Net Power Inc.
NPWR NYSE Electrical Industrial Apparatus Financials FY2022–FY2025
Revenue
Total sales reported in the income statement.
$0.0M
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
−$579M
Free cash flow
Cash from operations minus capital spending.
−$154M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$6.46 EPS (TTM)
What Net Power Inc. does
No business description yet.
- Legal name
- Net Power Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 9, 2026
- Accession · CIK
- 0001845437-26-000009
0001845437
Revenue and margins
Net Power Inc. had $0.0M of revenue in fiscal 2025.
FY22
Revenue $0.6M
FY24
Revenue —
FY25
Revenue $0.0M
Q2 '22
Revenue $0.2M
Q3 '22
Revenue $0.1M
Q4 '22
Revenue $0.0M
Q1 '24
Revenue $0.1M
Q3 '24
Revenue $0.0M
Q4 '24
Revenue $0.0M
Q1 '25
Revenue $0.0M
Q2 '25
Revenue $0.0M
Q3 '25
Revenue $0.0M
Q4 '25
Revenue $0.0M
Q1 '26
Revenue —
Q2 '26
Revenue —
FY22
Gross 52.6%
Operating −8,625.0%
Net −9,444.5%
FCF −2,887.1%
FY24
Gross —
Operating —
Net —
FCF —
FY25
Gross —
Operating —
Net —
FCF —
Gross
Operating
Net
FCF
Q2 '22
Gross 25.5%
Operating −6,603.4%
Net −6,618.8%
FCF —
Q3 '22
Gross 65.2%
Operating −8,690.8%
Net −8,666.7%
FCF −2,158.9%
Q4 '22
Gross −16.7%
Operating −235,416.7%
Net −290,716.7%
FCF −68,566.7%
Q1 '24
Gross 100.0%
Operating −34,078.0%
Net −34,134.0%
FCF −11,518.0%
Q3 '24
Gross —
Operating —
Net —
FCF —
Q4 '24
Gross 91.7%
Operating −393,708.3%
Net 6,816.7%
FCF −101,533.3%
Q1 '25
Gross —
Operating —
Net —
FCF —
Q2 '25
Gross —
Operating —
Net —
FCF —
Q3 '25
Gross —
Operating —
Net —
FCF —
Q4 '25
Gross —
Operating —
Net —
FCF —
Q1 '26
Gross —
Operating —
Net —
FCF —
Q2 '26
Gross —
Operating —
Net —
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY22
Net income −$54.8M
FY24
Net income —
FY25
Net income −$579M
Q2 '22
Net income −$13.8M
Q3 '22
Net income −$12.2M
Q4 '22
Net income −$17.4M
Q1 '24
Net income −$17.1M
Q3 '24
Net income −$30.6M
Q4 '24
Net income $0.8M
Q1 '25
Net income −$119M
Q2 '25
Net income −$28.1M
Q3 '25
Net income −$411M
Q4 '25
Net income −$19.6M
Q1 '26
Net income −$9.9M
Q2 '26
Net income −$80.3M
FY22
Diluted EPS −$14.79
FY24
Diluted EPS —
FY25
Diluted EPS −$7.34
Q2 '22
Diluted EPS −$3.70
Q3 '22
Diluted EPS −$10.69
Q4 '22
Diluted EPS —
Q1 '24
Diluted EPS −$4.55
Q3 '24
Diluted EPS −$0.44
Q4 '24
Diluted EPS $0.01
Q1 '25
Diluted EPS −$1.55
Q2 '25
Diluted EPS −$0.36
Q3 '25
Diluted EPS −$5.28
Q4 '25
Diluted EPS −$0.15
Q1 '26
Diluted EPS −$0.12
Q2 '26
Diluted EPS −$0.91
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity —
Return on assets −70.1%
FY24
Return on capital —
Return on equity —
Return on assets —
FY25
Return on capital —
Return on equity −134.6%
Return on assets −40.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$154M in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY22
Free cash flow −$16.7M
FY24
Free cash flow —
FY25
Free cash flow −$154M
Q2 '22
Free cash flow —
Q3 '22
Free cash flow −$3.0M
Q4 '22
Free cash flow −$4.1M
Q1 '24
Free cash flow −$5.8M
Q3 '24
Free cash flow —
Q4 '24
Free cash flow −$12.2M
Q1 '25
Free cash flow −$29.3M
Q2 '25
Free cash flow −$27.7M
Q3 '25
Free cash flow −$51.1M
Q4 '25
Free cash flow −$45.9M
Q1 '26
Free cash flow −$59.3M
Q2 '26
Free cash flow −$10.4M
FY22
Cash from operations −$16.6M
Capital spending $0.1M
FY24
Cash from operations —
Capital spending —
FY25
Cash from operations −$121M
Capital spending $33.2M
Cash from operations
Capital spending
Q2 '22
Cash from operations −$9.4M
Capital spending —
Q3 '22
Cash from operations −$3.0M
Capital spending $0.0M
Q4 '22
Cash from operations −$4.0M
Capital spending $0.1M
Q1 '24
Cash from operations −$5.1M
Capital spending $0.6M
Q3 '24
Cash from operations —
Capital spending —
Q4 '24
Cash from operations −$2.7M
Capital spending $9.5M
Q1 '25
Cash from operations −$20.4M
Capital spending $8.9M
Q2 '25
Cash from operations −$24.6M
Capital spending $3.1M
Q3 '25
Cash from operations −$48.0M
Capital spending $3.1M
Q4 '25
Cash from operations −$27.8M
Capital spending $18.1M
Q1 '26
Cash from operations −$51.1M
Capital spending $8.2M
Q2 '26
Cash from operations −$9.6M
Capital spending $0.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
Net Power Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY22
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY22
Diluted shares 0.00B
FY24
Diluted shares —
FY25
Diluted shares 0.08B
Balance sheet
Cash, debt and the ratios that show how comfortably Net Power Inc. can carry it.
FY22
Cash $5.2M
Debt —
FY24
Cash $408M
Debt —
FY25
Cash $338M
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $5.2M | $408M | $338M |
| Current ratio | 0.9x | 28.7x | 7.2x |
| Quick ratio | 0.9x | 28.7x | 7.2x |
| Total assets | $78.1M | $2.3B | $600M |
| Total liabilities | $13.7M | $132M | $64.5M |
| Shareholders' equity | −$39.3M | $656M | $204M |
| Net debt (− = net cash) | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY25 |
|---|---|---|
| Net income is positive | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ |
| Return on assets rose | — | — |
| Cash from operations exceeds net income | ✓ | ✓ |
| Debt fell relative to assets | — | — |
| Current ratio rose | — | ✕ |
| Share count didn't rise | — | — |
| Gross margin rose | — | — |
| Revenue rose relative to assets | — | — |
| F-score | — / 3 | — / 4 |
| Accruals ratio | −48.8% | −31.6% |
| Altman Z'' | −16.76 | −17.29 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $0.6M | — | $0.0M |
| Gross profit | $0.3M | — | $0.0M |
| Research and development | — | — | $99.5M |
| Operating income | −$50.0M | — | −$1.8B |
| Pretax income | — | — | −$1.7B |
| Income tax | $0.0M | — | −$4.3M |
| Net income | −$54.8M | — | −$579M |
| Net income to common | −$54.8M | — | — |
| Diluted EPS | −$14.79 | — | −$7.34 |
| Diluted shares | 0.00B | — | 0.08B |
| Cash flow | |||
| Cash from operations | −$16.6M | — | −$121M |
| Capital expenditure | $0.1M | — | $33.2M |
| Free cash flow | −$16.7M | — | −$154M |
| Depreciation and amortization | $13.4M | — | $62.4M |
| Stock-based compensation | $12.6M | — | $46.4M |
| Balance sheet | |||
| Cash and short-term investments | $5.2M | $408M | $338M |
| Finance lease liabilities | — | $0.3M | $0.1M |
| Current assets | $7.5M | $513M | $344M |
| Current liabilities | $8.5M | $17.9M | $47.5M |
| Property and equipment, net | $69.6M | $151M | $32.8M |
| Goodwill | $0.0M | $360M | $0.0M |
| Intangible assets | $0.3M | $1.2B | $182M |
| Total assets | $78.1M | $2.3B | $600M |
| Total liabilities | $13.7M | $132M | $64.5M |
| Preferred stock | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | −$39.3M | $656M | $204M |
| Margins | |||
| Gross margin | 52.6% | — | — |
| Operating margin | −8,625.0% | — | — |
| EBITDA margin | −6,316.9% | — | — |
| Net margin | −9,444.5% | — | — |
| FCF margin | −2,887.1% | — | — |
| Returns | |||
| Return on capital employed | −71.8% | — | −324.5% |
| Return on equity | — | — | −134.6% |
| Return on assets | −70.1% | — | −40.0% |
| Return on tangible equity | — | — | −2,591.0% |
| Financial health | |||
| Current ratio | 0.9x | 28.7x | 7.2x |
| Quick ratio | 0.9x | 28.7x | 7.2x |
| Capital allocation | |||
| Capex / revenue | 19.8% | — | — |
| Stock comp / revenue | 2,176.2% | — | — |
| Quality scores | |||
| Altman Z'' | −16.8 | — | −17.3 |
| Accruals ratio | −48.8% | — | −31.6% |
Source: SEC EDGAR XBRL filings (CIK 0001845437). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.