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what it is
It builds a natural-gas power system that aims to capture nearly all emissions, using 68 employees.
how it gets paid
Last year Net Power made $0 in revenue.
why growth slowed
Revenue fell 100.0% last year. The key number is $0 revenue, because it says the product has not turned into sales yet.
what just happened
Net Power posted $0 revenue and a $7.21 per-share loss last quarter.
At a glance
B balance sheet — gets the job done, barely
-$0.67 fy2024 eps est
$0M fy2024 rev est
1.25 beta
~$384M market cap
xvary composite: 47/100 — below average
What they do
It builds a natural-gas power system that aims to capture nearly all emissions, using 68 employees.
You are betting on a system that targets 90%+ capacity factors, which means the plant runs most of the time. The pitch is simple: 68 employees are trying to turn natural gas into cleaner power while keeping water use near zero. That is a lot of promise for a company with $0 annual revenue.
How they make money
$0
annual revenue · revenue declined -100.0% last year
The products that matter
oxy-combustion power technology
NET Power System
300 MW demonstration plant
This was the original proof point. The first 300 MW plant was halted in 2025 after a $578.6M annual loss, which forced the entire company into strategy-reset mode.
halted in 2025
clean gas plant development
Project Permian
1 GW planned focus
This is the new story. Management is now focused on 1 GW of clean gas plants with carbon capture, with no revenue expected for several years.
next milestone
equipment and commercialization support
Baker Hughes Agreement
$90M agreement
The Baker Hughes deal matters because $90M of equipment commitments running through April 2026 tell you the pivot is still costing real money before it makes any.
cash monitor
Key numbers
$384M
market cap
You are paying $384M for a company with $0 annual revenue.
$0
annual revenue
Zero sales means the business still has no commercial engine.
-$21.12
trailing eps
Each share lost $21.12 over the last 12 months.
$3M
long-term debt
Debt is tiny at 1% of capital, so the problem is losses, not leverage.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $3M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NPWR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Net Power posted $0 revenue and a $7.21 per-share loss last quarter.
EDGAR shows $0 revenue and EPS of -$7.21. That is a company still paying to exist, not yet selling power.
$0
revenue
-$7.21
eps
gross margin
revenue
The key number is $0 revenue, because it says the product has not turned into sales yet.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Project Permian failing to become a financeable customer-backed power project.
high
execution risk after the 300 MW halt
The company already stopped its first 300 MW demonstration plant after posting a $578.6M loss. The next plan has to rebuild technical and investor credibility from that starting point.
If the reset fails, the equity story becomes a shrinking cash balance.
high
no signed offtake agreement
Management needs an offtake agreement or MOU at or above $100/MWh to validate Project Permian economics. No such customer contract is cited here.
Without a buyer, project financing gets much harder and the path to revenue stays theoretical.
high
cash burn and future dilution
$475M in cash sounds comforting until you remember there is $0 revenue offsetting development spend. Every delayed milestone raises the odds that equity holders fund the gap.
A weaker cash position can erase the current below-cash valuation argument.
med
policy, permitting, and public acceptance
Carbon capture projects live inside a maze of permits, counterparties, and public opinion. The snapshot already flags the possibility of 12–24 months of delays.
Longer timelines mean more cost and a later date for any revenue to show up.
$475M in cash is real. So is $0 revenue. If customer contracts and financing do not show up, the market cap's cash backing can disappear one quarter at a time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
quarterly cash burn vs. the $475M balance
This is the scoreboard until revenue exists. If cash starts falling fast, the below-cash market cap argument gets weaker fast too.
commercial
an offtake agreement at or above $100/MWh
That is the milestone management itself points to. It would turn Project Permian from a concept deck into something closer to a financable project.
calendar
Baker Hughes agreement through April 2026
The $90M equipment arrangement gives you a real date to watch. Delays or changes here would say a lot about project momentum.
risk
permitting and carbon-capture policy slippage
The page already points to 12–24 months of possible delays. In a pre-revenue stock, time is not neutral. Time spends cash.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for NPWR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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