Company: NPWR-WT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001845437-25-000061
Chunk: 6

Company: NET Power Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 6
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73,761 44,083 29,678 67 %Project development41,719 1,426 40,293 2,826 %Impairment and other charges1,511,735 — 1,511,735 n/aDepreciation, amortization, and accretion58,936 60,289 (1,353)(2)%Total operating expenses1,721,603 131,101 Operating loss(1,721,603)(130,882)Other incomeInterest income16,179 24,712 (8,533)(35)%Change in Earnout Shares liability and Warrant liability66,257 29,361 36,896 126 %Change in Tax Receivable Agreement liability21,317 — 21,317 n/aOther income8 10 (2)(20)%Net other income103,761 54,083 Net loss before income tax(1,617,842)(76,799)Income tax benefit2,403 11,137 (8,734)(78)%Net loss after income tax(1,615,439)(65,662)Net loss attributable to non-controlling interests(1,056,449)(50,791)Net loss attributable to Net Power Inc.$(558,990)$(14,871)

31

General and administrative

General and administrative expenses increased by $8.7 million, or 39%, for the nine months ended September 30, 2025, as compared to amounts for the nine months ended September 30, 2024. 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 $3.1 million in severance payments to these employees, as well as $1.1 million of stock-based compensation for related vesting accelerations. There also was an overall increase in compensation expense due to growth in employee headcount and stock-based compensation awards granted during 2025. Additionally, we incurred greater professional fees for engineering, tax, and legal services as well as higher information technology expenses related to the Company’s infrastructure buildout during the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024.

Sales and marketing

Sales and marketing expenses consist primarily of personnel-related costs and consultants costs directly associated with our