NET Power Inc. (NPWR) Income Statement
NPWR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNPWR revenue and net income
NPWR profit margins
NPWR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −100.0% | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NPWR quarterly EPS vs estimates
NET Power beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 12, 2026 (estimate $-0.05).
NPWR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $250,000 | $175,000 | $580,000 | $2.1M | $45,000 |
| Cost of revenue | $62.4M | $2.0M | $1.1M | $275,000 | $829,000 | $37,000 |
| Gross profit | −$62.4M | −$1.7M | −$932,000 | $305,000 | $1.3M | $8,000 |
| Research & development | $99.5M | $63.9M | $40.0M | $19.0M | $10.1M | $7.4M |
| Sales, general & admin | $45.3M | $33.5M | $39.9M | $18.0M | $16.1M | $14.6M |
| Total operating expenses | $217.1M | $179.6M | $226.7M | $50.3M | $39.0M | $36.4M |
| Operating income | −$279.5M | −$181.3M | −$227.7M | −$50.0M | −$37.7M | −$36.4M |
| Interest income | — | — | — | $4.9M | — | — |
| Interest expense | — | $31.4M | — | $4.8M | $580,000 | — |
| Income before taxes | −$1.68B | −$175.2M | −$181.7M | −$54.8M | −$38.3M | −$36.4M |
| Income taxes | −$4.3M | −$10.6M | −$5.7M | −$4.7M | $8.7M | — |
| Net income | −$578.5M | −$49.2M | −$77.2M | −$54.8M | −$38.3M | −$36.4M |
| EBITDA | −$1.62B | −$93.6M | −$81.2M | −$36.9M | −$25.0M | −$23.4M |
| EPS (diluted) | −$2.27 | −$0.20 | −$0.61 | $0.09 | −$0.22 | — |
| Gross margin | — | −685.2% | −532.6% | 52.6% | 60.6% | 17.8% |
| Operating margin | — | −72,528.4% | −130,091.4% | −8,625.0% | −1,793.1% | −80,882.2% |
| Net margin | — | −19,676.4% | −44,132.6% | −9,444.5% | −1,820.5% | −80,897.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $250,000 | $12,000 | $238,000 | $0 | $0 | $0 |
| Cost of revenue | — | $3.4M | $3.5M | $15.6M | $21.7M | $4.5M | $21.3M | $1,000 | $899,000 | $324,000 | $406,000 | $289,000 |
| Gross profit | — | −$3.4M | −$3.5M | −$15.6M | −$21.7M | −$4.5M | −$21.3M | $11,000 | −$661,000 | −$324,000 | −$406,000 | −$289,000 |
| Research & development | $4.2M | $20.7M | $56.4M | $34.6M | $53.8M | $45.2M | $20.3M | $17.6M | $15.5M | $22.5M | $3.6M | $9.0M |
| Sales, general & admin | $7.4M | $10.1M | $9.8M | $10.5M | $15.1M | $9.9M | $8.8M | $9.5M | $8.7M | $7.2M | $9.0M | $9.3M |
| Total operating expenses | $209.9M | $30.8M | $66.2M | $45.1M | $68.9M | $470.1M | $29.1M | $47.3M | $44.2M | $38.5M | $40.0M | $38.4M |
| Operating income | −$209.9M | −$34.2M | −$69.7M | −$60.7M | −$90.6M | −$474.6M | −$50.4M | −$47.2M | −$44.9M | −$38.8M | −$40.4M | −$38.7M |
| Interest income | — | $3.3M | — | — | — | $5.9M | — | — | — | $7.7M | — | — |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $2.1M | — |
| Income before taxes | −$206.9M | −$25.8M | −$59.9M | −$1.16B | −$83.7M | −$373.2M | −$98.4M | −$11.6M | −$19.6M | −$45.7M | $55.7M | −$92.0M |
| Income taxes | $2,000 | −$15.8M | −$1.9M | −$1.2M | −$1.6M | $397,000 | $557,000 | −$4.7M | −$2.4M | −$4.0M | −$5.0M | −$10,000 |
| Net income | −$80.3M | −$9.9M | −$19.5M | −$411.5M | −$28.1M | −$119.3M | −$34.3M | $818,000 | −$4.3M | −$11.4M | $22.5M | −$30.6M |
| EBITDA | −$203.4M | −$22.4M | −$56.4M | −$1.15B | −$62.0M | −$37.0M | −$77.1M | $8.7M | −$16.4M | −$25.6M | −$20.6M | −$88.8M |
| EPS (diluted) | −$0.91 | −$0.17 | −$0.13 | −$1.62 | −$0.11 | −$0.41 | −$0.14 | $0.01 | −$0.02 | −$0.05 | $0.32 | −$0.13 |
| Gross margin | — | — | — | — | — | — | −8,533.6% | 91.7% | −277.7% | — | — | — |
| Operating margin | — | — | — | — | — | — | −20,175.6% | −393,708.3% | −18,846.2% | — | — | — |
| Net margin | — | — | — | — | — | — | −13,728.0% | 6,816.7% | −1,793.3% | — | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NPWR's financial statements (latest annual report filed March 9, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NPWR financial results
NET Power reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $578.5 million. Diluted earnings per share came to −$2.27.
See the NPWR stock overview for the latest quote and news, or the NPWR chart for price history and technical indicators.
NPWR income statement FAQ
Does NET Power have revenue?
NET Power reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is NET Power profitable?
No. NET Power reported a net loss of $578.5 million in fiscal 2025.
How much does NET Power spend on research and development?
NET Power spent $99.5 million on research and development in fiscal 2025.
What are NET Power's earnings per share?
NET Power earned $-2.27 per diluted share in fiscal 2025, compared with $-0.20 a year earlier.
When will NET Power report its next earnings?
NET Power is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 after the market closes.
When does NET Power's fiscal year end?
NET Power's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 9, 2026.