Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data NET Power Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2025
Revenue
0.58
0.25
0
Cost of revenue
0.03
0
Gross profit
0.31
0.22
0
Research and development
63.9
99.5
Selling and marketing
0.8
3.87
4.91
General and administrative
5.8
30.3
40.3
Operating expenses
50.3
182
1,792
Operating income
-50
-181
-1,792
Interest income
4.9
Other non-operating income
-4.75
6.1
114
Pre-tax income
-175
-1,678
Income tax
0
-10.6
-4.31
Net income to minority interests
0
-115
-1,095
Net income
-54.8
-49.2
-579
EBITDA
-36.6
-99.7
-1,729
EPS, basic
-14.79
-0.67
-7.34
EPS, diluted
-14.79
-0.67
-7.34
Shares, basic (weighted)
3.7
73.4
78.8
Shares, diluted (weighted)
3.7
73.4
78.8
Balance sheet
FY2022
FY2024
FY2025
Cash and equivalents
5.16
329
199
Short-term investments
0
78.3
138
Receivables
0.35
0
Other current assets
1.8
1.77
4.5
Total current assets
7.5
513
344
Property, plant and equipment
69.6
151
32.8
Lease right-of-use assets
0.78
2.7
0.55
Goodwill
0
360
0
Intangible assets
0.26
1,241
182
Long-term investments
22.6
38.2
Other non-current assets
0.65
0.39
Total assets
78.1
2,294
600
Accounts payable
0.58
3.09
1.44
Accrued liabilities
2.39
13.6
7.57
Total current liabilities
8.45
17.9
47.5
Lease liabilities
0.66
2.13
2.58
Other non-current liabilities
2.21
Total liabilities
13.7
132
64.5
Paid-in capital
26.3
772
898
Retained earnings
-225
-116
-695
Other comprehensive income
0.02
0.03
0.13
Shareholders' equity
-39.3
Minority interests
-0.23
Total equity
64.4
656
204
Total liabilities and equity
78.1
2,294
600
Shares outstanding
3.72
Cash flow statement
FY2022
FY2024
FY2025
Net income
-54.8
-165
-1,673
Depreciation and amortization
13.4
81.6
62.4
Stock-based compensation
12.6
33.7
46.4
Change in receivables
-0.3
0.06
0
Change in payables
-1.14
2.48
-1.66
Cash from operations
-16.6
-31.6
-121
Capital expenditures
-0.12
-68.7
-33.2
Purchases of investments
0
-170
-186
Cash from investing
-0.12
-169
-8.81
Debt issued
2
Debt repaid
-10
Stock issued
0
0.14
Cash from financing
21.5
-4.93
-0.23
Exchange rate effect
-0
Net change in cash
4.72
-205
-130
Free cash flow
-16.7
-100
-154
Interest paid
0.08
0
0.03
Income taxes paid
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.63 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-154.1%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-100.0%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
-100.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-73.9%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
7.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
17.8x
Current assets / current liabilities.
Quick ratio
17.5x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
17.5x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
7.5%
Total liabilities / total assets.
Working capital
$295.3M
Current assets - current liabilities.
Goodwill and intangibles / assets
0.1%
(Goodwill + intangible assets) / total assets.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$5.90
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Market cap + total debt - cash - short-term investments.
FCF yield
-45.5%
Free cash flow / market cap.
Earnings yield
-142.2%
Net income / market cap (the inverse of P/E).
What was NET Power Inc.'s revenue in fiscal 2025?
NET Power Inc. reported revenue of $0.0 for fiscal 2025, 100% lower than the year before.
Was NET Power Inc. profitable in fiscal 2025?
No. It reported a net loss of $578.6M.
How much free cash flow did NET Power Inc. generate in fiscal 2025?
Cash from operations of $120.8M minus capital expenditures of $33.2M left free cash flow of -$154.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.