NET Power Inc (NPWR) financial statements: income statement, balance sheet and cash flow
NET Power Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), NET Power Inc reported revenue of $4.9M (+27.1% year on year) and net income of ($1.7B) (-857.5% year on year).
Income statement
NET Power Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2022 · FY
Dec 31, 2021 · FY
Revenue
$0
$250.0K
$580.0K
—
Cost of revenue
$0
$31.0K
$275.0K
—
Gross profit
$0
$219.0K
$305.0K
—
General and administrative
$40.3M
$30.3M
$17.2M
$632.1K
Sales and marketing
$4.9M
$3.9M
$801.0K
—
Research and development
$99.5M
$63.9M
$18.9M
—
Project development
$72.4M
$1.9M
$15.0K
—
Impairment and other charges
$1.5B
—
—
—
Depreciation, amortization, and accretion
$62.4M
$81.6M
$13.4M
—
Total operating expenses
$1.8B
$181.5M
$50.3M
—
Operating loss
($1.8B)
($181.3M)
($50.0M)
($697.1K)
Interest income, net
$20.3M
$31.4M
—
—
Change in Earnout Shares liability and Warrant liability
72.4M
-25.7M
0
—
Change in Tax Receivable Agreement liability
$21.3M
—
—
—
Other income
$11.0K
$364.0K
$38.0K
—
Net other income
$114.0M
$6.1M
($4.8M)
—
Net loss before income tax
($1.7B)
($175.2M)
($54.8M)
—
Income tax benefit
$4.3M
$10.6M
$0
—
Net loss after income tax
($1.7B)
($164.6M)
($54.8M)
—
Net loss attributable to non-controlling interests
($1.1B)
($115.5M)
$0
($391.9K)
Net loss attributable to NET Power Inc.
($578.6M)
($49.2M)
($54.8M)
($10.2M)
Unrealized gain on investments
$97.0K
$139.0K
—
—
Total other comprehensive income
$97.0K
$139.0K
($3.0K)
—
Comprehensive loss
($1.7B)
($164.5M)
($54.8M)
—
Comprehensive loss attributable to non-controlling interests
($1.1B)
($115.3M)
$0
—
Comprehensive loss attributable to NET Power Inc.
($578.5M)
($49.2M)
($54.8M)
—
Loss per share of Class A Common Stock, basic (in dollars per share)
-$7.34
-$0.67
-$14.79
—
Loss per share of Class A Common Stock, diluted (in dollars per share)
-$7.34
-$0.67
-$14.79
—
Weighted average shares of Class A Common Stock, basic (in shares)
78.8M
73.4M
3.7M
—
Weighted average shares of Class A Common Stock, diluted (in shares)
78.8M
73.4M
3.7M
—
NET Power Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
General and administrative
$6.4M
$8.9M
$9.1M
$13.6M
Sales and marketing
$1.0M
$1.2M
$1.4M
$1.5M
Research and development
$4.2M
$19.7M
$24.5M
$26.6M
Project development
$1.1M
$1.0M
$10.0M
$27.2M
Impairment and other charges
$193.7M
$0
$1.1B
—
Depreciation, amortization, and accretion
$3.5M
$3.4M
$15.6M
$21.7M
Total operating expenses
$209.9M
$34.2M
$1.2B
$90.6M
Operating loss
($209.9M)
($34.2M)
($1.2B)
($90.6M)
Interest income, net
$3.0M
$3.3M
$4.8M
$5.5M
Change in Earnout Shares liability and Warrant liability
46.0K
5.0M
-9.3M
1.4M
Change in Tax Receivable Agreement liability
$0
$0
$0
$0
Other income
$3.0K
$3.0K
$2.0K
$5.0K
Net other income
$3.0M
$8.4M
($4.5M)
$6.9M
Net loss before income tax
($206.9M)
($25.8M)
($1.2B)
($83.7M)
Income tax (expense) benefit
($2.0K)
$0
$1.2M
$1.6M
Net loss after income tax
($206.9M)
($25.8M)
($1.2B)
($82.0M)
Net loss attributable to non-controlling interests
($126.6M)
($16.0M)
($748.3M)
($53.9M)
Net loss attributable to NET Power Inc.
($80.3M)
($9.9M)
($411.5M)
($28.1M)
Unrealized gain (loss) on investments
($44.0K)
($128.0K)
$163.0K
$66.0K
Total other comprehensive income (loss)
($44.0K)
($128.0K)
$163.0K
$66.0K
Comprehensive loss
($207.0M)
($25.9M)
($1.2B)
($82.0M)
Comprehensive loss attributable to non-controlling interests
($126.6M)
($16.0M)
($748.2M)
($53.9M)
Comprehensive loss attributable to NET Power Inc.
($80.3M)
($10.0M)
($411.4M)
($28.1M)
Loss per share attributable to shareholders, basic (in dollars per share)
-$0.91
-$0.12
-$5.28
-$0.36
Loss per share attributable to shareholders, diluted (in dollars per share)
-$0.91
-$0.12
-$5.28
-$0.36
Weighted average shares of Class A Common Stock, basic (in shares)
88.4M
85.4M
77.9M
77.7M
Weighted average shares of Class A Common Stock, diluted (in shares)
88.4M
85.4M
77.9M
77.7M
Balance sheet
NET Power Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$199.4M
$329.2M
$536.9M
—
Short-term investments
$0
$100.0M
$100.0M
—
Investments in securities, available-for-sale
$138.5M
$78.3M
—
—
Interest receivable
$1.4M
$3.7M
$1.9M
—
Prepaid expenses and other current assets
$4.5M
$1.8M
—
—
Total current assets
$343.8M
$513.0M
$640.8M
$1.9M
Restricted cash
$2.4M
$2.4M
—
—
Investments in securities, available-for-sale
$38.2M
$22.6M
—
—
Intangible assets, net
$181.6M
$1.2B
$1.3B
—
Goodwill
$0
$359.8M
$423.9M
—
Property, plant, and equipment, net
$32.8M
$151.5M
$96.9M
—
Operating lease right-of-use assets
$551.0K
$2.7M
$2.2M
—
Other long-term assets
$387.0K
$652.0K
—
—
Total assets
$599.7M
$2.3B
$2.5B
$351.9M
Accounts payable
$1.4M
$3.1M
$617.0K
$31.8K
Accrued liabilities
$7.6M
$13.6M
$10.9M
$5.0M
Due to related parties
$37.3M
$325.0K
$142.0K
—
Operating lease liabilities, current portion
$1.1M
$683.0K
$347.0K
—
Finance lease liabilities, current portion
$127.0K
$187.0K
—
—
Total current liabilities
$47.5M
$17.9M
$12.0M
$5.0M
Earnout Shares liability
0
2.0M
1.7M
—
Warrant liability
$10.8M
$81.3M
$55.9M
—
Asset retirement obligation
$3.6M
$3.3M
$2.1M
—
Non-current operating lease liabilities
$2.6M
$2.1M
$1.8M
—
Non-current finance lease liabilities
$0
$110.0K
—
—
Tax Receivable Agreement liability
$0
$21.0M
$8.9M
—
Deferred taxes
$0
$4.3M
$57.7M
—
Total liabilities
$64.5M
$131.9M
$140.1M
$41.6M
Redeemable non-controlling interests in subsidiary
$331.3M
$1.5B
$1.5B
—
Preferred Stock, $.0001 par value; 1,000 shares authorized; no shares issued or outstanding as of December 31, 2025 and December 31, 2024
0
0
0
—
Common stock, value, issued
$22.0K
$22.0K
$21.0K
—
Additional paid-in capital
$898.4M
$771.6M
$851.8M
—
Accumulated other comprehensive loss
$129.0K
$32.0K
$0
—
Accumulated deficit
($694.7M)
($116.0M)
($66.9M)
($39.3M)
Total shareholders' equity
$203.9M
$655.6M
$785.0M
($39.5M)
Total liabilities, mezzanine shareholders' equity, and shareholders' equity
$599.7M
$2.3B
$2.5B
$351.9M
NET Power Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$117.9M
$133.1M
$229.3M
$284.0M
Investments in securities, available-for-sale
$190.4M
$174.9M
$136.1M
$119.4M
Interest receivable
$870.0K
$845.0K
$1.5M
$1.7M
Prepaid expenses and other current assets
$3.7M
$2.2M
$2.7M
$3.4M
Total current assets
$312.9M
$311.1M
$369.6M
$408.5M
Restricted cash
$1.2M
$1.2M
$2.5M
$2.5M
Investments in securities, available-for-sale
$0
$10.3M
$56.1M
$68.9M
Intangible assets, net
$402.0K
$179.1M
$184.1M
$1.2B
Property, plant, and equipment, net
$23.4M
$40.6M
$16.3M
$96.6M
Operating lease right-of-use assets
$269.0K
$514.0K
$589.0K
$4.0M
Other long-term assets
$147.0K
$146.0K
$694.0K
$667.0K
Total assets
$338.3M
$542.8M
$629.9M
$1.8B
Accounts payable
$124.0K
$346.0K
$1.3M
$1.0M
Accrued liabilities
$4.9M
$4.4M
$11.5M
$10.1M
Due to related parties
$7.0M
$7.1M
$8.2M
$29.5M
Operating lease liabilities, current
$1.1M
$1.1M
$1.1M
$1.0M
Finance lease liabilities, current
$33.0K
$81.0K
$172.0K
$187.0K
Asset retirement obligation, current
$4.5M
—
—
—
Total current liabilities
$17.6M
$13.1M
$22.3M
$41.8M
Warrant liability
$5.8M
$5.8M
$16.9M
$7.6M
Non-current operating lease liabilities
$2.2M
$2.4M
$2.8M
$3.0M
Asset retirement obligation
$0
$3.7M
$3.5M
$3.4M
Total liabilities
$25.5M
$24.9M
$47.4M
$59.0M
Redeemable non-controlling interests in subsidiary
$229.3M
$312.6M
$438.7M
$1.1B
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
0
0
Common stock, value, issued
$23.0K
$23.0K
$22.0K
$22.0K
Additional paid-in capital
$868.4M
$909.8M
$818.7M
$879.7M
Accumulated other comprehensive (loss) income
($44.0K)
$1.0K
$119.0K
$61.0K
Accumulated deficit
($784.8M)
($704.5M)
($675.0M)
($263.5M)
Total shareholders' equity
$83.5M
$205.3M
$143.8M
$616.2M
Total liabilities, mezzanine shareholders' equity, and shareholders' equity
$338.3M
$542.8M
$629.9M
$1.8B
Cash flow statement
NET Power Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2022 · FY
Dec 31, 2021 · FY
Net loss before income tax
($1.7B)
($164.6M)
($54.8M)
($10.2M)
Depreciation, amortization, and accretion
$62.4M
$81.6M
—
—
Impairment and other charges
$1.5B
—
—
—
Non-cash income
($2.5M)
($2.7M)
—
—
Deferred taxes
($4.3M)
($10.6M)
$0
—
Change in fair value of Earnout Shares liability and Warrant liability
-72.4M
25.7M
—
—
Change in Tax Receivable Agreement liability
($21.3M)
—
—
—
Share-based compensation expense
$46.4M
$33.7M
$12.6M
—
Accounts receivable, net
$0
$58.0K
($301.0K)
—
Interest receivable
$3.4M
($989.0K)
$0
—
Prepaid expenses and other current assets
($2.7M)
$47.0K
—
—
Other long-term assets
$265.0K
($625.0K)
—
—
Accounts payable
($1.7M)
$2.5M
($1.1M)
$58.4K
Accrued liabilities
($4.2M)
$4.0M
$752.0K
$25.9K
Due to related parties
$36.9M
$183.0K
($2.4M)
—
Net cash used in operating activities
($120.8M)
($31.6M)
($16.6M)
($1.3M)
Purchases of available-for-sale securities
($186.0M)
($169.9M)
—
—
Maturities of available-for-sale securities
$111.6M
$71.1M
—
—
Maturities of short-term investments
$100.0M
—
—
—
Purchase of property, plant and equipment
($33.2M)
($68.7M)
($115.0K)
—
Capitalized software
($1.2M)
($1.2M)
—
—
Net cash used in investing activities
($8.8M)
($168.7M)
($115.0K)
($345.0M)
Issuance of Class A Common Stock under share-based compensation plans
$141.0K
$0
$30.0M
—
Payment of tax withholdings on vested share-based payment awards
($172.0K)
($130.0K)
—
—
Exercise of Warrants
$0
$19.0K
$0
—
Payments on finance lease obligations
($199.0K)
($67.0K)
—
—
Tax-related partnership distribution
$0
($4.8M)
—
—
Net cash used in financing activities
($230.0K)
($4.9M)
$21.5M
$348.9M
Net decrease in cash, cash equivalents, and restricted cash
($129.8M)
($205.3M)
$4.7M
$2.6M
Cash, cash equivalents, and restricted cash, beginning of period
$331.7M
$536.9M
$445.0K
—
Cash, cash equivalents, and restricted cash, end of period
$201.9M
$331.7M
—
—
Cash paid for interest
$29.0K
—
$81.0K
—
Cash paid for income taxes
$1.0K
—
—
—
Change in accruals for capital expenditures
($1.9M)
($1.3M)
—
—
Operating lease right-of use asset acquired
$1.6M
$959.0K
—
—
Finance lease right-of-use asset acquired
$0
$349.0K
—
—
Revision of estimated asset retirement obligation
$0
$996.0K
—
—
Cash and cash equivalents
$199.4M
$329.2M
—
—
Restricted cash
$2.4M
$2.4M
—
—
Total cash, cash equivalents, and restricted cash
$201.9M
$331.7M
—
—
NET Power Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net loss before income tax
($232.7M)
($25.8M)
($1.6B)
($455.6M)
Depreciation, amortization, and accretion
$6.9M
$3.4M
$58.9M
$43.4M
Impairment and other charges
$193.7M
$0
$1.5B
—
Non-cash income
($2.1M)
($937.0K)
($1.7M)
($1.0M)
Deferred taxes
$0
$0
($2.4M)
($1.2M)
Change in fair value of Earnout Shares liability and Warrant liability
-5.1M
-5.0M
-66.3M
-75.6M
Change in Tax Receivable Agreement liability
$0
$0
($21.3M)
($21.3M)
Share-based compensation expense
$10.8M
$8.8M
$35.8M
$24.1M
Interest receivable
$742.0K
$563.0K
$3.3M
$2.9M
Prepaid expenses and other current assets
$827.0K
$2.3M
($953.0K)
($1.6M)
Other long-term assets
$240.0K
$241.0K
($42.0K)
($15.0K)
Accounts payable
($1.3M)
($1.1M)
($1.8M)
($2.0M)
Accrued liabilities
($2.4M)
($3.4M)
$5.4M
$4.3M
Due to related parties
($30.3M)
($30.2M)
$1.7M
$22.9M
Net cash used in operating activities
($60.7M)
($51.1M)
($93.0M)
($45.0M)
Purchases of available-for-sale securities
($150.0M)
($81.4M)
($156.4M)
($130.6M)
Maturities of available-for-sale securities
$137.3M
$73.4M
$65.8M
$43.4M
Maturities of short-term investments
$0
—
$100.0M
$100.0M
Purchase of property, plant and equipment
($9.0M)
($8.2M)
($15.1M)
($12.0M)
Capitalized software
($212.0K)
($109.0K)
($1.0M)
($834.0K)
Net cash used in investing activities
($21.8M)
($16.3M)
($6.7M)
($109.0K)
Issuance of Class A Common Stock under share-based compensation plans
$344.0K
$160.0K
—
—
Payment of tax withholdings on vested share-based payment awards
($378.0K)
($184.0K)
($172.0K)
—
Payments on finance lease obligations
($99.0K)
($49.0K)
($149.0K)
($99.0K)
Net cash used in financing activities
($133.0K)
($73.0K)
($164.0K)
($99.0K)
Net decrease in cash, cash equivalents, and restricted cash
($82.7M)
($67.5M)
($99.9M)
($45.2M)
Cash, cash equivalents, and restricted cash, beginning of period
$201.9M
$201.9M
$331.7M
$331.7M
Cash, cash equivalents, and restricted cash, end of period