NET Power (NPWR)
NYSE:NPWR
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NET Power
(NYSE:NPWR)
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Rating:47Neutral
Price Target:
$1.50
▼(-11.24% Downside)
Action:ReiteratedDate:04/14/26
NPWR scores low-to-mid primarily due to minimal revenue, widening losses, and sustained negative free cash flow, despite a strong, low-leverage balance sheet. Technicals add pressure with a clear downtrend. Offsetting factors are a constructive strategic pivot and project progress highlighted on the earnings call, plus a modestly positive CFO hire, but major commercial and financing milestones (offtake and bankability) remain unresolved.
Positive Factors
Strong balance sheet and cash runway
A large cash position and very low leverage give NET Power durable financial flexibility to fund pre‑FID commitments, engineering and partner validation without immediate dilution. This runway supports multi‑year development timelines and reduces near‑term financing pressure while projects mature.
Negative Factors
Pre‑revenue profile with accelerating cash burn
Sustained negative operating and free cash flow means NET Power must rely on external funding until projects reach commercial operation. Accelerating losses increase dilution and refinancing risk, and persistent pre‑revenue status weakens returns on equity and constrains reinvestment capacity absent successful financing or partner equity.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet and cash runway
A large cash position and very low leverage give NET Power durable financial flexibility to fund pre‑FID commitments, engineering and partner validation without immediate dilution. This runway supports multi‑year development timelines and reduces near‑term financing pressure while projects mature.
Read all positive factors
NET Power (NPWR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$365.80M
Dividend YieldN/A
Average Volume (3M)663.97K
Price to Earnings (P/E)―
Beta (1Y)1.45
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. Volume392,942
30 Day Avg. Volume663,972
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-0.14
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit0.84
Enterprise Value/Ebitda0.24
Forecast
1Y Price Target
$3.00Price Target Upside77.51% 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:Mar 09, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Neutral
The call presented meaningful progress: a decisive strategic pivot to a more executable GT + PCC product, advancing engineering milestones (CDR passed), a strengthened partnership with Entropy, increased plant output (+33%), site control with scale to ~800 MW, and a solid cash position ($379M). However, several material gating items remain unsecured — namely signed offtake agreements at targeted pricing, project financing acceptance of PCC performance by lenders, pre-FID long-lead commitments (~$50M), and timeline/execution risks. Costs have risen into a $475M–$575M TIC range and key validation (Entropy Glacier Phase 2) and governmental or lender support will be important to de-risk financing. Overall, progress is substantive but key commercial and financing milestones remain to be achieved before FID, leaving the tone cautiously constructive.Positive Updates
Strategic pivot to GT + PCC (post-combustion capture)
Company pivoted away from oxy-combustion toward a combined-cycle gas turbine paired with solvent-based post-combustion carbon capture (GT + PCC) with Entropy, preserving oxy work but prioritizing a faster, bankable commercial path to >90% CO2 capture using proven equipment and partners.
Negative Updates
No signed offtake or PPA yet
Securing long-term, creditworthy offtake is the single highest priority and a gating item for project financing; goal is pricing at or above $100/MWh but as of the call no PPAs or MOUs were signed.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic pivot to GT + PCC (post-combustion capture)
Company pivoted away from oxy-combustion toward a combined-cycle gas turbine paired with solvent-based post-combustion carbon capture (GT + PCC) with Entropy, preserving oxy work but prioritizing a faster, bankable commercial path to >90% CO2 capture using proven equipment and partners.
Read all positive updates
Company Guidance
NET Power's guidance centered on Project Permian timing, scope and finance: target FID in 2H 2026 with commercial operation early 2029, gas turbine deliveries targeted early 2028 and grid interconnection planned for 4Q 2028; the plant was re‑engineered from ~60 MW net to ~80 MW net (~33% increase) and will use Entropy post‑combustion capture to achieve >90% CO2 capture (Entropy JDA expected Q2 2026, with Glacier Phase 2 commissioning this summer to provide validation); management expects ~ $50M of pre‑FID long‑lead commitments by midyear, a total project TIC in the $475–$575M range, project financing aimed at ~65% debt / ~35% equity (implying roughly $100–$105M NET Power equity for Phase 1), site scalability to ~800 MW, an offtake/PPA price goal at or above $100/MWh to enable bankability, and reported cash, cash equivalents and investments of approximately $379M at year‑end.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
Neutral
1.69
Price Trends
1.81
Negative
2.18
Negative
2.59
Negative
Market Momentum
-0.07
Negative
51.75
Neutral
73.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NPWR, the sentiment is Neutral. The current price of 1.69 is above the 20-day moving average (MA) of 1.59, below the 50-day MA of 1.81, and below the 200-day MA of 2.59, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 51.75 is Neutral, neither overbought nor oversold. The STOCH value of 73.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $5.61B | 111.03 | 2.69% | 0.56% | 6.44% | 101.24% | |
71 Outperform | $1.92B | 11.54 | 81.27% | ― | 54.78% | 122.61% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $11.99B | 50.02 | 6.19% | ― | 5.52% | 9.03% | |
54 Neutral | $52.22M | 12.35 | 8.34% | ― | -1.47% | 52.65% | |
47 Neutral | $365.80M | -0.31 | -144.54% | ― | -100.00% | -7118.27% | |
41 Neutral | $4.15M | -2.28 | -82.18% | ― | -57.40% | 52.85% |
* Industrials Sector Average
NPWR
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NET Power Corporate Events
Business Operations and StrategyExecutive/Board Changes
NET Power Appoints Veteran Ned Shuman as New CFO
Positive
Apr 13, 2026
On April 10, 2026, Net Power Inc. appointed power-sector veteran Ned Leland (Lee) Shuman as chief financial officer, effective April 13, 2026, succeeding interim CFO Daniel J. Rice IV, who will remain chief executive officer and act as principal f...
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.