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NET Power Inc. (NPWR-0.69%) Class A has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $12,000, compared to no revenue in the same quarter the previous year.
General and administrative expenses increased slightly to $8,448,000 from $8,389,000 in the same quarter of the previous year.
Research and development expenses rose significantly to $17,333,000 from $9,032,000, attributed to activities under the BHES Joint Development Agreement and preparation for testing at the Demonstration Plant.
The company reported a net income attributable to NET Power Inc. of $818,000, compared to a net loss of $30,564,000 in the previous year.
Interest income decreased to $7,992,000 from $8,675,000, due to decreased investments.
Net other income was $35,685,000, compared to a net other expense of $53,308,000 in the previous year, primarily due to changes in the market price of the company's stock affecting the value of warrants.
Cash used in operating activities was $18,680,000, a decrease from $35,373,000 in the same period of the previous year.
Net cash used in investing activities was $129,467,000, reflecting investments in fixed income securities and capital expenditures.
The company had a total liquidity of $577,536,000 as of September 30, 2024, which includes cash, cash equivalents, and short-term investments.
NET Power continues to focus on the development and commercialization of its proprietary power generation technology, with plans to construct its first utility-scale plant.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NET Power Inc. Class A quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.