NET POWER INC Financials
This page shows NET POWER INC (NPWR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
NET POWER INC has an operating margin of -72528.4%, meaning the company retains $-72528 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -8625.0% the prior year.
NET POWER INC's revenue declined 56.9% year-over-year, from $580K to $250K. This contraction results in a growth score of 0/100.
NET POWER INC has elevated debt relative to equity (D/E of 2.50), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 19/100, reflecting increased financial risk.
With a current ratio of 28.65, NET POWER INC holds $28.65 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While NET POWER INC generated -$31.6M in operating cash flow, capex of $68.7M consumed most of it, leaving -$100.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
NET POWER INC passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, NET POWER INC generates $0.64 in operating cash flow (-$31.6M OCF vs -$49.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
NET POWER INC generated $250K in revenue in fiscal year 2024. This represents a decrease of 56.9% from the prior year.
NET POWER INC's EBITDA was -$99.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 172.1% from the prior year.
NET POWER INC generated -$100.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 499.0% from the prior year.
NET POWER INC reported -$49.2M in net income in fiscal year 2024. This represents an increase of 10.2% from the prior year.
NET POWER INC earned $-0.67 per diluted share (EPS) in fiscal year 2024. This represents an increase of 95.5% from the prior year.
NET POWER INC held $329.2M in cash against $0 in long-term debt as of fiscal year 2024.
NET POWER INC's gross margin was 87.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 35.0 percentage points from the prior year.
NET POWER INC's operating margin was -72528.4% in fiscal year 2024, reflecting core business profitability. This is down 63903.4 percentage points from the prior year.
NET POWER INC's net profit margin was -19676.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 10231.9 percentage points from the prior year.
NET POWER INC invested $63.9M in research and development in fiscal year 2024.
NET POWER INC invested $68.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 59596.5% from the prior year.
NPWR Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0-100.0% | $12K-95.0% | $238K | $0 | N/A |
| Cost of Revenue | $0 | $0 | $0 | $0-100.0% | $1K-96.7% | $30K | $0 | N/A |
| Gross Profit | $0 | $0 | $0 | $0-100.0% | $11K-94.7% | $208K | $0 | N/A |
| R&D Expenses | $24.5M-7.8% | $26.6M+17.8% | $22.6M+14.2% | $19.8M+14.2% | $17.3M+11.9% | $15.5M+37.7% | $11.2M | N/A |
| SG&A Expenses | $9.1M-32.9% | $13.6M+56.2% | $8.7M+14.0% | $7.6M-9.8% | $8.4M+8.5% | $7.8M+21.5% | $6.4M | N/A |
| Operating Income | -$1.2B-1177.1% | -$90.6M+80.9% | -$474.6M-840.8% | -$50.4M-6.8% | -$47.2M-5.3% | -$44.9M-15.7% | -$38.8M | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$1.2M+27.4% | -$1.6M-508.6% | $397K-28.7% | $557K+111.7% | -$4.7M-101.7% | -$2.4M+41.7% | -$4.0M | N/A |
| Net Income | -$411.5M-1362.2% | -$28.1M+76.4% | -$119.3M-247.8% | -$34.3M-4295.6% | $818K+119.2% | -$4.3M+62.6% | -$11.4M | N/A |
| EPS (Diluted) | $-5.28-1366.7% | $-0.36+76.8% | $-1.55-237.0% | $-0.46-4700.0% | $0.01+116.7% | $-0.06+62.5% | $-0.16 | N/A |
NPWR Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $629.9M-64.8% | $1.8B-2.7% | $1.8B-19.8% | $2.3B-1.8% | $2.3B-0.9% | $2.4B-3.6% | $2.4B-1.0% | $2.5B |
| Current Assets | $369.6M-9.5% | $408.5M-18.0% | $497.9M-2.9% | $513.0M-9.0% | $564.1M-3.3% | $583.1M-2.8% | $600.0M-6.4% | $640.8M |
| Cash & Equivalents | $229.3M-19.3% | $284.0M-5.3% | $300.0M-8.9% | $329.2M-14.8% | $386.3M-4.7% | $405.1M-5.5% | $428.6M-20.2% | $536.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | $0 | $0-100.0% | $243K | $0-100.0% | $58K |
| Goodwill | $0 | $0 | $0-100.0% | $359.8M0.0% | $359.8M0.0% | $359.8M-15.1% | $423.9M0.0% | $423.9M |
| Total Liabilities | $486.1M-58.6% | $1.2B-2.4% | $1.2B-26.7% | $1.6B+4.4% | $1.6B-3.5% | $1.6B-8.9% | $1.8B+5.9% | $1.7B |
| Current Liabilities | $22.3M-46.7% | $41.8M+95.7% | $21.4M+19.3% | $17.9M-33.5% | $26.9M+84.9% | $14.6M+38.0% | $10.5M-12.3% | $12.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $143.8M-76.7% | $616.2M-3.3% | $637.2M-2.8% | $655.6M-14.6% | $767.5M+5.1% | $730.5M+10.7% | $659.8M-16.0% | $785.0M |
| Retained Earnings | -$675.0M-156.1% | -$263.5M-12.0% | -$235.4M-102.8% | -$116.0M-42.0% | -$81.7M+1.0% | -$82.5M-5.5% | -$78.3M-17.1% | -$66.9M |
NPWR Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$48.0M-95.1% | -$24.6M-20.7% | -$20.4M-57.1% | -$13.0M-65.4% | -$7.8M+4.0% | -$8.2M-206.9% | -$2.7M+11.4% | -$3.0M |
| Capital Expenditures | $3.1M+0.5% | $3.1M-65.4% | $8.9M-69.3% | $29.1M+30.5% | $22.3M+187.5% | $7.8M-18.6% | $9.5M+78.2% | $5.3M |
| Free Cash Flow | -$51.1M-84.6% | -$27.7M+5.5% | -$29.3M+30.3% | -$42.1M-39.6% | -$30.1M-89.2% | -$15.9M-30.7% | -$12.2M-46.0% | -$8.3M |
| Investing Cash Flow | -$6.6M-176.6% | $8.7M+198.8% | -$8.8M+77.6% | -$39.2M-260.5% | -$10.9M+15.8% | -$12.9M+87.8% | -$105.7M-1878.4% | -$5.3M |
| Financing Cash Flow | -$65K-32.7% | -$49K+2.0% | -$50K+99.0% | -$4.8M-3082.9% | -$152K-349.2% | $61K | $0-100.0% | $27K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NPWR Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | 91.7%+4.3pp | 87.4% | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | -393708.3%-374862.1pp | -18846.2% | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | 6816.7%+8610.0pp | -1793.3% | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | 0.1% | N/A | N/A | N/A |
| Return on Assets | -65.3%-63.8pp | -1.6%+4.9pp | -6.5%-5.0pp | -1.5%-1.5pp | 0.0%+0.2pp | -0.2%+0.3pp | -0.5% | N/A |
| Current Ratio | 16.58+6.8 | 9.77-13.5 | 23.30-5.4 | 28.65+7.7 | 20.96-19.1 | 40.06-16.8 | 56.90+3.6 | 53.31 |
| Debt-to-Equity | 3.38+1.5 | 1.90+0.0 | 1.89-0.6 | 2.50+0.5 | 2.04-0.2 | 2.23-0.5 | 2.71+0.6 | 2.15 |
| FCF Margin | N/A | N/A | N/A | N/A | -251091.7%-244400.1pp | -6691.6% | N/A | N/A |
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Frequently Asked Questions
What is NET POWER INC's annual revenue?
NET POWER INC (NPWR) reported $250K in total revenue for fiscal year 2024. This represents a -56.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is NET POWER INC's revenue growing?
NET POWER INC (NPWR) revenue declined by 56.9% year-over-year, from $580K to $250K in fiscal year 2024.
Is NET POWER INC profitable?
No, NET POWER INC (NPWR) reported a net income of -$49.2M in fiscal year 2024, with a net profit margin of -19676.4%.
What is NET POWER INC's earnings per share (EPS)?
NET POWER INC (NPWR) reported diluted earnings per share of $-0.67 for fiscal year 2024. This represents a 95.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is NET POWER INC's EBITDA?
NET POWER INC (NPWR) had EBITDA of -$99.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is NET POWER INC's gross margin?
NET POWER INC (NPWR) had a gross margin of 87.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is NET POWER INC's operating margin?
NET POWER INC (NPWR) had an operating margin of -72528.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is NET POWER INC's net profit margin?
NET POWER INC (NPWR) had a net profit margin of -19676.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is NET POWER INC's free cash flow?
NET POWER INC (NPWR) generated -$100.3M in free cash flow during fiscal year 2024. This represents a -499.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is NET POWER INC's operating cash flow?
NET POWER INC (NPWR) generated -$31.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are NET POWER INC's total assets?
NET POWER INC (NPWR) had $2.3B in total assets as of fiscal year 2024, including both current and long-term assets.
What are NET POWER INC's capital expenditures?
NET POWER INC (NPWR) invested $68.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does NET POWER INC spend on research and development?
NET POWER INC (NPWR) invested $63.9M in research and development during fiscal year 2024.
What is NET POWER INC's current ratio?
NET POWER INC (NPWR) had a current ratio of 28.65 as of fiscal year 2024, which is generally considered healthy.
What is NET POWER INC's debt-to-equity ratio?
NET POWER INC (NPWR) had a debt-to-equity ratio of 2.50 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is NET POWER INC's return on assets (ROA)?
NET POWER INC (NPWR) had a return on assets of -2.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is NET POWER INC's cash runway?
Based on fiscal year 2024 data, NET POWER INC (NPWR) had $329.2M in cash against an annual operating cash burn of $31.6M. This gives an estimated cash runway of approximately 125 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is NET POWER INC's Piotroski F-Score?
NET POWER INC (NPWR) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are NET POWER INC's earnings high quality?
NET POWER INC (NPWR) has an earnings quality ratio of 0.64x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is NET POWER INC?
NET POWER INC (NPWR) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.