NET Power Inc.
- Open
- 1.69
- Day high
- 1.71
- Day low
- 1.65
- Prev close
- 1.67
- Volume
- 135K
- Mkt cap
- $148M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.7
- P/S
- —
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.1M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions mixed (13F)
NET Power Inc. (NPWR) is a Industrials company listed on NYSE. The stock is down 34% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
NET Power Inc. (NPWR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NPWR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $-0.07 | $-0.12 | -69.3% | — | — |
| Mar 10, 2026 | $-0.09 | $-0.20 | -117.2% | — | — |
| Nov 13, 2025 | $-0.16 | $5.84 | +3850.8% | — | — |
| Mar 10, 2025 | $-0.13 | $-0.46 | -253.8% | $250000 | — |
| Feb 20, 2024 | $-0.06 | $0.32 | +626.3% | — | — |
| Nov 14, 2023 | $-0.07 | $-0.44 | -528.6% | — | — |
| Aug 14, 2023 | $-0.08 | $-0.74 | -825.0% | $125000 | — |
| Nov 12, 2021 | — | $-0.12 | — | — | — |
| Aug 12, 2021 | — | $-0.49 | — | — | — |
NPWR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 14, 2026 | NPEH, LLC10 percent owner | Sell | 35,000 | $2.43 |
| May 14, 2026 | 8 Rivers Capital, LLC10 percent owner | Sell | 35,000 | $2.43 |
| May 14, 2026 | NPEH, LLC10 percent owner | Sell | 400,000 | $2.44 |
| May 14, 2026 | 8 Rivers Capital, LLC10 percent owner | Sell | 400,000 | $2.44 |
| Mar 5, 2026 | 8 Rivers Capital, LLC10 percent owner | Sell | 100,000 | $2.04 |
| Mar 5, 2026 | NPEH, LLC10 percent owner | Sell | 100,000 | $2.04 |
| Mar 2, 2026 | 8 Rivers Capital, LLC10 percent owner | Sell | 1,881 | $2.00 |
| Mar 2, 2026 | NPEH, LLC10 percent owner | Sell | 1,881 | $2.00 |
| Mar 2, 2026 | NPEH, LLC10 percent owner | Sell | 79,858 | $2.05 |
| Mar 2, 2026 | 8 Rivers Capital, LLC10 percent owner | Sell | 4,744 | $2.00 |
| Mar 2, 2026 | NPEH, LLC10 percent owner | Sell | 4,744 | $2.00 |
| Mar 2, 2026 | 8 Rivers Capital, LLC10 percent owner | Sell | 79,858 | $2.05 |
| Feb 23, 2026 | 8 Rivers Capital, LLC10 percent owner | Sell | 63,517 | $2.03 |
| Feb 23, 2026 | 8 Rivers Capital, LLC10 percent owner | Sell | 125,000 | $2.14 |
| Feb 23, 2026 | NPEH, LLC10 percent owner | Sell | 125,000 | $2.14 |
Source: NPWR SEC Form 4 filings, latest May 14, 2026. For informational purposes only — not investment advice.
See the full NPWR insider & 13F page →NET Power Inc. company profile
Overview
NET Power Inc. (NYSE:NPWR) is a clean energy technology company founded in 2010 and headquartered in Durham, North Carolina. The company went public in August 2021 through a SPAC merger. NET Power develops and licenses revolutionary power generation technology that burns natural gas while capturing virtually all carbon dioxide emissions, positioning itself as a bridge solution between traditional fossil fuel power generation and renewable energy. The company operates a demonstration facility in La Porte, Texas, and is developing its first utility-scale commercial plant, Project Permian, which is expected to begin operations between 2027-2029.
Business
NET Power operates in the clean energy technology sector, specifically focusing on carbon capture and storage (CCS) power generation. The company has developed what it calls the Allam-Fetvedt Cycle, a groundbreaking thermodynamic process that generates electricity from natural gas while capturing nearly 100% of carbon dioxide emissions. The core technology works by burning natural gas in pure oxygen rather than air, producing a mixture of carbon dioxide and water vapor. The CO2 is then compressed, with most of it sequestered underground and a portion recycled back through the system to drive turbines for electricity generation. This process eliminates the need for expensive post-combustion carbon capture equipment typically required by conventional power plants. NET Power's business model centers around three main activities. First, it develops and validates the technology through its demonstration facility in La Porte, Texas, where it has accumulated over 140 fired hours of testing. Second, it licenses this technology to power plant developers and utilities seeking clean, firm power generation. Third, it develops its own utility-scale projects, with Project Permian in Texas serving as the flagship commercial deployment. The company targets markets requiring clean, firm power - electricity that can run 24/7 regardless of weather conditions, unlike intermittent renewable sources like wind and solar. This positions NET Power as complementary to renewables rather than competitive, filling the gap for baseload power generation while meeting increasingly stringent environmental regulations.
Revenue model
NET Power generates revenue through multiple channels, though the company is still in pre-commercial phase with minimal current revenues ($250,000 in FY 2024). The primary future revenue streams include technology licensing fees, engineering and consulting services, and potentially direct ownership stakes in power projects. The company's target customers include electric utilities, independent power producers, industrial companies requiring reliable power (particularly data centers), and government entities seeking clean energy solutions. NET Power's value proposition centers on providing Levelized Cost of Energy (LCOE) competitive with conventional natural gas plants while qualifying for substantial federal tax credits under the 45Q program, which provides up to $85 per ton of CO2 permanently stored. Several factors influence NET Power's margin potential. Positive drivers include the 45Q tax credit program, which can reduce effective LCOE from approximately $80/MWh to $60/MWh, making the technology highly competitive. Rising carbon pricing and environmental regulations also favor NET Power's zero-emission profile. The growing demand for reliable power from data centers and AI computing creates additional market opportunities. However, margin pressures come from capital equipment inflation, which has increased Project Permian's estimated cost from initial projections to $1.7-2.0 billion. Competition from renewable energy plus storage solutions, potential changes to federal tax incentives, and the availability of low-cost natural gas all impact the technology's economic attractiveness. The company's first-of-its-kind status also means higher development costs and execution risks compared to proven technologies.
Competitive moat
NET Power's competitive moat appears moderately strong but faces several challenges. The company's primary advantage lies in its proprietary Allam-Fetvedt Cycle technology, which is protected by patents and represents over a decade of research and development. This technology offers a unique solution for clean, firm power generation that neither traditional renewables nor conventional carbon capture technologies can match effectively. The company has established strategic partnerships with major industry players including Baker Hughes (turbomachinery), Air Liquide (air separation), and has backing from significant investors like Occidental Petroleum, Constellation Energy, and SK Group. These relationships create barriers for competitors and provide validation for the technology. Additionally, NET Power's first-mover advantage in oxy-combustion power generation gives it valuable operational experience and data that competitors would need years to replicate. However, the moat faces meaningful threats. The technology remains unproven at commercial scale, with Project Permian representing the first full-scale deployment. Large established players like General Electric, Siemens, or other major power equipment manufacturers could potentially develop competing technologies or acquire smaller innovators. The company also faces competition from advancing renewable energy storage solutions, small modular nuclear reactors, and other emerging clean energy technologies. The regulatory environment presents both opportunity and risk - while current policies favor NET Power's carbon capture capabilities, changes in federal incentives or carbon pricing could significantly impact the technology's competitiveness. The company's success ultimately depends on proving commercial viability and achieving cost competitiveness without subsidies, which remains uncertain.
Risks & safety
NET Power maintains a strong financial position but faces significant execution risks given its pre-revenue status and capital-intensive development timeline. • Liquidity and Solvency: The company holds approximately $300 million in cash and short-term investments as of Q1 2025, providing substantial runway. With annual operating cash outflows of roughly $32 million and planned 2025 spending of $190 million, the company has adequate liquidity for near-term operations. • Debt Position: Minimal debt with debt-to-equity ratio of 0.004, indicating very low financial leverage and solvency risk. • Valuation Metrics: Traditional metrics are not applicable given negative earnings and minimal revenue. The company trades at approximately 1.2x book value, suggesting reasonable valuation relative to net assets. • Capital Requirements: Project Permian requires an estimated $1.7-2.0 billion in total investment, with NET Power needing to secure $600-900 million in additional capital. This represents the primary financial risk. • Other Considerations: Strong backing from strategic investors (85% equity ownership by major players) provides financial stability and industry validation, though this also limits potential upside for public shareholders.
Recent development
Over the past few years, NET Power has made significant progress transitioning from technology development to commercial deployment. The company completed the Front-End Engineering and Design (FEED) for Project Permian, its first utility-scale plant, though the timeline has extended to groundbreaking in 2027 and commercial operation by 2029 due to cost optimization efforts. A major strategic development has been the partnership with Baker Hughes for turbomachinery development and validation. The companies have commenced equipment testing at NET Power's La Porte facility, with over 140 fired hours accumulated. This partnership extends beyond equipment supply to potential joint development of industrial-scale applications with companies like Woodside Energy. The company has also shifted its commercial strategy toward multi-unit project configurations, particularly targeting coastal locations where multiple 250-300 MW plants could share infrastructure and reduce per-unit costs. This approach aims to achieve economies of scale and improve project economics. Additionally, NET Power has expanded its market focus to include data center applications, recognizing the growing demand for reliable, clean power from AI and cloud computing facilities. Recent cost pressures have led to intensive value engineering efforts for Project Permian, with the company exploring various financing structures and seeking strategic capital partners. The estimated project cost increase to $1.7-2.0 billion has prompted management to focus heavily on cost reduction and standardization for future deployments.
NPWR company profile · for informational purposes only — not investment advice.
Track NPWR with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free