NPWR on NYSE
Net Power Inc.
American electrical industrial apparatus company, incorporated in Delaware.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with SCI Engineered Materials, Inc., Ballard Power Systems or FuelCell Energy, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $0 | $250.0K |
| Cost of revenue | $0 | $31.0K |
| Gross profit | $0 | $219.0K |
| General and administrative | $40.3M | $30.3M |
| Sales and marketing | $4.9M | $3.9M |
| Research and development | $99.5M | $63.9M |
| Project development | $72.4M | $1.9M |
| Impairment and other charges | $1.5B | $0 |
| Depreciation, amortization, and accretion | $62.4M | $81.6M |
| Total operating expenses | $1.8B | $181.5M |
| Operating loss | -$1.8B | -$181.3M |
| Interest income, net | $20.3M | $31.4M |
| Change in Earnout Shares liability and Warrant liability | $72.4M | -$25.7M |
| Change in Tax Receivable Agreement liability | $21.3M | $0 |
| Other income | $11.0K | $364.0K |
| Net other income | $114.0M | $6.1M |
| Net loss before income tax | -$1.7B | -$175.2M |
| Income tax benefit | $4.3M | $10.6M |
| Net loss after income tax | -$1.7B | -$164.6M |
| Net loss attributable to non-controlling interests | -$1.1B | -$115.5M |
| Net loss attributable to NET Power Inc. | -$578.6M | -$49.2M |
| Unrealized gain on investments | $97.0K | $139.0K |
| Total other comprehensive income | $97.0K | $139.0K |
| Comprehensive loss | -$1.7B | -$164.5M |
| Comprehensive loss attributable to non-controlling interests | -$1.1B | -$115.3M |
| Comprehensive loss attributable to NET Power Inc. | -$578.5M | -$49.2M |
| Loss per share of Class A Common Stock, basic (in dollars per share) | -$7.34 | -$0.67 |
| Loss per share of Class A Common Stock, diluted (in dollars per share) | -$7.34 | -$0.67 |
| Weighted average shares of Class A Common Stock, basic (in shares) | 78.8M shares | 73.4M shares |
| Weighted average shares of Class A Common Stock, diluted (in shares) | 78.8M shares | 73.4M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $199.4M | $329.2M | |||
| Short-term investments | $0 | $100.0M | $100.0M | ||
| Investments in securities, available-for-sale | $138.5M | $78.3M | |||
| Interest receivable | $1.4M | $3.7M | |||
| Prepaid expenses and other current assets | $4.5M | $1.8M | |||
| Total current assets | $343.8M | $513.0M | |||
| Restricted cash | $2.4M | $2.4M | |||
| Investments in securities, available-for-sale | $38.2M | $22.6M | |||
| Intangible assets, net | $181.6M | $1.2B | |||
| Goodwill | $0 | $359.8M | $423.9M | ||
| Property, plant, and equipment, net | $32.8M | $151.5M | |||
| Operating lease right-of-use assets | $551.0K | $2.7M | |||
| Other long-term assets | $387.0K | $652.0K | |||
| Total assets | $599.7M | $2.3B | |||
| Accounts payable | $1.4M | $3.1M | |||
| Accrued liabilities | $7.6M | $13.6M | |||
| Due to related parties | $37.3M | $325.0K | |||
| Operating lease liabilities, current portion | $1.1M | $683.0K | |||
| Finance lease liabilities, current portion | $127.0K | $187.0K | |||
| Total current liabilities | $47.5M | $17.9M | |||
| Earnout Shares liability | $0 | $2.0M | |||
| Warrant liability | $10.8M | $81.3M | |||
| Asset retirement obligation | $3.6M | $3.3M | |||
| Non-current operating lease liabilities | $2.6M | $2.1M | |||
| Non-current finance lease liabilities | $0 | $110.0K | |||
| Tax Receivable Agreement liability | $0 | $21.3M | $21.0M | ||
| Deferred taxes | $0 | $4.3M | |||
| Total liabilities | $64.5M | $131.9M | |||
| Redeemable non-controlling interests in subsidiary | $331.3M | $1.5B | |||
| Preferred Stock, $.0001 par value; 1,000 shares authorized; no shares issued or outstanding as of December 31, 2025 and December 31, 2024 | $0 | $0 | |||
| Additional paid-in capital | $898.4M | $771.6M | |||
| Accumulated other comprehensive loss | $129.0K | $32.0K | |||
| Accumulated deficit | -$694.7M | -$116.0M | |||
| Total shareholders' equity | $203.9M | $655.6M | |||
| Total liabilities, mezzanine shareholders' equity, and shareholders' equity | $599.7M | $2.3B | |||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |||
| Preferred stock, shares authorized (in shares) | 1.0M shares | 1.0M shares | |||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares |
| Period ending | 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $199.4M | $329.2M | |||
| Short-term investments | $0 | $100.0M | $100.0M | ||
| Investments in securities, available-for-sale | $138.5M | $78.3M | |||
| Interest receivable | $1.4M | $3.7M | |||
| Prepaid expenses and other current assets | $4.5M | $1.8M | |||
| Total current assets | $343.8M | $513.0M | |||
| Restricted cash | $2.4M | $2.4M | |||
| Investments in securities, available-for-sale | $38.2M | $22.6M | |||
| Intangible assets, net | $181.6M | $1.2B | |||
| Goodwill | $0 | $359.8M | $423.9M | ||
| Property, plant, and equipment, net | $32.8M | $151.5M | |||
| Operating lease right-of-use assets | $551.0K | $2.7M | |||
| Other long-term assets | $387.0K | $652.0K | |||
| Total assets | $599.7M | $2.3B | |||
| Accounts payable | $1.4M | $3.1M | |||
| Accrued liabilities | $7.6M | $13.6M | |||
| Due to related parties | $37.3M | $325.0K | |||
| Operating lease liabilities, current portion | $1.1M | $683.0K | |||
| Finance lease liabilities, current portion | $127.0K | $187.0K | |||
| Total current liabilities | $47.5M | $17.9M | |||
| Earnout Shares liability | $0 | $2.0M | |||
| Warrant liability | $10.8M | $81.3M | |||
| Asset retirement obligation | $3.6M | $3.3M | |||
| Non-current operating lease liabilities | $2.6M | $2.1M | |||
| Non-current finance lease liabilities | $0 | $110.0K | |||
| Tax Receivable Agreement liability | $0 | $21.3M | $21.0M | ||
| Deferred taxes | $0 | $4.3M | |||
| Total liabilities | $64.5M | $131.9M | |||
| Redeemable non-controlling interests in subsidiary | $331.3M | $1.5B | |||
| Preferred Stock, $.0001 par value; 1,000 shares authorized; no shares issued or outstanding as of December 31, 2025 and December 31, 2024 | $0 | $0 | |||
| Additional paid-in capital | $898.4M | $771.6M | |||
| Accumulated other comprehensive loss | $129.0K | $32.0K | |||
| Accumulated deficit | -$694.7M | -$116.0M | |||
| Total shareholders' equity | $203.9M | $655.6M | |||
| Total liabilities, mezzanine shareholders' equity, and shareholders' equity | $599.7M | $2.3B | |||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |||
| Preferred stock, shares authorized (in shares) | 1.0M shares | 1.0M shares | |||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares |
Every line of the cash flow as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss before income tax | -$1.7B | -$164.6M |
| Depreciation, amortization, and accretion | $62.4M | $81.6M |
| Impairment and other charges | $1.5B | $0 |
| Non-cash income | -$2.5M | -$2.5M |
| Deferred taxes | -$4.3M | -$10.6M |
| Change in fair value of Earnout Shares liability and Warrant liability | -$72.4M | $25.7M |
| Change in Tax Receivable Agreement liability | -$21.3M | $0 |
| Share-based compensation expense | $46.4M | $33.7M |
| Accounts receivable, net | $0 | $58.0K |
| Interest receivable | $3.4M | -$989.0K |
| Prepaid expenses and other current assets | -$2.7M | $47.0K |
| Other long-term assets | $265.0K | -$625.0K |
| Accounts payable | -$1.7M | $2.5M |
| Accrued liabilities | -$4.2M | $4.0M |
| Due to related parties | $36.9M | $183.0K |
| Net cash used in operating activities | -$120.8M | -$31.6M |
| Purchases of available-for-sale securities | -$186.0M | -$169.9M |
| Maturities of available-for-sale securities | $111.6M | $71.1M |
| Maturities of short-term investments | $100.0M | $0 |
| Purchase of property, plant and equipment | -$33.2M | -$68.7M |
| Capitalized software | -$1.2M | -$1.2M |
| Net cash used in investing activities | -$8.8M | -$168.7M |
| Issuance of Class A Common Stock under share-based compensation plans | $141.0K | $0 |
| Payment of tax withholdings on vested share-based payment awards | -$172.0K | -$130.0K |
| Exercise of Warrants | $0 | $19.0K |
| Payments on finance lease obligations | -$199.0K | -$67.0K |
| Tax-related partnership distribution | $0 | -$4.8M |
| Net cash used in financing activities | -$230.0K | -$4.9M |
| Net decrease in cash, cash equivalents, and restricted cash | -$129.8M | -$205.3M |
| Cash paid for interest | $29.0K | $0 |
| Cash paid for income taxes | $1.0K | $0 |
| Change in accruals for capital expenditures | -$1.9M | -$1.3M |
| Operating lease right-of use asset acquired | $1.6M | $959.0K |
| Finance lease right-of-use asset acquired | $0 | $349.0K |
| Revision of estimated asset retirement obligation | $0 | $996.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Net Power Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2025
- Chief executive officerDaniel J. Rice Iv. Jun 15, 2021 to Jun 12, 202312
- PresidentBrian F. Allen Jun 12, 2023 to now13
- PresidentKyle Derham Jun 15, 2021 to Jun 15, 202114
- Chief financial officerNed Leland Shuman May 27, 2026 to now15
- Chief financial officerAkash S. Patel Jun 12, 2023 to May 27, 202616
- Chief financial officerKyle Derham Jun 15, 2021 to Jun 15, 202114
- Chief operating officerMarc Horstman Jun 4, 2025 to now17
- Chief operating officerBrian F. Allen Jun 12, 2023 to Jun 4, 202513
Board members and other officers (18)
- Chief Accounting OfficerKelly Rosser May 16, 2024 to now18
- Chief Commercial OfficerBrandon Heffinger Jun 12, 2023 to Sep 5, 202319
- Chief Technology OfficerBrock Forrest Jun 12, 2023 to Jun 12, 202320
- Chief Accounting OfficerJames Wilmot Rogers Jun 15, 2021 to Jun 12, 202321
- Board memberAlejandra Veltmann Jun 12, 2023 to now22
- Board memberBrad Pollack Jun 12, 2023 to Jun 12, 202323
- Board memberCarol R. Peterson Jun 12, 2023 to now24
- Board memberEunkyung Sung Jun 12, 2023 to Jun 12, 202325
- Board memberFrederick A. Forthuber Jun 12, 2023 to Jun 12, 202326
- Board memberJoseph T. Kelliher Jun 12, 2023 to now27
- Board memberPeter J. Bennett Jun 12, 2023 to Jun 12, 202328
- Board memberRalph Alexander Jun 12, 2023 to now29
- Board memberCarrie M. Fox Jun 15, 2021 to Jun 12, 202330
- Board memberDaniel J. Rice Iv. Jun 15, 2021 to Jun 12, 202312
- Board memberJames H. Lytal Jun 15, 2021 to Jun 12, 202331
- Board memberJide Famuagun Jun 15, 2021 to Jun 12, 202332
- Board memberKyle Derham Jun 15, 2021 to Aug 18, 202314
- General counselJames Mahon Jun 12, 2023 to Sep 14, 202333
Former names
- Rice Acquisition Corp. IIMar 10, 2021 to Jun 7, 20233
Timeline
- Jun 15, 2021New chief executive Daniel J. Rice Iv. becomes CEO12
Filings
320 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 37 major events, 162 insider forms, 28 large holders, 72 other. The latest 20:
- Oct 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 11, 20268-K EDGAR
- Sep 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 3, 20268-K EDGAR
- Aug 31, 20264 EDGAR
- Aug 31, 20264 EDGAR
- Aug 31, 20264 EDGAR
- Aug 31, 20264 EDGAR
- Aug 27, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 27, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 17, 2026SCHEDULE 13D/A EDGAR
- Aug 14, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 14, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 13, 202610-Q EDGAR
- Aug 13, 20268-K EDGAR
- Aug 11, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 11, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 6, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 6, 20264 OWNERSHIP DOCUMENT EDGAR
The 320 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 28 such filings since October 2021, the latest 10:
- Aug 17, 2026SCHEDULE 13D/A
- May 14, 2026SCHEDULE 13D/A
- Jan 28, 2026SCHEDULE 13D/A
- Dec 9, 2025SCHEDULE 13D/A
- Nov 4, 2025SCHEDULE 13D/A
- Oct 29, 2025SCHEDULE 13D/A
- Aug 1, 2025SCHEDULE 13D/A
- Jul 17, 2025SCHEDULE 13D/A
- Nov 26, 2024SC 13D/A
- Oct 21, 2024SC 13D/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Share Andrew L. | 9,767,500 | $16.3M | 8.4% | No change |
| HITE Hedge Asset Management LLC | 2,852,670 | $4.8M | 0.3% | +89,246 |
| Adage Capital Partners Gp, L.l.c. | 2,840,000 | $4.7M | 0.0% | +1,300,000 |
| BlackRock, Inc. | 2,416,294 | $4.0M | 0.0% | +273,378 |
| Peak6 LLC | 1,985,754 | $3.3M | 0.1% | −2,461 |
| Vanguard Capital Management LLC | 1,802,372 | $3.0M | 0.0% | +158,577 |
| Defiance ETFs, LLC | 1,555,837 | $2.6M | 0.0% | +1,022,584 |
| Tidal Investments LLC | 1,546,562 | $2.6M | 0.0% | +1,013,309 |
| Sourcerock Group LLC | 1,400,110 | $2.3M | 0.1% | −104,016 |
| Geode Capital Management, LLC | 1,006,014 | $1.7M | 0.0% | +145,628 |
| Argentarii, LLC | 746,799 | $1.2M | 0.4% | −1,850 |
| Two Sigma Investments, LP | 660,570 | $1.1M | 0.0% | −419,711 |
| State Street Corp | 624,238 | $1.0M | 0.0% | +10,704 |
| UBS Group AG | 610,961 | $1.0M | 0.0% | +241,088 |
| D. E. Shaw & Co., Inc. | 412,502 | $688.9K | 0.0% | +177,105 |
| Tudor Investment Corp Et Al | 397,515 | $663.9K | 0.0% | −33,638 |
| Aqr Capital Management LLC | 385,283 | $643.4K | 0.0% | +231,790 |
| Renaissance Technologies LLC | 354,206 | $591.5K | 0.0% | −349,594 |
| Northern Trust Corp | 334,814 | $559.1K | 0.0% | +42,790 |
| Vanguard Portfolio Management LLC | 324,611 | $542.1K | 0.0% | +59,912 |
| Nuveen, LLC | 288,876 | $482.4K | 0.0% | −424,884 |
| Charles Schwab Investment Management Inc | 288,276 | $481.4K | 0.0% | +18,758 |
| Vanguard Fiduciary Trust Co | 282,441 | $471.7K | 0.0% | +33,418 |
| Morgan Stanley | 270,736 | $452.1K | 0.0% | +86,941 |
| Boothbay Fund Management, LLC | 263,298 | $439.7K | 0.0% | −32,653 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARNet Power Inc. filings on SEC EDGAR
- 2SEC EDGARNet Power Inc. 10-K for fiscal 2025
- 3SEC EDGARNet Power Inc. filings on SEC EDGAR
- 4SEC EDGARNet Power Inc. 10-K for fiscal 2022
- 5SEC EDGARNet Power Inc. 10-Q for fiscal 2025
- 6SEC EDGARNet Power Inc. 10-Q for fiscal 2025
- 7SEC EDGARNet Power Inc. 10-Q for fiscal 2025
- 8SEC EDGARNet Power Inc. 10-Q for fiscal 2025
- 9SEC EDGARNet Power Inc. 10-Q for fiscal 2025
- 10SEC EDGARNet Power Inc. 10-K for fiscal 2021
- 11SEC EDGARNet Power Inc. 10-K for fiscal 2023
- 12
- 13SEC EDGARBrian F. Allen, President
- 14SEC EDGARKyle Derham, President
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22SEC EDGARAlejandra Veltmann, Board member
- 23SEC EDGARBrad Pollack, Board member
- 24SEC EDGARCarol R. Peterson, Board member
- 25SEC EDGAREunkyung Sung, Board member
- 26SEC EDGARFrederick A. Forthuber, Board member
- 27SEC EDGARJoseph T. Kelliher, Board member
- 28SEC EDGARPeter J. Bennett, Board member
- 29SEC EDGARRalph Alexander, Board member
- 30SEC EDGARCarrie M. Fox, Board member
- 31SEC EDGARJames H. Lytal, Board member
- 32SEC EDGARJide Famuagun, Board member
- 33SEC EDGARJames Mahon, General counsel