Revenue Performance - Revenue increased by 63, or 36%, for the six months ended June 30, 2024, compared to the combined periods from January 1, 2023 through June 30, 2023[127]. Expenses - General and administrative expenses decreased by 23,173, or 62%, for the six months ended June 30, 2024, primarily due to costs related to the Business Combination[128]. - Research and development expenses increased by 6,604, or 33%, for the six months ended June 30, 2024, due to timing of development activities[130]. - Sales and marketing expenses increased by 568, or 189%, for the three months ended June 30, 2024, due to the initiation of activities related to the development of a utility-scale facility[121]. - Project development expenses increased by 12,651, or 171%, for the three months ended June 30, 2024, as a result of the Business Combination and adjustments to the value of acquired assets[122]. - Depreciation, amortization, and accretion expenses increased by 6,903, or 325%, for the three months ended June 30, 2024, due to asset accretion on investments and the deployment of cash into fixed income securities[123]. - Interest income increased by 5,719 for the six months ended June 30, 2024, due to a cumulative tax benefit related to deferred taxes[136]. Financial Position - As of June 30, 2024, total liquidity was 636,927 as of December 31, 2023[138]. - Net cash used in operating activities was 46,115 for the same period in 2023[141]. - Future minimum lease payments attributable to the Company's lease arrangements are approximately 140,000, with approximately 80,035 for its Demonstration Plant and utility-scale plant, with $55,635 remaining related to these commitments as of June 30, 2024[148]. - The Company has not engaged in any off-balance sheet arrangements as of June 30, 2024[147]. Future Plans - The company plans to conduct additional research and testing campaigns at its Demonstration Plant and construct its first utility-scale plant, targeting initial power generation between the second half of 2027 and the first half of 2028[111]. - The company continues to evaluate other sites in North America for future Net Power plants, focusing on integrating power production with carbon dioxide transportation and underground storage[112]. - The company expects to incur material additional annual expenses as a public company, including costs for directors' and officers' liability insurance and increased personnel costs[109]. - The Company intends to take advantage of the extended transition period under the JOBS Act, remaining an Emerging Growth Company at least through the end of 2024[150].
netpower(NPWR) - 2024 Q2 - Quarterly Report