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.