Company: NPWR-WT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001845437-25-000061
Chunk: 37

Company: NET Power Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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Item 1. Financial Statements

NET Power Inc.

Condensed Consolidated Balance Sheets (Unaudited)

In thousands, except par value

September 30,December 31,20252024ASSETSCurrent assetsCash and cash equivalents$229,315 $329,230 Short-term investments— 100,000 Investments in securities, available-for-sale136,078 78,344 Interest receivable1,470 3,682 Prepaid expenses and other current assets2,727 1,774 Total current assets369,590 513,030 Long-term assetsRestricted cash2,482 2,446 Investments in securities, available-for-sale56,144 22,628 Intangible assets, net184,051 1,241,343 Goodwill— 359,847 Property, plant, and equipment, net16,345 151,470 Operating lease right-of-use assets589 2,699 Other long-term assets694 652 Total assets$629,895 $2,294,115 LIABILITIES, MEZZANINE SHAREHOLDERS' EQUITY, AND SHAREHOLDERS' EQUITYCurrent liabilitiesAccounts payable$1,314 $3,092 Accrued liabilities11,460 7,407 Due to related parties8,222 6,537 Operating lease liabilities, current portion1,066 683 Finance lease liabilities, current portion172 187 Earnout Shares liability 55 — Total current liabilities22,289 17,906 Earnout Shares liability— 1,958 Warrant liability16,929 81,283 Asset retirement obligation3,511 3,265 Non-current operating lease liabilities2,776 2,125 Non-current finance lease liabilities— 110 Tax Receivable Agreement liability— 20,974 Deferred taxes1,902 4,306 Total liabilities47,407 131,927 Commitments and contingencies (Note 15)

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 Balance Sheets (Unaudited) (Continued) 

In thousands, except par value

September 30,December 31,20252024Mezzanine shareholders' equityRedeemable non-controlling interests in subsidiary438,726 1,506,584 Shareholders' equity