NPWR

This article first appeared on GuruFocus. Cash Position: Approximately $310 million in cash, cash equivalents, and investments, with no debt as of the end of the second quarter. Capital Allocation: Redirecting near-term capital towards unabated natural gas power generation capacity, with carbon capture retained as a future option. Project Permian Capacity: Site capacity for approximately 1 to 1.5 gigawatts of power generation across multiple phases. Secured Equipment: Working to secure an additional 120 megawatts of gas power equipment, which would bring total secured capacity to nearly 200 megawatts for the first phase. Funding Strategy: Project funding through construction to commercial operations will require project-level financing, partner capital, additional equity, or a combination. Warning! GuruFocus has detected 4 Warning Signs with NPWR. Is NPWR fairly valued? Test your thesis with our free DCF calculator. Release Date: August 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NET Power Inc (NYSE:NPWR) is strategically pivoting to meet immediate market demand for reliable, fast-to-market power, enhancing its near-term commercial viability. The company's shift to unabated natural gas power generation with carbon capture as a future option aligns with current customer priorities, potentially accelerating revenue generation. NET Power Inc (NYSE:NPWR) retains a strong balance sheet with approximately $310 million in cash and no debt, providing financial flexibility to support project development. The company's partnership with Occidental (Oxy) offers a scalable land footprint in West Texas, a key differentiator for attracting large data center operators. NET Power Inc (NYSE:NPWR) is leveraging its technical expertise in gas power generation to design flexible, high-reliability (three-nines) power solutions, including a mix of turbines, reciprocating engines, and battery storage. NET Power Inc (NYSE:NPWR) is deferring its core clean power mission, which may dilute its long-term differentiation and appeal to environmentally-focused investors. The company faces significant execution risk in securing project-level financing for construction, as current cash is insufficient to cover full project costs. The strategic pivot away from immediate carbon capture could be seen as a setback, potentially impacting the credibility of its clean energy commitments. NET Power Inc (NYSE:NPWR) is exposed to rising equipment costs and supply chain constraints, which could pressure project economics and timelines. The company's success now hinges on finalizing offtake agreements with customers, a process that remains uncertain and could face delays. Q: How do you view NET Power's longer-term strategic positioning with this new focus on unabated power, and where does the company win against other developers in West Texas?A: Danny Rice (CEO) explained that the market is currently in a severe power shortage, and value creation comes from having the capability to meet demand, not necessarily from differentiation. He outlined a two-phase strategy: first, deploying unabated gas power to capitalize on the current shortage and create value; second, as the market reaches equilibrium in 10-15 years, the company's core strength in decarbonizing gas power generation becomes the key differentiator. He emphasized that siting projects in areas like West Texas, where carbon capture and sequestration are feasible, preserves this long-term optionality without compromising on the merits of unabated gas power. Q: What is the path and timing to a signed offtake agreement given the customer conversations that drove this strategic change?A: Danny Rice (CEO) stated that conversations are in progress, and the company is securing additional power equipment at the behest of a prospective customer, not on speculation. He noted that the initial turbines secured last year are now part of the starting block for the first phase of Project Permian. He expects to have more to share in the next couple of months, but emphasized that the ultimate success depends on aligning all stakeholders, including the community, and disclosing things appropriately as the project moves along. Q: Are the potential offtakers you're talking with more in a project origination stage or well along the development pathway?A: Danny Rice (CEO) noted that grid reliability concerns, even in ERCOT, are pushing customers toward behind-the-meter, off-grid solutions. He highlighted that the company's design, originally intended for post-combustion capture (PCC) with smaller gas turbine units, is highly conducive to this model because aggregating smaller units provides higher reliability (three-nines) than a single large frame turbine. The key difference is that capital not spent on PCC can be redirected to double the installed megawatts for the behind-the-meter application, which is exactly what the market is asking for. Q: How long do you think the power shortage situation might last before utilities and the grid catch up?A: Danny Rice (CEO) estimated that on the short end, grid constraints could begin to be resolved by the early 2030s in the fastest markets like ERCOT, with MISO and PJM taking even longer. He noted that this timeline is just to start solving the problem, not to fully resolve it. He also highlighted that behind-the-meter projects are designed with the future option to connect to the grid, and the Project Permian site is located near large high-voltage power lines to enable that future connectivity, similar to how the design preserves the option for carbon capture. Q: Given the strategy shift, how are you thinking about sizing the first project, and is there appetite to use reciprocating engines or other technologies?A: Danny Rice (CEO) confirmed the company is evaluating and pursuing a technology-agnostic approach, combining turbines, reciprocating engines, and battery storage to deliver the lowest-cost three-nines reliability for customers. He emphasized that the company is not beholden to any single OEM and that this adaptive ability is becoming a hallmark of NET Power. He attributed this flexibility to the team's decade of experience working on the technically challenging oxy-combustion cycle, which gives them a fundamental understanding of all things gas power generation. Q: How are you thinking about the timing of the first project's initial deployment, and what is your appetite for fronting capital to de-risk the project and secure long-lead-time items?A: Danny Rice (CEO) acknowledged the market dynamic where developers are asked to front CapEx to secure equipment. He stated that the company's $310 million balance sheet provides the patience to structure deals without putting all capital at risk. He noted that the turbines secured last year have proven to be an accretive commitment given rising equipment costs. Going forward, securing additional equipment will be done in concert with a potential customer, working out creative financing solutions, and the company will be thoughtful and pragmatic about putting more capital at risk. Q: How are conversations progressing with potential partners to help develop or fund the project, and can you provide an update on costs?A: Danny Rice (CEO) stated that project costs will depend on the final generation solution profile, and equipment costs continue to rise due to market tightness. On partnerships, he said the company is in a unique position with sufficient capital to move the project along alone, but remains humble about its skill sets. He indicated a willingness to bring in strategic partners if they complement NET Power's capabilities and improve project success, as demonstrated by the Entropy relationship. However, he believes the company can get fairly far on its own with its current skill set, capital, and the Oxy land partnership. Q: Is the Entropy post-combustion capture technology capable of being retrofitted later, or does it need to be integrated during the build?A: Marc Horstman (President and COO) clarified that while the PCC technology needs to be integrated, it does not prevent adding it as a second step. The current power mix strategy, likely simple cycle, can be upgraded to combined cycle and simultaneously add post-combustion capture when market conditions warrant. He emphasized that the work with the Entropy team over the last six to seven months has provided valuable insights into the total plant design, allowing NET Power to lay out the power generation now with a legitimate path to providing clean energy in the future. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is shifting near-term focus to unabated natural gas power generation to address a critical shortage of reliable, large-scale power for the AI and data center industries. The strategic pivot is driven by market feedback prioritizing 'speed to power' over immediate decarbonization, as grid constraints in markets like ERCOT are pushing interconnection queues into the 2030s. Project Permian is being redesigned for behind-the-meter, off-grid applications to bypass grid reliability issues and provide 99.9% uptime for hyperscale customers. The company is transitioning from a technology-first approach to a customer-centric model, leveraging its gas power expertise to deliver actionable solutions while preserving carbon capture as a future option. Management views this sequencing change as a pragmatic response to structural market conditions where power demand is currently outstripping supply. The relationship with Oxy remains a core differentiator, providing land access and a future pathway for CO2 offtake via enhanced oil recovery when economics support it. Project Permian is being developed across multiple phases, with the initial phase being sized to meet current market demand and contracted offtake needs., utilizing a mix of turbines, reciprocating engines, and battery storage to ensure redundancy. Management is in active coordination with a potential customer to secure an additional 120 megawatts of equipment, bringing total secured capacity to nearly 200 megawatts. The company intends to maintain its relationship with Entropy to pursue post-combustion capture technology in later project phases as customer requirements and financing evolve. Future project financing is expected to involve a combination of project-level debt, partner capital, and additional equity, supported by a current cash balance of approximately $310 million. Strategic siting remains a priority, focusing on areas where carbon sequestration is geologically feasible to ensure assets can be decarbonized once the market reaches supply equilibrium. The decision to delay post-combustion capture deployment reflects a refusal to require customers to pay for clean power before they have explicitly contracted for it. Rising costs for power generation equipment due to tight global supply chains remain a persistent headwind for project economics. Local community concerns regarding water consumption and grid impact are being addressed by moving toward off-grid, behind-the-meter designs. The shift to unabated power is described as a 'lower risk pathway' to eventually achieving a cleaner energy future by establishing the power asset base first. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management argues that in the current shortage, value creation comes from the capability to meet demand rather than pure technological differentiation. Long-term differentiation will shift back to decarbonization expertise once the market reaches equilibrium in 10 to 15 years. The plant layout is being designed specifically to accommodate future post-combustion capture integration without preventing initial simple cycle operations. Current designs allow for a transition to combined cycle configurations at the same time carbon capture is added. NET Power is avoiding speculative equipment orders, instead coordinating new tranches of megawatts directly with prospective customers to share or mitigate financial risk. The $310 million cash balance provides the 'patience' to wait for the right PPA structures rather than forcing sub-optimal deals.

Interested in NET Power Inc.? Here are five stocks we like better. NET Power is shifting Project Permian’s near-term focus to unabated, behind-the-meter natural-gas generation for data centers and industrial customers seeking fast, reliable power, while preserving the option to add carbon capture later. Project Permian could support approximately 1 to 1.5 gigawatts across multiple phases. Its reliability design may combine gas turbines, reciprocating engines and battery storage, targeting 99.9% uptime; nearly 200 megawatts of equipment could be secured for the initial phase. NET Power ended the second quarter with about $310 million in cash and investments and no debt, but will need project financing, partner capital, additional equity or a combination to fund construction through commercial operations. The company has not set a timetable for an offtake agreement. NET Power (NYSE:NPWR) said it is redirecting its near-term development strategy toward unabated, behind-the-meter natural gas generation as prospective customers prioritize rapid access to reliable power for data centers and other large loads. Chief Executive Officer Danny Rice said the company spent the past four months engaging with prospective power buyers, including hyperscalers, data-center developers and industrial companies. The consistent message, he said, was that customers need “speed, scale, and reliability” and are willing to pay a fair price for those attributes amid constraints on power supply and grid interconnections. → Lumentum Just Delivered the AI Growth Investors Wanted NET Power will retain carbon capture as a future option but does not expect to install post-combustion capture during the initial phase of its Project Permian development in West Texas. Rice characterized the shift as a change in sequencing rather than a departure from the company’s longer-term clean-power ambitions. Project Permian is being redesigned to serve co-located customer demand, with the ability to add carbon capture in later phases if customer requirements, economics and financing support it. Rice said the site could support roughly 1 gigawatt to 1.5 gigawatts of generation across multiple phases, while the initial phase will be sized according to current customer contracting demand. → Ryman Checks Into a $1.38B Hospitality Upgrade The company said it intends to pursue off-grid or behind-the-meter generation that does not rely on the broader power grid or an interconnection queue. Rice said grid constraints have become increasingly prominent not only in PJM and MISO, but also in ERCOT, where he said interconnection queues are extending into the 2030s. Rice said the company believes the West Texas location offers advantages for both near-term gas generation and a potential future carbon-capture retrofit. The project remains near high-voltage transmission lines that could enable a future grid connection, he said. NET Power also continues to work with Occidental Petroleum, or Oxy, on land rights and retains a potential future pathway to sell captured carbon dioxide for enhanced oil recovery. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal “We build the power first,” Rice said, “and we capture when it makes sense.” President and Chief Operating Officer Marc Horstman said NET Power is targeting “three nines” reliability, or 99.9% uptime, for its behind-the-meter projects. The company’s contemplated configuration includes battery energy storage, reciprocating engines and gas turbines, designed with redundancy so that maintenance or an outage at one unit would not interrupt customer supply. Horstman said the company’s modeling indicates that a single large generation unit would not meet a 99.9% uptime target because planned maintenance by itself could exceed the allowable outage window. A portfolio of smaller units, he said, can provide the necessary redundancy. NET Power is working with a potential customer to secure an additional 120 megawatts of gas-power equipment with early delivery. Combined with gas turbines it has already secured, the company said this could bring secured capacity for the first phase of the larger project to nearly 200 megawatts. Rice said the company is technology-agnostic in evaluating the eventual project configuration and will seek the combination of turbines, reciprocating engines and battery storage that can deliver the lowest-cost reliability on the customer’s required timeline. While the initial Project Permian deployment is not expected to include carbon capture, NET Power said it is discussing a revised framework with Entropy under which Entropy’s post-combustion carbon-capture technology could be deployed in later stages of NET Power projects. Rice said the company does not want customers to pay for clean power before they request it, but intends to retain the engineering capabilities and project locations needed to decarbonize its facilities later. He said the company sees carbon capture as a longer-term differentiator once power supply and demand become more balanced. Horstman said post-combustion capture needs to be integrated into project planning, but it can be added after an initial power build. He said the company’s work with Entropy over the past several months has helped it understand how to design facility layouts that preserve a “legitimate path forward” for future clean-energy deployment. Chief Financial Officer Lee Shuman said NET Power ended the second quarter with approximately $310 million of cash equivalents and investments and no debt. The company said its current cash resources are sufficient for ongoing operations, Project Permian development activities and portions of the project equipment. However, financing construction through commercial operations will require project-level financing, partner capital, additional equity, or a combination of those sources, Shuman said. Rice said the company is seeking to limit speculative equipment commitments and is working to align prospective customers before making further major capital commitments. He said NET Power expects to take a “thoughtful” and “pragmatic” approach to securing equipment and financing while continuing discussions with potential offtakers and partners. The company did not provide a specific timetable for an offtake agreement, though Rice said NET Power hopes to have more to share in the coming months. He said the company expects grid and power constraints to persist at least into the early 2030s in faster-moving markets, with a more conservative scenario extending constraints to the middle of the next decade. NET Power, Inc is an energy technology company focused on developing and commercializing power generation plants that burn natural gas and other fuels with near-zero carbon emissions. The company's core innovation is the proprietary Allam-Fetvedt Cycle, a supercritical carbon dioxide power cycle that captures all carbon dioxide produced during combustion without the need for separate carbon capture systems. By integrating gas combustion, heat exchange and carbon dioxide separation into a single closed-loop process, NET Power aims to deliver baseload power with efficiencies and emissions profiles competitive with conventional and renewable generation sources. Since demonstrating its first full-scale Allam-Cycle facility in La Porte, Texas, NET Power has moved from pilot operation toward commercial deployment. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "NET Power Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

HOUSTON, August 13, 2026--(BUSINESS WIRE)--Net Power Inc. (NYSE: NPWR) ("Net Power" or the "Company") today announced its financial and operational results for the second quarter ended June 30, 2026. "We’ve spent the last four months in an intensive customer engagement and marketing process. We believe that process has given us a clear read on what the market will buy today, and we are focusing the business accordingly. Our commercial strategy is recalibrated around what we believe today’s power customers are actually prioritizing: speed-to-power, reliability, and scale. Natural gas power generation, co-located with customer load and deployable on a fast timeline, is how we expect to meet that demand today. We continue to believe carbon capture and sequestration will play an integral role in the future of natural gas power, and our approach preserves that pathway, adding carbon capture in future phases as customer requirements, economics, and financing support it. We anticipate this flexibility will enable us to capture near-term demand now while holding onto the long-term decarbonization opportunity we’ve always believed in," said Danny Rice, Chief Executive Officer of Net Power. Key Business Updates: Recalibrating commercial strategy toward fast-to-deploy, unabated natural gas power generation: Market demand for natural gas-based power generation, driven by accelerating load growth from AI and hyperscale data center infrastructure, is growing quickly, with customers prioritizing speed-to-power and scale of deployment. In response, the Company is directing near-term capital and execution focus toward the development of unabated natural gas power generation capacity, with carbon capture retained as an option to be layered into projects over time as customer needs, economics, and financing evolve. Net Power continues to advance commercial discussions with prospective power offtakers directly and with the support of its financial advisor for Project Permian and other sites. Net Power has already contracted two modular gas turbine generator sets with nominal gross power of approximately 68 megawatts for use at Project Permian and is actively evaluating the acquisition of additional gas power units for the project. Revising the contemplated arrangement with Entropy: Net Power and Entropy Inc. ("Entropy"), a post-combustion carbon capture ("PCC") technology company, are discussing one or more potential commercial arrangements following the expiration of the parties’ prior letter of intent under which the parties may pursue deployment of Entropy’s PCC technology in later phases of Net Power’s projects as and when supported by customer demand, economics, and financing. Second Quarter 2026 Financial Results As of June 30, 2026, the Company had $310 million in cash, cash equivalents, and investments. The Company believes it has the ability to manage its operating costs such that its existing liquidity will be sufficient to fund its obligations for the next 12 months following the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. That conclusion is based on the Company’s existing obligations and commitments and assumes the Company does not enter into additional pre-FID equipment obligations and commitments it is evaluating, which have not been entered into as of the date of this release. As of the date of this release, no project-level financing, customer deposits or partner capital for Project Permian has been committed. Conference Call Net Power will host a conference call to share second quarter 2026 results and related matters beginning at 8:30 AM ET on Friday, August 14, 2026. To access the live audio webcast of the conference call, please visit Net Power’s investor relations website at ir.netpower.com. To participate by phone, dial 877-407-8014 (domestic) or +1 201-689-8053 (international). An archived webcast will be available following the call. About Net Power Net Power Inc. ("Net Power" or the "Company") is an energy technology and project development company focused on the development of natural gas power generation projects to meet growing demand for reliable power. The Company’s near-term development activities are focused on delivering natural gas power generation, with equipment designed to accommodate carbon capture in later phases. Cautionary Note Regarding Forward-Looking Statements Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words such as "anticipates," "believes," "expects," "intends," "plans," "potential," "projects," "targets," or other similar expressions may identify such forward-looking statements. Forward-looking statements may relate to the development of and financing of the Company’s power generation projects, the anticipated demand for the Company’s products and services, the timing and configuration of project phases, grid interconnection, and the Company’s business strategies, capital requirements, potential growth opportunities and expectations for future performance (financial or otherwise). Forward-looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over which Net Power has no control. These factors, risks and uncertainties include, but are not limited to, risks relating to the uncertainty of the projected financial information with respect to the Company and risks related to the Company’s ability to meet its projections; the capital-intensive nature of the Company’s business model, which will likely require Net Power to raise additional capital in the future; the Company’s ability to negotiate and enter into binding power offtake agreements on acceptable terms and on a timeline that supports a final investment decision for Project Permian; risks related to grid interconnection, including the timing and outcome of the large-load interconnection processes of the Electric Reliability Council of Texas and any related verification, audit, or other regulatory or legislative processes; the availability, cost, and delivery timing of gas turbines and related long-lead equipment; the impact of tariffs, trade barriers, export controls, and sanctions on equipment costs and supply timelines; the development of competing energy technologies, including battery storage, nuclear, and other generation resources; changes in, or the elimination of, governmental incentives and tax credits supporting carbon capture, including the credit available under Section 45Q of the Internal Revenue Code, and restrictions on the value, transferability, and monetization of such credits, and the availability of arrangements for the sale, transportation, sequestration, or other disposition of captured CO₂; the possibility that the Company’s projects are developed with natural gas generation in advance of, or without, carbon capture; risks associated with developing power generation projects for co-located load; risks relating to the Company’s access to capital, potential dilution to existing stockholders, and the continued listing of its securities on the New York Stock Exchange; the availability of project-level financing, additional equity or equity-linked capital, partner capital, or other financing sources on acceptable terms or at all; uncertainty regarding the current and future market for natural gas-generated power, with or without carbon capture; the Company’s ability to license third-party technology; the ability of the Company to effectively secure licenses for third-party PCC technology and to integrate such technology in its projects; barriers the Company may face in its attempts to deploy and commercialize its technology; the Company’s ability to adequately control or accurately predict the costs associated with its projects; barriers that the Company may face in its attempts to deploy projects; the complexity of the machinery the Company relies on for its operations and development; potential changes and/or delays in site selection and construction that result from regulatory, logistical, and financing challenges; the Company’s ability to establish and maintain supply relationships; risks related to strategic investors and partners, including potential conflicts of interests between the Company and such investors and partners; the Company’s ability to successfully commercialize its operations; the availability and cost of technological components and raw materials for its projects; the impact of potential delays in discovering manufacturing and construction issues; the ability of Net Power’s commercial plants to efficiently provide net power output; the impact of public perception of fossil fuel-derived energy on the Company’s business; any political or other disruptions in gas producing nations; the Company’s ability to protect its intellectual property and the intellectual property it licenses; the possibility that the Company commits substantial capital to power generation equipment before binding power offtake, site-control or financing arrangements are in place, and may not recover some or all of that capital; the Company’s ability to obtain the additional land and development rights required for the contemplated co-located configuration and broader build-out at Project Permian; the Company’s ability to attract, retain, and motivate qualified personnel, and risks associated with workforce reductions; the Company's ability to realize value from the Oxy-Combustion Cycle intellectual property and its interests at the La Porte Demonstration Facility, and the timing and cost of decommissioning that facility; risks relating to data privacy and cybersecurity, including the potential for cyberattacks or security incidents that could disrupt our or our service providers’ operations; current and potential litigation that has been and may be instituted against the Company; and other risks and uncertainties described under the headings "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Net Power’s Annual Report on Form 10-K for the year ended December 31, 2025, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on August 13, 2026, its other quarterly reports on Form 10-Q, and in its other filings made with the SEC from time to time, which are available via the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Net Power assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Net Power does not give any assurance that it will achieve its expectations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260813324335/en/ Contacts Investor Relations Contact:[email protected] Media Contact:[email protected]

DURHAM, N.C., July 27, 2026--(BUSINESS WIRE)--Net Power Inc. (NYSE: NPWR) plans to report its second quarter 2026 financial results and provide a business update after market close on Thursday, August 13, 2026, and will host a conference call on Friday, August 14, 2026 beginning at 8:30 AM ET. To access the live audio webcast of the conference call, please visit Net Power’s investor relations website at ir.netpower.com. To participate by phone, dial 877-407-8014 (domestic) or +1 201-689-8053 (international). An archived webcast will be available following the call. About Net Power Net Power (NYSE: NPWR) is an energy technology and project development company focused on delivering low-carbon gas power solutions. Founded in 2010, our mission is to transform natural gas into the lowest cost form of clean firm power. Cautionary Note Regarding Forward-Looking Statements and Projections Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words such as "anticipates," "believes," "expects," "intends," "plans," "projects," or other similar expressions may identify such forward-looking statements. Forward-looking statements may relate to the development of Net Power’s technology, the anticipated demand for Net Power’s technology and the markets in which Net Power operates, the timing of the deployment of plant deliveries, and Net Power’s business strategies, capital requirements, potential growth opportunities and expectations for future performance (financial or otherwise). Forward-looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over which Net Power has no control. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Net Power assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Net Power does not give any assurance that it will achieve its expectations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260727322887/en/ Contacts Investor Relations [email protected] [email protected]

This article first appeared on GuruFocus. Cash and Cash Equivalents: Approximately $319 million at the end of the first quarter. Debt: No debt reported. General and Administrative Expenses: Roughly $8 million to $9 million per quarter. Total Installed Cost (TIC) Target: $475 million to $575 million range. Equity Investment Target: $125 million to $175 million from NetPower. Project Economics: Target of $100 per megawatt hour or better for project bankability. Warning! GuruFocus has detected 4 Warning Signs with NPWR. Is NPWR fairly valued? Test your thesis with our free DCF calculator. Release Date: May 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NET Power Inc (NYSE:NPWR) is positioned to deliver clean, firm power at a competitive price point, targeting under $100 per megawatt hour. The company has a strategic partnership with Entropy, which provides proven carbon capture technology, enhancing project credibility. NET Power Inc (NYSE:NPWR) has a strong cash position with $319 million in cash and no debt, providing a solid financial foundation. The company is advancing its first commercial project, Project Permian Phase 1, with plans for significant scalability up to 800 megawatts. The leadership team, including the newly appointed CFO, brings extensive experience in energy project finance and development, which is crucial for executing their strategic plans. The success of NET Power Inc (NYSE:NPWR)'s projects heavily depends on market acceptance of Enhanced Oil Recovery (EOR) as a viable carbon capture solution. There is uncertainty regarding the commercial demand for their clean power product, which is critical for project financing and execution. Regulatory approvals are still pending, with air permits expected in the second half of the year, posing potential delays. The company faces challenges in aligning potential off-takers with their timeline and vision, which could impact project timelines. The cost and timeline for deploying their technology outside of West Texas could be significantly higher, affecting scalability and expansion plans. Q: What milestones are needed to procure long lead time items, and how will the burn rate evolve as you progress through development milestones? A: Marc Horstman, President & Chief Operating Officer: The procurement of long lead time items depends on significant activity and alignment with potential off-takers. Our team is actively working with potential EPC and GCs to detail our construction schedule. The lead times for equipment are subject to market activity, and we are monitoring this monthly to maintain our 2029 COD schedule. The primary focus is ensuring there is a market for Clean Power and a path for expansion from 80 megawatts to a larger scale at the project site. Q: Regarding regulatory approvals, will the project need to go through the ERCOT batch study process, and what is the status of regulatory elements to achieve commerciality? A: Marc Horstman, President & Chief Operating Officer: We are currently going through the air permitting process and expect to have an air permit by the second half of this year. Other necessary permits are planned, and we see minimal risk in obtaining them. The interaction with the Texas Environmental Commission has been positive, and permitting levels are within acceptable limits. Q: What factors determine the equity check from NetPower for the project, and have commercial terms been negotiated? A: Daniel Rice, President, Chief Executive Officer, Director: The equity range is influenced by the capital stack structure. With Entropy's participation at 49% equity, there is flexibility in each party's equity check. The balance will be financed with debt, and we are exploring equipment financing or standard project financing. The commercial process will guide the available credit forms, influencing the equity range of $125 million to $175 million. We have over $300 million in cash, providing sufficient resources for future phases or additional projects. Q: What is the current status of the commercial offtake process and its significance for the project? A: Daniel Rice, President, Chief Executive Officer, Director: The commercial offtake process is active and crucial for project bankability. We are targeting a price point of $100 per megawatt hour or better, which supports project bankability and an appropriate return profile. This price is competitive due to the EOR application and access to low-cost natural gas. The process will determine the project's credit forms and influence the financial architecture. Q: How is the relationship with Entropy progressing, and what role does it play in the project? A: Marc Horstman, President & Chief Operating Officer: The joint development agreement with Entropy is critical and governs the commercial terms for licensing and commercializing Entropy's PCC solvent technology. Entropy can contribute up to 49% equity for future deployments, starting with Project Permian Phase 1. We are aligned on the commercial structure and expect to finalize the agreement in Q2. Entropy's proven track record and technology integration are significant de-risking factors for the project. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Tuesday, May 12, 2026 at 8:30 a.m. ET Chief Executive Officer — Daniel Rice President and Chief Operating Officer — Marc Horstman Chief Financial Officer — Lee Shuman Need a quote from a Motley Fool analyst? Email [email protected] Daniel Rice: Thank you, Bryce, and good morning, everyone. I'm here today with Marc Horstman, our President and Chief Operating Officer; and Lee Shuman, who recently joined us as our new Chief Financial Officer. Lee brings a strong track record in energy project finance, and we're glad to have him on board for this pivotal period in our company's history. Let me tee things up for Marc and Lee with some comments on the macro, and then we'll open the line for questions. Demand for power continues to grow, and I think everyone at this point understands the primary source of new power generation for the foreseeable future will come from natural gas-powered equipment. The availability, the reliability and scalability is unmatched. The thing that's different with AI versus other forms of load is the cost of power is very inconsequential to AI economics. That's mostly because the cost of power is only 10% of the total cost of AI. The lion's share of the cost are the GPUs, the networking costs and data center shell. AI has become a race and will be decided by speed and scale, governed by availability of power, not the cost of power. Power projects, they've evolved quickly from waiting on the grid to now pursuing behind-the-meter power now. Generation mixes have evolved from large frame turbines to hundreds of reciprocating engines strung together to get the same gross power output. Heat rate, overnight cost and geography, they've all become far less important. In this market, speed, scale and community acceptance matter most of all. Fortunately, the U.S. energy industry, particularly the one that revolves around natural gas, is ready to meet this demand. We are part of that ecosystem with a very specific mission to transform natural gas into the lowest cost form of clean firm power. Clean power is moving down the list in terms of importance, but that's not to say if clean, reliable power was available on the same time line and scale as the innovated options, there's a good chance it should be selected. So that's where we find ourselves today. We've put ourselves in an excellent position to deliver a clean firm solution that can deliver first power this decade at a compelling price point with a pathway to under $100 a megawatt hour. This can be achieved in West Texas, where there's abundant low-cost gas to power generation and sufficient storage capacity for captured CO2 by pairing it with enhanced oil recovery. This proven application can underwrite the development of over 10 gigawatts of clean firm power generation for less than $100 a megawatt hour. Trying to do this elsewhere would be 20% to 30% higher cost of power, but the greatest cost would be longer time lines, greater risks and less scale. What it will come down to, for us, is if we can deliver at speed and scale to attract demand today and is the market willing to accept EOR as a viable pathway for carbon capture. The importance of energy availability is no more pronounced than it is today. As I just mentioned, we need as much natural gas for power generation as we can. Fortunately, we're in a great spot there. But separately, the global energy shock caused by the Iran war has cast a spotlight on the importance of energy security for natural gas and oil. The U.S. as the largest producer of both commodities, is mostly insulated from the supply shock so far. However, the situation has become an important lesson to people that the oil ecosystem isn't contained to just gasoline for cars. It's jet fuel, it's plastics, it's fertilizer, all irreplaceable at the scale and cost the world needs. So if modern civilization and quality of life is indispensable, then so too is oil, which sort of leads me back to the mousetrap that we're designing. We're designing a circular energy ecosystem that leverages the 2 most important energy sources we have on this planet, utilizing low-cost, reliable natural gas to produce reliable, low-cost power at massive scale and using technology to capture nearly all of its produced CO2 and then using this CO2 to help produce oil that wouldn't otherwise be recoverable. What stays behind in the reservoir forever is our captured CO2. We think that's the right solution for what the U.S. needs for the foreseeable future, more natural gas power generation, more domestic oil production, lower emissions overall. On the life cycle emissions point, our third-party validated life cycle emissions analysis calculation, or LCA, is estimated at roughly 210 grams of CO2 equivalent per kilowatt hour, which compares extremely favorably versus an unabated combined cycle of around 440 grams of CO2 equivalent per kilowatt hour and coal at north of 900 grams per kilowatt hour. So if improving the environment is important to you, this product checks that box. We'll continue our public pushing campaign to move the buyer ecosystem toward our vision of clean firm power. The good news is we expect to have answers to this in the coming months. As Marc will talk about in a second, we've done everything we can from an engineering and technology standpoint to design a derisked clean firm power solution. Before we move forward with committing any substantial amounts of capital to securing additional equipment, we need to ensure the customer demand is not just there, but is committed to our projects. So we're going through this process right now with our strategic adviser to help determine which prospective customers are aligned with our time line and our vision. I can tell you, not everyone wants to be associated with oil production, and that's okay. But if no one wants to be associated with EOR, even in spite of the environmental and social benefits that come from this ecosystem we're creating, it's better that we learn that before we commit any additional capital to it. The projects we're advancing help make the world a better, cleaner and safer place. But market acceptance, we think, will come down to 3 things. First, are we doing it fast enough? Speed really matters in this market. Second, are we doing it big enough? Scale also really matters in this market. And third, is it clean enough? And more importantly, are customers aligned with our energy ecosystem of using natural gas to create [ pain from ] power and using the CO2 to produce more oil to help support the quality of life of modern society. To us, it's a no-brainer. But again, we're not the customer. We're only the creator of these solutions. So in the background, we're advancing detailed engineering and project financing, understanding they come together as a finish line with the commercial offtake. We're progressing all 3 simultaneously. So with that, I'll turn it over to Marc to update you on the great progress we've made bringing the solution to the doorstep of FID and commercialization. Marc? Marc Horstman: Thank you, Danny. Good morning, everyone. I want to walk through 3 areas this morning: the commercial offtake structure, project execution for Permian Phase 1 and an update on our progress with our key technology partner, Entropy. Let me start with offtake. Turning to Slide 5. We have engaged a strategic adviser to lead the formal offtake process for Project Permian Phase 1. The offtake agreement is the gating condition for project financing, and it is the primary commercial proof point that a durable market exists for our clean power product. This slide shows commercial structure we have designed around NET Power's deployment offering. The flexibility here is deliberate. The first deployment is 80 megawatts, grid connected via Oncor and ERCOT, pursuing a fixed price long-term PPA as the offtake structure and CO2 sequestration through Oxy's EOR infrastructure. The second and third deployments introduce optionality, either continued grid delivery or behind-the-meter colocation at a larger scale. All 3 phases use Oxy EOR infrastructure for sequestration. Slide 6 shows the full picture of what we're building and the time line to get there. Project Permian Phase 1 is the commercial deployment of the clean power product, 80 megawatts net output, greater than 90% CO2 capture sited on leased acreage from Oxy near Midland, Texas. We continue to target FID in the second half of 2026 with commercial operation in early 2029. Project pairs a natural gas combined cycle configuration with Entropy's post-combustion carbon capture technology. Power delivery is grid connected at 80 megawatts. CO2 is 100% offtake to Oxy under indicative terms, which we are advancing towards definitive agreement. As mentioned, the site has the potential to scale to 800 megawatts, 10 units on the same acreage, which is a meaningful part of the commercial story we are telling to offtakers who want volume certainty over time. On the gas supply front, we're targeting an MOU with a major supplier in Q2 with definitive agreements negotiations to follow. On procurement and long lead equipment, we're executing a methodical release program running in parallel with our offtake and financing work streams. The Siemens RPS gas turbine packages, approximately $77 million is contracted and represents the first executed equipment commitment. The switchyard and gen tie line and generated [indiscernible] are targeted for the June timeframe. HRSGs, steam turbine generator and air cooled condenser are targeted for July. And most likely PCC equipment, absorber towers and amine regen systems follows in the August through September window. Finally, I want to highlight our product breakdown structure work underlying all of this. We have defined 8 to 10 equipment packages plus 10 to 20 discrete skids. This is the foundation of our repeatable clean power product design once, order and build many. Every decision we make on this project reduces non-recurring engineering costs for future deployments. Turning to Slide 7. A few updates on our Entropy relationship and the technology foundation beneath it. The joint development agreement with Entropy is the most critical near-term corporate deliverable. The JDA governs the commercial terms under which NET Power will license and commercialize Entropy's amine-based PCC solvent technology for U.S. power generation through 2032 on an exclusive basis. Entropy can commit up to 49% equity contributions for future deployment, beginning with Project Permian Phase 1. We are aligned on the commercial structure and intend to finalize this agreement in Q2. Entropy has a proven track record. Glacier Phase 1 has been running for more than 3 years, demonstrating capture from gas compressors at a commercial scale. Glacier Phase 2 is expected to come online in Q2 2026. This is at the same site but expands with more compressors and integrates a gas turbine with CCS at commercial scale, capturing 160,000 tons per annum. When that comes online, it further validates the core technology integration that Project Permian is being built on. This is a significant derisking event for our project and for the offtake conversation. Project Permian is the next direct scale-up of the PCC tech. Two 35-megawatt turbines, 380,000 tons per year of CO2 capture, TRL 8 to 9. This is not a novel configuration. It is a disciplined scaling of a demonstrated design and technology. With that, I'll turn it over to Lee for the financial update. Ned Shuman: Thank you, Marc, and good morning, everyone. I'll keep this brief. I'm pleased to be on my first quarterly call as NET Power's CFO. I look forward to getting to know many of you over the coming quarters. I spent the better part of 25 years developing, financing and restructuring power infrastructure, thermal, renewable distributed across a range of structures and market cycles. In total, I've been involved in power transactions valued north of $10 billion. Most recently, I led power financing at Javelin Global Commodities. Before that, I was CFO at WattBridge Energy, where we raised just over $2 billion to develop a 2.4 gigawatt portfolio of natural gas peaking plant in Texas. Prior to that, I held roles at [indiscernible] Mirant, which later became GenOn and was subsequently acquired by NRG, developing, financing, optimizing, restructuring and selling power assets domestically and internationally. I've also worked with start-up renewable developers to successfully develop projects and execute bankable deals in a very different framework from larger, more established organizations. This is an important context because NET Power's situation is one I recognize, an asset with potential for contractable cash flows, proven underlying technology and a capital structure that needs to be built from the ground up. That's the work I know how to do, and it's why I'm excited to step into this role. Additionally, based on my experience with NET Power over the last month, it is clear to me that the team has the expertise and the drive to do the hard work to deliver on Project Permian and beyond. Turning to our financials. We ended the first quarter with approximately $319 million in cash and cash equivalents and no debt. We incurred a few onetime costs associated with pausing the Oxy combustion program, and we expect go-forward spend to be more for the PCC program. Our G&A burn is fairly low, roughly $8 million to $9 million per quarter, giving us fairly long runway to reach FID. We expect the spend to ramp up in the coming months as we release critical long leads to maintain our project schedule. As Danny mentioned in his remarks, we remain prudent in committing capital to this first project, positive indications for the first project and future projects will give us confidence to risk release long lead items and potentially secure additional equipment. On project economics, the TIC target remains in the $475 million to $575 million range. On the financing side, we're targeting an equity investment from NET Power in the $125 million to $175 million range, with the balance of capital coming in the form of debt and equity participation from Entropy. We have the capital on the balance sheet to fund that today and sufficient dry powder to begin working on the next phases of the first project or the next project elsewhere in West Texas. As Danny mentioned, the commercial offtake process is the most consequential near-term event, a target of $100 per megawatt hour or better supports project bankability and an appropriate return profile. This price point is markedly below other clean firm options, which is in part due to EOR application and access to low-cost natural gas. I look forward to providing more updates in quarters to come. Let's open the line for questions. Operator: [Operator Instructions] Your first question comes from the line of Ryan Levine from Citi. Ryan Levine: You mentioned $8 million to $9 million of burn before some of these long lead time items need to be procured. What milestones would be needed to procure those long lead time items? Any color around how that burn rate would evolve as you progress through different development milestones? Daniel Rice: I'll turn it over to Marc to answer. Marc Horstman: Can you guys hear me? Daniel Rice: Yes, we can hear you. Marc Horstman: All right. Excellent. Sorry about that. I had mute issues as well, Ryan. Ryan, Marc Horstman. Predominantly around the long lead equipment, it's really referring back to what Danny mentioned in his opening comments. Through the offtake process that we have ongoing right now, we need to see significant, call it, activity and alignment with potential offtakers that would support call it the next step in releasing those long lead or pre-FID purchase orders. And from that standpoint on, our team is actively working with our potential EPC and GCs on further detailing our construction schedule. As you can imagine, the lead times that we're seeing on certain equipment is moving around based around -- or based on the activity in the marketplace. So it's really a month-to-month look at what equipment we need to release as we continue to keep pulse with those vendors in order to maintain that first half 2029 COD schedule. But the first and foremost, call it, evidence information that we're looking for is really that, again, is there a market there for the clean power? Is there a path forward for our product on the expansion from the 80 megawatts to something larger at the project site. Ryan Levine: And then assuming you're able to achieve commercial interest to advance the lease that component of the development cycle, when you -- in terms of regulatory approvals, would this have to go through their batch study process? Or how are you looking around the regulatory elements to achieve commerciality. Daniel Rice: From the standpoint of deploying the first 80 megawatts, we're going through our air permitting process now, which looks like based on our recent discussions and meetings with the Texas permitting office, looks like that we would have an air permit towards the second half of this year. So that proceeds quite well. The remaining permits that we would need in order to bring the project through commercial operation are planned, and we see very little risk on those moving forward. So from that perspective, everything seems to be moving along. Obviously, we stay close to it as we evolve because this is the first time this technology is going through the permitting process. But thus far, between interaction between Entropy ourselves and the Texas Environmental Commission, everything seems to be quite aligned and call it, permitting levels are within the acceptable limits. Ryan Levine: And then last question for me. In terms of the equity check from NET Power to fund the project, there cited a range. Have those commercial terms been negotiated? Or what are the factors that would lead to where you fall in that range? Daniel Rice: Hi Ryan, this is Danny. I think the range is really a function of what the rest of the capital stack looks like. As Marc sort of mentioned in his remarks, the JV with Entropy they'll have participation rights alongside us for 49% of the equity. There's certainly flexibility on both sides as to what each respective party's activity check is going to look like. Really, the balance of the plan is going to be financed with debt in some form or fashion. And I think that's one of the things that Lee and I will really be figuring out over the next couple of months sort of in parallel with the offtake process is the financing going to be in the form of equipment financing? Or is it going to be more in standard sort of project financing that's sort of underpinned by the contracted cash flows of the project? So the commercial process that we're going through is really going to be very instructive in terms of what forms of credit is going to be available to this facility. And so I think a combination of the form of credit and the entry participation is sort of what gets us back to that $125 million to $175 million range. And even at the high end of that range, the $175 million, we're sitting with a little over $300 million of cash and cash equivalents on the balance sheet today. So we'll have pretty sufficient dry powder to get working on either the next phase of this specific projects or assuming, obviously, the commercial demand is there, an additional project elsewhere within the Permian Basin. Operator: There are no additional questions at this time. I would like to turn the floor back over to Danny Rice, CEO, for closing comments. Daniel Rice: Yes. Thanks, everyone, for the time this morning, and Ryan, thanks for the questions. Yes, I mean, we're at an interesting moment for NET Power. The macro environment has continued to move in our direction. Power demand is accelerating. The case for a clean firm power, it is still there. There's just no other solutions being deployed. And our solution in West Texas is as well positioned as it's ever been. We've done the hard work on the technology and the engineering side. And what's in front of us now is the commercial process, which I think is the right place for us to be. So we feel good about where we are. The offtake process is active. The Entropy JDA is closed. The equipment program is moving and Lee is already adding real value on assisting me on the financial architecture. So none of these work streams are waiting on each other. They're sort of advancing in parallel and they'll come together at FID. But as I sort of mentioned in the comments, we'll be measured in how we commit capital, but we're genuinely optimistic about what the next few months will show us. And we expect to have meaningful updates to share with you all, and we look forward to having those conversations. So thanks again for your interest in NET Power, and have a great day. Operator: Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day. Before you buy stock in Net Power, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Net Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $460,826!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,345,285!* Now, it’s worth noting Stock Advisor’s total average return is 983% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Net Power. The Motley Fool has a disclosure policy. Net Power (NPWR) Q1 2026 Earnings Transcript was originally published by The Motley Fool

DURHAM, N.C., May 11, 2026--(BUSINESS WIRE)--Net Power Inc. (NYSE: NPWR) ("Net Power" or the "Company") today announced its financial and operational results for the first quarter ended March 31, 2026. "We remain excited about the opportunity set in front of us and believe Net Power’s in-house engineering capabilities and expertise in power generation and carbon capture utilization can transform natural gas into the lowest-cost form of clean, reliable electricity," said Danny Rice, Chief Executive Officer of Net Power. "As a critical next step to securing a long-term power purchase agreement (PPA) for Project Permian Phase I and subsequent larger scale Net Power deployments, Net Power has engaged a strategic advisor to facilitate our power offtake discussions. Successfully securing a formalized offtake agreement will catalyze our project financing and keep us on track for a final investment decision in the back half of this year—preserving our timeline to become the first operational natural gas power plant with post-combustion carbon capture in the United States." Key Business Updates: Advanced Permian Basin clean firm power development: Net Power continued work on schedule for its clean firm power development at its original Project Permian site in West Texas, which will utilize Siemens A35 gas turbines packaged by RPS paired with Entropy’s proven post-combustion capture (PCC) technology and target 80MW of electrical output for Phase I. Final investment decision (FID) for the initial deployment is expected in the second half of 2026 with targeted commercial operations by early 2029. Progressing towards joint development agreement (JDA) with Entropy Inc. ("Entropy"): Net Power and Entropy continued diligence in anticipation of signing a JDA to deploy natural gas-fired power generation with post-combustion carbon capture (PCC) across the United States. Entropy is a Canada-based leader in PCC technology, with commercially deployed operations at the Glacier Gas Plant in Alberta, Canada. Entropy’s technology has demonstrated high energy efficiency and a proven carbon dioxide capture rate of approximately 90 percent. Maintained strong financial position: Ended the quarter with approximately $319 million in cash, cash equivalents, and investments. Conference Call Net Power will host a conference call to share first quarter 2026 results and related matters beginning at 8:30 AM ET on Tuesday, May 12. To access the live audio webcast of the conference call, please visit Net Power’s investor relations website at ir.netpower.com. To participate by phone, dial 877-407-8014 (domestic) or +1 201-689-8053 (international). An archived webcast will be available following the call. About Net Power Net Power (NYSE: NPWR) is an energy technology and project development company focused on delivering low-carbon gas power solutions. Founded in 2010, our mission is to transform natural gas into the lowest cost form of clean firm power. Cautionary Note Regarding Forward-Looking Statements and Projections Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words such as "anticipates," "believes," "expects," "intends," "plans," "projects," or other similar expressions may identify such forward-looking statements. Forward-looking statements may relate to the development of Net Power’s projects, the anticipated demand for Net Power’s projects and the markets in which Net Power operates, the timing of the deployment of plant deliveries, and Net Power’s business strategies, capital requirements, potential growth opportunities and expectations for future performance (financial or otherwise). Forward-looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over which Net Power has no control. These factors, risks and uncertainties include, but are not limited to, risks relating to the uncertainty of the projected financial information with respect to the Company and risks related to the Company’s ability to meet its projections; the capital-intensive nature of the Company’s business model, which will likely require Net Power to raise additional capital in the future; uncertainty regarding the current and future market for abated natural gas-generated power; the ability of the Company to effectively secure licenses for third-party PCC technology and to integrate such technology in its projects; barriers the Company may face in its attempts to deploy and commercialize its technology; the complexity of the machinery the Company relies on for its operations and development, including Entropy’s PCC technology; the Company’s ability to adequately control or accurately predict the costs associated with its projects; barriers that the Company may face in its attempts to deploy projects; the complexity of the machinery the Company relies on for its operations and development; potential changes and/or delays in site selection and construction that result from regulatory, logistical, and financing challenges; the Company’s ability to establish and maintain supply relationships; risks related to strategic investors and partners, including potential conflicts of interests between the Company and such investors and partners; the Company’s ability to successfully commercialize its operations; the lack of federal support for clean energy technology by the Trump administration; the availability and cost of technological components and raw materials for its projects; the impact of potential delays in discovering manufacturing and construction issues; the ability of Net Power’s commercial plants to efficiently provide net power output; the impact of public perception of fossil fuel-derived energy on the Company’s business; any political or other disruptions in gas producing nations; the Company’s ability to protect its intellectual property and the intellectual property it licenses; risks relating to data privacy and cybersecurity, including the potential for cyberattacks or security incidents that could disrupt our or our service providers’ operations; current and potential litigation that has been and may be instituted against the Company; and; and other risks and uncertainties described under the headings "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Net Power’s Annual Report on Form 10-K for the year ended December 31, 2025, its subsequent quarterly reports on Form 10-Q, and in its other filings made with the SEC from time to time, which are available via the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Net Power assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Net Power does not give any assurance that it will achieve its expectations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511677505/en/ Contacts Investor Relations Contact: [email protected] Media Contact: [email protected]

DURHAM, N.C., April 20, 2026--(BUSINESS WIRE)--Net Power Inc. (NYSE: NPWR) plans to report its first quarter 2026 business update after market close on Monday, May 11, 2026, and will host a conference call on Tuesday, May 12, 2026 beginning at 8:30 AM ET. To access the live audio webcast of the conference call, please visit Net Power’s investor relations website at ir.netpower.com. To participate by phone, dial 877-407-8014 (domestic) or +1 201-689-8053 (international). An archived webcast will be available following the call. About Net Power Net Power (NYSE: NPWR) is an energy technology and project development company focused on delivering low-carbon gas power solutions. Founded in 2010, our mission is to transform natural gas into the lowest cost form of clean firm power. Cautionary Note Regarding Forward-Looking Statements and Projections Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words such as "anticipates," "believes," "expects," "intends," "plans," "projects," or other similar expressions may identify such forward-looking statements. Forward-looking statements may relate to the development of Net Power’s technology, the anticipated demand for Net Power’s technology and the markets in which Net Power operates, the timing of the deployment of plant deliveries, and Net Power’s business strategies, capital requirements, potential growth opportunities and expectations for future performance (financial or otherwise). Forward-looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over which Net Power has no control. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Net Power assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Net Power does not give any assurance that it will achieve its expectations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260420964211/en/ Contacts Investor Relations Contact [email protected] Media Contact [email protected]

This article first appeared on GuruFocus. Cash Position: Approximately $379 million in cash, cash equivalents, and investments at the end of Q4 2025. Net Electrical Output Increase: Plant configuration increased from approximately 60 MW to 80 MW, a 33% increase in generation capacity. Project Financing Target: Full project financing to reduce equity requirement to roughly $0.25 to $0.35. FID Target: Second half of 2026 with a commercial operations date of early 2029. Long Lead Equipment Commitments: Targeting approximately $50 million in pre-FID commitments by midyear. Offtake Agreement Goal: Signed agreement or MOU at pricing at or above $100 per megawatt hour. Warning! GuruFocus has detected 3 Warning Sign with NPWR. Is NPWR fairly valued? Test your thesis with our free DCF calculator. Release Date: March 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NET Power Inc (NYSE:NPWR) has pivoted to a more direct route for clean power generation by combining natural gas turbines with post-combustion carbon capture, which is expected to be more efficient and timely. The company is strategically positioned in West Texas, an area with significant growth in power demand, particularly from AI data centers, making it an ideal location for their projects. The partnership with Entropy for post-combustion carbon capture technology is a critical component, providing proven technology and aligning incentives through a joint venture. NET Power Inc (NYSE:NPWR) has secured major equipment packages and is progressing with project design, reducing execution risk and increasing confidence in project delivery. The company has a strong financial position with $379 million in cash and investments, providing a solid runway for executing their first project, Project Permian. The transition from oxy-combustion to the new strategy may involve challenges in convincing stakeholders of the viability and benefits of the new approach. Project financing is contingent on securing strong offtake agreements and lender confidence in the new technology, which may require significant effort and time. The estimated project costs for Project Permian have increased, partly due to inflation and design changes, which could impact financial returns. The company faces competition in the market for clean, firm power, and establishing a new market for their technology may be challenging. There is uncertainty around the future of the oxy-combustion technology and its potential applications, which could impact long-term strategic plans. Q: Can you provide perspective on the competitive landscape for offtake pricing in West Texas, especially around the $100 per megawatt hour mark? A: Daniel Rice, CEO: The forward curve for power prices in ERCOT has increased significantly, from $40-$45 per megawatt hour a year ago to $65-$70 now. For new contracted capacity, prices are north of $100 per megawatt hour. This reflects the importance of reliability and speed. Our clean gas solution with Entropy is competitive, requiring a price point lower than the $130-$150 per megawatt hour needed for oxy-combustion. Q: Is there potential for government support on the financing side, particularly from the DOE? A: Daniel Rice, CEO: The current administration is focused on shoring up domestic energy supply, including oil and gas. Our solution aligns with these goals by using domestic natural gas to firm up the grid and boost domestic oil production. We believe this alignment could lead to potential financial support from the government, such as grants or loans. Q: Can you provide an updated sense of total project costs for Project Permian? A: Marc Horstman, President and COO: The total installed cost (TIC) is currently estimated between $475 million and $575 million. This range supports the project's economics. As we advance through the design phase, we expect to achieve a firmer view on costs. Securing long lead equipment this summer will also help manage costs. Q: Are you focused solely on Project Permian, or are there updates on other projects like MISO? A: Daniel Rice, CEO: Our focus is on West Texas and Project Permian, which can accommodate up to 800 megawatts. We pulled out of the MISO queue due to rising interconnect costs and are reallocating resources to West Texas, where the opportunities are more compelling. Q: What are hyperscalers looking for in offtake agreements, and what challenges need to be addressed? A: Marc Horstman, President and COO: Hyperscalers are looking for speed to power, reliability, and clean power. Our solution meets these needs with existing technology and competitive gas pricing in West Texas. The conversations have evolved, and our ability to provide firm, clean power is a unique offering in the market. For the complete transcript of the earnings call, please refer to the full earnings call transcript.