NET Power Inc
For the period ended Dec 31, 2023. Filed Mar 11, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 11, 2024
NPWR$0.84-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| Period from | |||
|---|---|---|---|
| June 8 – December 31, 2023 (Successor) | January 1 - June 7, 2023 (Predecessor) | January 1 – December 31, 2022 (Predecessor) | |
| Cash flows from operating activities | |||
| Net loss after tax | $(141,816) | $(34,176) | $(54,778) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation | 7,146 | 5,700 | 13,149 |
| Amortization | 37,735 | 9 | 22 |
| Accretion | 93 | 102 | 215 |
| Non-cash interest expense | — | 30 | 4,710 |
| Non-cash lease expense | 200 | 59 | — |
| Loss on disposal of property, plant and equipment | 7 | — | — |
| Conversion of equity awards | 86,585 | — | — |
| Allowance for doubtful accounts | — | 352 | — |
| Deferred taxes | (5,707) | — | — |
| Change in fair value of Earnout Shares liability | (1,378) | — | — |
| Change in fair value of Warrant liability | (26,270) | — | — |
| Vesting of profits interests | — | 2,864 | 9,586 |
| Vesting of Earnout Shares | 1,118 | — | — |
| Share-based compensation | 14,122 | 8,593 | 12,622 |
| Changes in operating assets and liabilities: | |||
| Accounts receivables | (58) | — | (301) |
| Interest receivable | (1,942) | — | — |
| Prepaid expenses | (1,140) | (453) | 470 |
| Other current assets | 38 | 1,765 | (1,795) |
| Accounts payable | (1,957) | 1,768 | (1,137) |
| Accrued liabilities | (5,249) | (384) | 752 |
| Lease liabilities | (48) | (55) | — |
| Due to related parties – current | 142 | 5,414 | (2,357) |
| Due to related parties – long-term | — | (2,211) | 2,212 |
| Net cash used in operating activities | (38,379) | (10,623) | (16,630) |
| Cash flows from investing activities | |||
| Cash acquired as part of Business Combination | 7,948 | — | — |
| Purchase of short-term investments | (100,000) | — | — |
| Purchase of property, plant and equipment | (9,217) | (2,431) | (115) |
| Net cash used in investing activities | (101,269) | (2,431) | (115) |
| Cash flows from financing activities | |||
| Repurchase of redeemed Class A Ordinary Shares | (218,983) | — | — |
| Issuance of Class A Common Stock, including exercise of Warrants | 74 | — | — |
| Distributions to members | (181) | — | — |
| Proceeds from PIPE financing, net of issuance costs | 540,451 | — | — |
| Issuance of equity under JDA as a result of Business Combination | 9,917 | — | — |
| Payment of transaction expenses | (11,722) | — | — |
| Member loan proceeds | — | — | 2,000 |
| Member loan repayments | — | — | (10,000) |
| Proceeds from share issuances | — | 15,836 | 30,000 |
| Equity issuance costs | — | — | (533) |
| Net cash provided by financing activities | 319,556 | 15,836 | 21,467 |
| Net increase in cash | 179,908 | 2,782 | 4,722 |
| Effect of foreign currency exchange rate changes on cash | — | — | (3) |
| Cash and cash equivalents, beginning of period | 357,019 | 5,164 | 445 |
| Cash and cash equivalents, end of period | $536,927 | $7,946 | $5,164 |
| Supplemental disclosures of cash flow information | |||
| Cash paid for interest | $— | $— | $81 |
| Remeasurement of lease liabilities and right-of-use assets due to lease modification (Note 13) | $1,472 | $— | $— |
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