Company: NPWR-WT
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001845437-25-000053
Chunk: 45

Company: NET Power Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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000 $(104,985)$1,240,015 Software(1)2,179 (274)1,905 1,407 (79)1,328 Total definite-lived intangible assets$1,347,179 $(138,884)$1,208,295 $1,346,407 $(105,064)$1,241,343 ___________(1) Software includes $0.3 million and $0.6 million related to software work-in-progress as of June 30, 2025 and December 31, 2024.In March 2025, due to higher-than expected indicative cost estimates for its first utility-scale project, the Company identified a triggering event for evaluation of impairment of its long-term assets. As the Company is in the development stage, focusing on developing and commercializing its technology, it assessed its definite-lived intangible assets, the Demonstration Plant, and other corporate assets for impairment as an asset group. The results of the recoverability test performed in March 2025 indicated that no impairment was required, and the Company did not identify any indicators that the asset group may be impaired as of June 30, 2025.The following table presents the Company’s amortization expense for the following periods:Three Months Ended June 30,Six Months Ended June 30,$ in thousands2025202420252024Amortization expense$16,974 $16,828 $33,847 $33,640 The Company does not own or control any intangible assets with indefinite useful lives. The following table presents estimated amortization expense for the next five years and thereafter (in thousands):Remaining 2025$33,857 202667,715 202767,715 202867,715 202967,542 2030 and thereafter903,751 Total$1,208,295 

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NOTE 6 — Property, Plant, and EquipmentThe following table summarizes the key classifications of property, plant, and equipment included in the condensed consolidated balance sheets:June 30,December 31,$ in thousands20252024Demonstration Plant$122,352 $122,845 Furniture and equipment1,173 1,069 Assets acquired under finance lease349 349 Construction-in-progress3,326 48,438 Total property, plant, and equipment, gross127,200 172,701 Accumulated depreciation and amortization (1)(30