NET Power Inc
For the period ended Dec 31, 2024. Filed Mar 10, 2025.
View on SEC.govAbout 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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
Opinion on the financial statements
We have audited the accompanying consolidated balance sheets of NET Power Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive loss, shareholders’ equity and mezzanine shareholders’ equity, and cash flows for the year ended December 31, 2024 (“Successor”) and the period from June 8, 2023 through December 31, 2023 (“Successor”), the related consolidated statements of operations and comprehensive loss, members’ equity, and cash flows for the period from January 1, 2023 through June 7, 2023 (“Predecessor”), and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the year ended December 31, 2024 (“Successor”), the period from June 8, 2023 through December 31, 2023 (“Successor”), and the period from January 1, 2023 through June 7, 2023 (“Predecessor”), in conformity with accounting principles generally accepted in the United States of America.
Basis for opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/GRANT THORNTON LLP
We have served as the Company’s auditor since 2021.
Raleigh, North Carolina
March 10, 2025
Consolidated Balance Sheets
In thousands, except share and per share data
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $329,230 | $536,927 |
| Short-term investments | 100,000 | 100,000 |
| Investments in securities, available-for-sale | 78,344 | — |
| Accounts receivable, net | — | 58 |
| Interest receivable | 3,682 | 1,942 |
| Prepaid expenses and other current assets | 1,774 | 1,870 |
| Total current assets | 513,030 | 640,797 |
| Long-term assets | ||
| Restricted cash | 2,446 | — |
| Investments in securities, available-for-sale | 22,628 | — |
| Intangible assets, net | 1,241,343 | 1,307,265 |
| Goodwill | 359,847 | 423,920 |
| Property, plant, and equipment, net | 151,470 | 96,856 |
| Operating lease right-of-use assets | 2,699 | 2,212 |
| Other long-term assets | 652 | — |
| Total assets | $2,294,115 | $2,471,050 |
| LIABILITIES, MEZZANINE, AND SHAREHOLDERS' EQUITY | ||
| Current liabilities | ||
| Accounts payable | $3,092 | $617 |
| Accrued liabilities | 13,619 | 10,915 |
| Due to related parties | 325 | 142 |
| Operating lease liabilities, current portion | 683 | 347 |
| Finance lease liabilities, current portion | 187 | — |
| Total current liabilities | 17,906 | 12,021 |
| Earnout Shares liability | 1,958 | 1,671 |
| Warrant liability | 81,283 | 55,920 |
| Asset retirement obligation | 3,265 | 2,060 |
| Non-current operating lease liabilities | 2,125 | 1,808 |
| Non-current finance lease liabilities | 110 | — |
| Tax Receivable Agreement liability | 20,974 | 8,937 |
| Deferred taxes | 4,306 | 57,719 |
| Total liabilities | 131,927 | 140,136 |
| Commitments and contingencies (Note 16) | ||
Consolidated Balance Sheets (continued)
In thousands, except share and per share data
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Mezzanine shareholders' equity | ||
| Redeemable non-controlling interests in subsidiary | 1,506,584 | 1,545,905 |
| Shareholders' equity | ||
| Preferred Stock, $.0001 par value; 1,000,000 shares authorized; no shares issued or outstanding as of December 31, 2024 and December 31, 2023 | — | — |
| Class A Common Stock, $.0001 par value; 520,000,000 shares authorized; 76,759,855 shares issued and outstanding as of December 31, 2024 and 71,277,906 shares issued and outstanding as of December 31, 2023 | 8 | 7 |
| Class B Common Stock, $.0001 par value; 310,000,000 shares authorized; 139,690,598 shares issued and outstanding as of December 31, 2024 and 141,787,429 shares issued and outstanding as of December 31, 2023 | 14 | 14 |
| Additional paid-in capital | 771,594 | 851,841 |
| Accumulated other comprehensive loss | 32 | — |
| Accumulated deficit | (116,044) | (66,853) |
| Total shareholders' equity | 655,604 | 785,009 |
| Total liabilities, mezzanine shareholders' equity and shareholders' equity | $2,294,115 | $2,471,050 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.