Company: NPWR-WT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001845437-25-000061
Chunk: 2

Company: NET Power Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 2
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 certain development work continued into the third quarter of 2025. 

During the third quarter of 2025, we completed a market analysis of our oxy-combustion technology, identifying slower than anticipated acceptance and deployment of the technology from previous expectations. The value engineering efforts on Project Permian identified significant cost reductions, but not to a level that is economically competitive in the current market. Although we believe that oxy-combustion technology remains a viable, long-term solution for the delivery of low-carbon intensity power, we also believe that the near-term prioritization of gas turbines with post-combustion carbon capture is the optimal approach to meeting current market demands. 

In response to unprecedented demand growth for low-cost, firm power generation solutions with viable pathways to decarbonize, we have broadened the scope of our business to include the generation of power using natural gas turbines paired with post-combustion carbon capture technology. In order to preserve capital for this new business opportunity, we have determined to pause all development work and related expenditures for SN1. We intend to complete Phase I testing at our Demonstration Plant in La Porte, Texas, which we expect to conclude by the end of 2025, after which we will reassess future testing phases.

Key Components of Results of Operations

We are a development stage company and our historical results may not be indicative of our future results. Accordingly, the drivers of our future financial results, as well as the components of such results, may not be comparable to our historical or future results of operations.

28

Results of Operations

Comparison of the Three Months Ended September 30, 2025 to the Three Months Ended September 30, 2024

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

Three Months Ended September 30,$ Change% Change$ in thousands20252024Revenue$— $12 $(12)(100)%Cost of revenue— 1 (1)(100)%Gross profit— 11 Operating expensesGeneral and administrative9,108 8,448 660 8 %Sales and marketing1,395 1,032 363 35 %Research and development24,543 17,333 7,210 42 %Project development10,032 233 9,799 4,206 %Impairment and other charges1,095,839 — 1,095,839 n/aDepreciation, amortization, and accretion