Company: NPWR-WT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001845437-25-000027
Chunk: 13

Company: NET Power Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 Intangible Assets.The following table presents the Company’s depreciation expense for the following periods:Three Months Ended March 31,$ in thousands20252024Depreciation expense$4,735 $3,176 

NOTE 7 — Accrued LiabilitiesAccrued liabilities in the condensed consolidated balance sheets consist of the following:March 31,December 31,$ in thousands20252024Incentive compensation$992 $2,916 Capital expenditures2,539 2,285 Accrued project expenses3,708 — Professional fees1,271 1,143 Other accrued liabilities1,664 1,063 Total accrued liabilities$10,174 $7,407 

NOTE 8 — LeasesOn March 7, 2025, the Company entered into a building lease agreement for a warehouse in La Porte, Texas. The lease has an initial term of 62 months and commenced in April 2025, and the lease contains a renewal option of five years. The future minimum lease payments associated with this lease are approximately $2.2 million.

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NOTE 9 — Redeemable Non-Controlling Interests in SubsidiaryThe following table presents the Company and the non-controlling interest (“NCI”) ownership percentage of the membership interests in OpCo as of the following periods:March 31,December 31,20252024Non-controlling interest holders64.5 %64.4 %NET Power Inc.35.5 %35.6 %The Company measures redeemable NCI each quarter at the higher of its book value or its redemption value. As of March 31, 2025, the Company measured redeemable NCI at book value. As of December 31, 2024, the Company measured redeemable NCI at redemption value. The adjustment to record redeemable NCI at book or redemption value is recorded through Additional paid-in capital on the condensed consolidated statement of mezzanine shareholders' equity and shareholders' equity.OpCo’s net loss before income tax was attributed to redeemable NCI holders at 64.4% and 66.2% for the three months ended March 31, 2025 and 2024, respectively.

NOTE 10 — Share-Based PaymentsAggregate share-based compensation expense, net of forfeitures, was $10.2 million and $6.3 million for the three months ended March 31, 2025