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.
Others in SIC 3620
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BE | Bloom Energy Corp | $71.93B | — | 38.9% |
| WWD | Woodward, Inc. | $20.44B | 48.2x | 7.3% |
| PLUG | PLUG POWER INC | $3.03B | — | 12.9% |
| FCEL | FUELCELL ENERGY INC | $1.20B | — | 41.0% |
| EAF | GRAFTECH INTERNATIONAL LTD | $161.8M | — | -6.4% |
| BLDP | Ballard Power Systems Inc. | — | — | — |
| FPS | Forgent Power Solutions, Inc. | — | — | — |