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NET Power Inc. Class A (NPWR-9.60%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's activities and financial performance, highlighting a net loss of $164.6 million for the year. This loss includes significant expenses related to research and development and general administrative costs.
The company reported revenue of $250,000, primarily from feasibility studies. This marks a slight increase compared to the previous period.
Research and development expenses were $63.9 million, reflecting ongoing efforts to advance the company's proprietary power generation technology, known as the Net Power Cycle.
General and administrative expenses totaled $30.3 million, a decrease from the prior period, largely due to non-recurring costs associated with the company's public listing.
The company has significant intangible assets, including developed technology valued at $1.2 billion and goodwill of $359.8 million, which are subject to annual impairment assessments.
NET Power Inc. continues to focus on developing its first utility-scale power plant, with construction costs capitalized at $48.4 million as of the end of the reporting period.
The company's liquidity position includes $329.2 million in cash and cash equivalents, with additional investments classified as available-for-sale securities.
The filing also discusses the company's reliance on key partnerships, including a joint development agreement with Baker Hughes Energy Services, which involves significant share-based compensation.
NET Power Inc. operates under an 'Up-C' structure following its business combination with Rice Acquisition Corp. II, with non-controlling interests representing a substantial portion of the company's equity.
The company outlines various risks, including technology development challenges, market competition, and regulatory compliance, which could impact future performance.
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 annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.