The company's financial position appears increasingly vulnerable, as total assets contracted from $2.5 billion in 2023Q4 to $542.8 million by 2026Q1, alongside a negative retained earnings balance of $704.5 million.
| Total Current Assets | 311.06M | 343.76M | 513.03M | 640.8M | 7.5M | 3.33M | 13.63M |
| Cash & Short-Term Investments | 308.01M | 337.89M | 507.57M | 636.93M | 5.16M | 2.57M | 12.78M |
| Cash Only | 133.15M | 199.43M | 329.23M | 536.93M | 5.16M | 2.57M | 12.78M |
| Short-Term Investments | 174.87M | 138.46M | 178.34M | 100M | 0 | 0 | 0 |
| Accounts Receivable | 845K | 1.38M | 3.68M | 2M | 352K | 7.96K | 34K |
| Days Sales Outstanding | - | - | 5.38K | 4.17K | 221.52 | 1.38 | 275.78 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 2.2M | 4.5M | 0 | 93K | 1.79M | 0 | 824K |
| Total Non-Current Assets | 231.76M | 255.94M | 1.78B | 1.83B | 70.64M | 345.04M | 93.45M |
| Property, Plant & Equipment | 41.08M | 33.31M | 154.17M | 99.07M | 70.38M | 80.43M | 93.14M |
| Fixed Asset Turnover | 0.00x | - | 0.00x | 0.00x | 0.01x | 0.03x | 0.00x |
| Goodwill | 0 | 0 | 359.85M | 423.92M | 0 | 0 | 0 |
| Intangible Assets | 179.06M | 181.57M | 1.24B | 1.31B | 263K | 285K | 307K |
| Long-Term Investments | 176.06M | 38.24M | 22.63M | 0 | 0 | 345.04M | 0 |
| Other Non-Current Assets | 1.35M | 2.81M | 3.1M | 0 | 0 | 345.04M | 0 |
| Total Assets | 542.82M | 599.7M | 2.29B | 2.47B | 78.14M | 348.37M | 107.08M |
| Asset Turnover | 0.00x | - | 0.00x | 0.00x | 0.01x | 0.01x | 0.00x |
| Asset Growth % | -241.47% | -73.86% | -7.24% | 3065.23% | -77.57% | 225.33% | - |
| Total Current Liabilities | 13.06M | 47.47M | 17.91M | 12.02M | 8.45M | 519.32K | 8.5M |
| Accounts Payable | 346K | 1.44M | 3.09M | 617K | 577K | 143.41K | 622K |
| Days Payables Outstanding | 8.26 | 8.41 | 574.93 | 203.44 | 765.84 | 63.14 | 6.14K |
| Short-Term Debt | 1.16M | 1.2M | 0 | 347K | 0 | 7.01M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | -7.01M | 0 |
| Other Current Liabilities | 11.55M | 44.83M | 2.61M | 11.06M | 5.35M | 0 | 7.88M |
| Current Ratio | 23.82x | 7.24x | 28.65x | 53.31x | 0.89x | 6.40x | 1.60x |
| Quick Ratio | 23.82x | 7.24x | 28.65x | 53.31x | 0.89x | 6.40x | 1.60x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 11.89M | 17.03M | 114.02M | 130.28M | 5.28M | 41.8M | 0 |
| Long-Term Debt | 0 | 2.58M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 10.77M | 0 | 2.23M | 1.81M | 656K | 0 | 0 |
| Deferred Tax Liabilities | 4.98M | 0 | 4.31M | 59.88M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 9.5M | 14.45M | 107.48M | 68.59M | 4.63M | 41.8M | 0 |
| Total Liabilities | 24.95M | 64.5M | 131.93M | 142.3M | 13.73M | 42.32M | 8.5M |
| Total Debt | 3.55M | 3.79M | 3.1M | 2.15M | 786K | 7.01M | 0 |
| Net Debt | -129.6M | -195.65M | -326.13M | -534.77M | -4.38M | 4.44M | -12.78M |
| Debt / Equity | 0.01x | 0.01x | 0.00x | 0.00x | 0.01x | 0.02x | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.15x | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -10.44x | - | - |
| Total Equity | 517.88M | 535.21M | 2.16B | 2.33B | 64.4M | 306.05M | 98.58M |
| Equity Growth % | -243.31% | -75.25% | -7.24% | 3519.32% | -78.96% | 210.44% | - |
| Book Value per Share | 6.07 | 6.79 | 29.46 | 56.59 | 0.90 | 7.10 | 28.40 |
| Total Shareholders' Equity | 205.32M | 203.9M | 655.6M | 785.01M | 64.4M | 306.44M | 98.58M |
| Common Stock | 23K | 22K | 22K | 21K | 262.62M | 345M | 227.96M |
| Retained Earnings | -704.53M | -694.67M | -116.04M | -66.85M | -224.53M | -38.56M | -131.46M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1K | 129K | 32K | 0 | 17K | 20K | 20K |
| Minority Interest | 312.55M | 331.3M | 1.51B | 1.55B | 0 | -390.89K | 0 |
Capital depletion and commercialization
As reported in recent financial filings, NPWR's total assets have plummeted from $2.5 billion in 2023Q4 to $542.8 million by 2026Q1, signaling a significant contraction in the company's resource base as it continues to fund pre-commercial development without any offsetting revenue generation to replenish its capital.
The precipitous decline in total assets appears to be driven by substantial write-downs and the ongoing consumption of cash reserves. This trend suggests that the company is rapidly exhausting the capital provided at its inception, which may limit its operational flexibility as it approaches critical project milestones.
Based on the company's quarterly balance sheet data, cash reserves have declined from a peak of $536.9 million in 2023Q4 to $133.1 million in 2026Q1, indicating that the firm's liquidity buffer is narrowing significantly as it sustains its high-cost research and development activities without commercial revenue.
While the current ratio remains elevated at 23.82, this figure is largely a function of the company's minimal current liabilities rather than robust operational liquidity. Investors should monitor the burn rate closely, as the current trajectory suggests that the company may require additional capital infusions to reach commercial viability.
According to the provided financial statements, goodwill has decreased from $423.9 million in 2023Q4 to $179.1 million in 2026Q1, reflecting significant downward adjustments that suggest the carrying value of past acquisitions may no longer be supported by the company's current commercial progress or future earnings potential.
The volatility in intangible assets warrants further investigation, as it may indicate that the company is struggling to justify the valuation of its core technology assets. Continued impairment charges could further erode the equity base and signal that the underlying intellectual property is not translating into tangible economic value.
As disclosed in the latest balance sheet, retained earnings have deteriorated to a negative $704.5 million as of 2026Q1, highlighting the severe impact of persistent operating losses on the company's equity position since its transition to the public markets and the commencement of its intensive development phase.
The consistent growth of the accumulated deficit suggests that the company is effectively consuming its shareholder equity to fund its R&D and operational overhead. This trend may limit the company's ability to raise future capital on favorable terms, as the lack of profitability continues to weigh on the balance sheet.
Quick answers to the most common questions about buying NPWR stock.
As of 2025, NET Power Inc. (NPWR) had total assets of $599.7M including $343.8M in current assets.
NET Power Inc. (NPWR) carries total debt of $3.8M, offset by $337.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NET Power Inc. (NPWR) has total shareholders' equity (book value) of $203.9M ($6.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NET Power Inc. (NPWR) reported a current ratio of 7.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.