Net Power Inc. (NPWR)
NYSE:NPWR
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NET Power
(NYSE:NPWR)
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Rating:46Neutral
Price Target:
$2.00
▲(18.34% Upside)
Action:Reiterated
Date:06/06/26
The score is held down primarily by weak financial performance (no revenue, large losses, and heavy cash burn), which outweighs balance-sheet flexibility. Technicals are also not supportive of strong momentum, while valuation lacks support due to negative earnings and no dividend. Offsetting factors include a constructive earnings-call outlook with defined milestones, strong cash/no debt, and incremental governance/leadership improvements, but offtake and pre-FID execution risk remain key constraints.
Positive Factors
Strong cash position and low leverage
A large cash balance with minimal debt gives NET Power runway to fund Project Permian milestones, release selective long‑lead orders, and pursue licensing discussions without immediate refinancing. This liquidity materially lowers near‑term solvency risk and supports measured execution toward FID and bankability.
Negative Factors
No revenue and steep losses with high cash burn
Sustained zero revenue and accelerating losses erode equity and force reliance on external capital to reach commercial cash flows. Persistent negative operating and free cash flow over multiple years increases dilution risk, constrains pace of project rollouts, and raises the probability that financing dynamics will dictate strategic timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash position and low leverage
A large cash balance with minimal debt gives NET Power runway to fund Project Permian milestones, release selective long‑lead orders, and pursue licensing discussions without immediate refinancing. This liquidity materially lowers near‑term solvency risk and supports measured execution toward FID and bankability.
Read all positive factors
NET Power (NPWR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$382.10M
Dividend YieldN/A
Average Volume (3M)920.70K
Price to Earnings (P/E)―
Beta (1Y)1.68
Revenue Growth-100.00%
EPS Growth-193.13%
CountryUS
Employees68
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-5.99
Shares Outstanding88,383,804
10 Day Avg. Volume787,857
30 Day Avg. Volume920,700
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 Cap0.13
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-1.09
Enterprise Value/Ebitda-0.04
Forecast
1Y Price Target
$3.00Price Target Upside77.51% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.3
Revenue Forecast (FY)N/A
NET Power Business Overview & Revenue Model
Company Description
NET Power Inc. functions as a pioneering firm in the realm of sustainable energy solutions. Its core business involves the conceptualization, refinement, and commercialization (via licensing) of innovative technologies designed for generating eco-...
How the Company Makes Money
NET Power’s business model is centered on monetizing its power-plant technology rather than owning a large fleet of operating power plants. The primary expected revenue stream is technology licensing to project developers, utilities, and other pow...
NET Power Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call conveys an overall constructive and progress-oriented tone: NET Power has validated technology partners, early equipment commitments, a strong cash position and clearly defined project economics and schedule. The largest near-term risk centers on securing commercial offtake and market acceptance of the EOR-linked value proposition; financing structure and a measured step to release long-lead orders remain contingent on offtake momentum. Given the demonstrated technology validation (Entropy/Glacier), contracted equipment, and targeted economics, the positive execution progress and visibility into next milestones outweigh the development and market-acceptance risks described.Positive Updates
Strong cash position and no debt
Ended Q1 with approximately $319 million in cash and cash equivalents and no debt, providing runway to advance Project Permian and early development activities.
Negative Updates
Offtake is gating condition and not yet secured
Commercial offtake (long-term PPA or equivalent) is the primary gating condition for project financing and release of long-lead procurement; management is actively running an offtake process and has not yet closed definitive offtake agreements.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong cash position and no debt
Ended Q1 with approximately $319 million in cash and cash equivalents and no debt, providing runway to advance Project Permian and early development activities.
Read all positive updates
Company Guidance
NET Power’s guidance for Project Permian Phase 1 is: an 80 MW net, >90% CO2 capture commercial deployment targeting FID in H2 2026 and commercial operation in early 2029, with site scaling potential to 800 MW (10 units) and ~380,000 tpy CO2 capture (two 35 MW turbines, TRL 8–9); total installed cost (TIC) targeted at $475–$575 million with NET Power equity of $125–$175 million (Entropy may contribute up to 49% equity), a ~$100/MWh or better target price (pathway to < $100/MWh in West Texas and potential to underwrite >10 GW at <$100/MWh), cash ~$319 million and no debt, G&A burn ~$8–$9 million/quarter, Siemens RPS gas turbine packages ≈$77 million contracted, air permit expected H2 2026, Glacier Phase 2 expected to capture ~160,000 tpy, Entropy JDA to be finalized in Q2, and key long‑lead releases (switchyard/gen‑tie in June; HRSG/steam turbine/ACC in July; PCC equipment Aug–Sep) contingent on offtake progress.NET Power Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
66
Positive
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 250.00K | 175.00K | 580.00K | 2.10M |
| Gross Profit | -44.11M | -62.39M | -1.71M | -932.00K | 305.00K | 1.27M |
| EBITDA | -1.29B | -1.62B | -160.93M | -118.97M | -36.60M | -25.55M |
| Net Income | -469.04M | -578.53M | -49.19M | -77.23M | -54.78M | -38.29M |
Balance Sheet | ||||||
| Total Assets | 542.82M | 599.70M | 2.29B | 2.47B | 78.14M | 348.37M |
| Cash, Cash Equivalents and Short-Term Investments | 308.01M | 337.89M | 507.57M | 636.93M | 5.16M | 2.57M |
| Total Debt | 3.55M | 3.79M | 3.10M | 2.15M | 786.00K | 7.01M |
| Total Liabilities | 24.95M | 64.50M | 131.93M | 142.30M | 13.73M | 42.32M |
| Stockholders Equity | 205.32M | 203.90M | 655.60M | 785.01M | 64.40M | 306.44M |
Cash Flow | ||||||
| Free Cash Flow | -183.59M | -154.00M | -101.50M | -60.65M | -16.75M | -1.33M |
| Operating Cash Flow | -151.51M | -120.78M | -31.65M | -49.00M | -16.63M | -1.33M |
| Investing Cash Flow | -16.37M | -8.80M | -168.67M | -103.70M | -115.00K | -345.03M |
| Financing Cash Flow | -253.00K | -230.00K | -4.93M | 335.39M | 21.47M | 348.93M |
NET Power Technical Analysis
Negative
1.69
Price Trends
1.84
Negative
1.92
Negative
2.42
Negative
Market Momentum
-0.07
Positive
40.71
Neutral
17.93
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 1.69 is below the 20-day moving average (MA) of 1.88, below the 50-day MA of 1.84, and below the 200-day MA of 2.42, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 40.71 is Neutral, neither overbought nor oversold. The STOCH value of 17.93 is Positive, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $7.07B | 162.67 | 2.83% | 0.56% | 10.21% | -48.98% | |
68 Neutral | $15.44B | 81.10 | 7.18% | ― | -0.51% | -44.42% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $97.83M | 19.06 | 7.92% | ― | 9.07% | ― | |
59 Neutral | $938.61M | 9.18 | 61.71% | ― | 38.63% | 25.62% | |
46 Neutral | $382.10M | -0.31 | -160.47% | ― | -100.00% | -193.13% | |
40 Underperform | $12.17M | -0.82 | -82.18% | ― | -10.85% | 5.17% |
* Industrials Sector Average
NPWR
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NET Power Corporate Events
Executive/Board ChangesShareholder Meetings
NET Power shareholders affirm board leadership and auditor
Positive
Jun 5, 2026
NET Power Inc. held its annual meeting of stockholders on June 3, 2026, at which shareholders elected three Class III directors, Joseph Kelliher, Brad Pollack and Daniel J. Rice IV, to serve on the board until the 2029 annual meeting. The meeting ...
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.