Company: NPWR-WT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001845437-25-000061
Chunk: 66

Company: NET Power Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 66
---

Results of Operations

Comparison of the Three Months Ended September 30, 2025 to the Three Months Ended September 30, 2024

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

Three Months Ended September 30,$ Change% Change$ in thousands20252024Revenue$— $12 $(12)(100)%Cost of revenue— 1 (1)(100)%Gross profit— 11 Operating expensesGeneral and administrative9,108 8,448 660 8 %Sales and marketing1,395 1,032 363 35 %Research and development24,543 17,333 7,210 42 %Project development10,032 233 9,799 4,206 %Impairment and other charges1,095,839 — 1,095,839 n/aDepreciation, amortization, and accretion15,580 20,210 (4,630)(23)%Total operating expenses1,156,497 47,256 Operating loss(1,156,497)(47,245)Other income (expense)Interest income4,835 7,992 (3,157)(40)%Change in Earnout Shares liability and Warrant liability(9,323)27,690 (37,013)(134)%Other income2 3 (1)(33)%Net other income (expense)(4,486)35,685 Net loss before income tax(1,160,983)(11,560)Income tax benefit1,177 4,746 (3,569)(75)%Net loss after income tax(1,159,806)(6,814)Net loss attributable to non-controlling interests(748,308)(7,632)Net income (loss) attributable to NET Power Inc.$(411,498)$818 

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, information technology, and other consulting services. General and administrative expenses increased by $0.7 million, or 8%, for the three months ended September 30, 2025, as compared to the same period in 2024. This increase was primarily due to  greater professional fees for engineering and tax consulting and legal fees. Additionally, we incurred higher compensation expense due to stock-based compensation awards granted during 2025 and