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NET Power
(NYSE:NPWR)
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Rating:44Neutral
Price Target:
$1.00
▼(-44.81% Downside)
Action:Reiterated
Date:10/06/26
NPWR scores low primarily due to extremely weak financial performance (minimal revenue, very large losses, and heavy cash burn). Technical signals also remain bearish with the stock trading below major moving averages. The score is modestly supported by the earnings call’s liquidity/no-debt position and progress toward securing initial Project Permian capacity, but execution, financing, and contracting risks (including no announced offtake) keep the overall rating constrained.
Positive Factors
Liquidity and Low Leverage
A cash-rich, nearly debt-free balance sheet gives NET Power financial runway while it develops Project Permian and pursues commercialization. Low leverage limits interest and solvency pressure, allowing management more flexibility to fund development and negotiate project financing.
Negative Factors
Minimal Revenue and Large Losses
The absence of meaningful revenue alongside very large operating and net losses shows that NET Power has not yet reached commercial scale. Until projects begin generating revenue and costs are contained, earnings quality remains weak and shareholder capital continues to support development.
Read all positive and negative factors
Positive Factors
Negative Factors
Liquidity and Low Leverage
A cash-rich, nearly debt-free balance sheet gives NET Power financial runway while it develops Project Permian and pursues commercialization. Low leverage limits interest and solvency pressure, allowing management more flexibility to fund development and negotiate project financing.
Read all positive factors
NET Power (NPWR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$231.60M
Dividend YieldN/A
Average Volume (3M)561.70K
Price to Earnings (P/E)―
Beta (1Y)2.01
Revenue Growth-100.00%
EPS Growth-178.55%
CountryUS
Employees54
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-6.54
Shares Outstanding88,480,680
10 Day Avg. Volume566,939
30 Day Avg. Volume561,699
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.88
Price to Sales (P/S)0.00
P/FCF Ratio-1.17
Enterprise Value/Market Cap0.31
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-3.20
Enterprise Value/Ebitda-0.05
Forecast
1Y Price Target
$2.92Price Target Upside61.14% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.78
Revenue Forecast (FY)N/A
NET Power Business Overview & Revenue Model
Company Description
NET Power Inc. functions as a pioneering firm in the realm of sustainable energy solutions. Its core business involves the conceptualization, refinement, and commercialization (via licensing) of innovative technologies designed for generating eco-...
NET Power Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Neutral
The call presents a balanced view: management is optimistic about demand and has repositioned NET Power to deliver high-reliability unabated power quickly (backed by $310M cash, no debt, ~200 MW of near-term secured capacity and a 1.0–1.5 GW site), and it preserves carbon-capture optionality and strategic partnerships. However, material execution risks remain — notably deferred CCS deployment, the need for project-level financing and partner capital, absence of announced offtake contracts, ongoing equipment cost inflation, and prolonged grid interconnection constraints — making near-term outcomes dependent on securing customers and financing.Positive Updates
Strong Liquidity and Clean Balance Sheet
Ended Q2 with approximately $310 million in cash, cash equivalents and investments and no debt; management states this cash position is sufficient to support ongoing operations and Project Permian development activities and provides runway to pursue a deliberate commercial process.
Negative Updates
Post-Combustion Carbon Capture Deferred
Management does not expect to deploy post-combustion carbon capture in the initial phase of Project Permian and will not commit capital to CCS until supported by customer demand, project economics and financing — delaying early decarbonization of initial assets.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Liquidity and Clean Balance Sheet
Ended Q2 with approximately $310 million in cash, cash equivalents and investments and no debt; management states this cash position is sufficient to support ongoing operations and Project Permian development activities and provides runway to pursue a deliberate commercial process.
Read all positive updates
Company Guidance
NET Power’s guidance focuses on prioritizing unabated, behind‑the‑meter gas capacity while preserving carbon‑capture optionality: Project Permian is being redesigned for roughly 1–1.5 GW of capacity across multiple phases with the initial phase sized to market and targeted for co‑location with customer loads on a 2028 timeline; the company is working to secure an additional 120 MW of early‑delivery equipment which, combined with already‑secured turbines, would bring first‑phase secured capacity to nearly 200 MW. Operational targets include three‑nines reliability (99.9% uptime, "a handful of hours" downtime per year); management cited ERCOT interconnect queues extending into the 2030s and said grid relief is unlikely before the early 2030s in a best‑case view. On finance, NET Power ended Q2 (June 30, 2026) with about $310 million in cash, cash equivalents and investments, no debt, and stated that funding from project‑level financing, partner capital or additional equity will be required to move from development through construction to commercial operations.NET Power Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
55
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 250.00K | 175.00K | 580.00K | 2.10M |
| Gross Profit | -22.44M | -62.39M | -1.71M | -932.00K | 305.00K | 1.27M |
| EBITDA | -1.43B | -1.62B | -93.60M | -81.16M | -36.85M | -24.97M |
| Net Income | -521.19M | -578.53M | -49.19M | -77.23M | -54.78M | -38.29M |
Balance Sheet | ||||||
| Total Assets | 338.32M | 599.70M | 2.29B | 2.47B | 78.14M | 348.37M |
| Cash, Cash Equivalents and Short-Term Investments | 308.37M | 337.89M | 507.57M | 636.93M | 5.16M | 2.57M |
| Total Debt | 3.30M | 3.79M | 3.10M | 2.15M | 786.00K | 7.01M |
| Total Liabilities | 254.80M | 64.50M | 131.93M | 142.30M | 13.73M | 42.32M |
| Stockholders Equity | 83.53M | 203.90M | 655.60M | 785.01M | 64.40M | 306.44M |
Cash Flow | ||||||
| Free Cash Flow | -166.01M | -154.00M | -101.50M | -60.65M | -16.75M | -1.33M |
| Operating Cash Flow | -136.55M | -120.78M | -31.65M | -49.00M | -16.63M | -1.33M |
| Investing Cash Flow | -30.54M | -8.80M | -168.67M | -103.70M | -115.00K | -345.03M |
| Financing Cash Flow | -264.00K | -230.00K | -4.93M | 335.39M | 21.47M | 348.93M |
NET Power Technical Analysis
Negative
1.81
Price Trends
1.58
Negative
1.60
Negative
1.80
Negative
Market Momentum
-0.18
Positive
20.23
Positive
14.62
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NPWR, the sentiment is Negative. The current price of 1.81 is above the 20-day moving average (MA) of 1.25, above the 50-day MA of 1.58, and above the 200-day MA of 1.80, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 20.23 is Positive, neither overbought nor oversold. The STOCH value of 14.62 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NPWR.
NET Power Risk Analysis
NET Power disclosed 63 risk factors in its most recent earnings report. NET Power reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NET Power Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $246.60B | 26.27 | 83.40% | 0.19% | 12.85% | 738.05% | |
69 Neutral | $73.82B | 27.59 | 21.89% | 1.62% | 2.93% | -8.06% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
51 Neutral | $12.17B | -554.93 | -10.38% | ― | ― | ― | |
49 Neutral | $4.36B | -13.28 | -24.06% | ― | ― | ― | |
48 Neutral | $680.77M | -5.32 | 77.75% | ― | 40.37% | 55.59% | |
44 Neutral | $231.60M | -0.16 | -327.52% | ― | -100.00% | -178.55% |
* Industrials Sector Average
NPWR
NET Power
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NET Power Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
NET Power Subsidiary Extends Key EPC Project Deadlines
Neutral
Oct 22, 2026
On August 31, 2026, an indirect NET Power subsidiary, Net Power, LLC, assumed EMPower USA, LLC’s role as owner under an EPC agreement with Saulsbury Industries, with Saulsbury consenting to the assignment. On October 16, 2026, the parties ex...
Business Operations and StrategyFinancial Disclosures
NET Power Restructures Oxy-Combustion Partnership With Baker Hughes
Negative
Sep 11, 2026
On September 8, 2026, NET Power and Baker Hughes affiliates executed a set of integrated agreements that indefinitely suspend their joint development and commercialization programs for utility-scale oxy-combustion power plants while amending an ex...
Business Operations and StrategyM&A Transactions
NET Power acquires EMPower USA contract for Project Permian
Positive
Sep 3, 2026
On August 31, 2026, Net Power closed the acquisition of EMPower USA’s contractual position under an engineering, procurement and construction agreement with Saulsbury Industries for a 123 MW reciprocating-engine natural gas power plant. The ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.