Company: NPWR-WT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001845437-25-000061
Chunk: 57

Company: NET Power Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 information related to the BHES JDA.

NOTE 12 — Earnings (loss) per ShareBasic earnings (loss) per share attributable to shareholders is calculated by dividing net income (loss) attributable to shareholders by the weighted-average number of shares outstanding during the period. Diluted earnings (loss) per share attributable to shareholders includes the effect of potentially dilutive common shares outstanding.The following table sets forth the computation of the Company’s basic and diluted earnings (loss) per share for the following periods:Three Months Ended September 30,Nine Months Ended September 30,In thousands, except per share data2025202420252024NumeratorNet loss after income tax$(1,159,806)$(6,814)$(1,615,439)$(65,662)Net income (loss) attributable to NET Power Inc.$(411,498)$818 $(558,990)$(14,871)Denominator  Weighted-average number shares outstanding, basic and diluted77,883 73,537 77,530 72,541 Earnings (loss) per share attributable to shareholders, basic and diluted$(5.28)$0.01 $(7.21)$(0.21)Only shares of Class A Common Stock participate in the Company’s undistributed earnings. As such, the Company’s undistributed earnings are allocated entirely to the Class A Common Stock based on the weighted-average number of shares of Class A Common Stock outstanding for the three and nine months ended September 30, 2025 and 2024.

21

Based on the amounts outstanding at September 30, 2025 and 2024, the Company excluded the following financial instruments from the computation of diluted earnings (loss) per share because their inclusion would be anti-dilutive:

In thousandsSeptember 30,Anti-Dilutive Instruments20252024Public Warrants8,6218,622Private Placement Warrants10,90010,900Earnout Shares329329BHES Bonus Shares2,0682,068Unvested Class A OpCo Units—242Vested Class A OpCo Units143,930140,630Unvested RSUs2,219871Unvested PSUs322128Make-Whole Awards1,2571,179Stock Options6,4822,460Total176,128167,429    

NOTE 13 — Income TaxesAs of September 30, 2025, the Company estimated its annual effective tax rate to be 1.89%, and recorded