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NET Power (NPWR) investor relations material

NET Power Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary12 Aug, 2025

Executive summary

  • Unprecedented energy demand, especially from AI and data centers, is straining grid reliability and driving a shift toward integrated gas turbine and Net Power solutions for immediate reliable power and decarbonization.

  • The integrated product approach, combining gas turbines with the Net Power cycle, enables faster market entry, flexible emissions, and a clear decarbonization path.

  • Project Permian's LCOE has dropped below $100/MWh, reflecting over 33% improvement due to integration, value engineering, and expanded 45Q tax credits.

  • Operating expenses surged in 2025, driven by a $359.8 million goodwill impairment and $56.1 million in expensed construction costs, resulting in a $565.1 million operating loss for the first half.

  • Two lawsuits were filed in Q2 2025 alleging misleading statements regarding Project Permian's timing and costs.

Financial highlights

  • Project Permian LCOE improved from over $150/MWh to under $100/MWh, driven by integration, value engineering, and tax incentives.

  • ASU equipment and installation costs dropped by 15% and 10%, respectively, with pipe quantities and diameters reduced by 20% and 25%.

  • Goodwill impairment and expensed construction costs totaled $415.9 million for the first half of 2025.

  • Cash and cash equivalents at June 30, 2025 were $284 million, with total liquidity of $472.3 million.

  • Net cash used in operating activities was $45 million for the first half, up $34.1 million year-over-year.

Outlook and guidance

  • First power from Project Permian interconnect expected by mid-2028, with Net Power plant online by 2029 or early 2030, pending successful value engineering.

  • Gas turbines to be deployed ahead of Net Power core facility, enabling immediate grid or data center service.

  • La Porte test facility resumed validation work, with phased testing scheduled through 2027.

  • Management believes current liquidity is sufficient for the next 12 months, but additional funding will be required for utility-scale construction.

  • Ongoing focus on securing offtake agreements, financing, and project development for both gas turbine and Net Power components.

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Frequently asked questions

NET Power Inc. is a clean energy technology company that focuses on inventing, developing, and licensing innovative technologies for clean power generation. Established in 2010, the company is pioneering a unique approach to producing power with significantly reduced emissions. NET Power's proprietary technology centers on an oxy-combustion process, transforming natural gas into clean energy. This process is designed to provide reliable, on-demand power generation while achieving near-zero emissions of carbon dioxide and pollutants. The firm's mission is to deliver the "energy trifecta": clean, reliable, and low-cost power, addressing both environmental and energy security concerns. The company is headquartered in Durham, North Carolina, and its shares are listed on the New York Stock Exchange (NYSE).

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