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NET Power (NPWR) Financials

NET Power logo
$1.92 -0.01 (-0.26%)
Closing price 05/22/2026 03:59 PM Eastern
Extended Trading
$1.93 +0.00 (+0.26%)
As of 05/22/2026 07:28 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for NET Power

Annual Income Statements for NET Power

This table shows NET Power's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2024 2025
Period end date 12/31/2022 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -55 -49 -579
Consolidated Net Income / (Loss)		 -55 -165 -1,673
Net Income / (Loss) Continuing Operations		 -55 -165 -1,673
Total Pre-Tax Income 		-55 -175 -1,678
Total Operating Income		 -50 -181 -1,792
Total Gross Profit		 0.31 0.22 0.00
Total Revenue		 0.58 0.25 0.00
Operating Revenue		 0.58 0.25 0.00
Total Cost of Revenue		 0.28 0.03 0.00
Operating Cost of Revenue		 0.28 0.03 0.00
Total Operating Expenses		 50 182 1,792
Selling, General & Admin Expense		 17 30 40
Marketing Expense		 0.80 3.87 4.91
Research & Development Expense		 19 66 172
Depreciation Expense		 13 82 62
Impairment Charge		 - 0.00 1,512
Total Other Income / (Expense), net		 -4.75 6.10 114
Interest & Investment Income		 - 31 20
Other Income / (Expense), net		 0.04 -25 94
Income Tax Expense		 0.00 -11 -4.31
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 -115 -1,095
Basic Earnings per Share		 ($14.79) ($0.67) ($7.34)
Weighted Average Basic Shares Outstanding		 3.70M 73.40M 78.82M
Diluted Earnings per Share		 ($14.79) ($0.67) ($7.34)
Weighted Average Diluted Shares Outstanding		 3.70M 73.40M 78.82M
Weighted Average Basic & Diluted Shares Outstanding		 43.13M 217.63M 224.42M

Quarterly Income Statements for NET Power

This table shows NET Power's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -31 -31 -11 -4.27 0.82 -34 -119 -28 -411 -20 -9.86
Consolidated Net Income / (Loss)		 -92 -92 -42 -17 -6.81 -99 -374 -82 -1,160 -58 -26
Net Income / (Loss) Continuing Operations		 -92 -92 -42 -17 -6.81 -99 -374 -82 -1,160 -58 -26
Total Pre-Tax Income 		-92 -92 -46 -20 -12 -98 -373 -84 -1,161 -60 -26
Total Operating Income		 -39 -39 -39 -45 -47 -50 -475 -91 -1,156 -70 -34
Total Gross Profit		 -0.00 0.00 0.00 0.21 0.01 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 0.00 0.00 0.24 0.01 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.03 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 39 39 39 45 47 50 475 91 1,146 80 34
Selling, General & Admin Expense		 8.10 8.39 6.41 7.79 8.45 7.62 8.69 14 9.11 8.97 8.89
Marketing Expense		 0.93 0.93 0.75 0.88 1.03 1.21 1.19 1.49 1.40 0.84 1.19
Research & Development Expense		 9.59 9.32 12 16 18 20 27 54 25 66 21
Depreciation Expense		 20 20 20 20 20 21 22 22 16 3.45 3.41
Impairment Charge		 - - 0.00 0.00 0.00 - 416 0.00 1,096 0.48 0.00
Total Other Income / (Expense), net		 -53 -53 -6.89 25 36 -48 101 6.89 4.84 0.93 8.38
Interest & Investment Income		 - 8.68 7.69 9.03 7.99 - 5.88 5.47 4.84 4.12 3.35
Other Income / (Expense), net		 -62 -62 -15 16 28 -55 95 1.42 0.00 -3.19 5.04
Income Tax Expense		 -0.01 -0.01 -4.04 -2.35 -4.75 0.56 0.40 -1.62 -1.18 -1.90 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 -61 -61 -30 -13 -7.63 -65 -254 -54 -748 -38 -16
Basic Earnings per Share		 ($0.44) ($0.44) ($0.16) ($0.06) $0.01 ($0.46) ($1.55) ($0.36) ($5.28) ($0.15) ($0.12)
Weighted Average Basic Shares Outstanding		 68.97M 68.97M 71.90M 72.18M 73.54M 73.40M 77.00M 77.70M 77.88M 78.82M 85.38M
Diluted Earnings per Share		 ($0.44) ($0.44) ($0.16) ($0.06) $0.01 ($0.46) ($1.55) ($0.36) ($5.28) ($0.15) ($0.12)
Weighted Average Diluted Shares Outstanding		 68.97M 68.97M 71.90M 72.18M 73.54M 73.40M 77.00M 77.70M 77.88M 78.82M 85.38M
Weighted Average Basic & Diluted Shares Outstanding		 213.07M - 213.77M 215.37M 215.42M 217.63M 219.07M 219.22M 222.14M 224.42M 224.76M

Annual Cash Flow Statements for NET Power

This table details how cash moves in and out of NET Power's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2024 2025
Period end date 12/31/2022 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 4.72 -205 -130
Net Cash From Operating Activities		 -17 -32 -121
Net Cash From Continuing Operating Activities		 -17 -32 -121
Net Income / (Loss) Continuing Operations		 -55 -165 -1,673
Consolidated Net Income / (Loss)		 -55 -165 -1,673
Depreciation Expense		 13 82 62
Non-Cash Adjustments To Reconcile Net Income		 27 56 1,487
Changes in Operating Assets and Liabilities, net		 -2.16 -4.42 3.05
Net Cash From Investing Activities		 -0.12 -169 -8.81
Net Cash From Continuing Investing Activities		 -0.12 -169 -8.81
Purchase of Property, Plant & Equipment		 -0.12 -70 -34
Purchase of Investments		 0.00 -170 -186
Sale and/or Maturity of Investments		 - 71 212
Net Cash From Financing Activities		 21 -4.93 -0.23
Net Cash From Continuing Financing Activities		 21 -4.93 -0.23
Issuance of Common Equity		 30 0.00 0.14
Other Financing Activities, net		 0.00 -4.93 -0.37
Cash Interest Paid		 0.08 0.00 0.03
Cash Income Taxes Paid		 - 0.00 0.00

Quarterly Cash Flow Statements for NET Power

This table details how cash moves in and out of NET Power's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 3/31/2023 6/7/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 0.08 2.71 -108 -21 -19 -57 -29 -16 -55 -30 -68
Net Cash From Operating Activities		 -5.14 -5.48 -2.66 -8.17 -7.84 -13 -20 -25 -48 -28 -51
Net Cash From Continuing Operating Activities		 -5.14 -5.51 -2.66 -8.17 -7.84 -13 -20 -25 -48 -28 -51
Net Income / (Loss) Continuing Operations		 -17 -17 -42 -17 -6.81 -99 -374 -82 -1,160 -58 -26
Consolidated Net Income / (Loss)		 -17 -17 -42 -17 -6.81 -99 -374 -82 -1,160 -58 -26
Depreciation Expense		 3.27 2.53 20 37 20 21 22 22 16 3.45 3.41
Non-Cash Adjustments To Reconcile Net Income		 6.44 5.38 22 -8.21 -20 62 350 16 1,117 4.32 3.43
Changes in Operating Assets and Liabilities, net		 2.21 3.69 -3.33 -2.84 -1.32 2.60 -18 19 -20 22 -32
Net Cash From Investing Activities		 -0.62 -1.82 -106 -13 -11 -39 -8.76 8.66 -6.63 -2.07 -16
Net Cash From Continuing Investing Activities		 -0.62 -1.82 -106 -13 -11 -39 -8.76 8.66 -6.63 -2.07 -16
Purchase of Property, Plant & Equipment		 -0.62 -1.82 -9.52 -8.28 -22 -30 -9.44 -3.41 -3.31 -18 -8.31
Purchase of Investments		 0.00 - -96 -26 -9.91 -38 -25 -106 -26 -30 -81
Sale and/or Maturity of Investments		 - - 0.00 - 22 29 25 118 22 46 73
Net Cash From Financing Activities		 5.84 10 0.00 0.06 -0.15 -4.84 -0.05 -0.05 -0.07 -0.07 -0.07
Net Cash From Continuing Financing Activities		 5.84 10 0.00 0.06 -0.15 -4.84 -0.05 -0.05 -0.07 -0.07 -0.07
Issuance of Common Equity		 5.84 10 - - - - 0.00 - - - 0.16
Other Financing Activities, net		 - - 0.00 - -0.15 -4.84 -0.05 -0.05 -0.07 -0.21 -0.23
Cash Interest Paid		 - - - - - - 0.01 - - - 0.00

Annual Balance Sheets for NET Power

This table presents NET Power's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 348 78 2,471 2,294 600
Total Current Assets		 3.33 7.50 641 513 344
Cash & Equivalents		 2.57 5.16 537 329 199
Short-Term Investments		 - 0.00 100 178 138
Note & Lease Receivable		 - 0.00 1.94 3.68 1.38
Prepaid Expenses		 0.75 0.18 1.87 1.77 4.50
Plant, Property, & Equipment, net		 0.00 70 97 151 33
Total Noncurrent Assets		 345 1.05 1,733 1,630 223
Long-Term Investments		 - - 0.00 23 38
Intangible Assets		 - 0.26 1,307 1,241 182
Other Noncurrent Operating Assets		 345 0.78 2.21 5.80 3.37
Total Liabilities & Shareholders' Equity		 348 78 2,471 2,294 600
Total Liabilities		 42 14 140 132 64
Total Current Liabilities		 0.52 8.45 12 18 47
Accounts Payable		 0.14 0.58 0.62 3.09 1.44
Accrued Expenses		 0.38 2.39 11 14 7.57
Other Current Liabilities		 - 5.48 0.49 1.20 38
Total Noncurrent Liabilities		 42 5.28 128 114 17
Asset Retirement Reserve & Litigation Obligation		 - 2.42 2.06 3.27 3.60
Other Noncurrent Operating Liabilities		 30 2.87 68 106 13
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 345 0.00 1,546 1,507 331
Total Equity & Noncontrolling Interests		 -39 64 785 656 204
Total Preferred & Common Equity		 -39 64 785 656 204
Preferred Stock		 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -39 64 785 656 204
Common Stock		 0.00 289 852 772 898
Retained Earnings		 -39 -225 -67 -116 -695
Accumulated Other Comprehensive Income / (Loss)		 - 0.02 0.00 0.03 0.13

Quarterly Balance Sheets for NET Power

This table presents NET Power's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2022 Q3 2022 Q1 2023 Q2 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2022 9/30/2022 3/31/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 348 349 355 2,491 2,445 2,357 2,337 1,839 1,789 630 543
Total Current Assets		 2.68 2.41 1.06 651 600 583 564 498 409 370 311
Cash & Equivalents		 2.13 2.01 0.84 545 429 405 386 300 284 229 133
Short-Term Investments		 - - - 100 169 174 173 191 119 136 175
Note & Lease Receivable		 - - - 2.90 0.37 0.81 2.36 5.13 1.73 1.47 0.85
Prepaid Expenses		 0.55 0.40 0.20 2.66 1.50 2.35 2.41 2.08 3.38 2.73 2.20
Plant, Property, & Equipment, net		 0.00 0.00 0.00 92 101 108 131 100 97 16 41
Total Noncurrent Assets		 346 347 354 1,748 1,744 1,666 1,642 1,241 1,284 244 191
Long-Term Investments		 - - - - 28 27 18 10 69 56 10
Intangible Assets		 - - - 1,324 1,290 1,274 1,258 1,225 1,208 184 179
Other Noncurrent Operating Assets		 346 347 354 0.18 2.12 4.85 5.78 5.97 7.17 3.77 1.86
Total Liabilities & Shareholders' Equity		 348 349 355 2,491 2,445 2,357 2,337 1,839 1,789 630 543
Total Liabilities		 18 20 47 229 150 116 91 40 59 47 25
Total Current Liabilities		 0.65 1.54 5.84 9.41 11 15 27 21 42 22 13
Accounts Payable		 0.00 0.06 0.03 1.69 2.67 1.98 3.64 0.85 1.05 1.31 0.35
Accrued Expenses		 0.65 1.47 5.82 7.43 7.21 12 18 10 10 11 4.44
Other Current Liabilities		 - - - 0.29 0.67 0.60 5.21 10 31 9.52 8.27
Total Noncurrent Liabilities		 18 19 41 220 139 101 64 19 17 25 12
Asset Retirement Reserve & Litigation Obligation		 - - - 2.02 2.10 2.15 2.19 3.35 3.43 3.51 3.69
Other Noncurrent Operating Liabilities		 5.94 7.17 29 154 74 58 45 11 11 20 8.20
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 345 347 354 2,157 1,636 1,511 1,478 1,161 1,114 439 313
Total Equity & Noncontrolling Interests		 -16 -18 -46 104 660 730 767 637 616 144 205
Total Preferred & Common Equity		 -16 -18 -45 104 660 730 767 637 616 144 205
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -16 -18 -45 104 660 730 767 637 616 144 205
Common Stock		 0.00 0.00 0.00 193 738 813 849 873 880 819 910
Retained Earnings		 -16 -18 -45 -89 -78 -83 -82 -235 -264 -675 -705
Accumulated Other Comprehensive Income / (Loss)		 - - - 0.00 0.22 -0.07 0.11 0.04 0.06 0.12 0.00

Annual Metrics And Ratios for NET Power

This table displays calculated financial ratios and metrics derived from NET Power's official financial filings.

Metric 2022 2024 2025
Period end date 12/31/2022 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - 222,142,079.00
DEI Adjusted Shares Outstanding		 - - 222,142,079.00
DEI Earnings Per Adjusted Shares Outstanding		 - - -2.60
Growth Metrics		 - - -
Profitability Metrics		 - - -
Net Operating Profit after Tax (NOPAT)		 -35 -127 -1,254
Return On Investment Capital (ROIC_SIMPLE)		 - -19.36% -615.11%
Earnings before Interest and Taxes (EBIT)		 -50 -207 -1,698
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -37 -125 -1,636
Valuation Ratios		 - - -
Leverage & Solvency		 - - -
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 219
Efficiency Ratios		 - - -
Capital & Investment Metrics		 - - -
Invested Capital		 59 1,632 159
Increase / (Decrease) in Invested Capital		 0.00 0.00 -1,473
Book Value per Share		 $1.49 $3.04 $0.92
Tangible Book Value per Share		 $1.49 ($4.39) $0.10
Total Capital		 64 2,162 535
Total Debt		 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00
Net Debt		 -5.16 -530 -376
Capital Expenditures (CapEx)		 0.12 70 34
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -6.12 -12 -42
Debt-free Net Working Capital (DFNWC)		 -0.96 495 296
Net Working Capital (NWC)		 -0.96 495 296
Net Nonoperating Expense (NNE)		 20 38 419
Net Nonoperating Obligations (NNO)		 -5.16 -530 -376
Total Depreciation and Amortization (D&A)		 13 82 62
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.18 ($0.67) ($7.34)
Adjusted Weighted Average Basic Shares Outstanding		 43.13M 73.40M 78.82M
Adjusted Diluted Earnings per Share		 $0.00 ($0.67) ($7.34)
Adjusted Weighted Average Diluted Shares Outstanding		 43.13M 73.40M 78.82M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 43.13M 217.63M 224.42M
Normalized Net Operating Profit after Tax (NOPAT)		 -35 -127 -196
Debt Service Ratios		 - - -
Payout Ratios		 - - -

Quarterly Metrics And Ratios for NET Power

This table displays calculated financial ratios and metrics derived from NET Power's official financial filings.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 222,142,079.00 224,415,811.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 222,142,079.00 224,415,811.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.09 -0.04
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -100.00% -100.00% -100.00% 0.00% 0.00% 0.00% 0.00% -100.00% -100.00% - 0.00%
EBITDA Growth		 -674.25% -800.93% -142.46% 110.30% 100.82% 0.00% -972.28% -689.00% -173,491.34% - 92.80%
EBIT Growth		 -632.81% -723.66% -213.20% 71.59% 80.57% 0.00% -610.40% -211.67% -5,814.97% - 92.31%
NOPAT Growth		 -181.53% -215.55% -127.61% -16.00% -22.18% 0.00% -1,123.61% -101.89% -2,347.87% - 92.79%
Net Income Growth		 -568.02% -652.59% -143.93% 81.28% 92.59% 0.00% -797.35% -376.55% -16,920.93% - 93.09%
EPS Growth		 88.11% 95.88% 96.48% 86.36% 102.27% 0.00% -868.75% -500.00% -52,900.00% - 92.26%
Operating Cash Flow Growth		 -4.87% 0.00% 48.23% -49.19% 0.00% 0.00% -665.08% -200.95% -512.09% - -150.82%
Free Cash Flow Firm Growth		 -4,050.79% 977.52% -58,198.17% 96.21% -667.19% 0.00% 102.89% 727.57% 141.01% - 2,576.47%
Invested Capital Growth		 393.08% 0.00% 443.97% 1.14% 0.00% 0.00% -22.29% -23.03% -90.35% - -84.62%
Revenue Q/Q Growth		 -100.00% 0.00% 0.00% 0.00% -94.96% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBITDA Q/Q Growth		 -485.58% -0.03% 0.00% 124.88% -92.08% -12,830.70% -326.63% 81.12% -1,591.07% - 63.16%
EBIT Q/Q Growth		 -490.78% 0.00% 0.00% 46.40% 31.63% -437.55% -260.67% 76.49% -1,197.46% - 60.24%
NOPAT Q/Q Growth		 -126.94% 0.00% 0.00% -15.65% -5.33% -6.76% -840.85% 80.92% -1,177.12% - 51.25%
Net Income Q/Q Growth		 -438.85% 0.00% 0.00% 58.64% 60.42% -1,352.61% -277.43% 78.04% -1,313.59% - 55.49%
EPS Q/Q Growth		 90.33% 0.00% 0.00% 62.50% 116.67% -4,700.00% -236.96% 76.77% -1,366.67% - 20.00%
Operating Cash Flow Q/Q Growth		 -91.29% 0.00% 0.00% -206.95% 4.05% -65.36% -57.10% -20.74% -95.15% - -83.80%
Free Cash Flow Firm Q/Q Growth		 -55,071.19% 122.80% 0.00% 96.41% -3,310.97% 100.00% 0.00% 679.84% 122.90% - -24.55%
Invested Capital Q/Q Growth		 426.37% -100.00% 0.00% -2.13% 2.06% -2.17% -20.48% -3.05% -87.21% - 25.47%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 87.40% 91.67% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 3,489.08% 5,483.33% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Margin		 0.00% 0.00% 0.00% -18,846.22% -393,708.33% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBIT Margin		 0.00% 0.00% 0.00% -12,016.39% -162,933.33% 0.00% 0.00% 0.00% 0.00% - 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% -7,234.03% -56,783.33% 0.00% 0.00% 0.00% 0.00% - 0.00%
Tax Burden Percent		 99.99% 99.99% 91.16% 87.98% 58.94% 100.57% 100.11% 98.06% 99.90% - 100.00%
Interest Burden Percent		 91.38% 91.38% 85.59% 68.43% 59.12% 93.65% 98.45% 93.87% 100.39% - 88.53%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Equity (ROE)		 -7.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -121.24% - -114.46%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -137.88% -1.14% -200.00% 0.00% -4.02% -6.05% 29.17% - 20.33%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Common Equity (ROCE)		 -0.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -39.06% - -41.63%
Return on Equity Simple (ROE_SIMPLE)		 -90.32% 0.00% 0.00% 0.00% 0.00% 0.00% -77.93% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -27 -27 -27 -31 -33 -35 -332 -63 -810 -49 -24
NOPAT Margin		 0.00% 0.00% 0.00% -13,192.35% -275,595.83% 0.00% 0.00% 0.00% 0.00% - 0.00%
Net Nonoperating Expense Percent (NNEP)		 -20.05% 0.00% -4.62% 2.27% 9.09% -12.01% -7.35% -3.46% -70.12% - -0.46%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - -5.39% -52.13% -10.29% -563.12% -24.08% -11.66%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 12.61% 8.33% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 3,271.85% 70,400.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 6,870.59% 146,383.33% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 18,933.61% 393,800.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings before Interest and Taxes (EBIT)		 -101 -101 -53 -29 -20 -105 -379 -89 -1,156 -73 -29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -81 -81 -33 8.30 0.66 -84 -357 -67 -1,141 -70 -26
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 10.01 0.00 3.69 2.88 1.97 3.48 0.90 0.88 4.59 - 1.71
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 13.33
Price to Revenue (P/Rev)		 0.00 11,288.13 0.00 0.00 0.00 9,125.16 2,289.45 45,091.30 0.00 - 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.58 0.00 2.06 1.84 1.45 2.00 0.95 0.94 4.21 - 1.73
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 13,030.69 4,931.69 98,588.64 0.00 - 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.54 - 2.26
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 -0.25 0.00 -0.24 -0.28 -0.26 -0.25 -0.28 -0.27 -0.35 - -0.35
Leverage Ratio		 1.10 0.00 1.08 1.08 1.04 1.06 1.05 1.04 1.05 - 1.03
Compound Leverage Factor		 1.00 0.00 0.92 0.74 0.62 0.99 1.03 0.98 1.05 - 0.91
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 95.40% 0.00% 71.26% 67.41% 65.82% 69.68% 64.57% 64.39% 75.32% - 60.35%
Common Equity to Total Capital		 4.60% 0.00% 28.74% 32.59% 34.18% 30.32% 35.43% 35.61% 24.68% - 39.65%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Altman Z-Score		 2.85 0.00 9.93 11.09 10.17 10.41 7.95 5.38 1.45 - 7.09
Noncontrolling Interest Sharing Ratio		 96.60% 0.00% 76.40% 81.47% 65.82% 0.00% 0.00% 0.00% 67.78% - 63.63%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 69.17 0.00 56.90 40.06 20.96 28.65 23.30 9.77 16.58 - 23.82
Quick Ratio		 68.89 0.00 56.72 39.87 20.86 28.55 23.20 9.69 16.46 - 23.65
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,315 300 -1,390 -50 -1,701 0.00 40 313 698 1,424 1,074
Operating Cash Flow to CapEx		 0.00% 0.00% -27.97% -98.67% -35.09% -43.67% -215.73% -720.77% -1,451.65% - -614.96%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.02 0.02 0.00 0.00 - 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 21,835.24 20,710.81 552,792.50 0.00 - 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 -21,835.24 -20,710.81 -552,792.50 0.00 - 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,616 0.00 1,670 1,635 1,668 1,632 1,298 1,258 161 159 200
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Increase / (Decrease) in Invested Capital		 1,288 -327 1,363 18 1,668 0.00 -372 -376 -1,507 -1,473 -1,098
Enterprise Value (EV)		 2,553 0.00 3,445 3,005 2,410 3,258 1,233 1,183 677 - 344
Market Capitalization		 1,041 3,172 2,435 2,101 1,510 2,281 572 541 660 - 350
Book Value per Share		 $0.50 $0.00 $3.09 $3.42 $3.56 $3.04 $2.93 $2.81 $0.66 $0.92 $0.91
Tangible Book Value per Share		 ($7.83) $0.00 ($4.93) ($4.23) ($3.95) ($4.39) ($2.70) ($2.70) ($0.18) $0.10 $0.12
Total Capital		 2,261 0.00 2,296 2,241 2,246 2,162 1,799 1,730 582 535 518
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -645 0.00 -626 -607 -578 -530 -501 -472 -422 -376 -318
Capital Expenditures (CapEx)		 0.00 0.00 9.52 8.28 22 30 9.44 3.41 3.31 18 8.31
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -3.80 0.00 -8.31 -11 -22 -12 -14 -37 -18 -42 -10
Debt-free Net Working Capital (DFNWC)		 641 0.00 589 569 537 495 477 367 347 296 298
Net Working Capital (NWC)		 641 0.00 589 569 537 495 477 367 347 296 298
Net Nonoperating Expense (NNE)		 65 65 14 -14 -26 64 41 19 350 8.89 1.88
Net Nonoperating Obligations (NNO)		 -645 0.00 -626 -607 -578 -530 -501 -472 -422 -376 -318
Total Depreciation and Amortization (D&A)		 20 20 20 37 20 21 22 22 16 3.45 3.41
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% -4,980.00% -5,663.60% -305,991.67% 0.00% - 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 198,049.60% 190,618.40% 3,055,658.33% 0.00% - 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 198,049.60% 190,618.40% 3,055,658.33% 0.00% - 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.44) $0.00 ($0.16) ($0.06) $0.01 ($0.46) ($1.55) ($0.36) ($5.28) ($0.15) ($0.12)
Adjusted Weighted Average Basic Shares Outstanding		 68.97M 0.00 71.89M 72.18M 73.54M 73.40M 77.00M 77.70M 77.88M 78.82M 85.38M
Adjusted Diluted Earnings per Share		 ($0.44) $0.00 ($0.16) ($0.06) $0.01 ($0.46) ($1.55) ($0.36) ($5.28) ($0.15) ($0.12)
Adjusted Weighted Average Diluted Shares Outstanding		 68.97M 0.00 71.89M 72.18M 73.54M 73.40M 77.00M 77.70M 77.88M 78.82M 85.38M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 213.07M 0.00 213.77M 215.37M 215.42M 217.63M 219.07M 219.22M 222.14M 224.42M 224.76M
Normalized Net Operating Profit after Tax (NOPAT)		 -27 -27 -27 -31 -33 -35 -41 -63 -42 -49 -24
Normalized NOPAT Margin		 0.00% 0.00% 0.00% -13,192.35% -275,595.83% 0.00% 0.00% 0.00% 0.00% - 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% -8,222.69% -96,333.33% 0.00% 0.00% 0.00% 0.00% - 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Here are 10 key takeaways from NET Power (NPWR) quarterly results across the last four years, focused on the 2025 period and notable context from earlier quarters. The bullets are ordered to highlight positives first, then neutral observations, then negatives.

  • Healthy liquidity at quarter-end. Cash & equivalents ranged from about $229 million (Q3 2025) to roughly $386 million (Q4 2024), providing a solid liquidity cushion despite ongoing losses.
  • Occasional financing inflows via equity. In Q1 2025, the company raised about $5.8 million through issuance of common equity, contributing a modest cash inflow from financing.
  • Interest income adds ongoing cash support. Interest & investment income was several million dollars per quarter (approximately $4–7+ million across recent quarters), helping cushion cash flow.
  • Investing activity includes occasional cash inflows from asset sales. Sale/maturity of investments produced sizable inflows in some quarters (e.g., about $22.5 million in Q3 2025 and $45.8 million in Q4 2025), contributing to liquidity in those periods.
  • Operating revenue remains minimal. Operating revenue is mostly negligible or zero in many quarters, indicating limited ongoing top-line generation.
  • Redeemable noncontrolling interest is large and recurring. Redeemable noncontrolling interests sit at substantial levels across several periods, which can complicate the equity picture and reflect complex financing/ownership arrangements.
  • One-time impairment hits profitability hard in 2025. A major impairment charge in Q3 2025 was about $1.10 billion, drastically depressing operating and net income for that quarter.
  • Operating cash flow consistently negative in 2025. Net cash from continuing operating activities was negative in each 2025 quarter, signaling ongoing cash burn from core operations.
  • Significant losses and negative earnings per share. Net income attributable to common shareholders was deeply negative in multiple periods (e.g., about -$411.5 million in Q3 2025), with EPS far in the red (Q3 2025 basic/diluted EPS around -$5.28).
  • Balance-sheet signals volatility and structural challenges. Very large redeemable/noncontrolling interests and sizable accumulated deficits contribute to a fragile equity base and a complex balance sheet, which can raise questions for investors about sustainability and ownership structure.

If you’d like, I can tailor a deeper, year-by-year summary or generate a quick table highlighting how revenue, net income, cash flow from operations, and equity metrics evolved quarter-by-quarter over the four-year window.

05/25/26 09:06 AM ETAI Generated. May Contain Errors.

NET Power Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NET Power's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

NET Power's net income appears to be on an upward trend, with a most recent value of -$1.67 billion in 2025, rising from -$54.78 million in 2022. The previous period was -$164.64 million in 2024. See where experts think NET Power is headed by visiting NET Power's forecast page.

NET Power's total operating income in 2025 was -$1.79 billion, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $1.79 billion

Over the last 2 years, NET Power's total revenue changed from $580 thousand in 2022 to $0.00 in 2025, a change of -100.0%.

NET Power's total liabilities were at $64.50 million at the end of 2025, a 51.1% decrease from 2024, and a 52.4% increase since 2021.

In the past 4 years, NET Power's cash and equivalents has ranged from $2.57 million in 2021 to $536.93 million in 2023, and is currently $199.43 million as of their latest financial filing in 2025.

Over the last 2 years, NET Power's book value per share changed from 1.49 in 2022 to 0.92 in 2025, a change of -38.5%.


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Financial statements for NYSE:NPWR last updated on 5/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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