NET Power Inc. has recently released its 10-Q report, providing a detailed insight into the company's financial condition and operational results. NET Power Inc. operates as a clean energy technology company, focusing on inventing, developing, and licensing clean power generation technology. The company was founded in 2010 and is headquartered in Durham, North Carolina.
In the 10-Q report, under Item 2 * Management’s Discussion and Analysis of Financial Condition and Results of Operations, NET Power Inc. outlined various key aspects of its business, including the Business Combination, which took place on December 13, 2022. As a result of the Business Combination, NET Power Inc. became a publicly traded company with Class A Common Stock and Public Warrants trading on the NYSE. The company highlighted the need for additional personnel and the implementation of procedures and processes to address public company regulatory requirements and customary practices.
NET Power Inc. provided insights into its plans for commencing commercial operations, stating that over the next several years, the company plans to conduct additional research and testing campaigns at its Demonstration Plant and construct its first utility-scale plant. The company expects the project to fully integrate power production with transportation and underground storage of carbon dioxide, targeting initial power generation between the second half of 2027 and the first half of 2028.
The report also delved into the company's Results of Operations, comparing the three months ended March 31, 2024 (Successor) and March 31, 2023 (Predecessor). NET Power Inc. reported a net loss attributable to the company of $11,421 for the three months ended March 31, 2024, compared to a net loss of $17,067 for the three months ended March 31, 2023.
Additionally, the report included details about the company's liquidity and capital resources, highlighting that as of March 31, 2024, NET Power Inc. had cash and cash equivalents totaling $428,595, available-for-sale securities of $96,983, and short-term investments of $100,000. The company expressed confidence in its ability to manage operating costs with the existing liquidity on hand, with a belief that it should be sufficient to fund general corporate operating expenses as they work to commercialize their technology.
The 10-Q report also provided a cash flow summary, showing that NET Power Inc. had a net cash used in operating activities of $2,663 for the three months ended March 31, 2024, compared to $5,144 for the three months ended March 31, 2023. The company reported a net cash used in investing activities of $105,669 for the three months ended March 31, 2024, compared to $615 for the three months ended March 31, 2023, and net cash provided by financing activities of $5,836 for the three months ended March 31, 2023.
Today the company's shares have moved -0.9% to a price of $10.51. For more information, read the company's full 10-Q submission here.
