Net Power Reports Third Quarter 2026 Results and Provides Business Update
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“This past quarter, we recalibrated our strategy to what data center customers need today and over the next decade: fast, reliable, and scalable power. Our power solution is being designed to deliver exactly that, and, just as important, our focus on co-located configurations is intended to let us serve that demand without impacting the electric grid or the customers who rely on it,” said Danny Rice, Chief Executive Officer of Net Power. “We are advancing the powered land opportunities in front of us with an eye toward delivering reliable power as quickly as possible, and we will continue to allocate our balance sheet capital prudently as we work toward executing a definitive energy services agreement and project financing for our first project.”
Key Business Updates:
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Additional development site: The Company is developing its initial natural gas power generation project (the “Initial Project”) to supply islanded power to a co-located data center for a prospective customer, a leading developer of frontier artificial intelligence models, at a site in
Texas that is separate from the Project Permian site. The Company intends to deploy its ten Wärtsilä reciprocating engine generating units at this location. The Company continues to develop its Project Permian site inWest Texas (“Project Permian”) as its second project, on a longer timeline. - Building-by-building design: Net Power is developing a custom, data center power solution with a standardized, building-by-building design. The power stack for the building at the Initial Project is being designed as a single solution, composed of bundled reciprocating engines and batteries for energy storage with capacity redundancy to meet stringent deliverability requirements.
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Equipment purchases: During the third quarter, Net Power continued to procure long-lead power generation equipment for the Initial Project. As previously announced, the Company has entered into a cost reimbursement agreement with the prospective data center customer in August 2026. If no energy services agreement has been executed by February 14, 2027, or if certain other events occur, the customer must reimburse the Company’s nonrefundable costs of approved expense items, up to approximately
$180.0 million -
Financial position: The Company ended the quarter with approximately
$183 million
Conference Call
Net Power will host a conference call to share third quarter 2026 results and related matters beginning at 8:30 AM ET on Friday, November 13, 2026. To access the live audio webcast of the conference call, please visit Net Power’s investor relations website at ir.netpower.com. To participate by phone, dial 877-407-8014 (domestic) or +1 201-689-8053 (international). A presentation accompanying the call will be available on the investor relations website.
An archived webcast will be available following the call.
About Net Power
Net Power Inc. (NYSE: NPWR) (“Net Power” or the “Company”) is an energy technology and project development company. The Company’s near-term development activities are focused on delivering natural gas power generation to meet growing demand for reliable power.
Cautionary Note Regarding Forward-Looking Statements and Projections
Certain statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “potential,” “projects,” “targets,” or other similar expressions may identify such forward-looking statements. Forward-looking statements may relate to the development and financing of the Company’s power generation projects, including its Initial Project and Project Permian, the negotiation and execution of a definitive energy services agreement, the anticipated demand for the Company’s products and services, the timing and configuration of project phases, permitting, grid interconnection, the Company’s cost structure and liquidity, and the Company’s business strategies, capital requirements, potential growth opportunities and expectations for future performance (financial or otherwise). Forward-looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over which Net Power has no control. These factors, risks and uncertainties include, but are not limited to, risks relating to the uncertainty of projected financial information with respect to the Company and risks related to the Company’s ability to meet its projections; the capital-intensive nature of the Company’s business model, which will likely require Net Power to raise additional capital in the future; the Company’s ability to negotiate and enter into a definitive energy services agreement and other binding power offtake agreements on acceptable terms, including terms relating to delay damages, performance obligations and credit support, and on a timeline that supports a final investment decision for its Initial Project; the Company’s dependence on a single prospective customer for its Initial Project, and that customer’s credit profile and its effect on the availability and cost of project financing; developments affecting that customer, including changes in its plans for computing capacity, its other infrastructure commitments, its financing and legal or governmental actions directed at it, and the possibility that it defers the Initial Project or pursues sites outside Texas, including in response to permitting outcomes; the Company’s dependence on the third-party developer of the data center campus and other campus participants for land rights, gas supply, infrastructure and schedule; the conditional nature of amounts that may become payable under the Company’s cost reimbursement agreement, which may be unavailable, delayed, disputed, subject to exclusions or limited, and the costs the Company has incurred and may incur that the customer has not approved; the Company’s ability to execute a change order or an amendment to its EPC agreement and a limited notice to proceed, and make the related payments, by November 20, 2026, and to issue full notice to proceed by March 31, 2027, and the termination payment that may become payable if it does not; the timing and outcome of air and other permits for the Company’s projects, including the effect of the September 2026 directive of the Governor of Texas pausing the issuance of Texas Commission on Environmental Quality permits related to infrastructure directly supporting data centers, that agency’s implementation of the directive, including its hold on pending applications and the unavailability of its electronic filing system, whether and when permitting resumes, any moratorium on data center approvals or other legislative, regulatory or executive action, and whether authorizations, once obtained, could be affected by later action; risks related to grid interconnection, including the timing and outcome of the large-load interconnection processes of the Electric Reliability Council of Texas and any related verification, audit, or other regulatory or legislative processes; the availability, cost, and delivery timing of reciprocating engines, gas turbines and related long-lead equipment; the impact of tariffs, trade barriers, export controls, and sanctions on equipment costs and supply timelines; the development of competing energy technologies, including battery storage, nuclear, and other generation resources; risks associated with developing power generation projects for co-located load; risks relating to the Company’s access to capital, potential dilution to existing stockholders, and the continued listing of its securities on the New York Stock Exchange, including the exchange’s minimum price standard; the availability of project-level financing, additional equity or equity-linked capital, partner capital, or other financing sources on acceptable terms or at all; uncertainty regarding the current and future market for natural gas-generated power, with or without carbon capture; barriers the Company may face in its attempts to deploy and commercialize its technology; the Company’s ability to adequately control or accurately predict the costs associated with its projects; barriers that the Company may face in its attempts to deploy projects; the complexity of the machinery the Company relies on for its operations and development; potential changes and/or delays in site selection and construction that result from regulatory, logistical, and financing challenges; the Company’s ability to establish and maintain supply relationships; risks related to strategic investors and partners, including potential conflicts of interests between the Company and such investors and partners; the Company’s ability to successfully commercialize its operations; the availability and cost of technological components and raw materials for its projects; the impact of potential delays in discovering manufacturing and construction issues; the ability of Net Power’s commercial plants to efficiently provide net power output; the impact of public perception of fossil fuel-derived energy on the Company’s business; local opposition to data center and power generation projects, including concerns regarding noise, emissions, water use and heat; any political or other disruptions in gas producing nations; the Company’s ability to protect its intellectual property and the intellectual property it licenses; the possibility that the Company commits substantial capital to power generation equipment before binding power offtake, site-control or financing arrangements are in place, and may not recover some or all of that capital; the Company’s ability to obtain the land and development rights required for its Initial Project and for the contemplated configuration and broader build-out at Project Permian; and other risks and uncertainties described under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Net Power’s Annual Report on Form 10-K for the year ended December 31, 2025, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 filed with the SEC on November 12, 2026, its other quarterly reports on Form 10-Q, and in its other filings made with the SEC from time to time, which are available via the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Net Power assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Net Power does not give any assurance that it will achieve its expectations.
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Investor Relations Contact:
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Media Contact:
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Source: Net Power Inc.