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

Company: NET Power Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 asset group. In this assessment, management used a probability-weighted cash flow analysis, incorporating estimated cash flows from the deployment of its technology and the value of the underlying intellectual property. Based on the recoverability test, no impairment was required.The following table presents the Company’s amortization expense for the following periods:Three Months Ended March 31,$ in thousands20252024Amortization expense$16,873 $16,812 The Company does not own or control any intangible assets with indefinite useful lives. The following table presents estimated amortization expense for the next five years and thereafter (in thousands):Remaining 2025$50,728 202667,637 202767,637 202867,637 202967,494 2030 and thereafter903,805 Total$1,224,938 

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Table of Contents

NOTE 6 — Property, Plant, and EquipmentThe following table summarizes the key classifications of property, plant, and equipment included in the condensed consolidated balance sheets:March 31,December 31,$ in thousands20252024Demonstration Plant$122,741 $122,845 Furniture and equipment1,084 1,069 Assets acquired under finance lease349 349 Construction-in-progress1,847 48,438 Total property, plant, and equipment, gross126,021 172,701 Accumulated depreciation and amortization 1(25,979)(21,231)Total property, plant, and equipment, net$100,042 $151,470 ___________(1) As of March 31, 2025 and December 31, 2024, $32 thousand and $18 thousand, respectively, of accumulated depreciation and amortization is related to amortization of the finance lease right-of-use assets.As of December 31, 2024, Construction-in-progress in the table above includes capitalized costs related to Project Permian, the Company’s first utility-scale facility. During the first quarter of 2025, the Company initiated a value engineering process to assess the project’s feasibility and optimize its design and temporarily paused further long lead equipment releases. Consequently, $56.1 million of costs included in Construction-in-progress were expensed during the three months ended March 31, 2025. This amount is included in Goodwill impairment and other charges in the condensed consolidated statements of operations and comprehensive loss.See discussion of the impairment test performed for the Demonstration Plant in Note 5 — Goodwill and