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Net Power (NYSE: NPWR) details Q1 2026 cash and Project Permian

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(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Net Power Inc. reported first quarter 2026 results and provided a business update focused on its clean natural gas power strategy. The company highlighted ongoing development of Project Permian Phase I in West Texas, which plans to use Siemens A35 gas turbines with Entropy’s post-combustion carbon capture technology to target 80MW of electrical output. A final investment decision for this initial deployment is expected in the second half of 2026, with commercial operations targeted by early 2029.

Net Power is working to secure a long-term power purchase agreement for Project Permian and has engaged a strategic advisor to facilitate power offtake discussions, which it views as a key step toward project financing. The company is also progressing toward a joint development agreement with Entropy to deploy natural gas-fired generation with post-combustion carbon capture across the United States. Entropy’s technology has demonstrated an approximately 90 percent carbon dioxide capture rate. Net Power ended the quarter with about $319 million in cash, cash equivalents and investments, supporting its capital-intensive development plans.

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Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Cash and investments $319 million Cash, cash equivalents and investments at quarter end
Project Permian Phase I output 80MW Targeted electrical output for initial deployment
CO2 capture rate 90 percent Approximate carbon dioxide capture rate of Entropy PCC
Quarter end date March 31, 2026 End of first quarter 2026 reporting period
Press release date May 11, 2026 Date Net Power announced Q1 2026 results
Final investment decision timing Second half 2026 Expected FID for initial Project Permian deployment
Targeted commercial operations Early 2029 Planned start of commercial operations for Project Permian
post-combustion capture (PCC) technical
"paired with Entropy’s proven post-combustion capture (PCC) technology and target 80MW"
Post-combustion capture (PCC) is a technology that removes carbon dioxide from the exhaust gas produced after burning fossil fuels, using chemicals or filters to pull CO2 out of the waste stream much like a kitchen hood captures smoke after cooking. For investors, PCC matters because it can reduce regulatory risk and emissions-related penalties, create eligibility for carbon credits, and involve significant capital and operating costs that affect a company’s profitability and future cash flow.
power purchase agreement (PPA) financial
"critical next step to securing a long-term power purchase agreement (PPA) for Project Permian"
A power purchase agreement (PPA) is a long-term contract in which a buyer agrees to purchase electricity from a specific producer at a set price and schedule. For investors, a PPA is like a guaranteed customer contract that reduces revenue uncertainty for a project and can make the producer’s cash flow and financing more predictable, similar to signing a multi-year lease that ensures steady income.
final investment decision (FID) financial
"Final investment decision (FID) for the initial deployment is expected in the second half of 2026"
A final investment decision (FID) is the point when a company or investor commits to proceeding with a project or purchase after reviewing all relevant information and options. It is like deciding to buy a house after careful consideration, signaling that plans are now set in motion. This decision is important because it marks the official start of spending significant money and resources on the project.
joint development agreement (JDA) financial
"Progressing towards joint development agreement (JDA) with Entropy Inc."
A joint development agreement (JDA) is a contract where two or more companies agree to work together to create a product, technology, or process, sharing the work, costs, risks, and any resulting rights. Like neighbors pooling tools and money to build a shared shed, a JDA can speed development and reduce individual expense, but it also divides future profits, shapes who controls the outcome, and influences a company’s timeline and financial outlook—key factors for investors.
forward-looking statements regulatory
"Certain statements in this release may constitute “forward-looking statements” within the meaning of Section 27A"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
clean firm power technical
"our mission is to transform natural gas into the lowest cost form of clean firm power"
Electricity that is both low in greenhouse-gas emissions and reliably available on demand, meaning it can be turned on or supplied when the grid needs it rather than only when the weather cooperates. Investors care because clean firm power combines the environmental benefits that meet regulations and customer demand with predictable output and revenue, much like owning a backup generator that also qualifies for green credentials.
Understanding 8-K Material Events →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 11, 2026
NET POWER INC.
(Exact name of registrant as specified in its charter)
Delaware
001-4050398-1580612
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
320 Roney St., Suite 200
Durham, North Carolina
27701
(Address of principal executive offices)(Zip Code)
(919) 287-4750
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareNPWRThe New York Stock Exchange
Warrants, each exercisable for one share of Class A Common Stock at a price of $11.50
NPWR WSThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02 Results of Operations and Financial Condition.
On May 11, 2026, Net Power Inc., a Delaware corporation, issued a press release setting forth its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
The information set forth in this Item 2.02 of this Current Report on Form 8-K and the related information in Exhibit 99.1 attached hereto is being furnished herewith, and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing with, the Securities and Exchange Commission under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference therein.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
Number		Description
99.1
Press release dated May 11, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:May 11, 2026NET POWER INC.
By:/s/ Daniel J. Rice IV
Name:Daniel J. Rice IV
Title:Chief Executive Officer


Net Power Reports First Quarter 2026 Results
and Provides Business Update

DURHAM, N.C.--(BUSINESS WIRE)—May 11, 2026--Net Power Inc. (NYSE: NPWR) (“Net Power” or the “Company”) today announced its financial and operational results for the first quarter ended March 31, 2026.

“We remain excited about the opportunity set in front of us and believe Net Power’s in-house engineering capabilities and expertise in power generation and carbon capture utilization can transform natural gas into the lowest-cost form of clean, reliable electricity,” said Danny Rice, Chief Executive Officer of Net Power. “As a critical next step to securing a long-term power purchase agreement (PPA) for Project Permian Phase I and subsequent larger scale Net Power deployments, Net Power has engaged a strategic advisor to facilitate our power offtake discussions. Successfully securing a formalized offtake agreement will catalyze our project financing and keep us on track for a final investment decision in the back half of this year—preserving our timeline to become the first operational natural gas power plant with post-combustion carbon capture in the United States.”

Key Business Updates:

•Advanced Permian Basin clean firm power development: Net Power continued work on schedule for its clean firm power development at its original Project Permian site in West Texas, which will utilize Siemens A35 gas turbines packaged by RPS paired with Entropy’s proven post-combustion capture (PCC) technology and target 80MW of electrical output for Phase I. Final investment decision (FID) for the initial deployment is expected in the second half of 2026 with targeted commercial operations by early 2029.

•Progressing towards joint development agreement (JDA) with Entropy Inc. (“Entropy”): Net Power and Entropy continued diligence in anticipation of signing a JDA to deploy natural gas-fired power generation with post-combustion carbon capture (PCC) across the United States. Entropy is a Canada-based leader in PCC technology, with commercially deployed operations at the Glacier Gas Plant in Alberta, Canada. Entropy’s technology has demonstrated high energy efficiency and a proven carbon dioxide capture rate of approximately 90 percent.

•Maintained strong financial position: Ended the quarter with approximately $319 million in cash, cash equivalents, and investments.

Conference Call

Net Power will host a conference call to share first quarter 2026 results and related matters beginning at 8:30 AM ET on Tuesday, May 12. 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).
An archived webcast will be available following the call.





About Net Power

Net Power (NYSE: NPWR) is an energy technology and project development company focused on delivering low-carbon gas power solutions. Founded in 2010, our mission is to transform natural gas into the lowest cost form of clean firm 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,” “projects,” or other similar expressions may identify such forward-looking statements. Forward-looking statements may relate to the development of Net Power’s projects, the anticipated demand for Net Power’s projects and the markets in which Net Power operates, the timing of the deployment of plant deliveries, and Net Power’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 the 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; uncertainty regarding the current and future market for abated natural gas-generated power; the ability of the Company to effectively secure licenses for third-party PCC technology and to integrate such technology in its projects; barriers the Company may face in its attempts to deploy and commercialize its technology; the complexity of the machinery the Company relies on for its operations and development, including Entropy’s PCC 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 lack of federal support for clean energy technology by the Trump administration; 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; any political or other disruptions in gas producing nations; the Company’s ability to protect its intellectual property and the intellectual property it licenses; risks relating to data privacy and cybersecurity, including the potential for cyberattacks or security incidents that could disrupt our or our service providers’ operations; current and potential litigation that has been and may be instituted against the Company; and; 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 subsequent 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.

Investor Relations Contact:
investors@netpower.com

Media Contact:
media@netpower.com

Source: View Original Filing on SEC EDGAR

FAQ

What did Net Power (NPWR) report in its latest 8-K filing?

Net Power reported first quarter 2026 results and a business update. It emphasized Project Permian progress, advancing a joint development agreement with Entropy, and ending the quarter with about $319 million in cash, cash equivalents and investments.

How much cash does Net Power (NPWR) have after Q1 2026?

Net Power ended the quarter with approximately $319 million in cash, cash equivalents and investments. This balance supports its capital-intensive clean power projects, including Project Permian and potential deployments using post-combustion carbon capture technology.

What is Project Permian Phase I that Net Power (NPWR) is developing?

Project Permian Phase I is a West Texas clean firm power project targeting 80MW of electrical output. It will use Siemens A35 gas turbines and Entropy’s post-combustion carbon capture technology, aiming for early 2029 commercial operations after a planned final investment decision in second half 2026.

When does Net Power (NPWR) expect a final investment decision for Project Permian?

Net Power expects a final investment decision for the initial Project Permian deployment in the second half of 2026. This decision is tied to securing a long-term power purchase agreement and will influence timing for targeted commercial operations by early 2029.

What is the relationship between Net Power (NPWR) and Entropy Inc.?

Net Power and Entropy are working toward a joint development agreement to deploy gas-fired power with post-combustion carbon capture across the U.S. Entropy contributes PCC technology that has demonstrated about a 90 percent carbon dioxide capture rate at a commercial facility in Alberta.

What carbon capture performance does Entropy’s PCC technology offer Net Power (NPWR)?

Entropy’s post-combustion carbon capture technology has demonstrated an approximately 90 percent carbon dioxide capture rate. Net Power plans to pair this PCC technology with Siemens A35 gas turbines at Project Permian and in broader deployments of low-carbon natural gas power.

Filing Exhibits & Attachments

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