NET Power 2024 Q3 Earnings Strong Performance as Net Loss Shrinks 92.6%

NET Power(NPWR) reported its fiscal 2024 Q3 earnings on Aug 11th, 2025. The results exceeded expectations with a significant improvement in profitability, driven by a dramatic reduction in net losses and a return to positive EPS. The company also provided a detailed outlook for its testing phases and project development, reinforcing confidence in its long-term strategy.

Revenue for 2024 Q3 remained flat at $12,000 compared to the previous year. The entire revenue came from feasibility studies, which accounted for the full $12,000 in total revenue.

Earnings showed a strong reversal from a loss. The company returned to profitability with EPS of $0.01 in 2024 Q3, compared to a loss of $0.44 per share in 2023 Q3. Additionally, the net loss was significantly reduced to $-6.81 million from $-91.97 million, a 92.6% improvement, demonstrating the company’s progress toward financial stability. This marked a strong performance in earnings.

Post-earnings price action for NET Power (NPWR) revealed a mixed performance over the past three years. A strategy of purchasing shares following the August 2025 earnings report and holding for 30 days yielded no return, with a CAGR of 0.00% and an excess return of -2.11%, underperforming the benchmark by that margin. The strategy showed no volatility or drawdown, suggesting a risk-free but unprofitable approach to post-earnings investing.

Danny Rice, President & Chief Executive Officer, highlighted strategic advancements in optimizing Net Power’s deployment amid growing demand for reliable power. He emphasized the integration of gas turbines into project designs, unlocking operational synergies and reducing levelized cost of energy (LCOE) by over 33% at Project Permian. The CEO noted the importance of aligning with market needs for immediate reliable power and credible decarbonization pathways. Ongoing cost reduction efforts, enhanced 45Q tax credits, and heat integration improvements are key drivers. The tone was optimistic, reflecting confidence in the integrated product’s ability to accelerate deployment and deliver on the technology’s promise.

NET Power expects to complete Phase 1 testing at its La Porte facility in 2025 and begin Phase 2 testing in the same year, with completion anticipated in early 2026. Testing Phases 3 and 4 are expected to be completed in 2026 and 2027, respectively. The Company expects to progress its MISO 300MW interconnect application according to the MISO DPP-2023 cycle timeline. Sequestration providers are progressing Class VI sequestration applications through the EPA permit process. The Company plans to demonstrate the integrated product at Project Permian, targeting an LCOE below $100 per MWh.

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