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NET Power (NPWR) investor relations material
NET Power Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Announced a strategic pivot to accelerate deployment of clean, firm natural gas power using proven post-combustion carbon capture (PCC) technology, in partnership with Entropy, while continuing to advance proprietary oxycombustion technology for the long term.
Broadened business scope to include standard gas turbines with PCC due to slower-than-expected market adoption and high costs of proprietary technology.
Emphasized the urgent market need for reliable, scalable, and clean power to meet surging demand from AI data centers, manufacturing, and residential growth.
Progressing clean firm power hubs in the Permian Basin and Northern MISO, targeting commercial operations in 2028 and 2029, respectively.
Signed a letter of intent with Entropy Inc. to exclusively deploy Entropy's PCC technology for power generation in the U.S. and jointly develop projects.
Financial highlights
Phase one of the West Texas project is expected to cost $375 million–$425 million in total installed CapEx, with equity share estimated at $75 million–$90 million, assuming 50% project financing and a 50/50 equity split with Entropy.
Ended the quarter with approximately $424 million in cash, cash equivalents, and investments.
Reported a net loss attributable to shareholders of $411.5 million for Q3 2025 and $559.0 million for the nine months ended September 30, 2025.
Operating expenses surged to $1.16 billion in Q3 2025, driven by a $1.1 billion impairment charge.
Projected levelized cost of energy (LCOE) for the Permian project is under $80/MWh, with Northern MISO at roughly $100/MWh.
Outlook and guidance
Targeting financial investment decision (FID) for West Texas phase one in the first half of 2026, with construction in the second half of 2026 and commercial operation by late 2028 or early 2029.
Northern MISO project aims for FID in 2027 and commercial operations as soon as 2029.
Plans to reassess future testing phases of oxy-combustion technology by year-end.
Existing liquidity expected to fund operations for at least the next 12 months, but additional funding may be needed for future projects.
Clean, firm power hubs are designed to come online from 2028–2030, with expansion to multi-gigawatt scale by the early to mid-2030s.
Future capital allocation for oxy-combustion?
Offtake strategy for MISO PCC project?
Exclusivity terms with Entropy Inc. details?
Carbon stacking's impact on project returns
Entropy partnership: site leverage & speed
Oxy-combustion: long-term development plan
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Q4 20259 Mar, 2026
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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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