Company: NPWR-WT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001845437-25-000027
Chunk: 1

Company: NET Power Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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0001 par value; 1,000 shares authorized; no shares issued or outstanding as of March 31, 2025 and December 31, 2024— — Class A Common Stock, $.0001 par value; 520,000 shares authorized; 77,063 shares issued and outstanding as of March 31, 2025 and 76,760 shares issued and outstanding as of December 31, 20248 8 Class B Common Stock, $.0001 par value; 310,000 shares authorized; 140,566 shares issued and outstanding as of March 31, 2025 and 139,691 shares issued and outstanding as of December 31, 202414 14 Additional paid-in capital872,545 771,594 Accumulated other comprehensive loss38 32 Accumulated deficit(235,394)(116,044)Total shareholders' equity637,211 655,604 Total liabilities, mezzanine shareholders' equity, and shareholders' equity$1,838,919 $2,294,115 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents

NET Power Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

In thousands, except per share data

Three Months Ended March 31,20252024Revenue$— $— Cost of revenue— — Gross profit— — Operating expensesGeneral and administrative8,691 6,409 Sales and marketing1,187 751 Research and development22,600 11,242 Project development4,490 324 Goodwill impairment and other charges415,897 — Depreciation, amortization, and accretion21,688 20,057 Total operating expenses474,553 38,783 Operating loss(474,553)(38,783)Other income (expense)Interest income5,880 7,690 Change in Earnout Shares liability and Warrant liability74,165 (14,577)Change in Tax Receivable Agreement liability21,317 — Other income2 — Net other income (expense)101,364 (6,887)Net loss before income tax(373,189)(45,670)Income tax (expense) benefit(397)4,038 Net loss after income tax(373,586)(41,632)Net loss attributable to non