--- title: "NET Power | 10-Q: FY2026 Q1 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/285992441.md" datetime: "2026-05-11T20:30:54.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285992441.md) - [en](https://longbridge.com/en/news/285992441.md) - [zh-HK](https://longbridge.com/zh-HK/news/285992441.md) --- # NET Power | 10-Q: FY2026 Q1 Revenue: USD 0 Revenue: As of FY2026 Q1, the actual value is USD 0. EPS: As of FY2026 Q1, the actual value is USD -0.12. EBIT: As of FY2026 Q1, the actual value is USD -37.54 M. NET Power Inc. reports as a single operating and reportable segment, encompassing all consolidated accounts for performance assessment and resource allocation by the CEO. #### Operational Metrics (Three Months Ended March 31, 2026 vs. 2025) - Total operating expenses decreased significantly to $34,192 thousand in 2026 from $474,553 thousand in 2025. - General and administrative expenses increased by $196 thousand, or 2%, to $8,887 thousand in 2026, driven by $2.2 million in severance costs and $0.7 million in accelerated stock-based compensation from employee terminations, partially offset by lower professional fees. - Sales and marketing expenses remained consistent at $1,187 thousand, with $0.4 million in employee termination costs offset by a $0.3 million decrease in salary and wages due to headcount reduction. - Research and development expenses decreased by $2,899 thousand, or -13%, to $19,701 thousand in 2026, primarily due to the suspension of development activities under the BHES JDA and reduced plant expenses at the La Porte Demonstration Facility, partially offset by $2.2 million in higher engineering consulting costs for the Clean Gas Product and $1.2 million in employee termination costs. - Project development expenses decreased by $3,486 thousand, or -78%, to $1,004 thousand in 2026, as the company paused development work and related expenditures for its first utility-scale power plant (SN1). - Impairment and other charges were - $0 thousand in 2026, a -100% decrease from $415,897 thousand in 2025, which included goodwill impairment and expensed construction costs for SN1. - Depreciation, amortization, and accretion decreased by $18,275 thousand, or -84%, to $3,413 thousand in 2026, mainly due to lower rates following long-lived asset impairment in the third quarter of 2025. - The operating loss improved to - $34,192 thousand in 2026 from - $474,553 thousand in 2025. - Net other income decreased to $8,382 thousand in 2026 from $101,364 thousand in 2025. - Interest income, net decreased by $2,535 thousand, or -43%, to $3,345 thousand in 2026, due to lower interest-bearing cash and investment balances and declining interest rates. - Change in Earnout Shares liability and Warrant liability was $5,034 thousand in 2026, a -93% decrease from $74,165 thousand in 2025, primarily due to fluctuations in the market price of Class A Common Stock and related volatility. - Change in Tax Receivable Agreement liability was - $0 thousand in 2026, a -100% decrease from $21,317 thousand in 2025, as the liability was reduced to zero in March 2025 due to the unlikelihood of realizing deferred tax assets. - The net loss after income tax improved to - $25,810 thousand in 2026 from - $373,586 thousand in 2025. - Net loss attributable to NET Power Inc. improved to - $9,857 thousand in 2026 from - $119,350 thousand in 2025. #### Cash Flow Summary (Three Months Ended March 31, 2026 vs. 2025) - Net cash used in operating activities increased to - $51,103 thousand in 2026 from - $20,374 thousand in 2025, primarily due to a $26.1 million payment for contract cancellation costs related to the BHES LNTP termination. - Net cash used in investing activities increased to - $16,332 thousand in 2026 from - $8,764 thousand in 2025, reflecting investments in available-for-sale securities and capital expenditures for Project Permian Phase I. - Net cash used in financing activities remained consistent at - $73 thousand in 2026 compared to - $50 thousand in 2025, including finance lease payments, tax withholdings on share-based awards, and Class A Common Stock issuance. #### Liquidity and Capital Resources - Total liquidity was $318,293 thousand as of March 31, 2026, down from $376,134 thousand as of December 31, 2025. This includes cash and cash equivalents of $133,146 thousand and available-for-sale securities of $185,147 thousand as of March 31, 2026. - Current liabilities were $13,057 thousand at March 31, 2026. - Management believes existing liquidity will be sufficient to fund obligations for the next 12 months, though additional funding will be required for project development. #### Commitments and Contractual Obligations - The Asset Retirement Obligation liability stood at $3,685 thousand as of March 31, 2026, up from $3,597 thousand as of December 31, 2025, related to the La Porte Demonstration Facility lease. - As of March 31, 2026, future minimum lease payments for operating leases are approximately $4.1 million, and for finance leases, approximately $0.1 million. - Under the BHES JDA, the company has committed to funding remaining development costs, with approximately $62.0 million each in inception-to-date cash and share-based expenses recognized as of March 31, 2026. Development activities were suspended from December 31, 2025, through March 31, 2026, and extended through May 30, 2026, with NET Power Inc. obligated to pay up to $3.0 million for costs incurred during the suspension period. As of March 31, 2026, there was a $2.2 million current liability for BHES JDA Make-Whole Payment, with $2.2 million expenses incurred in Q1 2026. Shares issued under the BHES JDA have led to inception-to-date losses of $16.2 million due to a discount. - As of March 31, 2026, the company had $55.8 million remaining related to commitments to purchase industrial machinery components for Project Permian Phase 1, out of gross commitments totaling $79.6 million. #### Strategic Summary and Outlook NET Power Inc. is transitioning its core business focus to developing a modular, standardized clean gas power plant product incorporating Entropy’s post-combustion carbon capture (PCC) technology. The first project under this new strategy, Project Permian in West Texas, targets commercial operations by early 2029 and is designed for up to 1 GW of clean firm power generation capacity. While development of the original Oxy-Combustion Cycle technology has been paused, the company retains its rights and assets related to it, facing risks including licensing PCC technology, supply chain issues, and access to capital. ### Related Stocks - [NPWR.US](https://longbridge.com/en/quote/NPWR.US.md) ## Related News & Research - [NU E Power Corp. 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