Company: NPWR-WT
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001845437-25-000008
Chunk: 29

Company: NET Power Inc.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 16
Chunk 29
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a Information

The following table presents unaudited pro forma information as if the Business Combination occurred as of January 1, 2022 (Predecessor). The unaudited pro forma information reflects adjustments for additional amortization resulting from the fair value re-measurement of assets acquired and liabilities assumed, for alignment of accounting policies, and transaction expenses as if the Business Combination occurred on January 1, 2022 (Predecessor). The unaudited pro forma results do not include any anticipated cost synergies or other effects of the combined company. Accordingly, pro forma amounts are not necessarily indicative of the results that actually would have occurred had the Business Combination been completed on the date indicated, nor are they indicative of the Company’s future operating results.Year Ended December 31, 2023Pro forma revenue$175 Pro forma net loss$(205,387)Pro forma net loss attributable to non-redeemable controlling interest$(70,366)Pro forma net loss attributable to non-redeemable non-controlling interests$(135,021)

NOTE 4 — Revenue and Accounts ReceivableRevenueThe following table disaggregates the revenue included in the consolidated statements of operations and comprehensive loss into its major components:SuccessorPredecessorPeriod FromPeriod FromJune 8, 2023January 1, 2023Year Endedthroughthrough$ in thousands December 31, 2024December 31, 2023June 7, 2023Feasibility studies$250 $— $175 Total revenue$250 $— $175 Performance ObligationsRevenue recognized under contracts with customers exclusively includes the performance obligations satisfied in the applicable reporting period.Allowance for Doubtful AccountsDuring the year ended December 31, 2024 (Successor) and the period from June 8, 2023 through December 31, 2023 (Successor), the Company did not record any provision for credit losses within General and administrative expense on the consolidated statements of operations and comprehensive loss associated with its accounts receivable. During the period 

F-18

Audited Financial Statements of NET Power Inc. - Table of Contents

from January 1, 2023 through June 7, 2023 (Predecessor), the Company recorded an allowance for doubtful accounts equal to $352 thousand within General and administrative expense on the consolidated statements of operations and comprehensive loss associated with its accounts receivable.

NOTE 5 — InvestmentsThe Company has two types of investments, a certificate of