Company: NPWR-WT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001845437-25-000061
Chunk: 69

Company: NET Power Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 loss for the three months ended September 30, 2024. The change in the non-controlling interests was due to exchanges by OpCo members of Class A OpCo units for Class A PubCo shares, partially offset by the additional issuance of Class A OpCo units under the BHES JDA.

Results of Operations

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

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

Nine Months Ended September 30,$ in thousands20252024$ Change% ChangeRevenue$— $250 (250)(100)%Cost of revenue— 31 (31)(100)%Gross profit— 219 Operating expensesGeneral and administrative31,378 22,643 8,735 39 %Sales and marketing4,074 2,660 1,414 53 %Research and development73,761 44,083 29,678 67 %Project development41,719 1,426 40,293 2,826 %Impairment and other charges1,511,735 — 1,511,735 n/aDepreciation, amortization, and accretion58,936 60,289 (1,353)(2)%Total operating expenses1,721,603 131,101 Operating loss(1,721,603)(130,882)Other incomeInterest income16,179 24,712 (8,533)(35)%Change in Earnout Shares liability and Warrant liability66,257 29,361 36,896 126 %Change in Tax Receivable Agreement liability21,317 — 21,317 n/aOther income8 10 (2)(20)%Net other income103,761 54,083 Net loss before income tax(1,617,842)(76,799)Income tax benefit2,403 11,137 (8,734)(78)%Net loss after income tax(1,615,439)(65,662)Net loss attributable to non-controlling interests(1,056,449)(50,791)Net loss attributable to Net Power Inc.$(558,990)$(14,871)

31

General and administrative

General and administrative expenses increased by $8.7 million, or 39%, for the nine months ended September 30, 2025,