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Visual22 Oct 2025
Epiroc's cash spent on M&A
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.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.
What's the expected timeline for SN1 FID?
How does 45Q parity impact NET Power's market?
What are the key risks to Permian's timeline?
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Next NET Power earnings date
Q3 202511 Nov, 2025
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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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