Company: NPWR-WT
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001845437-25-000008
Chunk: 138

Company: NET Power Inc.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 138
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 development work remains in progress. Provided we are successful in our value engineering process, the project would come online no earlier than 2029. We are focused on delivering a project that will catalyze future adoption for utility-scale customers.

Major remaining development activities relating to completing construction of our first utility-scale plant are similar to the activities we previously undertook to design, build, and commission the Demonstration Plant. These activities include: finalizing all permitting, supply and off-take contracts, and obtaining the financing required to achieve FID, initiating the EPC process, and constructing and commissioning the facility.

Key Components of Results of Operations

We are a development stage company and our historical results may not be indicative of our future results. Accordingly, the drivers of our future financial results, as well as the components of such results, may not be comparable to our historical or future results of operations

Results of Operations

Comparison of the Year Ended December 31, 2024 (Successor) to the Periods From January 1, 2023 Through June 7, 2023 (Predecessor) and June 8, 2023 Through December 31, 2023 (Successor) 

The following table sets forth our condensed results of operations data for the periods presented:

SuccessorPredecessorPeriod FromPeriod FromJune 8, 2023January 1, 2023Year Endedthroughthrough$ in thousands December 31, 2024December 31, 2023June 7, 2023Revenue$250 $— $175 Cost of revenue31 — 3 Gross profit219 — 172 Operating expensesGeneral and administrative30,267 41,344 12,861 Sales and marketing3,865 1,791 869 Research and development63,853 25,722 14,311 Project development1,932 625 479 Option settlement - related party— 79,054 — Depreciation, amortization, and accretion81,623 44,974 5,802 Total operating expenses181,540 193,510 34,322 Operating loss(181,321)(193,510)(34,150)Other income (expense)Interest income (expense)31,389 19,473 (30)Change in Earnout Shares liability and Warrant liability(25,656)26,515 — Other income (expense)364