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Jun 30, 2025
Net Power Q2 2025 Earnings Report
Net Power reported Q2 2025 results with no revenue, a continued net loss, and a strong cash position of $475M to fund ongoing project development.
Key Takeaways
In Q2 2025, Net Power continued development of its proprietary Net Power Cycle technology and advanced major projects, including Project Permian and a MISO project, despite reporting no revenue. The company ended the quarter with $475M in cash, cash equivalents, and investments, and announced significant cost optimizations, improved project economics from recent legislation, and a plan to integrate simple cycle gas turbines into its designs.
No revenue reported in Q2 2025 as the company remains in development phase.
Ended quarter with approximately $475M in cash, cash equivalents, and investments.
Identified cost reductions for SN1, targeting total installed cost of $1.6–$1.9B.
Enhanced Project Permian’s economics with integrated gas turbine configuration and 45Q tax credit improvements.
Forward Guidance
Net Power aims to deploy integrated gas turbine and Net Power Cycle projects, starting with Project Permian, to deliver power sooner and at lower cost, while progressing its La Porte test facility through multiple testing phases and advancing development of the MISO project.
Positive Outlook
- Integrated product configuration expected to deliver LCOE below $100/MWh at Project Permian.
- Recent tax legislation (expanded 45Q credits, bonus depreciation) improves economics by ~$20/MWh.
- La Porte facility achieved over 150 hours of testing in July; Phase 1 testing to be completed in 2025.
- Phase 2 testing to begin in 2025 and complete in early 2026, with Phases 3 and 4 expected in 2026–2027.
- MISO project development remains on track for early deployment.
Challenges Ahead
- Still no commercial revenue; company remains in development phase.
- Capital-intensive business model will likely require additional capital in the future.
- Potential delays from regulatory, logistical, and financing challenges.
Historical Earnings Impact
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