Company: NPWR-WT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001845437-25-000061
Chunk: 49

Company: NET Power Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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airment and other charges on the condensed consolidated statements of operations and comprehensive loss.

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The following table details the recognition of long-lived asset impairment as of the measurement date:$ in thousandsCarrying AmountImpairmentNew Carrying AmountIntangible assets, net$1,197,106 $(1,012,344)$184,762 Property, plant, and equipment, net94,838 (80,201)14,637 Operating lease right-of-use assets3,895 (3,294)601 Total$1,295,839 $(1,095,839)$200,000 The Company considered whether the estimated useful lives of the individual long-lived assets in the Developed Technology Asset Group required revision and concluded no changes were necessary. Goodwill impairment In March 2025, the Company assessed its goodwill for impairment. Due to a change in the Company’s business plan, as discussed above, and related sustained decrease in the Company’s market capitalization, the Company concluded that it was more likely than not that the fair value of its goodwill was less than its carrying amount as of March 31, 2025. As a result, the Company fully impaired its goodwill and recognized an impairment of $359.8 million during the first quarter of 2025, which is included in Impairment and other charges on the condensed consolidated statements of operations and comprehensive loss.Other chargesDuring the first quarter of 2025, as a result of the management’s assessment of the probability of the construction of Project Permian due to the factors discussed above,  $56.1 million of costs previously included in Construction-in-progress were expensed. This amount is included in Impairment and other charges in the condensed consolidated statements of operations and comprehensive loss.

NOTE 4 — InvestmentsThe Company is currently invested in available-for-sale securities. The $100 million certificate of deposit previously held by the Company matured and the interest receivable on the certificate of deposit was collected in June 2025. 

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The following tables present the Company’s available-for-sale investments included in the condensed consolidated balance sheets:$ in thousandsSeptember 30, 2025Current assetsAmortized CostUnrealized GainFair ValueCorporate bonds$32,370 $45 $32,415 Commercial paper23,423 — 23,423 U.S. treasuries80,118 122 80,240 Total$135,911 $167 $136,078 Long-term assetsAmortized