# Net Power Inc.: overview

NPWR · NYSE · CIK 1845437 · [Technology](/sectors/technology.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/npwr.md) · [Financials](/companies/npwr/financials.md) · [Filings](/companies/npwr/filings.md) · [Insiders](/companies/npwr/insiders.md)

Latest reported revenue: [$0](/filings/0001845437-26-000009.md) for Q4 FY2025, three months to 2025-12-31, from the 10-K filed Mar 9, 2026 (XBRL us-gaap:Revenues, accession 0001845437-26-000009).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [0.0](/filings/0001845437-25-000061.md) | [0.0 d](/filings/0001845437-26-000009.md) | [0.0](/filings/0001845437-25-000027.md) | [0.0](/filings/0001845437-25-000053.md) | [0.0](/filings/0001845437-25-000061.md) | [0.0 d](/filings/0001845437-26-000009.md) | not reported | not reported |
| Gross margin | % | [91.7%](/filings/0001845437-25-000061.md) | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [(393708.3%)](/filings/0001845437-25-000061.md) | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | [6816.7%](/filings/0001845437-25-000061.md) | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Diluted EPS | $ per share | [0.01](/filings/0001845437-25-000061.md) | not reported | [(1.55)](/filings/0001845437-26-000019.md) | [(0.36)](/filings/0001845437-26-000033.md) | [(5.28)](/filings/0001845437-25-000061.md) | not reported | [(0.12)](/filings/0001845437-26-000019.md) | [(0.91)](/filings/0001845437-26-000033.md) |
| Free cash flow | $m | [(30.1) d](/filings/0001845437-25-000061.md) | [(42.1) d](/filings/0001845437-26-000009.md) | [(29.3)](/filings/0001845437-26-000019.md) | [(27.7) d](/filings/0001845437-26-000033.md) | [(51.1) d](/filings/0001845437-25-000061.md) | [(45.9) d](/filings/0001845437-26-000009.md) | [(59.3)](/filings/0001845437-26-000019.md) | [(10.4) d](/filings/0001845437-26-000033.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2022 (2022-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: |
| Revenue | $m | [0.6](/filings/0001845437-24-000006.md) | [0.3](/filings/0001845437-26-000009.md) | [0.0](/filings/0001845437-26-000009.md) |
| Gross margin | % | [52.6%](/filings/0001845437-24-000006.md) | [87.6%](/filings/0001845437-26-000009.md) | not reported |
| Operating margin | % | [(8625.0%)](/filings/0001845437-24-000006.md) | [(72528.4%)](/filings/0001845437-26-000009.md) | not reported |
| Net margin | % | [(9444.5%)](/filings/0001845437-24-000006.md) | [(19676.4%)](/filings/0001845437-26-000009.md) | not reported |
| Diluted EPS | $ per share | [(14.79)](/filings/0001845437-24-000006.md) | [(0.67)](/filings/0001845437-26-000009.md) | [(7.34)](/filings/0001845437-26-000009.md) |
| Free cash flow | $m | [(16.7)](/filings/0001845437-24-000006.md) | [(100)](/filings/0001845437-26-000009.md) | [(154)](/filings/0001845437-26-000009.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/npwr/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [Share Andrew L.](/funds/1693672.md) | 2026-06-30 | $16.3m | 9,767,500 |  | Unchanged |
| [HITE Hedge Asset Management LLC](/funds/1568939.md) | 2026-06-30 | $4.8m | 2,852,670 |  | Added +89,246 |
| [ADAGE CAPITAL PARTNERS GP, L.L.C.](/funds/1165408.md) | 2026-06-30 | $4.7m | 2,840,000 |  | Added +1,300,000 |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $4.0m | 2,416,294 |  | Added +273,378 |
| [PEAK6 LLC](/funds/1389958.md) | 2026-06-30 | $3.3m | 1,985,754 |  | Reduced −2,461 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $3.0m | 1,802,372 |  | Added +158,577 |
| [Defiance ETFs, LLC](/funds/1732541.md) | 2026-06-30 | $2.6m | 1,555,837 |  | Added +1,022,584 |
| [Tidal Investments LLC](/funds/1600064.md) | 2026-06-30 | $2.6m | 1,546,562 |  | Added +1,013,309 |
| [PEAK6 LLC](/funds/1389958.md) | 2026-06-30 | $2.4m | 1,444,300 | Call | Added +1,145,000 |
| [Sourcerock Group LLC](/funds/1822531.md) | 2026-06-30 | $2.3m | 1,400,110 |  | Reduced −104,016 |

## Recent filings

[All 348 filings](/companies/npwr/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-22 | 20:10 ET | [8-K](/filings/0001104659-26-118155.md) | 1.01 Entry into a material agreement; 9.01 Financial statements and exhibits | 0001104659-26-118155 |
| 2026-09-11 | 20:01 ET | [8-K](/filings/0001104659-26-107045.md) | 1.01 Entry into a material agreement; 9.01 Financial statements and exhibits | 0001104659-26-107045 |
| 2026-09-03 | 20:30 ET | [8-K](/filings/0001104659-26-105072.md) | 1.01 Entry into a material agreement; 2.01 Completion of an acquisition or disposition; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001104659-26-105072 |
| 2026-08-17 | 22:00 ET | [SCHEDULE 13D/A](/filings/0001104659-26-097960.md) | Ownership report, active investor, amended | 0001104659-26-097960 |
| 2026-08-13 | 21:16 ET | [10-Q](/filings/0001845437-26-000033.md) | Quarterly report, period 2026-06-30 | 0001845437-26-000033 |
| 2026-08-13 | 20:23 ET | [8-K](/filings/0001845437-26-000031.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001845437-26-000031 |
| 2026-06-05 | 20:11 ET | [8-K](/filings/0001845437-26-000023.md) | 5.07 Shareholder vote results | 0001845437-26-000023 |
| 2026-05-14 | 22:00 ET | [SCHEDULE 13D/A](/filings/0001104659-26-061385.md) | Ownership report, active investor, amended | 0001104659-26-061385 |
| 2026-05-11 | 20:23 ET | [10-Q](/filings/0001845437-26-000019.md) | Quarterly report, period 2026-03-31 | 0001845437-26-000019 |
| 2026-05-11 | 20:19 ET | [8-K](/filings/0001845437-26-000018.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001845437-26-000018 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001845437-26-000009.md), filed Mar 9, 2026.

## Forecast league

Not in this season’s league. [This season’s league](/leagues.md)

## About the filer

- CIK: 1845437
- Tickers: NPWR, NPWR-WT
- Exchange: NYSE
- SIC code: 3620 Electrical Industrial Apparatus
- State of incorporation: DE
- Filer category: <br>Emerging growth company

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:49 ET. No prices; not investment advice.