NET Power (NPWR) Q3 2026 earnings summary

Executive summary

• Strategy shifted to behind-the-meter natural-gas power for data centers and other large loads; near-term projects exclude carbon capture, and Oxy-Combustion Cycle development was indefinitely suspended.

• Developing a Texas Initial Project for islanded power to a prospective frontier-AI developer; Project Permian remains a second, longer-timeline project.

• Initial Project remains pre-FID, with no secured site rights, permits, binding offtake agreement or committed financing; no FID was expected in 2026.

Financial highlights

• Q3 2026 operating expenses and operating loss were $20.6M, versus $1,156.5M in Q3 2025, which included $1,095.8M of impairment charges.

• Q3 net loss was $16.6M; parent-attributable net loss was $6.5M and loss per share was $0.07, versus $411.5M and $5.28 in Q3 2025.

• 9M 2026 operating expenses were $264.7M and net loss was $249.4M; parent-attributable net loss was $96.6M and loss per share was $1.10.

• Cash, equivalents and available-for-sale securities totaled $182.9M at Sept. 30, 2026, versus $376.1M at Dec. 31, 2025; no debt was reported.

• 9M operating cash use was $68.4M; investing cash provided $10.9M, and cash, equivalents and restricted cash ended at $144.2M.

Outlook and guidance

• Existing cash and available-for-sale securities are forecast to cover at least 12 months only if full EPC notice to proceed, energy-services credit support and significant new commitments await sufficient committed funding.

• Project completion requires project-level or equipment financing, additional equity, partner capital or other funding substantially exceeding current liquidity; none was committed as of the report date.

• Full EPC notice to proceed was extended to Mar. 31, 2027; a change order and limited notice to proceed, with required payments, were due Nov. 20, 2026 to keep a $3.5M termination payment deferred.

• The prospective customer may reimburse up to ~$180M for approved nonrefundable costs under specified conditions; this is capped, conditional and not committed funding or a recognized receivable.