Core Viewpoint - A class action lawsuit has been filed against NET Power Inc. and certain officers for alleged violations of federal securities laws during the Class Period from June 9, 2023, to March 7, 2025, seeking damages for misleading statements regarding the company's business and operations [1][7]. Company Overview - NET Power is a clean energy technology company focused on its "Net Power Cycle" technology, which aims to generate reliable and affordable electricity from natural gas while capturing nearly all emissions [4]. - The company operates a demonstration facility in La Porte, Texas, and is developing its first utility-scale plant, referred to as "Project Permian," located in the Permian Basin of West Texas [4]. Project Permian Details - Initially, NET Power projected that Project Permian would be operational in 2026, with a cost estimate of approximately $950 million in 2023, which later increased to $1.1 billion in 2024 [5][6]. - The completion of Project Permian is critical for the company's commercial operations and financial prospects, making the accuracy of timelines and cost estimates vital for investors [6]. Allegations in the Lawsuit - The lawsuit claims that throughout the Class Period, NET Power's executives made materially false and misleading statements about the company's operations and prospects, including the likelihood of completing Project Permian on schedule and the associated costs [7]. - Specific allegations include that the project was unlikely to be completed on time due to supply chain issues and other challenges, and that the projected costs were unrealistic [7]. Stock Price Reactions - Following a press release on November 14, 2023, announcing a delay in Project Permian's timeline to between the second half of 2027 and the first half of 2028, NET Power's stock price fell by $2.47, or 18.54%, closing at $10.85 [8][9]. - On March 10, 2025, the company announced a revised total installed cost for Project Permian between $1.7 billion and $2.0 billion, leading to a further stock price decline of $2.18, or 31.46%, closing at $4.75 [10]. - Following the announcement of the departure of key executives on April 15, 2025, the stock price dropped by $0.13, or 5.75%, to close at $2.13 [11].

NEW YORK, April 21, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Middle District of North Carolina on behalf of all persons or entities who purchased or otherwise acquired NET Power Inc. (“Net Power” or the “Company”) (NYSE: NPWR) securities between June 9, 2023 and March 7, 2025, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal s ...

NEW YORK, April 21, 2025 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a shareholder has filed a securities class action lawsuit on behalf of investors (the “Class”) who purchased or acquired the securities of NET Power Inc. (“Net Power” or the “Company”) (NYSE: NPWR) between June 9, 2023 and March 7, 2025, inclusive. For more information, submit a form at NET Power Inc. Shareholder Class Action Lawsuit, email Investor Relations Manager Peter Allocco at pallocco@bernlieb.com, or call us at (212) ...

ATLANTA, April 21, 2025 (GLOBE NEWSWIRE) -- A shareholder class action lawsuit has been filed against NET Power Inc. (“Net Power” or “the Company”) (NYSE: NPWR). The lawsuit alleges that Defendants made materially false and/or misleading statements and/or failed to disclose material adverse facts regarding Net Power’s business, operations, and prospects, including allegations that: (i) Net Power was unlikely to complete Project Permian on schedule, and the project was likely to be significantly more expensi ...

LOS ANGELES, April 7, 2025 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of NET Power Inc. ("Net Power" or "the Company") (NYSE: NPWR) for violations of the securities laws.The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Net Power announced its financial results for Q4 and full-year 2024 on March 10, 20 ...

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fid ...

Financial Data and Key Metrics Changes - The company closed 2024 with $533 million in cash, down from approximately $580 million at the end of Q3, reflecting $13 million in operating cash outflows and $29 million in capital expenditures [50][51] - Total capital expenditures for the full year were roughly $70 million, with operating cash outflows of approximately $32 million [51][52] - The estimated total installed cost for Project Permian has increased to $1.7 billion to $2 billion, representing an approximately 100% increase from earlier estimates [14][15] Business Line Data and Key Metrics Changes - The completion of the front-end engineering and design (FEED) for Project Permian marked a significant milestone, with no fatal flaws identified in the technology or plant design [5][12] - The company has initiated a post-FEED optimization and value engineering exercise to reduce costs for Project Permian [8][37] - The La Porte demonstration facility has achieved over 140 fired hours of operation during the first phase of the equipment validation program [46] Market Data and Key Metrics Changes - The energy sector is experiencing unprecedented demand for reliable generation capacity, driven by underinvestment in power infrastructure and rapid load growth, particularly from AI and data centers [6][9] - The company anticipates that the market will remain tight through the end of the decade, with significant competition for new baseload generation solutions [96][100] Company Strategy and Development Direction - The company aims to be the lowest cost source of clean, firm power by focusing on cost optimization, modular design, and strategic partnerships [11][58] - Future priorities include completing feasibility studies for multi-unit projects along the Gulf Coast and seeking to raise capital for commercialization [19][21] - The company is exploring opportunities to unlock the embedded value of its technology through licensing and industrial-scale applications [27][48] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by inflationary pressures and tight supply chains in the energy sector, impacting project costs and timelines [11][16] - The company remains optimistic about its technology's potential to deliver clean, reliable, and affordable energy, despite current market challenges [57][58] - Management emphasized the importance of securing strategic capital partners to fund future projects and achieve economic commercialization [55][106] Other Important Information - The company is evaluating other creative ways to commercialize its technology, including partnerships for industrial applications [27][48] - The collaboration with Baker Hughes and Woodside Energy aims to develop an industrial-scale Net Power solution for smaller applications [47] Q&A Session Summary Question: Can you break out labor costs and productivity assumptions within the FEED? - Management indicated that they cannot provide a detailed breakdown but noted that market supply-demand imbalances and escalation in material and labor costs contributed to the increase [63][65] Question: How do you see thermal CapEx declining over the next several years? - Management expressed skepticism about CapEx deflation in the near term due to tight supply chains and emphasized the importance of multi-pack deployments for cost reductions [70][71] Question: Can you discuss milestones for modularization? - Management confirmed ongoing efforts to maximize modularization at Project Permian and plans to explore feasibility for future deployments [83] Question: Any updates on discussions with the DOE? - Management noted alignment with the current administration's focus on domestic energy security and the potential benefits of the 45Q tax credit [87][90] Question: How are financial partners approaching funding? - Management indicated that strategic partners are focused on the pathway to deploying Net Power units at scale, aligning with the 2030 to 2035 timeframe [105][106]

Fourth Quarter 2024 Results March 10, 2025 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 statement that doe ...

Financial Performance - Net Power Inc. reported financial results for the year ended December 31, 2024, with 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 $5 million in 2023, marking a significant turnaround [5]. - Operating expenses increased by 10% to $50 million, primarily due to higher marketing and R&D costs [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 2024 [5]. Future Projections - The company provided guidance for 2025, projecting revenue growth of 30% to $195 million, driven by new product launches and market expansion [5]. - The company plans to expand its market presence in Europe, targeting a 15% market share by the end of 2025 [5]. Product Development - Net Power Inc. is focusing on the development of new technologies, with an investment of $20 million allocated for R&D in 2025 [5]. - A strategic acquisition of a smaller competitor is in progress, expected to close in Q2 2025, which will enhance Net Power's product offerings [5]. - The company has introduced a new product line that is anticipated to contribute an additional $10 million in revenue in 2025 [5]. Sustainability Commitment - Net Power Inc. remains committed to sustainability, with plans to reduce carbon emissions by 25% by 2026 through innovative technologies [5].

Financial Performance - For the year ended December 31, 2024, Net Power Inc. reported revenue of $250,000, an increase of $75,000 or 43% compared to the combined periods from January 1, 2023 through June 7, 2023 and June 8, 2023 through December 31, 2023[264]. - General and administrative expenses decreased by $23.9 million, or 44%, for the year ended December 31, 2024, primarily due to one-time costs related to the Business Combination[265]. - Research and development expenses increased by $23.8 million, or 60%, for the year ended December 31, 2024, driven by increased activity at the Demonstration Plant[267]. - Project development expenses rose by $0.8 million, or 75%, for the year ended December 31, 2024, due to increased headcount related to the development of a utility-scale facility[268]. - Depreciation, amortization, and accretion expenses increased by $30.8 million, or 61%, for the year ended December 31, 2024, as a result of the Business Combination and adjustments to the value of acquired assets[270]. - Interest income increased by $11.9 million, or 61%, for the year ended December 31, 2024, due to a higher average cash balance resulting from the Business Combination[271]. Liquidity and Cash Flow - As of December 31, 2024, Net Power Inc. had total liquidity of $530.2 million, down from $636.9 million in 2023[276]. - As of December 31, 2024, the company had short-term investments totaling $100 million, with current liabilities of $17.9 million, up from $12.0 million in 2023[277]. - Cash used in operating activities decreased by $17.4 million for the year ended December 31, 2024, compared to the predecessor and successor periods[281]. - Net cash used in investing activities decreased by $65.0 million for the year ended December 31, 2024, primarily due to investments in fixed income securities and capital expenditures[282]. - Cash from financing activities decreased by $340 million for the year ended December 31, 2024, driven by PIPE financing proceeds and shareholder redemptions[283]. - The company expects its existing cash, cash equivalents, and short-term investments to be sufficient to fund obligations for the next 12 months, but additional funding may be required for constructing its first utility-scale plant[278]. Commitments and Obligations - The company has gross purchase commitments of $134 million related to components of industrial machinery for its Demonstration Plant and first utility-scale plant as of December 31, 2024[291]. - The company recognized approximately $31.9 million of inception-to-date cash expenses related to the BHES Joint Development Agreement, which has a total value of $140 million[289]. - An asset retirement obligation liability of $3.3 million was recognized as of December 31, 2024, up from $2.1 million in 2023[284]. Company Status and Reporting - The company experienced an increase in costs associated with maintaining its public company status in 2023, impacting operating expenses due to growing headcount[281]. - The company has not engaged in any off-balance sheet arrangements as of December 31, 2024[290]. - The company expects to remain an emerging growth company (EGC) at least through the end of 2025, benefiting from an extended transition period for financial accounting standards[309]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[310]. Future Plans - The company plans to conduct additional research and equipment validation testing at its Demonstration Plant and has begun purchasing long-lead materials for its first utility-scale project, Project Permian[260]. - The company anticipates that its first utility-scale project will come online no earlier than 2029, pending successful value engineering processes[261]. Share-Based Awards - The company measures share-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting periods[306]. - The expected term for share-based awards is generally the vesting period, with expected volatility based on a benchmark of comparable companies[308]. Liabilities - The change in Earnout Shares liability and Warrant liability was $52.2 million for the year ended December 31, 2024, influenced by fluctuations in stock price[272].