What is NET POWER INC's earnings per share (EPS)?

NET POWER INC (NPWR) reported diluted earnings per share of $-7.34 for fiscal year 2025. This represents a -995.5% 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.

NET POWER INC Financials

NPWR

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows NET POWER INC (NPWR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).

Rhea AI NPWR FY2025 2026-05-11

NET Power remains a balance-sheet-funded development business, with cash financing R&D and overhead far more than customer activity.

From FY2024 to FY2025, capex shifted down while R&D shifted up: capital spending nearly halved to $33.2M as research spending rose to $99.5M. This matters because recent valid years show only nominal revenue, so the spending mix still looks like platform development rather than a business being carried by operating receipts.

Near-term liquidity looks comfortable because cash of $199.4M covered current liabilities of only $47.5M, a much looser posture than the tighter working-capital picture visible earlier in the record. But cash fell by roughly $129.8M during FY2025, so that cushion is being used to fund the program rather than being replenished by customers.

Accounting losses and cash burn are telling different stories: FY2025 net loss was $578.6M while operating cash outflow was $120.8M. That gap means the headline loss did not translate one-for-one into cash leaving the business, so cash flow is the cleaner lens for judging how fast the current model consumes resources.

Financial Health Signals

Financial health score pending refresh

We are recalculating NET POWER INC's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-10.69

NET POWER INC scores -10.69, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($129.9M) relative to total liabilities ($395.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

1/6

NET POWER INC passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.21x

For every $1 of reported earnings, NET POWER INC generates $0.21 in operating cash flow (-$120.8M OCF vs -$578.6M 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

Export CSV

Earnings & Revenue

Revenue

YoY-100.0%

NET POWER INC generated $0 in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

EBITDA

-$1.7B

YoY-1634.6%

NET POWER INC's EBITDA was -$1.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1634.6% from the prior year.

Net Income

-$578.6M

YoY-1076.3%

NET POWER INC reported -$578.6M in net income in fiscal year 2025. This represents a decrease of 1076.3% from the prior year.

EPS (Diluted)

$-7.34

YoY-995.5%

NET POWER INC earned $-7.34 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 995.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$154.0M

YoY-53.5%

NET POWER INC generated -$154.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 53.5% from the prior year.

Cash & Debt

$199.4M

YoY-39.4%

NET POWER INC held $199.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-283.8%

YoY-276.3pp

NET POWER INC's ROE was -283.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 276.3 percentage points from the prior year.

Capital Allocation

R&D Spending

$99.5M

YoY+55.8%

NET POWER INC invested $99.5M in research and development in fiscal year 2025. This represents an increase of 55.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$33.2M

YoY-51.6%

NET POWER INC invested $33.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 51.6% from the prior year.

NPWR Income Statement

Metric	FY25	FY24	FY22	FY21
Revenue	$0-100.0%	$250K-56.9%	$580K	N/A
Cost of Revenue	$0-100.0%	$31K	N/A	N/A
Gross Profit	$0-100.0%	$219K-28.2%	$305K	N/A
R&D Expenses	$99.5M+55.8%	$63.9M	N/A	N/A
SG&A Expenses	$40.3M+33.3%	$30.3M+422.2%	$5.8M+816.9%	$632K
Operating Income	-$1.8B-888.2%	-$181.3M-262.5%	-$50.0M-7075.8%	-$697K
Interest Expense	N/A	N/A	N/A	N/A
Income Tax	-$4.3M+59.3%	-$10.6M	$0	N/A
Net Income	-$578.6M-1076.3%	-$49.2M+10.2%	-$54.8M-459.1%	-$9.8M
EPS (Diluted)	$-7.34-995.5%	$-0.67+95.5%	$-14.79	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	$0	$0	$0	N/A	$12K-95.0%	$238K
Cost of Revenue	N/A	N/A	$0	$0	$0	N/A	$1K-96.7%	$30K
Gross Profit	N/A	N/A	$0	$0	$0	N/A	$11K-94.7%	$208K
R&D Expenses	$19.7M	N/A	$24.5M-7.8%	$26.6M+17.8%	$22.6M	N/A	$17.3M+11.9%	$15.5M
SG&A Expenses	$8.9M	N/A	$9.1M-32.9%	$13.6M+56.2%	$8.7M	N/A	$8.4M+8.5%	$7.8M
Operating Income	-$34.2M	N/A	-$1.2B-1177.1%	-$90.6M+80.9%	-$474.6M	N/A	-$47.2M-5.3%	-$44.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	-$1.2M+27.4%	-$1.6M-508.6%	$397K	N/A	-$4.7M-101.7%	-$2.4M
Net Income	-$9.9M	N/A	-$411.5M-1362.2%	-$28.1M+76.4%	-$119.3M	N/A	$818K+119.2%	-$4.3M
EPS (Diluted)	$-0.12	N/A	$-5.28-1366.7%	$-0.36+76.8%	$-1.55	N/A	$0.01+116.7%	$-0.06

NPWR Balance Sheet

Metric	FY25	FY24	FY22	FY21
Total Assets	$599.7M-73.9%	$2.3B+2836.0%	$78.1M-77.6%	$348.4M
Current Assets	$343.8M-33.0%	$513.0M+6745.0%	$7.5M+125.4%	$3.3M
Cash & Equivalents	$199.4M-39.4%	$329.2M+6275.5%	$5.2M+1060.4%	$445K
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	$0-100.0%	$352K	N/A
Goodwill	$0-100.0%	$359.8M	$0	N/A
Total Liabilities	$395.8M-75.8%	$1.6B+1295.1%	$117.4M-69.6%	$386.9M
Current Liabilities	$47.5M+165.1%	$17.9M+111.9%	$8.5M+1527.3%	$519K
Long-Term Debt	N/A	N/A	N/A	N/A
Total Equity	$203.9M-68.9%	$655.6M+1767.8%	-$39.3M-1.9%	-$38.6M
Retained Earnings	-$694.7M-498.6%	-$116.0M+48.3%	-$224.5M-482.3%	-$38.6M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$542.8M-9.5%	$599.7M-4.8%	$629.9M-64.8%	$1.8B-2.7%	$1.8B-19.8%	$2.3B-1.8%	$2.3B-0.9%	$2.4B
Current Assets	$311.1M-9.5%	$343.8M-7.0%	$369.6M-9.5%	$408.5M-18.0%	$497.9M-2.9%	$513.0M-9.0%	$564.1M-3.3%	$583.1M
Cash & Equivalents	$133.1M-33.2%	$199.4M-13.0%	$229.3M-19.3%	$284.0M-5.3%	$300.0M-8.9%	$329.2M-14.8%	$386.3M-4.7%	$405.1M
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	N/A	N/A	$0	$0-100.0%	$243K
Goodwill	N/A	$0	$0	$0	$0-100.0%	$359.8M0.0%	$359.8M0.0%	$359.8M
Total Liabilities	$337.5M-14.7%	$395.8M-18.6%	$486.1M-58.6%	$1.2B-2.4%	$1.2B-26.7%	$1.6B+4.4%	$1.6B-3.5%	$1.6B
Current Liabilities	$13.1M-72.5%	$47.5M+113.0%	$22.3M-46.7%	$41.8M+95.7%	$21.4M+19.3%	$17.9M-33.5%	$26.9M+84.9%	$14.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$205.3M+0.7%	$203.9M+41.8%	$143.8M-76.7%	$616.2M-3.3%	$637.2M-2.8%	$655.6M-14.6%	$767.5M+5.1%	$730.5M
Retained Earnings	-$704.5M-1.4%	-$694.7M-2.9%	-$675.0M-156.1%	-$263.5M-12.0%	-$235.4M-102.8%	-$116.0M-42.0%	-$81.7M+1.0%	-$82.5M

NPWR Cash Flow Statement

Metric	FY25	FY24	FY22	FY21
Operating Cash Flow	-$120.8M-281.6%	-$31.6M-90.3%	-$16.6M-1148.4%	-$1.3M
Capital Expenditures	$33.2M-51.6%	$68.7M+59596.5%	$115K	N/A
Free Cash Flow	-$154.0M-53.5%	-$100.3M-499.0%	-$16.7M	N/A
Investing Cash Flow	-$8.8M+94.8%	-$168.7M-146572.2%	-$115K+100.0%	-$345.0M
Financing Cash Flow	-$230K+95.3%	-$4.9M-123.0%	$21.5M-93.8%	$348.9M
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$51.1M-83.8%	-$27.8M+42.1%	-$48.0M-95.1%	-$24.6M-20.7%	-$20.4M-57.1%	-$13.0M-65.4%	-$7.8M+4.0%	-$8.2M
Capital Expenditures	$8.2M-54.7%	$18.1M+482.3%	$3.1M+0.5%	$3.1M-65.4%	$8.9M-69.3%	$29.1M+30.5%	$22.3M+187.5%	$7.8M
Free Cash Flow	-$59.3M-29.2%	-$45.9M+10.2%	-$51.1M-84.6%	-$27.7M+5.5%	-$29.3M+30.3%	-$42.1M-39.6%	-$30.1M-89.2%	-$15.9M
Investing Cash Flow	-$16.3M-689.0%	-$2.1M+68.8%	-$6.6M-176.6%	$8.7M+198.8%	-$8.8M+77.6%	-$39.2M-260.5%	-$10.9M+15.8%	-$12.9M
Financing Cash Flow	-$73K-10.6%	-$66K-1.5%	-$65K-32.7%	-$49K+2.0%	-$50K+99.0%	-$4.8M-3082.9%	-$152K-349.2%	$61K
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	FY25	FY24	FY22	FY21
Gross Margin	N/A	87.6%+35.0pp	52.6%	N/A
Operating Margin	N/A	-72528.4%-63903.4pp	-8625.0%	N/A
Net Margin	N/A	-19676.4%-10231.9pp	-9444.5%	N/A
Return on Equity	-283.8%-276.3pp	-7.5%	N/A	N/A
Return on Assets	-96.5%-94.3pp	-2.1%+68.0pp	-70.1%-67.3pp	-2.8%
Current Ratio	7.24-21.4	28.65+27.8	0.89-5.5	6.40
Debt-to-Equity	1.94-0.6	2.50+5.5	-2.99+7.0	-10.03
FCF Margin	N/A	-40120.0%-37232.9pp	-2887.1%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	91.7%+4.3pp	87.4%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	-393708.3%-374862.1pp	-18846.2%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	6816.7%+8610.0pp	-1793.3%
Return on Equity	-4.8%	N/A	-286.2%-281.7pp	-4.6%+14.2pp	-18.7%	N/A	0.1%+0.7pp	-0.6%
Return on Assets	-1.8%	N/A	-65.3%-63.8pp	-1.6%+4.9pp	-6.5%	N/A	0.0%+0.2pp	-0.2%
Current Ratio	23.82+16.6	7.24-9.3	16.58+6.8	9.77-13.5	23.30-5.4	28.65+7.7	20.96-19.1	40.06
Debt-to-Equity	1.64-0.3	1.94-1.4	3.38+1.5	1.90+0.0	1.89-0.6	2.50+0.5	2.04-0.2	2.23
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	-251091.7%-244400.1pp	-6691.6%

Similar Companies

Twin Disc Inc TWIN

$333.3M

Taylor Devices Inc TAYD

$172.1M

Babcock & Wilcox Enterprises I BW

$1.6B

Hurco Co HURC

$139.4M

Ocean Power Tech OPTT

$46.9M

Frequently Asked Questions

What is NET POWER INC's annual revenue?

NET POWER INC (NPWR) reported $0 in total revenue for fiscal year 2025. This represents a -100.0% 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 100% year-over-year, from $250K to $0 in fiscal year 2025.

Is NET POWER INC profitable?

No, NET POWER INC (NPWR) reported a net income of -$578.6M in fiscal year 2025.

What is NET POWER INC's EBITDA?

NET POWER INC (NPWR) had EBITDA of -$1.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is NET POWER INC's return on equity (ROE)?

NET POWER INC (NPWR) has a return on equity of -283.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is NET POWER INC's free cash flow?

NET POWER INC (NPWR) generated -$154.0M in free cash flow during fiscal year 2025. This represents a -53.5% 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 -$120.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are NET POWER INC's total assets?

NET POWER INC (NPWR) had $599.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are NET POWER INC's capital expenditures?

NET POWER INC (NPWR) invested $33.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does NET POWER INC spend on research and development?

NET POWER INC (NPWR) invested $99.5M in research and development during fiscal year 2025.

What is NET POWER INC's current ratio?

NET POWER INC (NPWR) had a current ratio of 7.24 as of fiscal year 2025, 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 1.94 as of fiscal year 2025, 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 -96.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is NET POWER INC's cash runway?

Based on fiscal year 2025 data, NET POWER INC (NPWR) had $199.4M in cash against an annual operating cash burn of $120.8M. This gives an estimated cash runway of approximately 20 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 Altman Z-Score?

NET POWER INC (NPWR) has an Altman Z-Score of -10.69, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is NET POWER INC's Piotroski F-Score?

NET POWER INC (NPWR) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 0.21x, 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.