Net Power Inc. reported its third‑quarter 2025 earnings on November 13, 2025, with earnings per share of –$5.28, a miss of $5.12 against the consensus estimate of –$0.16. The company’s revenue was not disclosed, but the earnings shortfall was driven by a combination of lower‑than‑expected demand for its oxy‑combustion technology and a significant non‑cash impairment of intangible assets.
The earnings miss reflects a slowdown in the commercial deployment of Net Power’s Allam‑Fetvedt Cycle, which has struggled to gain traction in a market that has favored faster‑to‑market solutions. The company recorded a non‑cash impairment of intangible assets related to the slower adoption of its core technology, which further weighed on profitability.
In response to the market’s demand for firm power that can be decarbonized quickly, Net Power announced a strategic pivot to post‑combustion carbon capture (PCC). The company signed a letter of intent with Entropy Inc. to deploy Entropy’s PCC technology exclusively in the United States. Phase I of Project Permian in West Texas will use 60 MW of gas turbines powered by Entropy’s PCC system, with Occidental expected to purchase 30 MW of power and 100 % of the captured CO₂.
Management guided for a Q4 2025 EPS of –$0.43 and a FY 2026 EPS of –$1.57, indicating that the company expects continued negative earnings as it invests heavily in new technology and infrastructure. Cash guidance shows the company will have $390–$400 million in cash by the end of 2025, down from $475 million at the end of Q2, reflecting capital expenditures on the new PCC projects.
Net Power’s cash position at the end of Q2 2025 was $475 million, and the company plans to target a financial investment decision for the Permian project by Q1 2026, with commercial operations slated for the second half of 2028 or early 2029. The company’s focus on PCC is intended to accelerate its path to commercial deployment and to capture a larger share of the growing clean‑power market.
CEO Danny Rice said the shift to PCC “unlocks a significant market opportunity directly in front of us” and that “speed is key in this market.” He added that the company remains committed to its oxy‑combustion technology while expanding its portfolio to meet the urgent demand for decarbonized power.
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