Company: NPWR-WT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001845437-25-000027
Chunk: 0

Company: NET Power Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 0
---
Item 1. Financial Statements

NET Power Inc.

Condensed Consolidated Balance Sheets (Unaudited)

In thousands, except par value

March 31,December 31,20252024ASSETSCurrent assetsCash and cash equivalents$300,030 $329,230 Short-term investments100,000 100,000 Investments in securities, available-for-sale90,675 78,344 Interest receivable5,130 3,682 Prepaid expenses and other current assets2,080 1,774 Total current assets497,915 513,030 Long-term assetsRestricted cash2,458 2,446 Investments in securities, available-for-sale10,051 22,628 Intangible assets, net1,224,938 1,241,343 Goodwill— 359,847 Property, plant, and equipment, net100,042 151,470 Operating lease right-of-use assets2,600 2,699 Other long-term assets915 652 Total assets$1,838,919 $2,294,115 LIABILITIES, MEZZANINE SHAREHOLDERS' EQUITY, AND SHAREHOLDERS' EQUITYCurrent liabilitiesAccounts payable$849 $3,092 Accrued liabilities10,174 7,407 Due to related parties9,485 6,537 Operating lease liabilities, current portion674 683 Finance lease liabilities, current portion187 187 Total current liabilities21,369 17,906 Earnout Shares liability82 1,958 Warrant liability8,994 81,283 Asset retirement obligation3,345 3,265 Non-current operating lease liabilities1,829 2,125 Non-current finance lease liabilities70 110 Tax Receivable Agreement liability— 20,974 Deferred taxes4,703 4,306 Total liabilities40,392 131,927 Commitments and contingencies (Note 14)

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents

NET Power Inc.

Condensed Consolidated Balance Sheets (Continued) (Unaudited)

In thousands, except par value

March 31,December 31,20252024Mezzanine shareholders' equityRedeemable non-controlling interests in subsidiary1,161,316 1,506,584 Shareholders' equityPreferred Stock, $.