NET Power (NPWR) AI Stock Analysis

• Market Cap: $377.02M
• Dividend Yield: N/A
• Average Volume (3M): 842.10K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.60
• Revenue Growth: -100.00%
• EPS Growth: -7118.27%
• Country: US
• Employees: 68
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): -0.15
• Shares Outstanding: 84,687,930
• 10 Day Avg. Volume: 872,158
• 30 Day Avg. Volume: 842,097
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.88
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.17
• Enterprise Value/Market Cap: -0.15
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 0.88
• Enterprise Value/Ebitda: 0.25
• 1Y Price Target: $3.00
• Price Target Upside: 78.57% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.12
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $1.50 ▼(-10.71% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

NPWR scores in the middle primarily because very weak current fundamentals (minimal revenue, widening losses, and accelerating cash burn) and bearish technicals outweigh the balance-sheet strength. The earnings call adds support through a clearer, faster deployment strategy and credible partnering, but execution, cost, and timeline risks remain elevated and valuation is difficult to justify with ongoing losses.

Positive Factors

Strong balance sheet, very low leverage

NET Power's low debt and substantial equity provide durable financial flexibility to fund R&D, pilot projects, and near-term commercial endeavors without immediate refinancing. This reduces insolvency risk and supports long-term project development and licensing efforts while execution milestones are pursued.

Partnership with Entropy (proven PCC tech)

The Entropy partnership brings proven post-combustion capture capability, materially de-risking NET Power's route to bankable clean-power projects. Leveraging an established solvent/technology partner shortens commercialization timelines for PCC projects and improves the odds of project financing and licensing revenue.

Targeting low LCOE in West Texas (cost advantage)

A structurally lower LCOE in West Texas supports a sustainable competitive position for clean firm power, improving the economics for offtake and financing. If achieved, this cost advantage enhances long-term demand for NET Power's licensing and engineering services across industrial hubs.

Negative Factors

Effectively pre-revenue with widening losses

Being pre-revenue and increasingly loss-making is a structural risk: without demonstrable, recurring revenue streams, the firm must convert technology pilots into commercial contracts to sustain operations. Continued losses erode equity, delay path to profitable licensing, and increase reliance on external capital.

Weak cash generation; accelerating cash burn

Persistent negative operating and free cash flow requires repeated external funding, which can dilute shareholders and constrain project timelines. Weak cash generation limits the company's ability to self-fund demonstrations and early commercial builds, making execution contingent on financing markets and partners.

High first-of-a-kind capex and long oxy-combustion timeline

Very large FID-scale capex and a commercialization timeline stretching into the 2030s materially raise execution and financing risk for NET Power's core oxy-combustion offering. High upfront costs and extended timelines delay license revenue, increase capital intensity, and heighten project delivery and market-adoption uncertainty.

NET Power Business Overview & Revenue Model

Company Description

NET Power Inc. operates as a clean energy technology company. It invents, develops, and licenses clean power generation technology. The company was founded in 2010 and is headquartered in Durham, North Carolina.

How the Company Makes Money

NET Power’s intended revenue model is primarily based on commercializing its NET Power Cycle technology rather than operating a large fleet of owned power plants. Key expected revenue streams include: (1) technology licensing fees paid by project developers/EPCs/utilities to use NET Power’s proprietary cycle and related intellectual property in plant designs; (2) engineering and design-related services tied to project development and integration (e.g., support for front-end engineering/design and project-specific technical services); and (3) potential royalties or other recurring payments associated with deployed plants using the technology (e.g., payments linked to capacity, output, or ongoing use of the IP). The company’s ability to generate revenue depends on progressing from demonstration to commercial-scale projects and securing counterparties to build plants using the technology; specific, project-level commercial terms and the breakdown of realized revenues by stream are null.

NET Power Financial Statement Overview

Summary

Overall financial quality is weak: the company is effectively pre-revenue, remains consistently loss-making, and cash burn (negative operating and free cash flow) accelerated in 2025. The main offset is a strong, lightly levered balance sheet with substantial equity, which provides flexibility but does not yet translate into sustainable operating performance.

Income Statement

NET Power remains effectively pre-revenue, with revenue at or near zero in 2025 (annual) and extremely small in prior years. Profitability is very weak: the company is consistently loss-making, and losses expanded sharply in 2025 (annual) versus 2024, indicating a significant step-up in spending. Margins are not meaningful given the minimal revenue base, but the overall trajectory shows increasing operating losses without an offsetting ramp in sales.

Balance Sheet

The balance sheet is a clear relative strength. Leverage is very low across all periods (debt-to-equity consistently near zero), and the company reports substantial equity, which provides financial flexibility. The key weakness is poor returns on equity driven by recurring net losses (negative return on equity), and equity has trended down from 2023 to 2025 as losses accumulate.

Cash Flow

Cash generation is weak, with operating cash flow and free cash flow negative every year, indicating ongoing cash burn. The cash burn accelerated meaningfully in 2025 (annual) versus 2024, consistent with the spike in reported losses. While free cash flow moved in the same direction as earnings (free cash flow loss not disproportionately worse than net loss in 2025), the overall profile still depends on external funding until operations scale.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	250.00K	175.00K	580.00K	2.10M
Gross Profit	-62.39M	-1.71M	-932.00K	305.00K	1.27M
EBITDA	-217.14M	-167.03M	-118.97M	-36.64M	-24.97M
Net Income	-578.53M	-49.19M	-77.23M	-54.78M	-38.29M
Balance Sheet
Total Assets	599.70M	2.29B	2.47B	78.14M	348.37M
Cash, Cash Equivalents and Short-Term Investments	337.89M	507.57M	636.93M	5.16M	2.57M
Total Debt	3.79M	3.10M	2.15M	786.00K	7.01M
Total Liabilities	64.50M	131.93M	142.30M	13.73M	42.32M
Stockholders Equity	203.90M	655.60M	785.01M	64.40M	306.44M
Cash Flow
Free Cash Flow	-154.00M	-101.50M	-60.65M	-16.75M	-1.33M
Operating Cash Flow	-120.78M	-31.65M	-49.00M	-16.63M	-1.33M
Investing Cash Flow	-8.80M	-168.67M	-103.70M	-115.00K	-345.03M
Financing Cash Flow	-230.00K	-4.93M	335.39M	21.47M	348.93M

NET Power Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NPWR, the sentiment is Negative. The current price of 1.68 is below the 20-day moving average (MA) of 1.92, below the 50-day MA of 2.20, and below the 200-day MA of 2.67, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 33.34 is Neutral, neither overbought nor oversold. The STOCH value of 15.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NPWR.

NET Power Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NPO	71 Outperform	$5.32B	111.03	5.80%	0.56%	6.44%	101.24%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
GNRC	60 Neutral	$11.75B	50.02	6.19%	―	5.52%	9.03%
BWEN	54 Neutral	$51.52M	12.35	8.34%	―	-1.47%	52.65%
PSIX	54 Neutral	$1.24B	11.54	81.27%	―	54.78%	122.61%
NPWR	50 Neutral	$377.02M	-0.31	-144.54%	―	-100.00%	-7118.27%
CETY	41 Neutral	$4.83M	-2.28	-82.18%	―	-57.40%	52.85%

NET Power Corporate Events

NET Power Withdraws MISO Interconnection Request, Explores Alternatives

On December 29, 2025, NET Power Inc. notified the Midcontinent Independent System Operator that it would withdraw its request for interconnection after updated MISO information showed significantly higher expected network upgrade costs for the proposed project. The company continues to hold its site lease in the northern MISO region and is now evaluating alternative ways to develop clean firm power generation at that location, while indicating that it has not capitalized significant costs on the interconnection request and does not expect the withdrawal to have a material adverse effect on its financial condition or operating results.

The most recent analyst rating on (NPWR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on NET Power stock, see the NPWR Stock Forecast page.