$NPWR-WT

Net Power Inc.

CIK:0001845437|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
General and administrative	$ 6,419	$ 13,578	$ 15,305	$ 22,270
Sales and marketing	1,017	1,492	2,204	2,679
Research and development	4,220	26,618	23,921	49,218
Project development	1,126	27,198	2,130	31,687
Impairment and other charges	193,708	0	193,708	415,897
Depreciation, amortization, and accretion	3,452	21,669	6,866	43,356
Total operating expenses	209,942	90,555	244,134	565,107
Operating loss	(209,942)	(90,555)	(244,134)	(565,107)
Other income
Interest income, net	2,963	5,466	6,307	11,345
Change in Earnout Shares liability and Warrant liability	46	1,415	5,080	75,580
Change in Tax Receivable Agreement liability	0	0	0	21,317
Other income	3	5	8	6
Net other income	3,012	6,886	11,395	108,248
Net loss before income tax	(206,930)	(83,669)	(232,739)	(456,859)
Income tax (expense) benefit	(2)	1,622	(2)	1,226
Net loss after income tax	(206,932)	(82,047)	(232,741)	(455,633)
Net loss attributable to non-controlling interests	(126,641)	(53,905)	(142,593)	(308,141)
Net loss attributable to NET Power Inc.	(80,291)	(28,142)	(90,148)	(147,492)
Other comprehensive income
Unrealized gain (loss) on investments	(44)	66	(173)	82
Total other comprehensive income (loss)	(44)	66	(173)	82
Comprehensive loss	(206,976)	(81,981)	(232,914)	(455,551)
Comprehensive loss attributable to non-controlling interests	(126,641)	(53,862)	(142,593)	(308,141)
Comprehensive loss attributable to NET Power Inc.	$ (80,335)	$ (28,119)	$ (90,321)	$ (147,410)
Loss per share attributable to shareholders, basic (in dollars per share)	$ (0.91)	$ (0.36)	$ (1.04)	$ (1.91)
Loss per share attributable to shareholders, diluted (in dollars per share)	$ (0.91)	$ (0.36)	$ (1.04)	$ (1.91)
Weighted average shares of Class A Common Stock, basic (in shares)	88,405	77,699	86,895	77,350
Weighted average shares of Class A Common Stock, diluted (in shares)	88,405	77,699	86,895	77,350

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss before income tax	$ (232,741)	$ (455,633)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization, and accretion	6,866	43,356
Impairment and other charges	193,708	415,897
Non-cash income	(2,086)	(1,025)
Deferred taxes	0	(1,227)
Change in fair value of Earnout Shares liability and Warrant liability	(5,080)	(75,580)
Change in Tax Receivable Agreement liability	0	(21,317)
Share-based compensation expense	10,817	24,103
Changes in operating assets and liabilities:
Interest receivable	742	2,896
Prepaid expenses and other current assets	827	(1,606)
Other long-term assets	240	(15)
Accounts payable	(1,313)	(2,047)
Accrued liabilities	(2,433)	4,302
Due to related parties	(30,286)	22,922
Net cash used in operating activities	(60,739)	(44,974)
Cash flows from investing activities:
Purchases of available-for-sale securities	(149,965)	(130,602)
Maturities of available-for-sale securities	137,325	43,350
Maturities of short-term investments	0	100,000
Purchase of property, plant and equipment	(8,994)	(12,023)
Capitalized software	(212)	(834)
Net cash used in investing activities	(21,846)	(109)
Cash flows from financing activities:
Issuance of Class A Common Stock under share-based compensation plans	344	0
Payment of tax withholdings on vested share-based payment awards	(378)	0
Payments on finance lease obligations	(99)	(99)
Net cash used in financing activities	(133)	(99)
Net decrease in cash, cash equivalents, and restricted cash	(82,718)	(45,182)
Cash, cash equivalents, and restricted cash, beginning of period	201,857	331,676
Cash, cash equivalents, and restricted cash, end of period	119,139	286,494
Supplemental cash flow information:
Cash paid for interest	5	17
Cash paid for income taxes	2	0
Supplemental non-cash investing and financing activities:
Change in accruals for capital expenditures	(268)	(1,612)
Revision of estimated asset retirement obligation	714	0
Operating lease right-of use asset acquired	0	1,591
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents	117,933	284,024
Restricted cash	1,206	2,470
Total cash, cash equivalents, and restricted cash	$ 119,139	$ 286,494

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 117,933	$ 199,430
Investments in securities, available-for-sale	190,437	138,462
Interest receivable	870	1,376
Prepaid expenses and other current assets	3,669	4,496
Total current assets	312,909	343,764
Long-term assets
Restricted cash	1,206	2,427
Investments in securities, available-for-sale	0	38,242
Intangible assets, net	402	181,572
Property, plant, and equipment, net	23,392	32,758
Operating lease right-of-use assets	269	551
Other long-term assets	147	387
Total assets	338,325	599,701
Current liabilities
Accounts payable	124	1,437
Accrued liabilities	4,864	7,565
Due to related parties	6,976	37,262
Operating lease liabilities, current	1,091	1,074
Finance lease liabilities, current	33	127
Asset retirement obligation, current	4,490	0
Total current liabilities	17,578	47,465
Warrant liability	5,770	10,850
Non-current operating lease liabilities	2,180	2,584
Asset retirement obligation	0	3,597
Total liabilities	25,528	64,496
Commitments and contingencies (Note 14)
Mezzanine shareholders' equity
Redeemable non-controlling interests in subsidiary	229,270	331,301
Shareholders' equity
Preferred Stock, $.0001 par value; 1,000 shares authorized; no shares issued or outstanding as of June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	868,368	898,425
Accumulated other comprehensive (loss) income	(44)	129
Accumulated deficit	(784,820)	(694,672)
Total shareholders' equity	83,527	203,904
Total liabilities, mezzanine shareholders' equity, and shareholders' equity	338,325	599,701
Class A Common Stock
Shareholders' equity
Common stock, value, issued	9	8
Class B Common Stock
Shareholders' equity
Common stock, value, issued	$ 14	$ 14