NET Power Inc. functions as a pioneering firm in the realm of sustainable energy solutions. Its core business involves the conceptualization, refinement, ...
NET Power Inc. (NYSE: NPWR) is a pioneering clean energy technology company founded in 2010 and headquartered in Durham, North Carolina. The company's mission is to transform natural gas into the lowest cost form of clean firm power by developing and commercializing an innovative oxy-combustion cycle. This technology burns natural ...NET Power Inc. (NYSE: NPWR) is a pioneering clean energy technology company founded in 2010 and headquartered in Durham, North Carolina. The company's mission is to transform natural gas into the lowest cost form of clean firm power by developing and commercializing an innovative oxy-combustion cycle. This technology burns natural gas with oxygen, producing a concentrated CO2 stream that can be easily captured, while generating electricity with high efficiency and near-zero atmospheric emissions. NET Power operates as a licensor of its technology to power plant developers and operators, generating revenue through licensing fees, engineering services, and royalties. The company has received strategic investments from major industry partners, including 8 Rivers Capital, McDermott, and Oxy Low Carbon Ventures, among others. Danny Rice, who joined as CEO in 2023, brings over 20 years of energy industry experience, having previously co-founded and led Rice Energy, a natural gas producer that was sold to EQT for $6.7 billion. Under his leadership, NET Power aims to scale its technology globally, partnering with utilities, independent power producers, and technology providers. As of the latest TTM data, the company has a market cap of approximately $138.8 million, with a beta of 1.073. It trades on the New York Stock Exchange under the ticker NPWR, having gone public in August 2021 via a merger with Rice Acquisition Corp. The company employs 54 full-time staff, indicating a lean organizational structure focused on R&D and licensing. Financially, NET Power is in a pre-revenue stage, with no reported revenue, and has incurred net losses, reflected in negative profitability ratios. The company holds significant cash reserves ($10.2 per share) and has a strong current ratio of 23.8, indicating ample liquidity to fund its operations and technology development. However, its negative operating cash flow and free cash flow (-$184 million TTM) highlight substantial cash burn as it invests in commercialization efforts. The company's balance sheet is conservative with minimal debt (debt-to-equity of 0.017), providing financial stability. NET Power's long-term vision is to provide affordable, reliable, and clean electricity worldwide, addressing both climate change and energy demand. With its innovative technology and strategic partnerships, it stands at the forefront of next-generation power generation.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$0
-100.0%
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Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-578.5M
-1076.1%
-714.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
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Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
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Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
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Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-154.0M
-51.7%
+82.4%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
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Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
1.9%
+291.9%
+128.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
7.24x
-74.7%
-25.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings, and welcome to NET Power Inc. Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Bryce Mendes, Director, Investor Relations. Thank you. Please go ahead.
Bryce Mendes: Thank you. Good morning, everyone, and welcome to NET Power's Second Quarter 2026 Earnings Conference Call. With me on the call today, we have our Chief Executive Officer, Danny Rice; our President and Chief Operating Officer, Marc Horstman; and our Chief Financial Officer, Lee Shuman. Yesterday, we issued our earnings release for the second quarter ended June 30, 2026, which is available on our Investor Relations website at ir.netpower.com. During today's call, our remarks will include forward-looking statements. Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with our business, which are discussed in our SEC filings. We assume no obligation to update any forward-looking statements. A full description of these risks is available in the company's most recent annual report on Form 10-K and the quarterly report on Form 10-Q for the quarter ended June 30, 2026, each filed with the SEC. With that, I'll turn the call over to Danny Rice, NET Power's Chief Executive Officer.
Daniel Rice: Thanks, Bryce, and good morning, everyone. We appreciate you joining us this morning. We spent the last 4 months in an intensive customer engagement and marketing process. We talked to a broad set of prospective power buyers, the hyperscalers, the data center developers, general industrial companies looking to procure power, and what we heard was unambiguous. The market needs speed, scale and reliability, and it's going to pay a fair price for it. And given the shortage of having speed to reliable power at scale, which I think we'd all agree is mission-critical to the U.S. winning the AI race, the tech industry needs to see as much capital pointed directly at solving that problem today. So in our case, I think NET Power is unique because underneath our clean gas technology layer is a fundamental understanding of all things gas power generation, both the equipment and the know-how for where these projects make good sense to site for end customers. So the market told us that our 80-megawatt clean gas is very credible, but what they really need is a lot more power and they need it sooner. We believe the clean piece is important, but just as it's always been, will only come at scale once society's basic energy pillars of reliable and affordable power are fully in place. And power demand is outstripping supply today, so it's incumbent upon us to take a step back and reassess our allocation of our capital and our skills to help meet these basic energy needs while preserving the ability to do what we originally came here to do, which is to transform natural gas into the lowest cost form of …
