NPWR
NET Power Inc.2.5200
+0.0400+1.61%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
211.48MP/E (TTM)
-Basic EPS (TTM)
-7.67Dividend Yield
0%Recent Filings
8-K
Advances 80MW clean power project
10-K
FY2025 results
Net Power posted a $579M net loss for FY2025 ended December 31, 2025, up from $49M in 2024, driven by a massive $1.1B Q3 impairment on its Oxy-Combustion tech after market analysis revealed uncompetitive costs and timelines versus post-combustion capture alternatives. Q4 saw suspension of La Porte demo testing to redirect capital toward Clean Gas Product development, including a November LOI with Entropy for exclusive U.S. PCC licensing and purchase of two 30MW gas turbine sets for Project Permian Phase I (FID Q3 2026, ops early 2029). No revenue yet; cash fell to $376M from $530M amid $121M operating burn, but liquidity covers 12 months. Q4 pivoted hard from legacy tech. Ongoing litigation risks could snag quarterly momentum.
8-K
Withdraws MISO interconnection request
Net Power withdrew its MISO interconnection request on December 29, 2025, after updated info revealed sharply higher network upgrade costs. It retains the northern MISO site lease and eyes alternative clean firm power development there. No significant costs capitalized. Withdrawal won't materially hit finances.
8-K
Expands to PCC projects
Net Power reported Q3 2025 results on November 13, expanding strategy to prioritize post-combustion carbon capture (PCC) projects amid surging power demand. Signed LOI with Entropy for exclusive U.S. PCC deployment; advancing 60MW Permian hub with 2028 turbines, Occidental PPA talks, FID H1 2026. Oxy-tech impairment hit balance sheet. Cash at $424M fuels acceleration. Impairments signal market hurdles.
10-Q
Q3 FY2025 results
Net Power posted no revenue in Q3 ended September 30, 2025, versus $12K last year, while operating expenses exploded to $1.16B from $47.3M y/y on a $1.1B impairment of long-lived assets (Developed Technology Asset Group) after techno-economic analysis showed slower market adoption and insufficient cost cuts from value engineering. Class A diluted EPS cratered to $(5.28) from $0.01 y/y, confirmed against 77.9M weighted shares; net loss exceeded operating loss due to unfavorable warrant/earnout changes. Cash burned $93M YTD on ops (derived), leaving $229M cash plus $192M available-for-sale securities. Paused Project Permian to pivot toward gas turbines with post-combustion capture. Litigation over Project Permian disclosures looms.
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