-7.843M $-10.876M $-152K $-18.871M $-30.311M

Five-Year Company Overview

Income Statement

Income Statement NET Power is still in a development phase with essentially no operating revenue yet. The income statement is dominated by research, engineering, and corporate costs, which leads to recurring losses each year. Those losses have grown as the company has scaled up its ambitions and public-company costs, but they are still moderate for an early-stage, capital-light technology business. Profitability is not yet in sight and will likely depend on successfully building and licensing commercial-scale projects rather than small incremental improvements in current results.

Balance Sheet

Balance Sheet The balance sheet looks like that of a young technology platform: mostly cash and other assets funded by equity, with little to no financial debt. Asset levels stepped up meaningfully after going public and raising capital, giving the company more resources to invest in projects and technology. Equity has grown in line with this capital raising, while obligations remain limited, which reduces financial risk but also underscores ongoing reliance on external funding until the business model begins to generate steady cash inflows.

Cash Flow

Cash Flow Cash flows reflect a pre-revenue, build-out stage. Operating cash flow is consistently negative as the company spends on people, development, and overhead without yet bringing in sales. Investment spending has recently increased, showing up as higher capital expenditures tied to facilities, pilot projects, and supporting infrastructure. Combined, this leads to negative free cash flow, meaning the firm is consuming cash rather than generating it and will need to periodically refill its cash reserves through partnerships, project financing, or additional capital raises.

Competitive Edge

Competitive Edge NET Power is trying to carve out a differentiated position in low-carbon power by offering a technology that can produce reliable electricity while capturing nearly all of the carbon emissions. Its Allam-Fetvedt Cycle is protected by patents and exclusive rights in key applications, creating a technical and legal barrier for competitors. The company has also aligned itself with large industrial and energy partners for turbines, carbon transport and storage, and project development. These partnerships, plus a first-mover role in integrated carbon capture for gas-fired power, give it a promising but still unproven competitive position that will ultimately be tested by real-world project execution and costs.

Innovation and R&D

Innovation and R&D Innovation is the core of NET Power’s story. The company is advancing a novel oxy-combustion cycle while also adding post-combustion capture technology through a key partnership, giving it a broader toolkit to decarbonize power plants. Ongoing work at its test facility and engineering efforts aim to improve performance and drive down the cost of its first commercial plants. The roadmap is centered on a handful of flagship projects in the United States, which are intended to validate the technology at full scale and demonstrate attractive economics. This heavy focus on R&D and demonstration means technology risk remains, but it also offers meaningful upside if the company can deliver on efficiency, cost, and reliability targets.

Summary

NET Power is an early-stage, pre-revenue clean power technology company with a balance sheet that currently relies on equity rather than debt and cash flows that are negative as it invests in growth and development. The core appeal lies in its patented carbon-capturing power cycle and an expanded portfolio that now includes post-combustion capture, supported by partnerships with major industrial and energy players. The main uncertainties are execution, timing, and funding of large-scale projects, along with how policy and carbon-credit regimes evolve. Overall, the company sits at the intersection of energy transition, infrastructure, and advanced engineering: financially still in build-out mode, strategically positioned around a potentially high-impact but not yet fully proven technology platform.

NEWS

November 13, 2025 · 4:15 PM UTC

Net Power Reports Third Quarter 2025 Results and Provides Business Update

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October 23, 2025 · 4:15 PM UTC

Net Power Schedules Third Quarter 2025 Earnings Release and Conference Call

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September 4, 2025 · 4:26 PM UTC

NET POWER ALERT: Bragar Eagel & Squire, P.C. is Investigating NET Power, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

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