NET Power Inc.

NET Power Inc. reported a net loss attributable to the company of $90.1 million for the six months ended June 30, 2026, an improvement from $147.5 million in the prior year. This period included a significant $193.7 million impairment charge related to its Oxy-Combustion Cycle technology and related assets, as development of this technology has been indefinitely suspended. The company's total assets decreased to $338.3 million from $599.7 million at year-end 2025, largely due to this impairment and strategic shift.

Net Power Inc. announced its second quarter 2026 financial and operational results, reporting $310 million in cash, cash equivalents, and investments as of June 30, 2026. The company has recalibrated its commercial strategy to prioritize fast-to-deploy, unabated natural gas power generation, responding to market demand from AI and data centers, while retaining carbon capture as a future option. Net Power is also discussing new commercial arrangements with Entropy Inc. for post-combustion carbon capture technology and has contracted two modular gas turbine generator sets for Project Permian.

NET Power Inc. reported a significant reduction in its net loss attributable to the company, narrowing to $9.86 million in the first quarter of 2026 from $119.35 million in the same period last year. This improvement was largely due to the absence of the substantial impairment charges recorded in Q1 2025. However, net cash used in operating activities increased to $51.10 million, and cash and cash equivalents decreased to $133.15 million. The company also announced a strategic shift, pausing the development of its Oxy-Combustion Cycle to focus resources on the Clean Gas Product.

Net Power Inc. announced its financial and operational results for the first quarter ended March 31, 2026. The company reported a strong financial position, ending the quarter with approximately $319 million in cash, cash equivalents, and investments. Key business updates include advancing Project Permian Phase I, which targets 80MW electrical output with FID expected in H2 2026 and commercial operations by early 2029. Net Power is also progressing towards a joint development agreement with Entropy Inc. for deploying post-combustion carbon capture technology.

NET Power Inc. announced the appointment of Ned Leland (Lee) Shuman as its new Chief Financial Officer, effective April 13, 2026. Mr. Shuman, 56, brings over 25 years of experience in power-sector finance and strategy, including significant roles at Javelin Global Commodities and WattBridge Energy. He replaces interim CFO Daniel J. Rice IV, who will continue as CEO and principal financial officer until the Q1 2026 10-Q filing. Mr. Shuman's compensation includes an annual base salary of $420,000.