Every 10-Q that NET POWER INC (NPWR) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NPWR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NPWR filings page.
NET Power Inc. reported a sharp increase in loss driven by a strategic shift away from its Oxy-Combustion Cycle technology and toward natural-gas power projects designed to accommodate future carbon capture. For the quarter ended June 30, 2026, consolidated net loss was $206.9 million, including a non-cash impairment of $193.7 million on developed technology, the La Porte Demonstration Facility and related assets. Net loss attributable to NET Power Inc. was $80.3 million, or $0.91 per Class A share.
Operating expenses excluding impairment declined meaningfully year over year, with research and development, project development, and general and administrative costs all lower as Oxy-Combustion work and the SN1 project were wound down. The Oxy-Combustion Cycle has been indefinitely suspended, and the related assets are fully impaired and carried at no value.
The company is now focused on Project Permian in West Texas, initially as a natural gas project without carbon capture. A final investment decision is no longer expected in 2026, and no new target date has been set. As of June 30, 2026, total assets were $338.3 million, including cash, cash equivalents, restricted cash and available-for-sale securities totaling $309.6 million, against $25.5 million of liabilities and $229.3 million of redeemable non-controlling interests. Net cash used in operating activities for the first half of 2026 was $60.7 million.
NET Power Inc. filed its Q3 2025 report, recording a $1.0958 billion long‑lived asset impairment and a year‑to‑date net loss of $1.615 billion. Management updated long‑range forecasts after market feedback and value‑engineering results, then wrote down developed technology, Demonstration Plant and lease assets to an indicated fair value of $200.0 million.
The company paused new development spending for its first utility‑scale project (“SN1”) to preserve capital while it broadens its strategy to include natural gas turbines paired with post‑combustion carbon capture. Goodwill of $359.8 million was fully impaired in Q1 2025. Cash and cash equivalents were $229.3 million with total investments in available‑for‑sale securities of $192.2 million as of September 30, 2025. Revenue was minimal and operating expenses rose on research, project development and non‑cash charges.
Subsequently, on November 12, 2025, NET Power entered a $77.7 million purchase obligation for two modular gas turbine generator sets, and on November 7, 2025 signed a letter of intent to negotiate exclusive U.S. licensing of Entropy’s post‑combustion carbon capture technology.
NET Power Inc. reported a materially altered balance sheet and operating results for the six months ended June 30, 2025. Total assets declined to $1.79 billion from $2.29 billion, driven primarily by a $359.8 million goodwill impairment recognized in March 2025 and the expensing of $56.1 million of construction-in-progress costs related to Project Permian. The company recorded a six-month net loss after tax of $455.6 million, with net loss attributable to NET Power Inc. of $147.5 million. Revenue was immaterial at $0 for the period compared with $238 thousand in the prior year period.
Liquidity remains a key focus: cash and cash equivalents were $284.0 million and available-for-sale investments were $188.3 million, giving $472.3 million of total liquidity. Management states existing liquidity should fund operations for the next 12 months, though Project Permian long-lead releases are paused for a value engineering process and commercial plant timing has been pushed out. The company also reduced its Tax Receivable Agreement liability by $21.3 million and delivered notice to terminate the TRA.