Company: NPWR-WT
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001845437-25-000053
Chunk: 5

Company: NET Power Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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 decreased by $14.8 million, or 91%, for the three months ended June 30, 2025, as compared to the same period in 2024. The change was primarily due to the changes in the market price of our Class A Common Stock, which correlates to the change in value of our Warrants. The Company’s stock price decreased $0.16 per share during the three months ended June 30, 2025 compared to a decrease of $1.56 per share for the three months ended June 30, 2024.

Income tax benefit

Income tax benefit was $1.6 million for the three months ended June 30, 2025, compared to an income tax benefit of $2.4 million for the same period in 2024. This change was due to an increase in the Company’s valuation allowance, partially offset by a favorable permanent difference related to the change in the value of the Warrant liability as compared to the same period in 2024.

Net loss attributable to non-controlling interests

Net loss attributable to non-controlling interest was 64.4% of net loss before income tax for the three months ended June 30, 2025, as compared to 66.2% of net loss for the three months ended June 30, 2024. The change in 

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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 Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024 

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

Six Months Ended June 30,$ in thousands20252024$ Change% ChangeRevenue$— $238 (238)(100)%Cost of revenue— 30 (30)(100)%Gross profit— 208 Operating expensesGeneral and administrative22,270 14,097 8,173 58 %Sales and marketing2,679 1,628 1,051 65 %Research and development49,218 26,751 22,467 84 %Project development31,687 1,291 30,396 2,354 %Goodwill impairment and other charges415,897 — 415,897