NET Power (NPWR)
NYSE:NPWR
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NET Power
(NYSE:NPWR)
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Rating:50Neutral
Price Target:
$1.50
▼(-3.85% Downside)
Action:ReiteratedDate: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
Balance-sheet strength
NET Power's low leverage and substantial equity give it durable financial flexibility to fund multi-year R&D and project development without immediate refinancing pressure. That balance-sheet cushion supports sustained commercialization efforts and ability to pursue project financing structures.
Negative Factors
Pre-revenue & cash burn
NET Power remains effectively pre-revenue with operating and free cash flow negative yearly and a meaningful acceleration of cash burn in 2025. This persistent deficit requires external funding or project financing to reach commercialization, constraining runway and increasing execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
NET Power's low leverage and substantial equity give it durable financial flexibility to fund multi-year R&D and project development without immediate refinancing pressure. That balance-sheet cushion supports sustained commercialization efforts and ability to pursue project financing structures.
Read all positive factors
NET Power (NPWR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$350.09M
Dividend YieldN/A
Average Volume (3M)785.45K
Price to Earnings (P/E)―
Beta (1Y)1.55
Revenue Growth-100.00%
EPS Growth-7118.27%
CountryUS
Employees68
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-0.15
Shares Outstanding84,687,930
10 Day Avg. Volume756,766
30 Day Avg. Volume785,445
Financial Highlights & Ratios
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-0.20
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit1.11
Enterprise Value/Ebitda0.32
Forecast
1Y Price Target
$3.00Price Target Upside92.31% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.12
Revenue Forecast (FY)N/A
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 ...
NET Power Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The earnings call reflected a proactive strategic pivot to address current market demands with faster-to-market technologies. The partnership with Entropy and the focus on West Texas and Northern MISO projects show a robust strategy to capitalize on low-cost clean firm power opportunities. However, challenges remain with the higher-than-expected costs and long timeline for the oxy-combustion technology. Overall, the highlights indicate strong adaptability and potential market leadership in clean gas power.Positive Updates
Strategic Partnership with Entropy
NET Power Inc. announced a partnership with Entropy to accelerate the deployment of clean gas projects in the U.S. This collaboration focuses on using proven technologies like post-combustion carbon capture (PCC) to provide scalable, reliable power.
Negative Updates
Rising Costs of First Facility
The first-of-a-kind facility for NET Power Inc.'s oxy-combustion technology is projected to be more expensive than anticipated, with costs potentially rising beyond $1.7 billion.
Read all updates
Q3-2025 Updates
Positive
Negative
Strategic Partnership with Entropy
NET Power Inc. announced a partnership with Entropy to accelerate the deployment of clean gas projects in the U.S. This collaboration focuses on using proven technologies like post-combustion carbon capture (PCC) to provide scalable, reliable power.
Read all positive updates
Company Guidance
In the third quarter 2025 earnings call, NET Power Inc. outlined its strategic pivot toward accelerating clean gas power project deployments using post-combustion carbon capture (PCC) technology. The company emphasized the importance of metrics such as Levelized Cost of Energy (LCOE), with the West Texas project aiming for an LCOE below $80 per megawatt-hour, compared to approximately $100 in the Northern MISO region. The call highlighted the company's partnership with Entropy, leveraging their proven aiming-based solvent technology, and discussed financing strategies involving project financing to cover a significant portion of the expected $375-$425 million CapEx for Phase One in West Texas. The CEO, Danny Rice, stressed the importance of speed-to-market in meeting the rising power demands driven by AI and data centers, targeting a financial investment decision by 2026 and commercial operation by 2028-2029. The company aims to optimize its capital allocation to maximize shareholder value while maintaining its mission of transforming natural gas into the lowest cost form of clean, reliable power.NET Power Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
74
Positive
Cash Flow
18
Very Negative
| 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
Negative
1.56
Price Trends
2.05
Negative
2.40
Negative
2.64
Negative
Market Momentum
-0.12
Positive
32.92
Neutral
26.46
Neutral
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 1.56 is below the 20-day moving average (MA) of 1.82, below the 50-day MA of 2.05, and below the 200-day MA of 2.64, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 32.92 is Neutral, neither overbought nor oversold. The STOCH value of 26.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NPWR.
NET Power Risk Analysis
NET Power disclosed 49 risk factors in its most recent earnings report. NET Power reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NET Power Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $5.26B | 111.03 | 5.80% | 0.56% | 6.44% | 101.24% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $1.37B | 11.54 | 81.27% | ― | 54.78% | 122.61% | |
60 Neutral | $11.41B | 50.02 | 6.19% | ― | 5.52% | 9.03% | |
54 Neutral | $45.92M | 12.35 | 8.34% | ― | -1.47% | 52.65% | |
50 Neutral | $350.09M | -0.31 | -144.54% | ― | -100.00% | -7118.27% | |
41 Neutral | $4.98M | -2.28 | -82.18% | ― | -57.40% | 52.85% |
* Industrials Sector Average
NPWR
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NET Power Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
NET Power Withdraws MISO Interconnection Request, Explores Alternatives
Neutral
Jan 5, 2026
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 pro...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.