Company: NPWR-WT
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001845437-25-000053
Chunk: 47

Company: NET Power Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 of the following periods:June 30,December 31,20252024Non-controlling interest holders64.4 %64.4 %NET Power Inc.35.6 %35.6 %The Company measures redeemable NCI each quarter at the higher of its book value or its redemption value. As of June 30, 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 June 30, 2025 and 2024, respectively. OpCo’s net loss before income tax was attributed to redeemable NCI holders at 64.4% and 66.2% for the six months ended June 30, 2025 and 2024, respectively.

NOTE 10 — Share-Based CompensationThe following table presents the aggregate share-based compensation expense, net of forfeitures, for the following periods:Three Months Ended June 30,Six Months Ended June 30,$ in thousands2025202420252024Share-based compensation expense$13,907 $8,531 $24,103 $14,800 Performance Stock UnitsAs of June 30, 2025, there was $1.1 million of unrecognized share-based compensation expense related to unvested performance stock units (“PSUs”).During the second quarter of 2025, there were 524,000 PSUs awarded to certain executives for which the vesting occurs upon the achievement of specific market-based conditions related to the Company’s financial performance over a three-year period, modified based on the Company’s Relative Total Shareholder Return (“TSR”) and subject to final vesting based on the participant’s continued employment through the end of the requisite service period. The amount of awards that will ultimately vest for the PSU can range from 0% to 200% based on the TSR calculated over a three-year period. The fair value of the PSUs was determined using the Monte Carlo Simulation model and is being expensed over the three-year vesting period. The assumptions used to calculate the fair value of these awards were:Weighted average expected