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What factors drove the changes in NET Power's revenue and profit?

- **Strategic Pivot**: NET Power shifts to deploy PCC projects in 2028, leveraging Entropy's technology and existing infrastructure.
- **Project Economics**: West Texas Phase 1 LCOE < $80/MWh, Northern MISO LCOE ~$100/MWh, supported by 45Q credits and CO2 sales.
- **Financial Efficiency**: 50% equity contribution ($75-90M) with project financing covering 50-70% of CapEx, enabling scalable growth.
- **Market Position**: First mover advantage in clean gas power with 3-4 years of operational lead over competitors.
- **Capital Allocation**: Allocated $400M cash to PCC projects, slowing oxy-combustion to prioritize near-term returns.

**【CEO Summary Section】**
- NET Power pivots to deploy conventional gas turbines with post-combustion carbon capture (PCC) in partnership with Entropy, targeting 2028 commercial operations in West Texas and Northern MISO.
- Project Permian Phase 1: 60 MW with >90% CO2 capture, LCOE under $80/MWh, leveraging existing infrastructure for faster deployment.
- Northern MISO project: 60 MW with LCOE ~$100/MWh, utilizing Class VI sequestration wells.
- Strategic advantage: access to low-cost natural gas, CO2 utilization in West Texas, and proven PCC technology.

**【CFO Financial Commentary】**
- West Texas Phase 1 CapEx: $375-$425M, with NET Power contributing ~$75-$90M equity (50% ownership).
- Project financing expected to cover 50-70% of CapEx, reducing equity burden.
- LCOE competitiveness driven by 45Q credits ($85/ton) and CO2 sales for enhanced oil recovery.
- 2025 cash position: ~$400M, enabling phased capital allocation to PCC projects while slowing oxy-combustion spending.

**【Q&A Highlights】**
- **Positioning**: Unique combination of power expertise, subsurface knowledge, and actionable sites for PCC deployment years ahead of competitors.
- **Entropy Partnership**: Entropy's TRL 9 solvent technology, operational experience, and Canada-based backing enhance project feasibility.
- **Financing Strategy**: Modular scale (60 MW phases) balances risk and return, with project financing for ~50% of CapEx.
- **Offtake Demand**: Conversations with hyperscalers for 2028+ power delivery, driven by AI-driven load growth and clean power premium.
- **Capital Allocation**: Prioritize PCC projects to accelerate shareholder value, while preserving oxy-combustion as long-term option.

NET Power Inc. (NPWR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NPWR

NPWR fundamentals

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