NPWR

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Net Power Reports Second Quarter 2026 Results

and Provides Business Update

HOUSTON, TX--(BUSINESS WIRE)—August 13, 2026--Net Power Inc. (NYSE: NPWR) (“Net Power” or the “Company”) today announced its financial and operational results for the second quarter ended June 30, 2026.

“We’ve spent the last four months in an intensive customer engagement and marketing process. We believe that process has given us a clear read on what the market will buy today, and we are focusing the business accordingly. Our commercial strategy is recalibrated around what we believe today’s power customers are actually prioritizing: speed-to-power, reliability, and scale. Natural gas power generation, co-located with customer load and deployable on a fast timeline, is how we expect to meet that demand today. We continue to believe carbon capture and sequestration will play an integral role in the future of natural gas power, and our approach preserves that pathway, adding carbon capture in future phases as customer requirements, economics, and financing support it. We anticipate this flexibility will enable us to capture near-term demand now while holding onto the long-term decarbonization opportunity we’ve always believed in,” said Danny Rice, Chief Executive Officer of Net Power.

Key Business Updates:

Recalibrating commercial strategy toward fast-to-deploy, unabated natural gas power generation: Market demand for natural gas-based power generation, driven by accelerating load growth from AI and hyperscale data center infrastructure, is growing quickly, with customers prioritizing speed-to-power and scale of deployment. In response, the Company is directing near-term capital and execution focus toward the development of unabated natural gas power generation capacity, with carbon capture retained as an option to be layered into projects over time as customer needs, economics, and financing evolve. Net Power continues to advance commercial discussions with prospective power offtakers directly and with the support of its financial advisor for Project Permian and other sites. Net Power has already contracted two modular gas turbine generator sets with nominal gross power of approximately 68 megawatts for use at Project Permian and is actively evaluating the acquisition of additional gas power units for the project.

Revising the contemplated arrangement with Entropy: Net Power and Entropy Inc. (“Entropy”), a post-combustion carbon capture (“PCC”) technology company, are discussing one or more potential commercial arrangements following the expiration of the parties’ prior letter of intent under which the parties may pursue deployment of Entropy’s PCC technology in later phases of Net Power’s projects as and when supported by customer demand, economics, and financing.

Second Quarter 2026 Financial Results

As of June 30, 2026, the Company had $310 million in cash, cash equivalents, and investments. The Company believes it has the ability to manage its operating costs such that its existing

liquidity will be sufficient to fund its obligations for the next 12 months following the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. That conclusion is based on the Company’s existing obligations and commitments and assumes the Company does not enter into additional pre-FID equipment obligations and commitments it is evaluating, which have not been entered into as of the date of this release. As of the date of this release, no project-level financing, customer deposits or partner capital for Project Permian has been committed.

Conference Call

Net Power will host a conference call to share second quarter 2026 results and related matters beginning at 8:30 AM ET on Friday, August 14, 2026. To access the live audio webcast of the conference call, please visit Net Power’s investor relations website at ir.netpower.com. To participate by phone, dial 877-407-8014 (domestic) or +1 201-689-8053 (international).

An archived webcast will be available following the call.

About Net Power

Net Power Inc. (“Net Power” or the “Company”) is an energy technology and project development company focused on the development of natural gas power generation projects to meet growing demand for reliable power. The Company’s near-term development activities are focused on delivering natural gas power generation, with equipment designed to accommodate carbon capture in later phases.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words suc

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Net Power Reports Third Quarter 2025 Results

and Provides Business Update

DURHAM, N.C.--(BUSINESS WIRE)—November 13, 2025--Net Power Inc. (NYSE: NPWR) (“Net Power” or the “Company”) today announced its financial and operational results for the third quarter ended September 30, 2025, and outlined an updated strategy that continues to focus on delivering low-carbon intensity power solutions fueled by natural gas.

In response to unprecedented near-term demand for firm power solutions with viable pathways to decarbonize, the Company has expanded its business strategy to prioritize the development of clean power projects utilizing gas turbines with post-combustion carbon capture (PCC). At the same time, Net Power continues to support the long-term development and deployment of its oxy-combustion technology.

Danny Rice, Chief Executive Officer of Net Power, stated, “The market is beginning to embrace reality: the only responsible way to meet unprecedented electricity demand growth is with natural gas power, and the only safe and proven way to do so while reducing emissions is with carbon capture. Net Power’s mission is to transform natural gas into the lowest cost form of clean firm power. The work we’ve done to date indicates our oxy-combustion technology is lower cost and quicker to deploy than new nuclear power—however, speed is key in this market. Expanding our offerings to include PCC unlocks a significant market opportunity directly in front of us.”

Key Business Updates:

Building Strong PCC Offering and Advancing First Projects

•Signed letter of intent with Entropy Inc.: Net Power signed a letter of intent with Entropy Inc. (“Entropy”), a global leader in proven carbon capture technology, to exclusively deploy Entropy’s PCC technology for power generation in the United States and to jointly develop projects. Entropy’s proprietary solvent is energy efficient and proven to reduce CO2 emissions from natural gas power plants. This strategic partnership is subject to continued diligence and approval of definitive agreements, which the Company and Entropy endeavor to complete in the coming months.

•Permian Basin clean firm power hub: Net Power is progressing its first clean firm power hub at its Project Permian site in West Texas. The project is being sized to accommodate up to 1GW of clean firm power generation capacity utilizing Net Power’s suite of power technologies. Phase I of the project will utilize readily available gas turbines paired with Entropy’s proven PCC technology; to that end, Net Power has secured 60MW of gas turbines with 2028 delivery. Net

Power is finalizing definitive documents for Occidental to purchase 30MW of the power and 100% of the captured CO2. Final investment decision (FID) for Phase I is expected in the first half of 2026 with targeted commercial operations in 2028, which would make it the first commercial clean gas power project in the United States.

•Northern MISO clean firm power hub: Net Power also continues to advance its clean firm power hub in northern MISO, where the Company has site control and a 300MW interconnect request through the DPP-2023 interconnection queue process. Net Power’s sequestration partner continues to advance its Class VI permit applications and both the interconnect and sequestration facilities are expected to be completed by 2028/2029. Net Power is designing Phase I of the project to utilize gas turbines paired with Entropy PCC, targeting FID in 2027 with commercial operations as soon as 2029. Net Power is in active discussions with strategic offtakers for the power.

Realigning Technology Prioritization and Approach

•Advanced testing at La Porte test facility: Net Power continued to advance oxy-combustion equipment testing with Baker Hughes at its La Porte Demonstration Facility. During the quarter, the facility achieved its highest ever recorded pressures and temperatures, underscoring continued progress in technology maturation. The Company intends to complete Phase I testing, which it expects to occur this year, and will reassess future testing phases by year-end.

•Non-cash impairment of other intangible assets: During the quarter, the Company completed a market analysis of its oxy-combustion technology, identifying slower than anticipated acceptance and deployment relative to previous expectations. The value engineering efforts on Project Permian identified significant cost reductions and performance improvements, but not to a level that is economically competitive in the current market. These events resulted in an impairment of the carrying value of the technology and associated assets on the Company’s balance sheet.

Setting Clear Path Ahead

•Optimizing capital allocation to deliver clean firm power: The Company views its oxy-combustion technology as a viable, long-term solution for low-carbon intensity power generation. The Company will prudently invest capital to maintain

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Net Power Reports Second Quarter 2025 Results

and Provides Business Update

DURHAM, N.C.--(BUSINESS WIRE)—August 11, 2025--Net Power Inc. (NYSE: NPWR) (“Net Power” or the “Company”) today announced its financial and operational results for the second quarter ended June 30, 2025.

Key Highlights for the Quarter

•Integrated Product Configuration: Completed techno-economic analysis for integrating cost-effective gas turbine capacity (50MW-200MW) into Net Power projects. Results indicate significant operational, economic, and commercial synergies. This configuration will be implemented at Project Permian, targeting a levelized cost of energy (LCOE) below $100/megawatt hour (MWh).

•SN1 Cost Reduction: Identified further cost reductions for SN1, with projected total installed cost of $1.6-1.9 billion while preserving product performance.

•OBBBA Enhances Economics: Recent tax legislation, including expanded 45Q credits for Class II sequestration and reinstated bonus depreciation, improves project economics, yielding approximately $20/MWh LCOE improvement at Project Permian.

•Robust financial position: Ended the quarter with approximately $475 million in cash, cash equivalents and investments.

Danny Rice, President & Chief Executive Officer of Net Power, stated, “Over the past several months, we have conducted an in-depth engineering, operational, and commercial analysis to optimize Net Power’s deployment amid unprecedented demand growth for reliable power generation. Today, we are excited to share the initial positive results, including a strategy that integrates simple cycle gas turbines into the project design, unlocking significant operational synergies through heat integration with our Net Power Cycle. This configuration allows us to deliver power sooner and at a lower cost per unit of power by installing gas turbines first and then integrating that equipment directly with the Net Power Cycle. We believe this solution perfectly aligns with the market’s need for reliable power today with the embedding of credible pathways to decarbonize over time—we are seeing this prioritization directly from customers. We plan to demonstrate this integrated product at Project Permian, where LCOE has improved by over 33 percent, driven by the integrated product synergies, ongoing cost reduction efforts, and recent enhancements to 45Q. The world needs the reliable, clean electricity that Net Power can provide and that can catalyze a decarbonized power system. The integrated product gives us the best pathway to get our first projects built and deliver on the technology’s promise.”

Other Updates:

At its La Porte test facility, the Company completed site repairs and resumed technology validation work, achieving over 150 hours of testing in July. Phase 1 testing is expected to be completed in 2025 and the Company expects to begin phase 2 testing this year with completion in early 2026. Preparations continue for testing Phases 3 and 4, expected to be completed in 2026 and 2027, respectively.

Net Power continued the development of its MISO project, which remains on track for early deployment. Net Power’s 300MW interconnect application is subject to the progress timeline of the MISO DPP-2023 cycle. The Company’s sequestration providers are progressing their Class VI sequestration applications through the EPA’s Class VI permit process. Similar to Project Permian, Net Power is evaluating the integrated product configuration at this location.

Conference Call

Net Power will host a conference call to share second quarter 2025 results and related matters beginning at 8:30 AM ET on Tuesday, August 12. To access the live audio webcast of the conference call, please visit Net Power’s investor relations website at ir.netpower.com. To participate by phone, dial 877-407-8014 (domestic) or +1 201-689-8053 (international).

An archived webcast will be available following the call.

About Net Power

Net Power (NYSE: NPWR) is a clean energy technology company developing its proprietary Net Power Cycle, which transforms natural gas into clean, reliable and affordable power. The Company is on a mission to deploy its utility-scale plants across the world by partnering with electricity generators, energy producers, technology providers, local communities, and other stakeholders. Net Power was founded in 2010 and has offices in Durham, North Carolina (HQ) and Houston, Texas.

Cautionary Note Regarding Forward-Looking Statements and Projections

Certain statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words such as “

npwr-20240311

0001845437false00018454372023-08-142023-08-1400018454372024-03-112024-03-110001845437us-gaap:WarrantMember2023-08-142023-08-14

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): March 11, 2024

NET POWER INC.

(Exact name of registrant as specified in its charter)

Delaware 001-4050398-1580612

(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

320 Roney St., Suite 200

Durham, North Carolina 27701

(Address of principal executive offices)(Zip Code)

(919) 287-4750

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per shareNPWRThe New York Stock Exchange

Warrants, each exercisable for one share of Class A Common Stock at a price of $11.50 NPWR WSThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On March 11, 2024, NET Power Inc., a Delaware corporation, issued a press release setting forth its financial results for the year ended December 31, 2023. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.

The information set forth in this Item 2.02 of this Current Report on Form 8-K and the related information in Exhibit 99.1 attached hereto is being furnished herewith, and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing with, the Securities and Exchange Commission under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference therein.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Exhibit NumberDescription

99.1 Press Release dated March 11, 2024.

104Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:March 11, 2024NET POWER INC.

By:/s/ Akash Patel

Name:Akash Patel

Title:Chief Financial Officer

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NET Power Reports Third Quarter 2023 Results

and Provides Business Update

•Progressed Project Permian, the Company’s first Texas-based project located near Midland-Odessa

•Continued site preparation and modifications at La Porte test facility ahead of multiple equipment testing campaigns with Baker Hughes

Durham, NC – NET Power Inc. (NYSE: NPWR) (“NET Power” or the “Company”) today reported results for the third quarter of 2023.

Danny Rice, Chief Executive Officer of NET Power, commented, “We continue to make good progress on all three pillars of our previously outlined corporate strategy. Our engineering team is hard at work finalizing the design for our utility-scale plant. At our La Porte test facility, we’re preparing for our upcoming combustor and turboexpander demonstrations with Baker Hughes, which will de-risk our first utility-scale project, Project Permian, and further refine our proprietary plant controls architecture. Our operations team is progressing through FEED and site-related permitting for Project Permian.”

Mr. Rice continued, “Meeting our global energy needs requires access to affordable and reliable power, and given growing demand for clean energy, the world needs a solution that we think only NET Power provides. The global energy supply chain is lagging current market demand for new energy infrastructure, which means excessive lead times across many critical components for years to come. Our supply chain strategy is intended to alleviate these market constraints, and we must prudently incorporate the current supply chain challenges into our project timing and planning.

Due to the tightness in the global supply chain, we are incorporating a 12-month cushion into our expected schedule for Project Permian. We’re now expecting to achieve initial power generation sometime between the second half of 2027 and first half of 2028. We expect the world’s current supply chain bottlenecks to be resolved by the time we deploy our second utility-scale plant. Fortunately for our shareholders, we over-capitalized NET Power upon going public, and we expect to have meaningful cash on hand at commercialization of Project Permian.

On the commercial front, we are pleased to announce progress on our first originated project, which will be located in North America. We’ve successfully finished our technical feasibility study and are preparing to submit permits for grid interconnection and carbon sequestration in 2024. We began working on this project earlier this year, which is a testament to our commercial team’s ability to identify good opportunities quickly. We intend to find and secure more project opportunities in the coming years and be ready to deliver the Energy Trifecta at scale by the end of this decade.”

Business Update

La Porte Demonstration Facility – The Company continues preparation at its La Porte facility for various equipment demonstration campaigns. These testing campaigns under the Baker Hughes Joint Development Program will provide key operational data ahead of deploying the first utility-scale package. Current preparations at the facility include recycle CO2 compressor

relocation, piping and instrumentation enhancements, and distributed control system upgrades.

Project Permian – At NET Power’s first Texas-based project located near Midland-Odessa, Front-End Engineering and Design (FEED) is ongoing with licensed EPC partner Zachry Group. FEED is expected to conclude in 2024 and will form the basis for NET Power’s standardized utility-scale plant design. During the quarter, NET Power continued release of initial bid packages for long-lead equipment, progressed negotiations for supply and offtake agreements, and completed the initial survey and environmental assessment of the plant site. Capitalized expenditures associated with ongoing development of Project Permian totaled $2.5 million in the third quarter of 2023. NET Power expects to release initial long-lead equipment orders for Project Permian in the first half of 2024 and to achieve initial power generation between the second half of 2027 and first half of 2028.

Financial Outlook

During the third quarter, cash flow from operations was approximately $0.1 million and cash flow from investing activities totaled approximately negative $103 million, including $100 million in cash invested into short-term interest-bearing securities. The Company ended the quarter with approximately $645 million of cash and short-term investments and no debt, as compared to approximately $649 million in cash and short-term investments at end of the second quarter of 2023.

The Company has a fully diluted share count of approximately 247 million shares, comprised of approximately 71 million shares of Class A Common Stock outstanding; approximately 140 million shares of Class A Common Stock issuable upon the exchange of Class B Common Stock; approximately 20 million shares of Class A Common Stock

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NET Power Reports Second Quarter 2023 Results and Provides Business Update

•Completed business combination with Rice Acquisition Corp. II on June 8, 2023, raising over $670 million of gross proceeds and began trading on the NYSE under the ticker “NPWR”

•Danny Rice joined NET Power as its new Chief Executive Officer

•Established corporate strategy to align internal and external stakeholders with NET Power’s operational objectives through 2030

•Initiated Front-End Engineering and Design (FEED) for the Company’s first utility-scale project in West Texas

Durham, NC – NET Power Inc. (NYSE: NPWR) (“NET Power” or the “Company”) today reported results for the second quarter of 2023.

“Our first quarter as a public company is an important milestone for NET Power,” said Danny Rice, Chief Executive Officer of NET Power. “We’ve created an integrated corporate strategy that unites the technology, commercial and deployment goals to set the vision for where we intend to be by 2030. First, we will develop and prove the technology at utility scale. Second, we will build the commercial backlog of customers and plants. Finally, we will prepare the Company to enter manufacturing mode by the end of this decade. Thanks to the proceeds from the go-public transaction, we are well capitalized to achieve these goals and deliver the Energy Trifecta,” he added.

Business Update

NET Power is making significant progress in developing the Company’s first Texas-based project, now called Project Permian (formerly SN1), which is located on an Oxy-hosted site near Midland-Odessa, Texas. In April 2023, NET Power announced that Zachry Group has been selected as NET Power’s first licensed EPC partner and has commenced Front-End Engineering and Design (FEED) for Project Permian. In the second quarter of 2023, NET Power accelerated site origination work and applied for an interconnection with ERCOT. Lastly, NET Power and Oxy are currently finalizing Project Permian’s CO2 transportation and sequestration plan that leverages Oxy’s existing CO2 infrastructure with no new sequestration permits expected to be needed.

NET Power and Baker Hughes continue to advance design and development of the utility-scale combustor and turboexpander. Site preparation and modification work at NET Power’s La Porte demonstration plant has begun ahead of multiple planned equipment testing campaigns.

In May, NET Power and SK Group announced their intention to form a joint venture to originate and develop NET Power utility-scale plants in select Asian countries. This JV is expected to combine NET Power’s technology expertise with SK’s development capabilities and footprint to accelerate deployment of NET Power plants in the Asia-Pacific region. The companies endeavor to have terms of the joint venture finalized in 2023.

Financial Outlook

NET Power has a strong balance sheet, with approximately $649 million of cash and cash equivalents with no debt as of June 30, 2023. The Company has a fully diluted share count of 246 million shares, comprised of approximately 67 million shares of Class A Common Stock outstanding; approximately 143 million shares of Class A Common Stock issuable upon the exchange of Class B Common Stock; approximately 20 million shares of Class A Common Stock issuable upon the exercise of outstanding public and private warrants; approximately 2 million shares of Class A Common Stock issuable upon the exchange of Class B Common Stock subject to earn out or vesting requirements; and approximately 15 million shares of Class A Common Stock issuable upon the exchange of Class B Common Stock authorized for issuance pursuant to the Baker Hughes Joint Development Agreement.

Conference Call

NET Power will host a conference call to discuss second quarter 2023 financial results beginning at 8:30 AM ET on Monday, August 14. To access the live audio webcast of the conference call, please visit NET Power’s investor relations website at ir.netpower.com. To participate by phone, dial 877-407-8014 (domestic) or +1 201-689-8053 (international).

An archived webcast will be available following the call.

About NET Power

NET Power (NYSE: NPWR) is a clean energy technology company with a mission to globally deploy affordable and reliable zero-emissions energy solutions. The

Company licenses its proprietary NET Power Cycle, which transforms natural gas into low-cost, clean power that's available 24/7. Founded in 2010 and headquartered in Durham, North Carolina, NET Power is driving global adoption by partnering with power producers, technology providers, investors and other innovators to deliver utility-scale plants.

Cautionary Note Regarding Forward-Looking Statements and Projections

Certain statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act