FY2025 · ended Dec 31, 2025 · Revenue $0, -100.0% YoY · Filed Mar 9, 2026
NET Power Inc. (NPWR) files with the SEC under industry code 3620, Electrical Industrial Apparatus. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $0 and a net loss of $578.6 million. Free cash flow was -$154.0 million. As of Jun 30, 2026 it held $308.4 million in cash and investments and $3.3 million in total debt.
Revenue
$0
-100.0% vs prior year
Net income
$-578.63M
-1076.3% vs prior year
Operating cash flow (TTM)
$-136.55M
-107.6% vs year-ago TTM
Free cash flow (TTM)
$-166.73M
-29.1% vs year-ago TTM
EPS
$-7.34
-995.5% vs prior year
Dividend per share
None
Shares outstanding
3.72M
Net cash
$305.07M
as of Jun 30, 2026
Operating margin
-72528.4%
FY 2024
Company profile
- Industry
- Electrical Industrial Apparatus (SIC 3620)
- Listed as
- NPWR (NYSE), NPWR-WT (NYSE)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Houston, TX
- SEC filer status
- , Emerging growth company
- SEC CIK
- 1845437
- Former names
- Rice Acquisition Corp. II (until Jun 7, 2023)
Other Electrical Industrial Apparatus companies
- Bloom Energy Corp BE
- Woodward, Inc. WWD
- Forgent Power Solutions, Inc. FPS
- Accelevation Holdings Corp. ACCV
- Plug Power Inc PLUG
- Fuelcell Energy Inc FCEL
- Ballard Power Systems Inc. BLDP
- ERock, Inc. EROC
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|
| Revenue | $0 | $250,000 | $580,000 | — |
| Operating income | -$1.8B | -$181.3M | -$50.0M | -$697,131 |
| Net income | -$578.6M | -$49.2M | -$54.8M | -$9.8M |
| Diluted EPS | -$7.34 | -$0.67 | -$14.79 | — |
| Operating cash flow | -$120.8M | -$31.6M | -$16.6M | -$1.3M |
| Free cash flow | -$154.0M | -$100.3M | -$16.7M | — |
| Total assets | $599.7M | $2.3B | $78.1M | $348.4M |
| Total liabilities | $64.5M | $131.9M | $13.7M | $42.3M |
| Stockholders' equity | $203.9M | $655.6M | $64.4M | -$38.9M |
| Cash and investments | $376.1M | $430.2M | $1.6M | $2.6M |
| Total debt | $3.8M | $3.1M | — | — |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Material agreement
|
Oct 22, 2026 | Oct 16, 2026 |
| 8-K |
Current report
Material agreement
|
Sep 11, 2026 | Sep 8, 2026 |
| 8-K |
Current report
Material agreement, Acquisition or sale of assets, Regulation FD disclosure
|
Sep 3, 2026 | Aug 31, 2026 |
| 10-Q | Quarterly report | Aug 13, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Results of operations
|
Aug 13, 2026 | Aug 13, 2026 |
| 8-K |
Current report
Shareholder vote results
|
Jun 5, 2026 | Jun 3, 2026 |
All 350 NET Power Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.