Company: NPWR-WT
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001845437-25-000053
Chunk: 46

Company: NET Power Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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,605)(21,231)Total property, plant, and equipment, net$96,595 $151,470 ___________(1) As of June 30, 2025 and December 31, 2024, $45 thousand and $18 thousand, respectively, of accumulated depreciation and amortization is related to amortization of the finance lease right-of-use assets.As of December 31, 2024, Construction-in-progress in the table above includes capitalized costs related to Project Permian, the Company’s first utility-scale facility. During the first quarter of 2025, the Company initiated a value engineering process to assess the project’s feasibility and optimize its design and temporarily paused further long lead equipment releases. Consequently, $56.1 million of costs previously included in Construction-in-progress were expensed during the first quarter of 2025. This amount is included in Goodwill impairment and other charges in the condensed consolidated statements of operations and comprehensive loss.See discussion of the impairment test performed for the Demonstration Plant in Note 5 — Goodwill and Intangible Assets.The following table presents the Company’s depreciation expense for the following periods:Three Months Ended June 30,Six Months Ended June 30,$ in thousands2025202420252024Depreciation expense$4,613 $3,176 $9,347 $6,353 

NOTE 7 — Accrued LiabilitiesAccrued liabilities in the condensed consolidated balance sheets consist of the following:June 30,December 31,$ in thousands20252024Incentive compensation$1,596 $2,916 Capital expenditures673 2,285 Accrued project expenses4,743 — Professional fees1,832 1,143 Other accrued liabilities1,246 1,063 Total accrued liabilities$10,090 $7,407 

NOTE 8 — 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 $2.1 million.

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NOTE 9 — 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