Company: NPWR-WT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001845437-25-000027
Chunk: 22

Company: NET Power Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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057 1,631 8 %Total operating expenses474,553 38,783 Operating loss(474,553)(38,783)Other income (expense)Interest income5,880 7,690 (1,810)(24)%Change in Earnout Shares liability and Warrant liability74,165 (14,577)88,742 (609)%Change in Tax Receivable Agreement liability21,317 — 21,317 n/aOther income2 — 2 n/aNet other income (expense)101,364 (6,887)Net loss before income tax(373,189)(45,670)Income tax (expense) benefit(397)4,038 (4,435)(110)%Net loss after income tax(373,586)(41,632)Net loss attributable to non-controlling interests(254,236)(30,211)Net loss attributable to NET Power Inc.$(119,350)$(11,421)

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, and other consulting services. General and administrative expenses increased by $2.3 million, or 36%, for the three months ended March 31, 2025, as compared to the same period in 2024. This increase was due to increases in corporate headcount,  higher professional fees for engineering and accounting services and franchise taxes.

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Table of Contents

Sales and marketing

Sales and marketing expenses consist primarily of personnel-related costs, consultants and information technology costs directly associated with our sales and marketing activities, which include general publicity efforts for the Company. Sales and marketing expenses increased by $0.4 million, or 58%, for the three months ended March 31, 2025, as compared to the same period in 2024. This increase was primarily attributable to costs associated with growth in employee headcount.

Research and development

Research and development (“R&D”) expenses consist primarily of labor expenses and fees paid to third parties working on and testing specific aspects of our technology, including testing at our Demonstration Plant and development activities under the BHES JDA. R&D expenses increased by $11.4 million, or 101%, for the three months ended March 31, 2025, as compared to the same period in 2024. This increase was primarily due to more activity under the BHES JDA and related increased activity at the