Company: NPWR-WT
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001845437-25-000053
Chunk: 3

Company: NET Power Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2
Chunk 3
---
45,062 Operating loss(90,555)(44,854)Other incomeInterest income5,466 9,029 (3,563)(39)%Change in Earnout Shares liability and Warrant liability1,415 16,249 (14,834)(91)%Other income5 6 (1)(17)%Net other income6,886 25,284 Net loss before income tax(83,669)(19,570)Income tax benefit1,622 2,353 (731)(31)%Net loss after income tax(82,047)(17,217)Net loss attributable to non-controlling interests(53,905)(12,949)Net loss attributable to NET Power Inc.$(28,142)$(4,268)

General and administrative

General and administrative expenses consist primarily of personnel-related expenses associated with our general and administrative organization and professional fees for legal, accounting, information technology, and other consulting services. During the second quarter of 2025, we terminated the employment of our former Chief Operating Officer, our former Chief Financial Officer, our former Chief Accounting Officer, and certain other employees. Such terminations resulted in the payment of severance to these employees, as well as the acceleration of vesting of certain stock-based compensation. We do not expect to incur such costs in future quarters. General and administrative expenses increased by $5.8 million, or 74%, for the three months ended June 30, 2025, as compared to the same period in 2024. This increase was primarily due to $3.1 million of severance costs and $1.1 million of accelerated share-based compensation related to the termination of certain executive management. Additionally, we incurred greater professional fees for engineering and tax consulting as well as higher information technology expenses for the three months ended June 30, 2025, as compared to the same period in 2024.

Sales and marketing

Sales and marketing expenses consist primarily of personnel-related and consultant costs directly associated with our sales and marketing activities, which include general publicity efforts for the Company. Sales and marketing expenses increased by $0.6 million, or 70%, for the three months ended June 30, 2025, as compared 

27

Table of Contents

to the same period in 2024. This increase was primarily attributable to costs associated with growth in employee headcount as well as severance costs and related accelerated stock-based compensation.

Research and development

Research and development (“R&D”) expenses