Net Power Inc. NPWR
Net Power is an energy technology and project development company focused on delivering low-carbon gas power solutions. Founded in 2010, our mission is to transform natural gas into the lowest cost form of clean firm power.
Historically, our sole business has been the development of a novel oxy-combustion power generation system (the "Oxy-Combustion Cycle") designed to produce reliable and affordable electricity from natural gas while inherently capturing CO2 and minimizing the production of air pollutants such as SOX, NOX, and other particulates.
The Oxy-Combustion Cycle was first demonstrated at our 50 MWth demonstration facility in La Porte, Texas (the "La Porte Demonstration Facility"), for which construction commenced in 2016 and testing began in 2018. The facility was ultimately synchronized to the Texas grid in the fall of 2021. During 2024, we made significant upgrades to the La Porte Demonstration Facility in preparation for validation testing of commercial-scale turbo expander components. The first of four planned phases of this equipment validation program commenced in late 2024.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $0 | $250.0K | — | $580.0K | — |
| Cost of revenue | $0 | $31.0K | — | — | — |
| Gross profit | $0 | $219.0K | — | $305.0K | — |
| R&D | $99.5M | $63.9M | — | — | — |
| SG&A | $40.3M | $30.3M | — | $5.8M | $632.1K |
| Total operating expenses | $1.79B | $181.5M | — | $50.3M | — |
| Operating income | -$1.79B | -$181.3M | — | -$50.0M | -$697.1K |
| Pre-tax income | -$1.68B | -$175.2M | — | -$54.8M | — |
| Income tax | $4.3M | $10.6M | — | $0 | — |
| Net income | -$578.6M | -$49.2M | — | -$54.8M | -$9.8M |
| EPS, basic | -7.34 | -0.67 | — | -14.79 | — |
| EPS, diluted | -7.34 | -0.67 | — | -14.79 | — |
| Shares, diluted (wtd. avg.) | 78.8M | 73.4M | — | 3.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $199.4M | $329.2M | $536.9M | $5.2M | $445.0K |
| Short-term investments | $138.5M | $78.3M | $0 | $0 | — |
| Receivables | — | $0 | $58.0K | $352.0K | — |
| Total current assets | $343.8M | $513.0M | $640.8M | $7.5M | $3.3M |
| Property, plant and equipment | $32.8M | $151.5M | $96.9M | $69.6M | — |
| Goodwill | $0 | $359.8M | $423.9M | $0 | — |
| Other intangibles | $181.6M | $1.24B | $1.31B | $263.0K | — |
| Total assets | $599.7M | $2.29B | $2.47B | $78.1M | $348.4M |
| Accounts payable | $1.4M | $3.1M | $617.0K | $577.0K | $143.4K |
| Total current liabilities | $47.5M | $17.9M | $12.0M | $8.5M | $519.3K |
| Total liabilities | $64.5M | $131.9M | $140.1M | $13.7M | $42.3M |
| Retained earnings | -$694.7M | -$116.0M | -$66.9M | -$224.5M | -$38.6M |
| Total equity | $203.9M | $655.6M | $785.0M | $64.4M | -$38.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$120.8M | -$31.6M | — | -$16.6M | -$1.3M |
| Depreciation and amortisation | $62.4M | $81.6M | — | $13.4M | — |
| Stock-based compensation | $46.4M | $33.7M | — | $12.6M | — |
| Capital expenditure | $33.2M | $68.7M | — | $115.0K | — |
| Investing cash flow | -$8.8M | -$168.7M | — | -$115.0K | -$345.0M |
| Financing cash flow | -$230.0K | -$4.9M | — | $21.5M | $348.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001845437-26-000009.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | $580.0K | — | $250.0K | $0 |
| Gross profit | — | $305.0K | — | $219.0K | $0 |
| Net income | -$9.8M | -$54.8M | — | -$49.2M | -$578.6M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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