NET Power Inc

For the period ended Dec 31, 2024. Filed Mar 10, 2025.

About this filing

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.

FY2024 · Filed Mar 10, 2025

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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Contents

Consolidated Statement of Shareholders Equity and Mezzanine Shareholders

Consolidated Statements of Shareholders' Equity and Mezzanine Shareholders' Equity

In thousands, except share data

Class A Common Stock · Class B Common Stock · Class A Ordinary Shares · Class B Ordinary Shares · Additional Paid-in Capital · Accumulated Other Comprehensive Income · Accumulated Deficit · Total Stockholders' Equity · Non-controlling Interests · RONI Class A Ordinary Shares · Total Mezzanine Equity
Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount
Balance at June 8, 2023	—	$—	—	$—	2,500	$—	8,625,000	$1	$—		$—		$(98,966)		$(98,965)		$—		34,500,000		$356,318		$356,318
Sponsor forfeiture of RONI Class B ordinary shares and reservation of earnout shares	—	—	—	—	—	—	(1,986,775)	—	—		—		—		—		—		—		—		—
Redemption of Class A ordinary shares by RONI public shareholders	—	—	—	—	—	—	—	—	—		—		—		—		—		(21,195,224)		(218,983)		(218,983)
Redemption of Class A Common Stock	3,868,618	—	(3,868,618)	—	—	—	—	—	53,607		—		—		53,607		(53,607)		—		—		(53,607)
Conversion of RONI Class A and Class B ordinary shares into NET Power Inc. Class A and Class B Common Stock, respectively	13,307,276	1	6,638,225	1	(2,500)	—	(6,638,225)	(1)	60,045		—		—		60,046		87,094		(13,304,776)		(137,335)		(50,241)
Issuance of RONI Class A Common Stock to PIPE investors	54,044,995	6	—	—	—	—	—	—	540,445		—		—		540,451		—		—		—		—
Issuance of Class A Common Stock	54,278	—	—	—	—	—	—	—	27		—		—		27		—		—		—		—
Equity awards vested due to Business Combination	—	—	8,356,635	1	—	—	—	—	542		—		(542)		1		109,639		—		—		109,639
Issuance of RONI Class B Common Stock to former NET Power, LLC unit holders	—	—	129,822,703	12	—	—	—	—	(940)		—		75,711		74,783		1,677,546		—		—		1,677,546
Exercise of Warrants	2,739	—	—	—	—	—	—	—	47		—		—		47		—		—		—		—
Distributions to members	—	—	—	—	—	—	—	—	—		—		—		—		(181)		—		—		(181)
Establishment of Tax Receivable Agreement liability from qualifying exchanges, net of deferred taxes	—	—	—	—	—	—	—	—	(936)		—		—		(936)		—		—		—		—
Vesting of Earnout Shares	—	—	—	—	—	—	—	—	—		—		—		—		9,055		—		—		9,055
Amortization of share-based payments	—	—	838,484	—	—	—	—	—	765		—		—		765		13,358		—		—		13,358
Adjustment of redeemable non-controlling interest to carrying value, net of deferred taxes	—	—	—	—	—	—	—	—	198,239		—		—		198,239		(198,239)		—		—		(198,239)
Net loss	—	—	—	—	—	—	—	—	—		—		(43,056)		(43,056)		(98,760)		—		—		(98,760)
Balance at December 31, 2023	71,277,906	$7	141,787,429	$14	—	$—	—	$—	$851,841		$—		$(66,853)		$785,009		$1,545,905		—		$—		$1,545,905
Redemption of Class B Common Stock	5,413,351	—	(5,413,351)	—	—	—	—	—	47,335		—		—		47,335		(46,689)		—		—		(46,689)
Issuance of Class A Common Stock	66,898	1	—	—	—	—	—	—	—		—		—		1		(647)		—		—		(647)
Exercise of Warrants	1,700	—	—	—	—	—	—	—	25		—		—		25		—		—		—		—
Distributions to members	—	—	—	—	—	—	—	—		—		—		—		(4,751)		—		—		(4,751)
Increase in Tax Receivable Agreement liability from qualifying exchanges, net of deferred taxes	—	—	—	—	—	—	—	—	(12,037)		—		—		(12,037)		—		—		—		—
Unrealized gain on investments	—	—	—	—	—	—	—	—	—		55		—		55		107		—		—		107
Amortization of share-based payments	—	—	3,316,520	—	—	—	—	—	4,212		—		—		4,212		29,520		—		—		29,520
Adjustment of redeemable non-controlling interest to redemption value	—	—	—	—	—	—	—	—	(98,592)		—		—		(98,592)		98,592		—		—		98,592
Tax impact of equity transactions	—	—	—	—	—	—	—	—	(21,190)		(23)		—		(21,213)		—		—		—		—
Net loss	—	—	—	—	—	—	—	—	—		—		(49,191)		(49,191)		(115,453)		—		—		(115,453)
Balance at December 31, 2024	76,759,855	$8	139,690,598	$14	$—	$—	$—	$—	$771,594		$32		$(116,044)		$655,604		$1,506,584		—		$—		$1,506,584

Consolidated Statements of Members' Equity

In thousands, except unit data

Membership Interests · Additional Paid-in Capital · Accumulated Other Comprehensive Income · Accumulated Deficit · Total Members' Equity
Units · Amount
Balance at December 31, 2022 (Predecessor)	3,722,355	$262,622	$26,288	$17	$(224,525)	$64,402
Issuance of shares to:
Occidental Petroleum	37,152	11,859	—	—	—	11,859
Constellation	28,764	9,181	—	—	—	9,181
BHES (Bonus shares)	—	—	4,690	—	—	4,690
BHES (In-kind shares)	15,491	3,269	634	—	—	3,903
Vesting of profits interests	—	—	2,864	—	—	2,864
Comprehensive loss	—	—	—	—	(34,176)	(34,176)
Balance at June 7, 2023 (Predecessor)	3,803,762	$286,931	$34,476	$17	$(258,701)	$62,723

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.