---
title: "NET Power | 10-K: FY2025 Revenue: USD 0"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/283958345.md"
datetime: "2026-04-24T08:16:22.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/283958345.md)
  - [en](https://longbridge.com/en/news/283958345.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/283958345.md)
---

# NET Power | 10-K: FY2025 Revenue: USD 0

Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD -7.34.

EBIT: As of FY2025, the actual value is USD -1.812 M.

NET Power Inc. operates as a single segment, focusing on low-carbon gas power solutions. The company reported no revenue for the year ended December 31, 2025, a decrease from $250 thousand in 2024, representing a -100% change year-over-year. Gross profit was $0 in 2025, down from $219 thousand in 2024.

#### Operating Metrics

Total operating expenses significantly increased to $1,791,748 thousand in 2025 from $181,540 thousand in 2024. **General and administrative expenses** rose by $10,078 thousand, or 33%, to $40,345 thousand in 2025 from $30,267 thousand in 2024. **Sales and marketing expenses** increased by $1,047 thousand, or 27%, reaching $4,912 thousand in 2025 compared to $3,865 thousand in 2024. **Research and development (R&D) expenses** grew by $35,655 thousand, or 56%, to $99,508 thousand in 2025 from $63,853 thousand in 2024. **Project development expenses** saw a substantial increase of $70,447 thousand, or 3,646%, to $72,379 thousand in 2025 from $1,932 thousand in 2024. **Impairment and other charges** totaled $1,512,217 thousand in 2025, with no comparable charges in 2024, including a $359.8 million goodwill impairment, $56.1 million in expensed construction costs for SN1, and a $1,095.8 million impairment loss on long-lived assets. **Depreciation, amortization, and accretion** decreased by $19,236 thousand, or -24%, to $62,387 thousand in 2025 from $81,623 thousand in 2024.

#### Operating and Net Loss

The operating loss for 2025 was - $1,791,748 thousand, significantly wider than the - $181,321 thousand loss in 2024. The net loss attributable to NET Power Inc. widened to - $578,628 thousand in 2025 from - $49,191 thousand in 2024.

#### Other Income (Expense)

-   **Interest income** decreased by $11,092 thousand, or -35%, to $20,297 thousand in 2025 from $31,389 thousand in 2024.
-   **Change in Earnout Shares liability and Warrant liability** resulted in a gain of $72,391 thousand in 2025, compared to a loss of - $25,656 thousand in 2024.
-   **Change in Tax Receivable Agreement liability** resulted in a gain of $21,317 thousand in 2025.

#### Cash Flow

-   **Net cash used in operating activities** increased to - $120,784 thousand in 2025 from - $31,649 thousand in 2024.
-   **Net cash used in investing activities** decreased to - $8,805 thousand in 2025 from - $168,673 thousand in 2024.
-   **Net cash used in financing activities** decreased to - $230 thousand in 2025 from - $4,929 thousand in 2024.

#### Liquidity and Capital Resources

Total liquidity, comprising cash, cash equivalents, and available-for-sale investments, decreased to $376,134 thousand as of December 31, 2025, from $530,202 thousand as of December 31, 2024. Current liabilities were $47,465 thousand at the end of 2025, up from $17,906 thousand in 2024. The company expects existing liquidity to be sufficient for general corporate operating expenses for the next 12 months but may require additional funding for project development.

#### Outlook / Guidance

NET Power Inc. has broadened its business scope to include clean gas power generation using natural gas turbines paired with Post-Combustion Carbon Capture (PCC) technology, which it intends to license from Entropy. The company is developing a modular, standardized clean gas power plant product, with Project Permian Phase I expected to deliver approximately 80 MW of net power output. The Final Investment Decision (FID) for Phase I is anticipated in the third quarter of 2026, with targeted commercial operations by early 2029.

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