Company Overview
NET Power Inc. operates as an energy technology company within the United States, utilizing an oxy-combustion cycle to generate electricity from natural gas while simultaneously capturing atmospheric emissions. The company is situated within the Industrials sector, specifically classified under the Specialty Industrial Machinery industry, which denotes its focus on specialized equipment and power generation systems rather than broad consumer goods or services. As of the latest reporting period, the firm holds a market capitalization of $148.20M and employs a workforce of 54 individuals to execute its technology solutions. The combination of a market cap under $200 million and a reported revenue figure that is currently unavailable for calculation indicates that NET Power operates as a small-cap entity with a niche presence in the specialty machinery market. This scale suggests the company is in an early to mid-stage development phase where capital allocation is heavily weighted toward research, development, and commercialization of its proprietary power generation technology rather than expanding into a diversified industrial portfolio.
Financial Health
The company reports a net income of $-578,627,968 and an EBITDA of $-265,731,008 over the trailing twelve months, while annual revenue data is not available for calculation. The substantial gap between the unavailable revenue figure and the significant net loss reveals a cost structure where expenses, likely driven by research and development or commercialization costs, far exceed current income generation capabilities. Free cash flow stands at $-71,510,872, indicating that the company is currently burning cash, which limits its financial flexibility and necessitates reliance on external capital sources or existing cash reserves to fund operations. All three margins—gross margin, operating margin, and profit margin—are reported at 0.0%, reflecting a financial state where the company has not yet achieved profitability from its sales or operations. On the balance sheet, the company holds $337.89M in cash against a debt obligation of $3.79M, resulting in a debt-to-equity ratio of 0.71. This disparity between liquid assets and liabilities suggests a conservative balance sheet structure regarding leverage, as the firm possesses ample cash to service its minimal debt load. The current ratio is 7.24, a metric that indicates strong short-term liquidity and the ability to cover current obligations with current assets many times over. Return on Equity is -124.1% and Return on Assets is -12.1%, metrics that reveal that management has not yet generated positive returns on the capital invested or the assets held by the company.
Valuation Assessment
The trailing twelve-month P/E ratio is not available due to the lack of positive earnings, while the forward P/E is listed as -6.87, a negative figure that implies the market is pricing in continued negative earnings rather than a traditional earnings growth trajectory. The price-to-book ratio stands at 0.72, indicating that the market values the company at a discount relative to its net book value, which often occurs when investors expect future earnings to eventually materialize from current asset bases. Alternative valuation metrics such as the price-to-sales ratio and EV/EBITDA are also negative or unavailable, suggesting that traditional multiple-based valuation models are difficult to apply given the negative earnings and lack of sales data. The 52-week high is $5.20 and the 52-week low is $1.48; without a specific current price provided in the source data to calculate the exact percentage deviation, the stock has demonstrated significant volatility within this established trading range over the last year. The beta value is 0.85, which indicates that the stock's price volatility is slightly lower than the broader market, suggesting that price movements are somewhat decoupled from general market swings but still retain exposure to systemic risk.
Growth & Income
Revenue growth year-over-year and earnings growth year-over-year are both listed as N/A, preventing a direct comparison of whether earnings are growing faster or slower than revenue within a historical context. Because the company does not pay a dividend, the dividend yield and payout ratio are both N/A or 0.0%, meaning the firm does not distribute cash to shareholders but instead retains earnings or cash reserves for reinvestment into its technology and operations. The absence of a dividend payout ratio implies that any available cash or future earnings will be directed toward funding the oxy-combustion cycle technology and expanding the business rather than providing income to investors. Consequently, the overall growth and income profile is characterized by a total reliance on capital appreciation potential rather than current income generation or dividend distributions.