Financial health
- The company is unprofitable; at its current free-cash-flow burn it has roughly 1.3 years of cash runway.
NPWR Financials NET Power Inc.
4 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $0 | -$579M | — | — | -$154M | — | $199M |
| 2024 | $250000 | -$49M | 87.6% | -72528.4% | -$100M | — | $329M |
| 2022 | $580000 | -$55M | 52.6% | -8625.0% | -$17M | — | $5M |
| 2021 | — | -$10M | — | — | — | — | — |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | -$10M | — | — | -$59M | — | $133M |
| Dec '25 | $0 | -$20M | — | — | -$46M | — | $199M |
| Sep '25 | $0 | -$411M | — | — | -$51M | — | $229M |
| Jun '25 | $0 | -$28M | — | — | -$28M | — | $284M |
| Mar '25 | $0 | -$119M | — | — | -$29M | — | $300M |
| Dec '24 | $0 | -$34M | — | — | -$42M | — | $329M |
| Sep '24 | $12000 | $818000 | 91.7% | -393708.3% | -$30M | — | $386M |
| Jun '24 | $238000 | -$4M | 87.4% | -18846.2% | -$16M | — | $405M |
| Mar '24 | $0 | -$11M | — | — | -$12M | — | $429M |
| Dec '23 | $0 | $23M | — | — | -$8M | — | $537M |
| Sep '23 | $0 | -$66M | — | — | -$39M | — | $545M |
| Jun '23 | $125000 | -$17M | 97.6% | -13688.8% | -$7M | — | $8M |
| Mar '23 | $50000 | -$17M | 100.0% | -34078.0% | -$6M | — | — |
| Dec '22 | $6000 | -$17M | -16.7% | -235416.7% | -$4M | — | $5M |
| Sep '22 | $141000 | -$12M | 65.2% | -8690.8% | -$3M | — | — |
| Jun '22 | $208000 | -$14M | 25.5% | -6603.4% | — | — | — |
| Mar '22 | — | $17M | — | — | — | — | — |
| Dec '21 | — | $1M | — | — | — | — | — |
| Sep '21 | — | -$5M | — | — | — | — | $3M |
| Jun '21 | — | -$6M | — | — | — | — | $14M |
Valuation over time
How the market has priced NPWR against its own fundamentals since 2023-06 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has fallen from 1938.8× (Jun '23) to 990.4× (Nov '25).
P/S
Frequently asked questions
Is NPWR growing its revenue and profit?
See the revenue and net-income charts above for NET Power Inc.'s multi-year trend.
How much debt does NPWR have?
As of FY2025, NET Power Inc. reported — of total debt against $199M of cash.
What is NPWR's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.