NPWR — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-11

• Net Power is progressing its first clean firm power hub at the Project Permian site in West Texas. The project is being sized to accommodate up to one gigawatt of clean firm power generation capacity. We intend for Phase I of the project to utilize readily available gas turbines paired with Entropy’…

• We are a development stage company and our historical results may not be indicative of our future results, particularly considering the recent shift in the anticipated timing of our technology development of the Oxy-Combustion Cycle and the introduction of the clean gas power plant product incorpora…

• financial results, as well as the components of such results, may not be comparable to our historical or future results of operations.

• Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025

• General and administrative expenses consist primarily of personnel-related expenses associated with our general and administrative organization and professional fees for legal, accounting, information technology, and other consulting services. General and administrative expenses increased by $0.2 mi…

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• Specifically, on July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBBA”), a large piece of tax and spending legislation that has specific material effects for Net Power’s intended SN1 project and future pipeline. The OBBBA preserved the core elements of the 45Q tax cre…

• Additionally, the Trump Administration has started the process to change regulations on new natural gas-fired power plants. Currently, the U.S. Environmental Protection Agency’s regulations for new gas turbines that run above a 40% capacity factor require such facilities to meet a 90% capture rate b…

• In 2024, Net Power began purchasing initial long-lead materials for its first utility-scale power plant (“SN1”) with the intention of locating SN1 in the Permian Basin of West Texas (“Project Permian”). However, after completing the front-end engineering and design (“FEED”) process in December 2024,…

• During the third quarter of 2025, we completed a market analysis of our oxy-combustion technology, identifying slower than anticipated acceptance and deployment of the technology from previous expectations. The value engineering efforts on Project Permian identified significant cost reductions, but …

• In response to unprecedented demand growth for low-cost, firm power generation solutions with viable pathways to decarbonize, we have broadened the scope of our business to include the generation of power using natural gas turbines paired with post-combustion carbon capture technology. In order to p…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• As a smaller reporting company, we are not required to provide the information called for by this Item. However, for a discussion of the material risks, uncertainties and other factors that could have a material effect on us, please refer to Part I, Item 1A. “Risk Factors” in our Annual Report.

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• In addition to the information set forth in this Form 10-Q, you should carefully consider the risk factors disclosed in our Annual Report. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in our Annual Report. Except as set f…

• We have incurred and may in the future incur losses due to an impairment in the carrying value of our long-lived assets.

• In September 2025, we determined that a triggering event had occurred requiring an impairment assessment of our Developed Technology Asset Group, which resulted in the recognition of an impairment loss of $1,095.8 million for the three and nine months ended September 30, 2025.

• This impairment loss is a reflection of the current market for our technology that has resulted from information gathered by management regarding the projected cost of Project Permian and the ability of our technology to compete with other prevailing energy technologies on both a cost and efficiency…

• exposed to additional impairment charges in future periods, which could adversely affect the Company’s business and financial results.

Text added vs the prior filing · source: 10-Q · 2026-05-11

• During the three months ended March 31, 2026, none of our directors or “officers” (as such term is defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408(a) of Regulation…

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• On November 12, 2025, we, through our wholly-owned subsidiary, entered into an Equipment Supply Agreement with Relevant Power Solutions, LLC (“RPS”) to purchase two modular gas turbine generator sets with nominal gross power of approximately 30 megawatts each (“Gas Turbine Sets”) for use in our prop…

• During the three months ended September 30, 2025, none of our directors or “officers” (as such term is defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408(a) of Regula…