Revenue generation remains effectively non-existent, with quarterly figures frequently at zero, while R&D costs reached as high as $53.8M in 2025Q2, driving significant net losses.
| Sales/Revenue | 0 | 0 | 250K | 175K | 580K | 2.1M | 45K |
| Revenue Growth % | -100% | -100% | 42.86% | -69.83% | -72.42% | 4573.33% | - |
| Cost of Goods Sold | 45.73M | 62.39M | 1.96M | 1.11M | 275K | 829K | 37K |
| COGS % of Revenue | - | - | 785.2% | 632.57% | 47.41% | 39.42% | 82.22% |
| Gross Profit | -45.73M | -62.39M | -1.71M | -932K | 305K | 1.27M | 8K |
| Gross Margin % | - | - | -685.2% | -532.57% | 52.59% | 60.58% | 17.78% |
| Gross Profit Growth % | - | -3541.97% | -83.8% | -405.57% | -76.06% | 15825% | - |
| Operating Expenses | 889.28M | 217.14M | 179.61M | 226.73M | 50.33M | 38.98M | 36.41M |
| OpEx % of Revenue | - | - | 71843.2% | 129558.86% | 8677.59% | 1853.69% | 80900% |
| Selling, General & Admin | 45.45M | 45.26M | 33.51M | 39.92M | 17.99M | 16.14M | 14.59M |
| SG&A % of Revenue | - | - | 13403.2% | 22811.43% | 3101.72% | 767.28% | 32413.33% |
| Research & Development | 75.01M | 99.51M | 63.85M | 40.03M | 18.95M | 10.11M | 7.39M |
| R&D % of Revenue | - | - | 25541.2% | 22876% | 3267.76% | 480.74% | 16415.56% |
| Other Operating Expenses | 0 | 72.38M | 82.25M | 146.78M | 13.39M | 12.74M | 14.43M |
| Operating Income | -935.01M | -279.53M | -181.32M | -227.66M | -50.02M | -37.71M | -36.4M |
| Operating Margin % | - | - | -72528.4% | -130091.43% | -8625% | -1793.11% | -80882.22% |
| Operating Income Growth % | - | -54.16% | 20.35% | -355.09% | -32.66% | -3.6% | - |
| EBITDA | -890.74M | -217.14M | -167.03M | -214.62M | -36.64M | -24.97M | -23.39M |
| EBITDA Margin % | - | - | -66810.8% | -122639.43% | -6316.9% | -1187.45% | -51982.22% |
| EBITDA Growth % | -61.76% | -30.01% | 22.18% | -485.78% | -46.72% | -6.75% | - |
| D&A (Non-Cash Add-back) | 44.27M | 62.39M | 14.29M | 13.04M | 13.39M | 12.74M | 13.01M |
| EBIT | 845.26M | -279.53M | -181.32M | -132.01M | -50.02M | -37.71M | -36.4M |
| Net Interest Income | -7.37M | 20.3M | 31.39M | 19.44M | -4.79M | 18.34K | 2K |
| Interest Income | -7.37M | 20.3M | 31.39M | 19.48M | 0 | 18.34K | 2K |
| Interest Expense | 0 | 0 | 0 | 0 | 4.79M | 0 | 0 |
| Other Income/Expense | -395.34M | -1.4B | 6.1M | 45.96M | -4.75M | -577K | -7K |
| Pretax Income | -1.33B | -1.68B | -175.22M | -181.7M | -54.78M | -38.29M | -36.4M |
| Pretax Margin % | - | - | -70089.6% | -103828% | -9444.48% | -1820.54% | -80897.78% |
| Income Tax | -4.7M | -4.3M | -10.58M | -5.71M | 0 | 0 | 0 |
| Effective Tax Rate % | 0.35% | 0.26% | 6.04% | 3.14% | 0% | 0% | 0% |
| Net Income | -469.04M | -578.53M | -49.19M | -77.23M | -54.78M | -38.29M | -36.4M |
| Net Margin % | - | - | -19676.4% | -44132.57% | -9444.48% | -1820.54% | -80897.78% |
| Net Income Growth % | -198.52% | -1076.09% | 36.31% | -40.99% | -43.08% | -5.17% | - |
| Net Income (Continuing) | -1.33B | -1.67B | -164.64M | -175.99M | -54.78M | -38.29M | -36.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 312.55M | 331.3M | 1.51B | 1.55B | 0 | -390.89K | 0 |
| EPS (Diluted) | -5.49 | -7.34 | -0.67 | -1.87 | -14.79 | -0.23 | -10.49 |
| EPS Growth % | -178.75% | -995.52% | 64.17% | 87.36% | -6330.43% | 97.81% | - |
| EPS (Basic) | - | -7.34 | -0.67 | -1.87 | -14.79 | -0.23 | -10.49 |
| Diluted Shares Outstanding | 85.38M | 78.82M | 73.4M | 41.19M | 71.28M | 43.13M | 3.47M |
| Basic Shares Outstanding | 85.38M | 78.82M | 73.4M | 41.19M | 71.28M | 43.13M | 3.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Commercialization and execution failure
As indicated by the company's recent financial disclosures, NPWR has failed to establish a consistent revenue stream, with quarterly figures frequently showing zero or negligible amounts, highlighting the speculative nature of its current pre-commercial phase as it attempts to transition toward utility-scale technology licensing and engineering services.
The absence of meaningful top-line growth underscores the company's reliance on future project milestones rather than current operational output. Investors should monitor the transition from R&D-focused activities to commercial revenue recognition, as the current lack of sales makes any valuation based on traditional multiples highly speculative.
Based on reported figures, NPWR maintains a heavy cost structure dominated by research and development expenditures, which reached as high as $53.8M in 2025Q2, reflecting the significant capital requirements necessary to advance the Allam-Fetvedt Cycle toward a viable commercial deployment at the Project Permian site.
The company's expense discipline appears secondary to the urgent need for technical validation, resulting in persistent operating losses. This high-fixed-cost profile necessitates a successful commercial launch to justify the ongoing cash burn, as there is currently no gross profit to offset these substantial development outlays.
Financial statements reveal significant quarterly volatility in net income, including a massive $411.5M loss in 2025Q3, which suggests that non-operating items and accounting adjustments are currently masking the true underlying economic performance of the business as it navigates its early-stage development and public market transition.
The presence of stock-based compensation and irregular non-operating charges complicates the assessment of core operational efficiency. Analysts should exercise caution when interpreting these bottom-line figures, as they do not yet reflect a stable or predictable business model capable of generating sustainable shareholder value.
According to institutional research, the primary risk to the current valuation is the potential for supply chain bottlenecks and project delays, which could render the company's proprietary technology economically unviable if the specialized components required for the Allam Cycle fail to meet the necessary deployment timelines.
Short-sellers may focus on the company's dependence on third-party partners and the potential for cost overruns at the FOAK plant. If the anticipated licensing model fails to materialize or if project partners face financing constraints, the company may be forced to pivot toward a more capital-intensive model, further straining its liquidity.
Quick answers to the most common questions about buying NPWR stock.
For fiscal year 2025, NET Power Inc. (NPWR) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 2020.
NET Power Inc. (NPWR) reported a net loss of $578.5M for the fiscal year ending 2025.