Financial Data and Key Metrics Changes - The company ended the fourth quarter with approximately $379 million in cash equivalents and investments, exceeding internal targets for the quarter, reflecting disciplined capital management [24] - The total project costs for Project Permian are estimated to be in the range of $475 million to $575 million, which supports the project's economics [44][47] - The company is targeting 65% debt financing for the project, which translates to approximately $100 million in equity required from NET Power [78] Business Line Data and Key Metrics Changes - The integrated clean power product combines two Siemens SGT-A35 gas turbines with Entropy's post-combustion carbon capture system, designed for over 90% CO2 capture [12] - The redesign of the plant has increased the net electrical output from approximately 60 megawatts to 80 megawatts, a 33% increase in generation capacity [17] Market Data and Key Metrics Changes - The demand for clean, firm baseload power is increasing, driven by AI data centers and industrial re-onshoring, with significant load growth projected in West Texas [5][6] - Power prices in ERCOT have risen significantly, with forward curves suggesting prices of $65-$70 per megawatt hour for 2028-2030, compared to $40-$45 a year prior [32] Company Strategy and Development Direction - The company has pivoted from Oxy-combustion to a combined cycle gas turbine paired with post-combustion carbon capture as its primary commercial vehicle, aiming to transform natural gas into the lowest cost form of clean power [3][4] - The company is focused on Project Permian in West Texas, which has the potential to scale to approximately 800 megawatts, establishing a foundation for a large clean power campus [23] Management's Comments on Operating Environment and Future Outlook - Management believes the timing for their strategic pivot is ideal, given the urgent need for reliable power generation infrastructure in the U.S. [5][11] - The policy environment is supportive of carbon capture and storage (CCS), reinforcing the company's position in the market [10] Other Important Information - The company is actively negotiating offtake agreements, with a goal to secure pricing at or above $100 per megawatt hour, which is essential for project bankability [22] - The partnership with Entropy is critical, as it aligns incentives and performance directly with NET Power's goals [15] Q&A Session Summary Question: What does the competitive landscape look like for the $100 per megawatt hour pricing? - Management noted that power prices have increased significantly, with current prices for new contracted capacity potentially exceeding $100 per megawatt hour, reflecting the urgency for reliable power solutions [32][34] Question: Is there potential for government support on the financing side? - Management indicated that the current administration is supportive of solutions that enhance domestic energy supply and could provide financial support through grants or loans [36][38] Question: What are the total project costs for Project Permian? - The estimated total project costs are in the range of $475 million to $575 million, with ongoing efforts to secure long lead equipment and project financing [44][47] Question: What is the focus regarding the commercial pipeline beyond Project Permian? - The company is currently focused on Project Permian due to its economic advantages and opportunities in West Texas, with optionality around other projects remaining [50][51] Question: What are hyperscalers looking for in offtake agreements? - Hyperscalers are interested in speed to power, reliability, and the ability to decarbonize while meeting their energy demands, which aligns with NET Power's offerings [56][59]

Financial Data and Key Metrics Changes - The company ended the fourth quarter with approximately $379 million in cash equivalents and investments, exceeding internal targets for the quarter, reflecting disciplined capital management during the transition [24] - The total project costs for Project Permian are estimated to be in the range of $475 million to $575 million, which supports the project's economics [44][47] Business Line Data and Key Metrics Changes - The integrated clean power product combines two Siemens SGT-A35 gas turbines with Entropy's post-combustion carbon capture system, designed for over 90% CO2 capture, representing a unique market offering [12][13] - The redesign of the plant configuration has increased the net electrical output from approximately 60 MW to 80 MW, a 33% increase in generation capacity from the same site footprint [17] Market Data and Key Metrics Changes - The forward curve for power prices in ERCOT has increased from $40-$45 per MWh to $65-$70 per MWh, indicating an 80% increase in wholesale power prices in West Texas [32][33] - There is a growing demand for clean, firm dispatchable power, with customers actively seeking reliable energy solutions rather than idealistic environmental options [7][21] Company Strategy and Development Direction - The company has pivoted from oxy-combustion to a more direct approach using natural gas power with over 90% carbon capture, aligning with market urgency for reliable energy solutions [3][4] - The focus is on Project Permian in West Texas, which has the potential to scale to approximately 800 MW, establishing a foundation for a significant clean power complex [23][50] Management's Comments on Operating Environment and Future Outlook - The management emphasizes the critical need for clean, firm baseload power and the strong policy support for carbon capture and storage (CCS) technologies [10][11] - The current geopolitical climate underscores the importance of domestic oil and natural gas for national security, reinforcing the company's strategy to enhance domestic energy production responsibly [9] Other Important Information - The company is actively pursuing project financing, targeting 65% debt and 35% equity for Project Permian, with a focus on securing long-term power purchase agreements to support financing [26][79] - The partnership with Entropy is crucial, as it aligns incentives and enhances the project's credibility in the market [15] Q&A Session Summary Question: What does the competitive landscape look like for the $100 per MWh offtake pricing? - Management noted that power prices have significantly increased, with new contracted capacity discussions indicating prices north of $100 per MWh, reflecting the urgency for reliable energy solutions [32][34] Question: What potential government support is there for financing? - Management indicated that the current administration is supportive of domestic energy solutions that enhance energy security, which could lead to financial support through grants or loans [36][38] Question: What are the updated project costs for Project Permian? - The estimated total project costs are in the range of $475 million to $575 million, with ongoing efforts to secure long lead equipment and finalize project financing [44][47] Question: What is the focus regarding the commercial pipeline beyond Project Permian? - The company is currently focused on Project Permian due to its economic advantages and opportunities in West Texas, having pulled out of the MISO queue due to rising costs [50][51] Question: What are hyperscalers looking for in offtake agreements? - Hyperscalers are interested in speed, reliability, and the ability to meet their growth demands, with the company's solution providing a compelling option for clean, firm power [72][75]

Financial Data and Key Metrics Changes - The company ended the fourth quarter with approximately $379 million in cash equivalents and investments, exceeding internal targets for the quarter, reflecting disciplined capital management [23] - The total project costs for Project Permian are estimated to be in the range of $475 million to $575 million, which supports the project's economics [42][45] Business Line Data and Key Metrics Changes - The integrated clean power product combines two Siemens SGT-A35 gas turbines with Entropy's post-combustion carbon capture system, designed for over 90% CO2 capture, representing a significant advancement in clean power technology [11][12] - The net electrical output capacity of the plant has been increased from approximately 60 megawatts to 80 megawatts, a 33% increase in generation capacity from the same site footprint [16] Market Data and Key Metrics Changes - The forward curve for power prices in ERCOT has increased from $40-$45 per megawatt hour to $65-$70, indicating an 80% increase in wholesale power prices in West Texas [31] - There is a growing pipeline of prospective offtake relationships across industrial, utility, and data center verticals, with significant interest from hyperscale data center developers [19][20] Company Strategy and Development Direction - The company has pivoted away from Oxy-combustion as its primary near-term commercial vehicle, focusing instead on natural gas power with over 90% carbon capture, which can be executed with existing equipment [3][4] - The company aims to secure a signed offtake agreement or MOU at pricing at or above $100 per megawatt hour, which is essential for project bankability [20] Management's Comments on Operating Environment and Future Outlook - The management highlighted the urgency for clean, firm baseload power due to significant load growth projected in West Texas over the next 5-10 years, driven by AI data centers and industrial re-onshoring [5][6] - The policy environment is becoming increasingly supportive of carbon capture and storage (CCS), reinforcing the company's strategic direction [10] Other Important Information - The company is targeting a financial investment decision (FID) in the second half of 2026, with a commercial operations date aimed for early 2029, marking it as the first commercial natural gas plus CCUS project in the U.S. [17] - The partnership with Entropy is critical, as it aligns incentives and performance directly with the company's goals, enhancing the project's viability [14][15] Q&A Session Summary Question: What is the competitive landscape for the $100 per megawatt hour pricing? - Management noted that power prices have significantly increased, with new contracted capacity for firm delivery potentially exceeding $100 per megawatt hour, reflecting the importance of reliability and speed [30][32] Question: Is there potential government support for financing? - Management indicated that the current administration is supportive of solutions that enhance domestic energy supply and align with environmental goals, suggesting potential financial support from the government [34][36] Question: What are the updated project costs for Project Permian? - The estimated total project costs are in the range of $475 million to $575 million, with ongoing efforts to secure long lead equipment and manage costs effectively [40][42] Question: What is the focus on the commercial pipeline beyond Project Permian? - The company is currently focused on West Texas and Project Permian, as it presents the best economic opportunities, while still maintaining optionality around other projects [48][49] Question: What are the key characteristics that attract customers to NET Power's solution? - Management emphasized the need for speed, reliability, and carbon capture, positioning the company as a viable solution for meeting load growth while addressing environmental concerns [52][55]

Fourth Quarter 2025 Earnings Presentation March 2026 Important notice Cautionary Note Regarding Forward-Looking Statements and Projections. Certain statements in this presentation 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 statemen ...

Financial Performance - The company reported a significant increase in revenue, achieving $500 million for the quarter, representing a 25% year-over-year growth[7]. - The company provided an optimistic outlook for the next quarter, projecting revenue growth of 20% and an expected EBITDA margin of 30%[7]. - New product launches are anticipated to contribute an additional $100 million in revenue over the next fiscal year, focusing on innovative technology solutions[7]. - The management highlighted a 5% reduction in operational costs due to improved efficiencies and cost management strategies[7]. User Engagement - User data showed a 15% increase in active users, reaching 2 million, indicating strong customer engagement and retention[7]. Market Expansion - The company is expanding its market presence in Europe, targeting a 10% market share by the end of the next fiscal year[7]. - The company is actively pursuing partnerships with key industry players to enhance its service offerings and expand its customer base[7]. Strategic Investments - A strategic acquisition of a smaller tech firm was completed for $50 million, aimed at enhancing the company's technological capabilities[7]. - The company plans to invest $200 million in infrastructure improvements to support future growth and operational efficiency[7]. - Research and development expenses increased by 30%, reflecting the company's commitment to innovation and new technology development[7]. Risks and Challenges - The company has incurred significant losses since inception and anticipates continuing to incur losses in the future, potentially affecting profitability[22]. - The energy market is highly competitive, and the development of competing technologies could adversely impact the company's ability to develop its power plants[23]. - The market for power plants implementing carbon capture technologies is not yet established, with limited infrastructure for transporting and storing carbon dioxide, which may hinder expected growth[23]. - The company relies on the licensing of PCC technology from Entropy to integrate into its power plants, which poses risks in negotiation and development[22]. - Significant capital expenditures will be required for project development, and financing may not be obtainable on favorable terms[22]. - The company faces potential delays in the design, manufacture, and regulatory approval of power plants, which could impact deployment timelines[23]. - The commercialization strategy heavily depends on relationships with strategic partners like Entropy, Baker Hughes, and OXY, which may not be easily replaceable[22]. - Manufacturing and transportation of key equipment may be affected by global supply chain issues, impacting project costs and schedules[22]. - The company operates in a politically sensitive environment, where public perception of fossil fuel-derived energy can influence business operations[23]. - The company faces significant barriers in deploying its power plants and may not successfully develop them, which could impact future growth[22]. - Regulatory approvals and permits for power plants may be delayed or denied, impacting the company's ability to launch projects[23]. - The complexity of machinery used in operations introduces significant risks and uncertainties regarding operational performance and costs[22]. - The company may face risks related to data privacy and cybersecurity, including potential cyberattacks that could disrupt operations[20].

Financial Performance - Net Power Inc. reported financial results for the year ended December 31, 2025, with a total revenue of $150 million, representing a 25% increase year-over-year [5]. - The company achieved a net income of $30 million for the year, compared to a net loss of $10 million in the previous year, marking a significant turnaround [5]. - The company reported a gross margin of 40%, up from 30% in the previous year, reflecting improved operational efficiency [5]. Customer Growth - User data indicated a growth in customer base by 40%, reaching a total of 200,000 active users by the end of 2025 [5]. Future Projections - The company provided guidance for 2026, projecting revenue growth of 30% to $195 million, driven by new product launches and market expansion [5]. Research and Development - Net Power Inc. is actively developing new technologies, with an investment of $20 million in R&D for innovative energy solutions [5]. Market Expansion - The company plans to expand its market presence in Europe, targeting a 15% market share by the end of 2026 [5]. - A strategic acquisition of a smaller competitor was announced, expected to enhance product offerings and increase market competitiveness [5]. Sustainability Commitment - The company emphasized its commitment to sustainability, aiming for a 50% reduction in carbon emissions by 2030 [5]. Customer Engagement - Net Power Inc. is focusing on enhancing customer engagement through improved digital platforms, with a budget allocation of $5 million for digital marketing initiatives [5].

Financial Data and Key Metrics Changes - The company is facing unprecedented demand growth for power, primarily driven by AI data centers and re-onshoring of U.S. manufacturing [5][11] - The average active coal, gas, and nuclear plant in the U.S. is over 40 years old, indicating a need for new baseload power generation capacity [4] Business Line Data and Key Metrics Changes - The company is pivoting towards conventional gas power with Post-Combustion Carbon Capture (PCC) technology, which is seen as a more immediate opportunity compared to its oxycombustion technology [20][27] - The first phase of the Project Permian in West Texas is targeting a levelized cost of energy (LCOE) below $80 per MWh, with plans to scale to 300 MW and beyond [24][25] Market Data and Key Metrics Changes - The U.S. has over 50 years of ultra-low-cost natural gas reserves, positioning it uniquely compared to other countries [12] - The market is increasingly favoring natural gas as a reliable and scalable power source, especially for data centers [12][15] Company Strategy and Development Direction - The company aims to transform natural gas into the lowest-cost form of clean, reliable power while also focusing on speed to market [11][27] - A partnership with Entropy is being pursued to accelerate the deployment of clean gas projects in the U.S., leveraging their expertise in PCC technology [24][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the urgent need for new power generation to meet increasing demand, particularly from AI and data centers [11][69] - The company believes that the deployment of clean gas technology can occur much sooner than previously anticipated, positioning it ahead of competitors [46][68] Other Important Information - The company has faced rising costs for its first facility, leading to a reassessment of its capital allocation strategy [19][20] - The partnership with Entropy is expected to enhance the company's ability to deliver clean, firm power projects quickly [24][30] Q&A Session Summary Question: What makes NET Power uniquely positioned to take advantage of this opportunity? - Management highlighted the company's understanding of both power generation and subsurface resources, as well as its existing high-quality sites for deployment [42][44] Question: Why partner with Entropy? - The partnership is based on Entropy's operational experience and proven technology, which allows for the acceleration of clean power projects in the U.S. [49][50] Question: What is the financing strategy for phase one and follow-on projects? - The financing strategy involves leveraging proven technologies for project financing, reducing the need for equity financing compared to previous plans [59][61] Question: What enables the sub-$80 LCOE in the Permian compared to $100 in MISO? - The lower cost in West Texas is attributed to cheaper natural gas and the ability to utilize CO2 for industrial purposes, enhancing project economics [74][78] Question: How is the business model changing from capital light to capital heavy? - The company is focusing on appropriately sizing projects to accommodate its balance sheet and access to capital while ensuring a competitive edge in the market [82]

Financial Data and Key Metrics Changes - The company is facing unprecedented demand growth for power, primarily driven by artificial intelligence and data centers, alongside re-onshoring of US manufacturing and growing residential demand for power [5][11]. - The first facility's estimated cost has risen to $1.7 billion, with a projected commercial operation date (COD) of 2030 or 2031, which may increase due to persistent inflation in the energy sector [19][20]. Business Line Data and Key Metrics Changes - The company is pivoting towards conventional gas power with post-combustion carbon capture (PCC) technology, which is seen as a more immediate opportunity compared to the long-term oxycombustion technology [20][27]. - The West Texas project aims for a levelized cost of energy (LCOE) below $80 per megawatt hour, while the Northern MISO project targets an LCOE of roughly $100 per megawatt hour [24][36]. Market Data and Key Metrics Changes - The U.S. has over 50 years of ultra-low-cost natural gas reserves, positioning it uniquely compared to other countries that may need to pursue new energy forms [12][13]. - The market is increasingly favoring natural gas as a reliable and scalable power source, especially in light of the urgent demand for clean, firm power solutions [8][12]. Company Strategy and Development Direction - The company aims to transform natural gas into the lowest-cost form of clean, reliable power, focusing on speed to market and actionable opportunities [11][27]. - A partnership with Entropy is being pursued to accelerate the deployment of clean gas projects, leveraging their expertise in PCC technology [24][30]. Management's Comments on Operating Environment and Future Outlook - Management emphasizes the urgency of building new generation capacity to meet increasing power demands, particularly for AI and data centers [11][39]. - The company believes that the ability to deploy clean, firm power quickly will be crucial in the current energy landscape, which is seen as an arms race for AI [9][11]. Other Important Information - The company has identified high-quality sites for future projects, which are essential for the economic viability of both NET Power and PCC technologies [17][20]. - The partnership with Entropy is expected to enhance the company's ability to deliver clean power solutions in a timely manner, with plans for joint investment in projects [26][52]. Q&A Session Summary Question: What makes NET Power uniquely positioned to take advantage of this opportunity? - Management highlighted the company's understanding of both power generation and subsurface resources, as well as the strategic locations for deploying PCC technology [42][44]. Question: Why partner with Entropy? - The partnership is based on Entropy's operational experience and proven technology, which allows for the optimization of performance and economic outcomes [49][50]. Question: What is the financing strategy for phase one and follow-on projects? - The financing strategy involves leveraging proven technologies for project financing, reducing the equity capital burden compared to previous NET Power projects [59][61]. Question: What enables the sub-$80 LCOE in the Permian compared to roughly $100 in MISO? - The lower cost in West Texas is attributed to cheaper natural gas and the ability to utilize CO2 for industrial purposes, enhancing the project's economic viability [74][78]. Question: How is the business model evolving from capital light to capital heavy? - The company is focusing on appropriately sizing projects to align with its balance sheet and access to capital, ensuring sustainable growth [82].

Financial Data and Key Metrics Changes - The company is facing unprecedented demand growth for power, primarily driven by artificial intelligence and data centers, as well as re-onshoring of US manufacturing and growing residential demand for power [5][10] - The average active coal, gas, and nuclear plant in the U.S. is over 40 years old, indicating a need for new baseload power generation capacity [4] Business Line Data and Key Metrics Changes - The company is pivoting towards conventional gas power with post-combustion carbon capture (PCC) technology, which is seen as a more immediate opportunity compared to its oxycombustion technology [18][25] - The first phase of the Project Permian in West Texas is targeting a levelized cost of energy (LCOE) below $80 per megawatt hour, with plans to scale to 300 megawatts and beyond [22][30] Market Data and Key Metrics Changes - The U.S. has over 50 years of ultra-low-cost natural gas reserves, positioning it uniquely compared to other countries [11][12] - The market is increasingly favoring natural gas as a reliable and scalable power source, especially in the context of AI and data center demands [10][11] Company Strategy and Development Direction - The company aims to transform natural gas into the lowest-cost form of clean, reliable power while ensuring affordability and reliability [10][25] - A partnership with Entropy is being pursued to accelerate the deployment of clean gas projects in the U.S., leveraging their expertise in PCC technology [20][27] Management's Comments on Operating Environment and Future Outlook - Management emphasizes the urgency of building new generation capacity to meet rising power demands, particularly in light of the AI race [8][10] - The company acknowledges the challenges posed by rising costs and the need for a strategic pivot to capitalize on near-term opportunities while maintaining long-term goals [17][18] Other Important Information - The company has identified high-quality locations for its projects, which are essential for economic viability [15][16] - The partnership with Entropy is expected to enhance the company's ability to deploy clean gas power projects quickly and efficiently [20][27] Q&A Session Summary Question: What makes NET Power uniquely positioned to take advantage of this opportunity? - The company possesses a fundamental understanding of both power generation and subsurface resources, along with high-quality sites for deployment [36][39] Question: Why partner with Entropy? - The partnership is based on Entropy's operational experience and proven technology, which allows for the acceleration of clean power projects in the U.S. [42][46] Question: What is the financing strategy for phase one and follow-on projects? - The financing strategy involves leveraging proven technologies for project financing, reducing the equity capital burden compared to previous plans [48][50]

Third Quarter Earnings Presentation November 2025 Important notice 3 AI & data center growth: a new era of energy demand Natural gas widely embraced as the primary source of new scalable, dispatchable power 224 292 371 450 513 606 2025 2026 2027 2028 2029 2030 Projected U.S. data center energy consumption (TWh) (1) ~12% of total U.S. power demand in 2030 from data centers Data center developers are prioritizing: 24/7 reliability Rapid scalability Low LCOE Pathways to decarbonize Data center energy surge Nat ...