NPWR revenueQ4 2025$0
- FY YoY
- -100.0%
NPWR revenue was $0 in fiscal Q4 2025 (ended Dec 31, 2025), compared with $0 a year earlier. For the full fiscal 2025 it was $0, down 100.0% from fiscal 2024.
NET Power Inc. (NPWR) financials
For fiscal 2025 (ended Dec 31, 2025), NET Power Inc. reported $0 of revenue and -$578.63M of net income.
- Revenue, FY2025
- $0
- Revenue growth, YoY
- -100.0%
- Net income, FY2025
- -$578.63M
- Free cash flow, FY2025
- -$154.00M
- EPS, diluted, FY2025
- -$7.34
- Cash
- $117.93M
- Market cap
- $188.7M
FY2022FY2025
FY2022FY2025
FY2022FY2025
NPWR revenue and earnings growth
NPWR net incomeQ2 2026-$80.29M
NPWR net income was -$80.29M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$28.14M a year earlier. For the full fiscal 2025 it was -$578.63M, compared with -$49.19M in fiscal 2024.
NPWR EPSQ2 2026-$0.91
NPWR diluted EPS was -$0.91 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.36 a year earlier. For the full fiscal 2025 it was -$7.34, compared with -$0.67 in fiscal 2024.
NPWR free cash flowQ2 2026-$10.43M
NPWR free cash flow was -$10.43M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$27.69M a year earlier. For the full fiscal 2025 it was -$154.00M, compared with -$100.30M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2022 |
|---|---|---|---|
| Revenue | $0 | $250.0K | $580.0K |
| Cost of revenue | $0 | $31.0K | - |
| Gross profit | $0 | $219.0K | $305.0K |
| Research and development | $99.51M | $63.85M | - |
| Selling, general and admin | $40.34M | $30.27M | $5.80M |
| Operating income | -$1.79B | -$181.32M | -$50.02M |
| Pre-tax income | -$1.68B | -$175.22M | - |
| Income tax | -$4.30M | -$10.58M | $0 |
| Net income | -$578.63M | -$49.19M | -$54.78M |
| EPS, basic | -$7.34 | -$0.67 | -$14.79 |
| EPS, diluted | -$7.34 | -$0.67 | -$14.79 |
| Diluted shares | 78.8M | 73.4M | 3.7M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2022 |
|---|---|---|---|
| Cash and equivalents | $199.43M | $331.68M | $5.16M |
| Short-term investments | - | - | $0 |
| Receivables | - | $0 | $352.0K |
| Current assets | $343.76M | $513.03M | $7.50M |
| Goodwill | $0 | $359.85M | $0 |
| Total assets | $599.70M | $2.29B | $78.14M |
| Current liabilities | $47.47M | $17.91M | $8.45M |
| Total liabilities | $64.50M | $131.93M | $13.73M |
| Shareholders' equity | $203.90M | $655.60M | $64.40M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2022 |
|---|---|---|---|
| Operating cash flow | -$120.78M | -$31.65M | -$16.63M |
| Capital expenditures | $33.21M | $68.65M | $115.0K |
| Free cash flow | -$154.00M | -$100.30M | -$16.75M |
| Investing cash flow | -$8.80M | -$168.67M | -$115.0K |
| Financing cash flow | -$230.0K | -$4.93M | $21.47M |
| Stock-based compensation | $46.43M | $33.67M | $12.62M |
| Depreciation and amortization | $62.39M | $81.62M | $13.39M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2022 |
|---|---|---|---|
| Revenue growth, YoY | -100.0% | - | - |
| Gross margin | - | 87.6% | 52.6% |
| Operating margin | - | -72528.4% | -8625.0% |
| Net margin | - | -19676.4% | -9444.5% |
| Free cash flow margin | - | -40120.0% | -2887.1% |
| Return on equity | -283.8% | -7.5% | -85.1% |
| Return on assets | -96.5% | -2.1% | -70.1% |
| Current ratio | 7.24 | 28.65 | 0.89 |
Income statement
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Sep 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | $0 | $0 | $0 | $0 | $0 | $12.0K | $238.0K | $0 | $0 | $50.0K |
| Cost of revenue | - | - | $0 | $0 | $0 | $0 | $0 | $1.0K | $30.0K | $0 | $0 | - |
| Gross profit | - | - | $0 | $0 | $0 | $0 | $0 | $11.0K | $208.0K | $0 | $0 | $50.0K |
| Research and development | $4.22M | $19.70M | $25.75M | $24.54M | $26.62M | $22.60M | $19.77M | $17.33M | $15.48M | $11.24M | - | - |
| Selling, general and admin | $6.42M | $8.89M | $8.97M | $9.11M | $13.58M | $8.69M | $7.62M | $8.45M | $7.79M | $6.41M | - | $1.65M |
| Operating income | -$209.94M | -$34.19M | -$70.14M | -$1.16B | -$90.56M | -$474.55M | -$50.44M | -$47.24M | -$44.85M | -$38.78M | -$38.67M | -$17.04M |
| Income tax | $2.0K | $0 | -$1.90M | -$1.18M | -$1.62M | $397.0K | $557.0K | -$4.75M | -$2.35M | -$4.04M | -$10.0K | $0 |
| Net income | -$80.29M | -$9.86M | -$19.64M | -$411.50M | -$28.14M | -$119.35M | -$34.32M | $818.0K | -$4.27M | -$11.42M | -$30.56M | -$17.07M |
| EPS, basic | -$0.91 | -$0.12 | -$0.15 | -$5.28 | -$0.36 | -$1.55 | -$0.46 | $0.01 | -$0.06 | -$0.16 | -$0.44 | -$4.55 |
| EPS, diluted | -$0.91 | -$0.12 | -$0.15 | -$5.28 | -$0.36 | -$1.55 | -$0.46 | $0.01 | -$0.06 | -$0.16 | -$0.44 | -$4.55 |
| Diluted shares | 88.4M | 85.4M | - | 77.9M | 77.7M | 77.0M | - | 73.5M | 72.2M | 71.9M | 69.0M | 3.7M |
Balance sheet
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Sep 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $117.93M | $133.15M | $199.43M | $229.31M | $284.02M | $300.03M | $331.68M | $386.26M | $405.14M | $428.60M | $545.25M | $5.24M |
| Short-term investments | - | - | - | - | - | - | - | - | - | - | $100.00M | - |
| Receivables | - | - | - | - | - | - | $0 | $0 | $243.0K | $0 | $0 | - |
| Current assets | $312.91M | $311.06M | $343.76M | $369.59M | $408.51M | $497.92M | $513.03M | $564.07M | $583.11M | $600.02M | $650.85M | $1.06M |
| Goodwill | $0 | - | $0 | $0 | $0 | $0 | $359.85M | $359.85M | $359.85M | $423.92M | $423.95M | - |
| Total assets | $338.32M | $542.82M | $599.70M | $629.89M | $1.79B | $1.84B | $2.29B | $2.34B | $2.36B | $2.45B | $2.49B | $354.71M |
| Current liabilities | $17.58M | $13.06M | $47.47M | $22.29M | $41.83M | $21.37M | $17.91M | $26.91M | $14.56M | $10.55M | $9.41M | $5.84M |
| Total liabilities | $25.53M | $24.95M | $64.50M | $47.41M | $58.99M | $40.39M | $131.93M | $90.84M | $115.81M | $149.73M | $229.49M | $46.84M |
| Shareholders' equity | $83.53M | $205.32M | $203.90M | $143.76M | $616.20M | $637.21M | $655.60M | $767.48M | $730.50M | $659.77M | $104.02M | -$45.34M |
Cash flow
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Sep 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9.64M | -$51.10M | -$27.80M | -$48.01M | -$24.60M | -$20.37M | -$12.97M | -$7.84M | -$8.17M | -$2.66M | - | -$5.14M |
| Capital expenditures | $793.0K | $8.20M | $18.09M | $3.11M | $3.09M | $8.93M | $29.09M | $22.29M | $7.75M | $9.52M | - | $615.0K |
| Free cash flow | -$10.43M | -$59.30M | -$45.89M | -$51.11M | -$27.69M | -$29.30M | -$42.06M | -$30.13M | -$15.93M | -$12.18M | - | -$5.76M |
| Investing cash flow | -$5.51M | -$16.33M | -$2.07M | -$6.63M | $8.65M | -$8.76M | -$39.21M | -$10.88M | -$12.92M | -$105.67M | - | -$615.0K |
| Financing cash flow | -$60.0K | -$73.0K | -$66.0K | -$65.0K | -$49.0K | -$50.0K | -$4.84M | -$152.0K | $61.0K | $0 | - | $5.84M |
| Stock-based compensation | $1.98M | $8.84M | $10.68M | $11.66M | $13.91M | $10.20M | $9.87M | $8.99M | $8.53M | $6.27M | - | $4.63M |
| Depreciation and amortization | $3.45M | $3.41M | $3.45M | $15.58M | $21.67M | $21.69M | $21.33M | $20.21M | $20.05M | $20.03M | $20.03M | $3.33M |
Key ratios
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Sep 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | - | - | - | -100.0% | -100.0% | - | - | - | - | -100.0% | -100.0% | -77.7% |
| Gross margin | - | - | - | - | - | - | - | 91.7% | 87.4% | - | - | 100.0% |
| Operating margin | - | - | - | - | - | - | - | -393708.3% | -18846.2% | - | - | -34078.0% |
| Net margin | - | - | - | - | - | - | - | 6816.7% | -1793.3% | - | - | -34134.0% |
| Free cash flow margin | - | - | - | - | - | - | - | -251091.7% | -6691.6% | - | - | -11518.0% |
| Current ratio | 17.80 | 23.82 | 7.24 | 16.58 | 9.77 | 23.30 | 28.65 | 20.96 | 40.06 | 56.90 | 69.17 | 0.18 |
Source: XBRL data NET Power Inc. files with the SEC, latest filing dated Aug 13, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
NPWR peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| NPWR | $0 | -100.0% | -$578.63M | - | $188.7M |
| ASML | €32.67B | +15.6% | €9.61B | 29.4% | $583.23B |
| LRCX | $26.13B | +33.4% | $8.45B | 32.3% | $276.45B |
| TMO | $47.35B | +8.3% | $7.07B | 14.9% | $267.38B |
| DE | $47.98B | +8.0% | $4.87B | 10.2% | $186.39B |
| DHR | $25.61B | +5.5% | $4.33B | 16.9% | $165.41B |
| ETN | $31.98B | +20.1% | $3.90B | 12.2% | $139.59B |
| JCI | $24.43B | +5.1% | $3.53B | 14.5% | $85.71B |
| ITW | $16.65B | +4.8% | $3.23B | 19.4% | $81.49B |
NPWR FAQ
8 questionsWhat is NPWR revenue?
NET Power Inc. (NPWR) reported $0 of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 100.0% from the year before.Is NPWR profitable?
No. NET Power Inc. reported a net loss of $578.63M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does NPWR have?
NET Power Inc. reported $117.93M in cash and cash equivalents on its most recent balance sheet in SEC filings.How fast is NPWR revenue growing?
NET Power Inc.'s revenue changed -100.0% in fiscal 2025, to $0.What is NPWR free cash flow?
NET Power Inc. generated -$154.00M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -$120.78M less capital expenditures.What is NPWR earnings per share?
Diluted earnings per share were -$7.34 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did NPWR last report financial results?
The latest statements here come from NET Power Inc.'s 10-Q filed on Aug 13, 2026, covering the period ended Jun 30, 2026.Where does this NPWR financial data come from?
Quantisnow builds these statements from the structured XBRL data NET Power Inc. files with the SEC. It is provided for information only and is not investment advice.