1.Sales and profit
See section β- Net Power Inc. had $0.0M of revenue in fiscal 2025.
- Net Power Inc. lost $579M in fiscal 2025.
Net Power Inc.
NPWR NYSE Electrical Industrial Apparatus Financials FY2022βFY2025
Net Power Inc. had $0.0M of revenue in fiscal 2025.
Last close Β· Oct 23, 2026
$0.91
3.0%KIRAβs summary AI analyst
Hi! I read Net Power Inc.βs latest annual report (fiscal 2025). Here is what stands out:
2 to watch
2.Cash and shareholders
See section β- Free cash flow was β$154M in fiscal 2025, β of revenue.
- In the last 12 months, insiders sold $17.9M of shares on the open market and bought none.
Net Power Inc. in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β$579M
No. It lost money last year.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$80.4M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$6.46 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
KIRA Β· Net Power Inc. had $0.0M of revenue in fiscal 2025.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY22
Revenue $0.6M
FY24
Revenue β
FY25
Revenue $0.0M
Revenue
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 β
Q2 '26
Revenue β
Margins, % of revenue
FY22
Gross 52.6%
Operating β8,625.0%
Net β9,444.5%
FCF β2,887.1%
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Margins, % of revenue
Q2 '22
Gross 25.5%
Operating β6,603.4%
Net β6,618.8%
FCF β
Q3 '22
Gross 65.2%
Operating β8,690.8%
Net β8,666.7%
FCF β2,158.9%
Q4 '22
Gross β16.7%
Operating β235,416.7%
Net β290,716.7%
FCF β68,566.7%
Q1 '24
Gross 100.0%
Operating β34,078.0%
Net β34,134.0%
FCF β11,518.0%
Q3 '24
Gross β
Operating β
Net β
FCF β
Q4 '24
Gross 91.7%
Operating β393,708.3%
Net 6,816.7%
FCF β101,533.3%
Q1 '25
Gross β
Operating β
Net β
FCF β
Q2 '25
Gross β
Operating β
Net β
FCF β
Q3 '25
Gross β
Operating β
Net β
FCF β
Q4 '25
Gross β
Operating β
Net β
FCF β
Q1 '26
Gross β
Operating β
Net β
FCF β
Q2 '26
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Net Power Inc. lost $579M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY22
Net income β$54.8M
FY24
Net income β
FY25
Net income β$579M
Net income
Q2 '22
Net income β$13.8M
Q3 '22
Net income β$12.2M
Q4 '22
Net income β$17.4M
Q1 '24
Net income β$17.1M
Q3 '24
Net income β$30.6M
Q4 '24
Net income $0.8M
Q1 '25
Net income β$119M
Q2 '25
Net income β$28.1M
Q3 '25
Net income β$411M
Q4 '25
Net income β$19.6M
Q1 '26
Net income β$9.9M
Q2 '26
Net income β$80.3M
Diluted EPS
FY22
Diluted EPS β$14.79
FY24
Diluted EPS β
FY25
Diluted EPS β$7.34
Diluted EPS
Q2 '22
Diluted EPS β$3.70
Q3 '22
Diluted EPS β$10.69
Q4 '22
Diluted EPS β
Q1 '24
Diluted EPS β$4.55
Q3 '24
Diluted EPS β$0.44
Q4 '24
Diluted EPS $0.01
Q1 '25
Diluted EPS β$1.55
Q2 '25
Diluted EPS β$0.36
Q3 '25
Diluted EPS β$5.28
Q4 '25
Diluted EPS β$0.15
Q1 '26
Diluted EPS β$0.12
Q2 '26
Diluted EPS β$0.91
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$154M in fiscal 2025, β of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY22
Free cash flow β$16.7M
FY24
Free cash flow β
FY25
Free cash flow β$154M
Free cash flow
Q2 '22
Free cash flow β
Q3 '22
Free cash flow β$3.0M
Q4 '22
Free cash flow β$4.1M
Q1 '24
Free cash flow β$5.8M
Q3 '24
Free cash flow β
Q4 '24
Free cash flow β$12.2M
Q1 '25
Free cash flow β$29.3M
Q2 '25
Free cash flow β$27.7M
Q3 '25
Free cash flow β$51.1M
Q4 '25
Free cash flow β$45.9M
Q1 '26
Free cash flow β$59.3M
Q2 '26
Free cash flow β$10.4M
Cash from operations vs capital spending
FY22
Cash from operations β$16.6M
Capital spending $0.1M
FY24
Cash from operations β
Capital spending β
FY25
Cash from operations β$121M
Capital spending $33.2M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q2 '22
Cash from operations β$9.4M
Capital spending β
Q3 '22
Cash from operations β$3.0M
Capital spending $0.0M
Q4 '22
Cash from operations β$4.0M
Capital spending $0.1M
Q1 '24
Cash from operations β$5.1M
Capital spending $0.6M
Q3 '24
Cash from operations β
Capital spending β
Q4 '24
Cash from operations β$2.7M
Capital spending $9.5M
Q1 '25
Cash from operations β$20.4M
Capital spending $8.9M
Q2 '25
Cash from operations β$24.6M
Capital spending $3.1M
Q3 '25
Cash from operations β$48.0M
Capital spending $3.1M
Q4 '25
Cash from operations β$27.8M
Capital spending $18.1M
Q1 '26
Cash from operations β$51.1M
Capital spending $8.2M
Q2 '26
Cash from operations β$9.6M
Capital spending $0.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY22
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY22
Diluted shares 0.00B
FY24
Diluted shares β
FY25
Diluted shares 0.08B
Insider trades
KIRA Β· In the last 12 months, insiders sold $17.9M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$17.9M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Npeh, LLC10% owner | Sold | 150,000 | $1.84 | $0.3M | Form 4 |
| Sep 8, 2026 | Npeh, LLC10% owner | Sold | 100,000 | $1.94 | $0.2M | Form 4 |
| Aug 26, 2026 | Npeh, LLC10% owner | Sold | 41,350 | $1.91 | $0.1M | Form 4 |
| Aug 25, 2026 | Npeh, LLC10% owner | Sold | 201,550 | $1.91 | $0.4M | Form 4 |
| Aug 14, 2026 | 8 Rivers Capital, LLC10% owner | Sold | 507,100 | $1.95 | $1.0M | Form 4 |
| Aug 13, 2026 | 8 Rivers Capital, LLC10% owner | Sold | 200,000 | $1.62 | $0.3M | Form 4 |
| Aug 12, 2026 | 8 Rivers Capital, LLC10% owner | Sold | 50,000 | $1.63 | $0.1M | Form 4 |
| Aug 11, 2026 | Damian R. Beauchamp10% owner | Sold | 35,000 | $1.60 | $0.1M | Form 4 |
| Aug 10, 2026 | Damian R. Beauchamp10% owner | Sold | 55,400 | $1.55 | $0.1M | Form 4 |
| Aug 7, 2026 | Damian R. Beauchamp10% owner | Sold | 60,345 | $1.53 | $0.1M | Form 4 |
| Aug 6, 2026 | Npeh, LLC10% owner | Sold | 89,255 | $1.51 | $0.1M | Form 4 |
| Aug 5, 2026 | Npeh, LLC10% owner | Sold | 140,000 | $1.51 | $0.2M | Form 4 |
| Aug 4, 2026 | Npeh, LLC10% owner | Sold | 120,000 | $1.54 | $0.2M | Form 4 |
| Jul 30, 2026 | Damian R. Beauchamp10% owner | Sold | 155,000 | $1.43 | $0.2M | Form 4 |
| Jul 29, 2026 | Damian R. Beauchamp10% owner | Sold | 45,000 | $1.41 | $0.1M | Form 4 |
| Jul 28, 2026 | Damian R. Beauchamp10% owner | Sold | 55,858 | $1.47 | $0.1M | Form 4 |
| Jul 23, 2026 | Npeh, LLC10% owner | Sold | 39,142 | $1.51 | $0.1M | Form 4 |
| Jul 22, 2026 | Npeh, LLC10% owner | Sold | 90,000 | $1.53 | $0.1M | Form 4 |
| Jul 21, 2026 | Npeh, LLC10% owner | Sold | 80,000 | $1.53 | $0.1M | Form 4 |
| May 13, 2026 | Damian R. Beauchamp10% owner | Sold | 35,000 | $2.43 | $0.1M | Form 4 |
| May 12, 2026 | Damian R. Beauchamp10% owner | Sold | 400,000 | $2.44 | $1.0M | Form 4 |
| Mar 3, 2026 | Damian R. Beauchamp10% owner | Sold | 100,000 | $2.04 | $0.2M | Form 4 |
| Mar 2, 2026 | Npeh, LLC10% owner | Sold | 79,858 | $2.05 | $0.2M | Form 4 |
| Feb 27, 2026 | Npeh, LLC10% owner | Sold | 4,744 | $2.00 | $0.0M | Form 4 |
| Feb 26, 2026 | Npeh, LLC10% owner | Sold | 1,881 | $2.00 | $0.0M | Form 4 |
| Feb 20, 2026 | 8 Rivers Capital, LLC10% owner | Sold | 63,517 | $2.03 | $0.1M | Form 4 |
| Feb 19, 2026 | 8 Rivers Capital, LLC10% owner | Sold | 125,000 | $2.14 | $0.3M | Form 4 |
| Feb 18, 2026 | Npeh, LLC10% owner | Sold | 75,000 | $2.07 | $0.2M | Form 4 |
| Feb 13, 2026 | Npeh, LLC10% owner | Sold | 100,000 | $2.14 | $0.2M | Form 4 |
| Feb 12, 2026 | Damian R. Beauchamp10% owner | Sold | 150,000 | $2.03 | $0.3M | Form 4 |
| Feb 11, 2026 | Damian R. Beauchamp10% owner | Sold | 60,000 | $2.02 | $0.1M | Form 4 |
| Feb 10, 2026 | Damian R. Beauchamp10% owner | Sold | 40,000 | $2.08 | $0.1M | Form 4 |
| Jan 29, 2026 | 8 Rivers Capital, LLC10% owner | Sold | 54,780 | $2.35 | $0.1M | Form 4 |
| Jan 28, 2026 | Npeh, LLC10% owner | Sold | 65,220 | $2.38 | $0.2M | Form 4 |
| Jan 27, 2026 | Npeh, LLC10% owner | Sold | 100,000 | $2.38 | $0.2M | Form 4 |
| Jan 26, 2026 | Npeh, LLC10% owner | Sold | 130,000 | $2.35 | $0.3M | Form 4 |
| Jan 16, 2026 | Npeh, LLC10% owner | Sold | 230,000 | $2.63 | $0.6M | Form 4 |
| Jan 15, 2026 | Npeh, LLC10% owner | Sold | 135,000 | $2.57 | $0.3M | Form 4 |
| Jan 14, 2026 | Npeh, LLC10% owner | Sold | 135,000 | $2.74 | $0.4M | Form 4 |
| Dec 24, 2025 | Damian R. Beauchamp10% owner | Sold | 170,000 | $2.21 | $0.4M | Form 4 |
| Dec 23, 2025 | 8 Rivers Capital, LLC10% owner | Sold | 130,000 | $2.17 | $0.3M | Form 4 |
| Dec 22, 2025 | 8 Rivers Capital, LLC10% owner | Sold | 100,000 | $2.26 | $0.2M | Form 4 |
| Dec 19, 2025 | 8 Rivers Capital, LLC10% owner | Sold | 100,000 | $2.34 | $0.2M | Form 4 |
| Dec 9, 2025 | Damian R. Beauchamp10% owner | Sold | 40,000 | $2.82 | $0.1M | Form 4 |
| Dec 8, 2025 | 8 Rivers Capital, LLC10% owner | Sold | 140,000 | $2.81 | $0.4M | Form 4 |
| Dec 5, 2025 | 8 Rivers Capital, LLC10% owner | Sold | 105,000 | $2.91 | $0.3M | Form 4 |
| Dec 4, 2025 | 8 Rivers Capital, LLC10% owner | Sold | 65,000 | $2.94 | $0.2M | Form 4 |
| Nov 28, 2025 | Npeh, LLC10% owner | Sold | 200,000 | $2.94 | $0.6M | Form 4 |
| Nov 21, 2025 | Damian R. Beauchamp10% owner | Sold | 17,163 | $2.50 | $0.0M | Form 4 |
| Nov 20, 2025 | Damian R. Beauchamp10% owner | Sold | 132,837 | $2.60 | $0.3M | Form 4 |
| Nov 19, 2025 | 8 Rivers Capital, LLC10% owner | Sold | 250,000 | $2.57 | $0.6M | Form 4 |
| Nov 17, 2025 | 8 Rivers Capital, LLC10% owner | Sold | 338,653 | $2.81 | $1.0M | Form 4 |
| Nov 3, 2025 | Npeh, LLC10% owner | Sold | 8,477 | $4.00 | $0.0M | Form 4 |
| Oct 31, 2025 | Cynda Beauchamp10% owner | Sold | 18,116 | $4.05 | $0.1M | Form 4 |
| Oct 30, 2025 | Damian R. Beauchamp10% owner | Sold | 107,754 | $4.04 | $0.4M | Form 4 |
| Oct 29, 2025 | Damian R. Beauchamp10% owner | Sold | 786,832 | $4.12 | $3.2M | Form 4 |
| Oct 28, 2025 | Damian R. Beauchamp10% owner | Sold | 7,585 | $3.77 | $0.0M | Form 4 |
| Oct 27, 2025 | Npeh, LLC10% owner | Sold | 200,000 | $3.77 | $0.8M | Form 4 |
| Oct 24, 2025 | Npeh, LLC10% owner | Sold | 32,583 | $3.70 | $0.1M | Form 4 |
| Oct 23, 2025 | Npeh, LLC10% owner | Sold | 284,100 | $3.69 | $1.0M | Form 4 |
| Oct 22, 2025 | Npeh, LLC10% owner | Sold | 89,000 | $3.31 | $0.3M | Form 4 |
| Oct 21, 2025 | Npeh, LLC10% owner | Sold | 189,300 | $3.53 | $0.7M | Form 4 |
| Oct 20, 2025 | Npeh, LLC10% owner | Sold | 201,000 | $3.58 | $0.7M | Form 4 |
| Oct 16, 2025 | Damian R. Beauchamp10% owner | Sold | 13,959 | $4.71 | $0.1M | Form 4 |
| Oct 15, 2025 | Damian R. Beauchamp10% owner | Sold | 222,641 | $4.86 | $1.1M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Net Power Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY22
Cash $5.2M
Debt β
FY24
Cash $408M
Debt β
FY25
Cash $338M
Debt β
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 | β$39.3M | $656M | $204M |
| Net debt (β = net cash) | β | β | β |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY22
Return on capital β
Return on equity β
Return on assets β70.1%
FY24
Return on capital β
Return on equity β
Return on assets β
FY25
Return on capital β
Return on equity β134.6%
Return on assets β40.0%
Return on capital
Return on equity
Return on assets
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY22 | FY25 |
|---|---|---|
| Net income is positive | β | β |
| Cash from operations is positive | β | β |
| Return on assets rose | β | β |
| Cash from operations exceeds net income | β | β |
| Debt fell relative to assets | β | β |
| Current ratio rose | β | β |
| Share count didn't rise | β | β |
| Gross margin rose | β | β |
| Revenue rose relative to assets | β | β |
| F-score | β / 3 | β / 4 |
| Accruals ratio | β48.8% | β31.6% |
| Altman Z'' | β16.76 | β17.29 |
All figures
Every number, year by year.
3 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY22 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $0.6M | β | $0.0M |
| Gross profit | $0.3M | β | $0.0M |
| Research and development | β | β | $99.5M |
| Operating income | β$50.0M | β | β$1.8B |
| Pretax income | β | β | β$1.7B |
| Income tax | $0.0M | β | β$4.3M |
| Net income | β$54.8M | β | β$579M |
| Net income to common | β$54.8M | β | β |
| Diluted EPS | β$14.79 | β | β$7.34 |
| Diluted shares | 0.00B | β | 0.08B |
| Cash flow | |||
| Cash from operations | β$16.6M | β | β$121M |
| Capital expenditure | $0.1M | β | $33.2M |
| Free cash flow | β$16.7M | β | β$154M |
| Depreciation and amortization | $13.4M | β | $62.4M |
| Stock-based compensation | $12.6M | β | $46.4M |
| Balance sheet | |||
| Cash and short-term investments | $5.2M | $408M | $338M |
| Finance lease liabilities | β | $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 | β$39.3M | $656M | $204M |
| Margins | |||
| Gross margin | 52.6% | β | β |
| Operating margin | β8,625.0% | β | β |
| EBITDA margin | β6,316.9% | β | β |
| Net margin | β9,444.5% | β | β |
| FCF margin | β2,887.1% | β | β |
| Returns | |||
| Return on capital employed | β71.8% | β | β324.5% |
| Return on equity | β | β | β134.6% |
| Return on assets | β70.1% | β | β40.0% |
| Return on tangible equity | β | β | β2,591.0% |
| Financial health | |||
| Current ratio | 0.9x | 28.7x | 7.2x |
| Quick ratio | 0.9x | 28.7x | 7.2x |
| Capital allocation | |||
| Capex / revenue | 19.8% | β | β |
| Stock comp / revenue | 2,176.2% | β | β |
| Quality scores | |||
| Altman Z'' | β16.8 | β | β17.3 |
| Accruals ratio | β48.8% | β | β31.6% |
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 β not investment advice. Check the original filings before relying on any figure.