0001845437-26-000009
SEC filingNET Power Inc. reported no revenue for fiscal year 2025, consistent with its pre-commercial stage. The company incurred a significant net loss attributable to NET Power Inc. of -$578.6M, primarily driven by a $1.51B impairment and other charges, which contributed to total operating expenses of $1.79B and an operating loss of -$1.79B. Despite these losses, the company maintained a strong liquidity position with total cash, cash equivalents, and restricted cash of $536.9M and total assets of $599.7M. Research and development expenses were $99.5M, project development costs were $72.4M, and general and administrative expenses were $40.3M, reflecting continued investment in technology and project development. The company generated $20.3M in net interest income and recorded other comprehensive income of $97K. Net cash used in operating activities was -$120.8M, while net cash used in investing activities was -$8.8M. The company's accumulated deficit increased to -$694.7M, and basic and diluted loss per share was -$7.
NET Power Inc. reported no revenue for fiscal year 2025, consistent with its pre-commercial development stage. The company incurred a substantial net loss attributable to NET Power Inc. of -$578.6M, which represents the portion of losses allocated to the parent company after accounting for -$1.09B attributable to non-controlling interests. The comprehensive loss attributable to NET Power Inc. was -$578.5M. Total operating expenses reached $1.79B, dominated by a $1.51B impairment and other charges. Research and development expenses were $99.5M, project development costs were $72.4M, and general and administrative expenses were $40.3M. The company reported net other income of $114.0M, primarily from interest income of $20.3M and changes in liability valuations. Basic and diluted loss per share was -$7 based on 78.8M weighted average shares outstanding.
No revenue was generated during fiscal year 2025, as NET Power Inc. remains in a pre-commercial development phase. The company has not yet commenced commercial operations or generated product sales. Cost of revenue was also $0, resulting in gross profit of $0. The absence of revenue reflects the company's current stage of technology development and project deployment rather than operational performance issues. The company's business model focuses on developing and licensing its proprietary power generation technology, which has not yet reached commercial scale deployment.
With no revenue generation, traditional margin metrics are not applicable. The company reported an operating loss of -$1.79B, driven primarily by a $1.51B impairment and other charges. Research and development expenses of $99.5M represented the largest ongoing operational expense category, followed by project development costs of $72.4M. General and administrative expenses were $40.3M, while sales and marketing expenses were $4.9M. Depreciation, amortization, and accretion expenses totaled $62.4M. The impairment charge significantly impacted profitability metrics, though it represents a non-cash accounting adjustment rather than ongoing operational expense.
Net cash used in operating activities was -$120.8M for fiscal year 2025. The company used -$8.8M in investing activities and -$230K in financing activities. Total cash, cash equivalents, and restricted cash decreased by -$129.8M to $536.9M. The balance sheet shows total assets of $599.7M, including current assets of $343.8M. Cash and cash equivalents were $199.4M, with additional investments in securities of $176.7M. Intangible assets, net were $181.6M. Total liabilities were $64.5M, with current liabilities of $47.5M. Shareholders' equity was $203.9M, with accumulated deficit of -$694.7M. The company maintains a strong liquidity position relative to its operating cash burn rate.
The filing does not provide specific forward-looking guidance or management projections for future periods. As a pre-commercial company, NET Power Inc. continues to focus on technology development, project deployment, and commercialization efforts. The company's strategic priorities likely include advancing its proprietary power generation technology, developing commercial projects, and securing licensing agreements. Risk factors inherent in the company's stage include technology development risks, regulatory uncertainties, competition, and dependence on successful commercialization. The company's substantial cash position provides runway for continued operations and development activities, though the path to revenue generation and profitability remains uncertain.