NET POWER INC (NPWR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NPWR SEC filings page.
NET POWER INC (NPWR) reported $0 in revenue for fiscal year 2025, down 100.0% from the prior fiscal year. This page shows its 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).
NET Power's development-stage model is defined more by operating investment and balance-sheet contraction than by revenue economics.
Cash conversion remains materially better than the income statement suggests: FY2025 operating cash flow was-$120.8M against a net loss of-$578.6M . That roughly$457.8M gap indicates the reported loss included substantial non-cash or otherwise non-operating charges, while free cash flow of-$154.0M shows the business still consumed cash after investment.
The balance sheet contracted sharply from FY2024 to FY2025, with total assets falling from
FY2024's
Financial Health Signals
NET POWER INC does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
NET POWER INC scores -10.64, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($163.7M) 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.
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.
NET POWER INC reported a net loss of $578.6M while operations used $120.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
NET POWER INC's EBITDA was -$206.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 199.8% from the same quarter a year earlier. Against the prior quarter it is down 570.9%.
NET POWER INC reported -$80.3M in net income in Q2 2026. This represents a decrease of 185.3% from the same quarter a year earlier. Against the prior quarter it is down 714.6%.
NET POWER INC earned -$0.91 per diluted share (EPS) in Q2 2026. This represents a decrease of 152.8% from the same quarter a year earlier. Against the prior quarter it is down 658.3%.
Not reported for Q2 2026.
Cash & Balance Sheet
NET POWER INC recorded an outflow of $10.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 62.3% from the same quarter a year earlier. Against the prior quarter it is up 82.4%.
NET POWER INC held $117.9M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
NET POWER INC's ROE was -96.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 91.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 91.3 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
NET POWER INC invested $4.2M in research and development in Q2 2026. This represents a decrease of 84.1% from the same quarter a year earlier. Against the prior quarter it is down 78.6%.
NET POWER INC invested $793K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 74.4% from the same quarter a year earlier. Against the prior quarter it is down 90.3%.
Not reported for Q2 2026.
NPWR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | $0-100.0% | $0-100.0% | $0 | N/A | $12K |
| Cost of Revenue | N/A | N/A | N/A | $0-100.0% | $0-100.0% | $0 | N/A | $1K |
| Gross Profit | N/A | N/A | N/A | $0-100.0% | $0-100.0% | $0 | N/A | $11K |
| R&D Expenses | $4.2M-84.1% | $19.7M-12.8% | N/A | $24.5M+41.6% | $26.6M+71.9% | $22.6M+101.0% | N/A | $17.3M |
| SG&A Expenses | $6.4M-52.7% | $8.9M+2.3% | N/A | $9.1M+7.8% | $13.6M+74.4% | $8.7M+35.6% | N/A | $8.4M |
| Operating Income | -$209.9M-131.8% | -$34.2M+92.8% | N/A | -$1.2B-2347.9% | -$90.6M-101.9% | -$474.6M-1123.6% | N/A | -$47.2M-22.2% |
| EBITDA | -$206.5M-199.8% | -$30.8M+93.2% | N/A | -$1.1B-4120.1% | -$68.9M-177.7% | -$452.9M-2315.0% | N/A | -$27.0M-45.0% |
| Income Tax | $2K+100.1% | $0-100.0% | N/A | -$1.2M+75.2% | -$1.6M+31.1% | $397K+109.8% | N/A | -$4.7M-47360.0% |
| Net Income | -$80.3M-185.3% | -$9.9M+91.7% | N/A | -$411.5M-50405.4% | -$28.1M-559.4% | -$119.3M-945.0% | N/A | $818K+102.7% |
| EPS (Basic) | -$0.91-152.8% | -$0.12+92.3% | -$0.13+71.7% | -$5.28-52900.0% | -$0.36-500.0% | -$1.55-868.8% | -$0.46 | $0.01+102.3% |
| EPS (Diluted) | -$0.91-152.8% | -$0.12+92.3% | -$0.13+71.7% | -$5.28-52900.0% | -$0.36-500.0% | -$1.55-868.8% | -$0.46 | $0.01+102.3% |
| Diluted Shares (Avg) | 88M+13.8% | 85M+10.9% | N/A | 78M+5.9% | 78M+7.7% | 77M+7.1% | N/A | 74M+6.6% |
Not reported in any period shown, so not listed: Interest Expense.
NPWR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $338.3M-81.1% | $542.8M-70.5% | $599.7M-73.9% | $629.9M-73.0% | $1.8B-24.1% | $1.8B-24.8% | $2.3B-7.2% | $2.3B-6.2% |
| Current Assets | $312.9M-23.4% | $311.1M-37.5% | $343.8M-33.0% | $369.6M-34.5% | $408.5M-29.9% | $497.9M-17.0% | $513.0M-19.9% | $564.1M-13.3% |
| Cash & Equivalents | $117.9M-58.5% | $133.1M-55.6% | $199.4M-39.4% | $229.3M-40.6% | $284.0M-29.9% | $300.0M-30.0% | $329.2M-38.7% | $386.3M-29.2% |
| Short-Term Investments | $190.4M+59.5% | $174.9M+92.9% | $138.5M+76.7% | $136.1M+86.7% | $119.4M+60.8% | $90.7M+31.1% | $78.3M-21.7% | $72.9M-27.1% |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $0 |
| Long-Term Investments | $0-100.0% | $10.3M+2.3% | $38.2M+69.0% | $56.1M+204.9% | $68.9M+151.2% | $10.1M-63.8% | $22.6M | $18.4M |
| Goodwill | $0 | N/A | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $359.8M-15.1% | $359.8M-15.1% |
| Total Liabilities | $254.8M-78.3% | $337.5M-71.9% | $395.8M-75.8% | $486.1M-69.0% | $1.2B-27.9% | $1.2B-32.7% | $1.6B-2.8% | $1.6B-34.3% |
| Current Liabilities | $17.6M-58.0% | $13.1M-38.9% | $47.5M+165.1% | $22.3M-17.2% | $41.8M+187.3% | $21.4M+102.6% | $17.9M+49.0% | $26.9M+186.1% |
| Non-Current Liabilities | $237.2M-79.0% | $324.4M-72.5% | $348.3M-78.5% | $463.8M-69.9% | $1.1B-29.8% | $1.2B+748.0% | $1.6B+1165.0% | $1.5B+600.7% |
| Total Equity | $83.5M-86.4% | $205.3M-67.8% | $203.9M-68.9% | $143.8M-81.3% | $616.2M-15.6% | $637.2M-3.4% | $655.6M-16.5% | $767.5M+637.8% |
| Retained Earnings | -$784.8M-197.8% | -$704.5M-199.3% | -$694.7M-498.6% | -$675.0M-726.0% | -$263.5M-219.3% | -$235.4M-200.7% | -$116.0M-73.6% | -$81.7M+8.5% |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
NPWR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.6M+60.8% | -$51.1M-150.8% | -$27.8M-114.4% | -$48.0M-512.1% | -$24.6M-201.0% | -$20.4M-665.1% | -$13.0M-331.4% | -$7.8M+77.8% |
| Depreciation & Amortization | $3.5M-84.1% | $3.4M-84.3% | $3.5M-83.8% | $15.6M-22.9% | $21.7M+8.1% | $21.7M+8.3% | $21.3M | $20.2M+0.9% |
| Stock-Based Compensation | $2.0M-85.8% | $8.8M-13.3% | N/A | $11.7M+29.6% | $13.9M+63.0% | $10.2M+62.6% | N/A | $9.0M+36.9% |
| Capital Expenditures | $793K-74.4% | $8.2M-8.2% | $18.1M-37.8% | $3.1M-86.1% | $3.1M-60.1% | $8.9M-6.2% | $29.1M+444.6% | $22.3M+475.2% |
| Free Cash Flow | -$10.4M+62.3% | -$59.3M-102.4% | -$45.9M-9.1% | -$51.1M-69.6% | -$27.7M-73.9% | -$29.3M-140.5% | -$42.1M-403.8% | -$30.1M+23.2% |
| Investing Cash Flow | -$5.5M-163.7% | -$16.3M-86.4% | -$2.1M+94.7% | -$6.6M+39.1% | $8.7M+167.0% | -$8.8M+91.7% | -$39.2M-634.1% | -$10.9M+88.7% |
| Financing Cash Flow | -$60K-22.4% | -$73K-46.0% | -$66K+98.6% | -$65K+57.2% | -$49K-180.3% | -$50K | -$4.8M-18018.5% | -$152K-100.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
NPWR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 91.7% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -393708.3% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6816.7% |
| Return on Equity | -96.1%-91.6pp | -4.8%+13.9pp | N/A | -286.2%-286.4pp | -4.6%-4.0pp | -18.7%-17.0pp | N/A | 0.1%+29.5pp |
| Return on Assets | -23.7%-22.2pp | -1.8%+4.7pp | N/A | -65.3%-65.4pp | -1.6%-1.4pp | -6.5%-6.0pp | N/A | 0.0%+1.3pp |
| Current Ratio | 17.80+8.0x | 23.82+0.5x | 7.24-21.4x | 16.58-4.4x | 9.77-30.3x | 23.30-33.6x | 28.65-24.7x | 20.96-48.2x |
| Debt-to-Equity | 3.05+1.1x | 1.64-0.2x | 1.94-0.6x | 3.38+1.3x | 1.90-0.3x | 1.89-0.8x | 2.50+0.4x | 2.04-20.9x |
| Asset Turnover | N/A | N/A | N/A | 0.000.0x | 0.000.0x | 0.000.0x | N/A | 0.000.0x |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -251091.7% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| NET POWER INC NPWR | FY2025 | $0 | -$578.6M | N/A | $163.7M | — |
| Twin Disc Inc TWIN | FY2026 | $381.3M | $27.1M | 7.1% | $354.9M | 60/100 |
| Taylor Devices Inc TAYD | FY2026 | $41.6M | $8.6M | 20.6% | $197.7M | 72/100 |
| Babcock & Wilcox Enterprises I BW | FY2025 | $587.7M | -$32.8M | -5.6% | $1.2B | 20/100 |
| Hurco Co HURC | FY2025 | $178.6M | -$15.1M | -8.5% | $145.0M | 40/100 |
| Ocean Power Tech OPTT | FY2026 | $3.7M | -$48.9M | N/A | $43.7M | 25/100 |
Where NET POWER INC Ranks
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 100.0% 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) recorded an outflow of $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) recorded an outflow of $120.8M in operating cash flow during fiscal year 2025, representing cash used by 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 P/E ratio?
NET POWER INC (NPWR) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $163.7M as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is NET POWER INC's price-to-sales ratio?
NET POWER INC (NPWR) has no price-to-sales ratio at the moment: revenue is not positive (FY2025). The market capitalization is $163.7M as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does NET POWER INC's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, NET POWER INC (NPWR) held $376.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $120.8M over that year. Dividing the one by the other, the reported balance equals about 37 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is NET POWER INC's Altman Z-Score?
NET POWER INC (NPWR) has an Altman Z-Score of -10.64, 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) reported a net loss of $578.6M while operations used $120.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.