Company: NPWR-WT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001845437-25-000061
Chunk: 54

Company: NET Power Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 Plant$13,739 $122,845 Furniture and equipment133 1,069 Assets acquired under finance lease45 349 Construction-in-progress2,672 48,438 Total property, plant, and equipment, gross16,589 172,701 Accumulated depreciation and amortization (1)(244)(21,231)Total property, plant, and equipment, net$16,345 $151,470 ___________(1) As of September 30, 2025 and December 31, 2024, $1 thousand and $18 thousand, respectively, of accumulated depreciation and amortization is related to amortization of the finance lease right-of-use assets.Refer to Note 3 — Impairment and other charges for discussion of impairments.The following table presents the Company’s depreciation and amortization expense for the following periods:Three Months Ended September 30,Nine Months Ended September 30,$ in thousands2025202420252024Depreciation and amortization expense$3,374 $3,328 $12,747 $9,681 The Company regularly evaluates whether events or changes in circumstances warrant a revision to the remaining estimated useful lives of its long-lived assets.

NOTE 8 — Accrued LiabilitiesAccrued liabilities in the condensed consolidated balance sheets consist of the following:September 30,December 31,$ in thousands20252024Incentive compensation$2,482 $2,916 Capital expenditures676 2,285 Accrued project expenses3,181 — Professional fees2,632 1,143 Other accrued liabilities2,489 1,063 Total accrued liabilities$11,460 $7,407 

NOTE 9 — LeasesOn March 7, 2025, the Company entered into a building lease agreement for a warehouse in La Porte, Texas that commenced in April 2025. The lease has an initial term of 62 months and contains a renewal option of five years. The future minimum lease payments associated with this lease are approximately $2.0 million.Refer to Note 3 — Impairment and other charges for discussion of impairment.

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NOTE 10 — Redeemable Non-Controlling Interests in SubsidiaryThe following table presents the Company and the non-controlling interest (“NCI”) ownership percentage of the membership interests in OpCo as of the following periods:September 30,December 31,