NET Power Inc.
NPWR, NPWR-WT · Electrical Industrial Apparatus · 73.4M shares · +345%/yr ↑ shares · EDGAR filings ↗
Grade
C58Well-capitalized clean-power technology developer that has suspended its flagship commercial project.
Strengths
- Large cash balance ($376M, 72nd pct) and exceptional current/quick ratios (7.2, 100th pct), ~10 quarters runway
- Strong strategic backers (Baker Hughes, OXY, Constellation) and 45Q tax-credit tailwinds
Risks
- Suspended Project Permian after FEED on uncompetitive cost; no revenue and ROA -96% (25th pct)
- Deeply negative FCF (-$154M, 6th pct) with an unproven path to commercialization
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-154.0M)
- Chronic dilutionShare count +345%/yr over 2y (dilution)
- Strong balance sheetStrong balance sheet — $376M cash & investments, ~10 quarters of runway
- Revenue declineRevenue -100.0% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on assets
-96.5%
Revenue growth (QoQ)
-100.0%
Current ratio
7.2×
Free cash flow
-$154M
EBITDA
-$1.7B
Cash & investments
$376M
Cash runway
10q
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-05 | 2026-06-03 | 0001845437-26-000023 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001845437-26-000018 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001845437-26-000019 ↗ |
| 8-K | 2026-04-13 | 2026-04-10 | 0001845437-26-000013 ↗ |
| 10-K | 2026-03-09 | 2025-12-31 | 0001845437-26-000009 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001845437-26-000007 ↗ |
| 8-K | 2026-01-05 | 2025-12-29 | 0001845437-26-000002 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001845437-25-000060 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001845437-25-000061 ↗ |
| 10-Q | 2025-08-11 | 2025-06-30 | 0001845437-25-000053 ↗ |
| 8-K | 2025-08-11 | 2025-08-11 | 0001845437-25-000052 ↗ |
| 8-K | 2025-07-15 | 2025-07-10 | 0001845437-25-000049 ↗ |