Company: NPWR-WT
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001845437-25-000008
Chunk: 7

Company: NET Power Inc.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 16
Chunk 7
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 assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP 

We have served as the Company’s auditor since 2021.

Raleigh, North Carolina

March 10, 2025

F-2

Audited Financial Statements of NET Power Inc. - Table of Contents

NET Power Inc.

Consolidated Balance Sheets

In thousands, except share and per share data

December 31,20242023ASSETSCurrent assetsCash and cash equivalents$329,230 $536,927 Short-term investments100,000 100,000 Investments in securities, available-for-sale78,344 — Accounts receivable, net— 58 Interest receivable3,682 1,942 Prepaid expenses and other current assets1,774 1,870 Total current assets513,030 640,797 Long-term assetsRestricted cash2,446 — Investments in securities, available-for-sale22,628 — Intangible assets, net1,241,343 1,307,265 Goodwill359,847 423,920 Property, plant, and equipment, net151,470 96,856 Operating lease right-of-use assets2,699 2,212 Other long-term assets652 — Total assets$2,294,115 $2,471,050 LIABILITIES, MEZZANINE, AND SHAREHOLDERS' EQUITYCurrent liabilitiesAccounts payable$3,092 $617 Accrued liabilities13,619 10,915 Due to related parties325 142 Operating lease liabilities, current portion683 347 Finance lease liabilities, current portion187 — Total current liabilities17,906 12,021 Earnout Shares liability1,958 1,671 Warrant liability81,283 55,920 Asset retirement obligation3,265 2,060 Non-current operating lease liabilities2,125 1,808 Non-current finance lease liabilities110 — Tax Receivable Agreement liability20,