Nature of Business and Basis of Presentation	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	NOTE 1 — Nature of Business and Basis of Presentation Nature of Business NET Power Inc. (“Net Power” or the “Company”) is an energy technology and project development company focused on the development of natural gas power generation projects to meet growing demand for reliable power. The Company’s near-term development activities are focused on delivering natural gas power generation, with equipment designed to accommodate carbon capture in later phases. The Company’s first project under this strategy is being developed at its Project Permian site in West Texas (“Project Permian”), the first phase of which is referred to as “Project Permian Phase I”. Project Permian is being designed to accommodate up to approximately 1 GW of power generation capacity, to be developed in multiple phases on land leased from a subsidiary of Occidental Petroleum. The Company’s existing leasehold supports the initial phase, and subsequent phases would require additional land rights that the Company has not yet obtained. Net Power has developed a reference design for a modular, standardized natural gas power plant product intended to accommodate PCC technology (the “Gas Power Product”, previously referred to as the “Clean Gas Product”). Development of the carbon capture elements of that product are in process and the Company remains in active negotiations to potentially deploy the Entropy PCC Technology for potential use in the Gas Power Product but has not entered into a definitive agreement with Entropy to deploy or license the Entropy PCC technology. The parties’ prior letter of intent has expired by its terms and has not been replaced. The configuration, generation capacity, carbon capture scope and timeline of each phase of the Company’s projects, including Project Permian Phase I, will depend on customer requirements, commercial arrangements, equipment availability, and financing, and each phase may include natural gas generation deployed in advance of, or without, carbon capture. The Company does not currently expect the initial phase of Project Permian to include carbon capture, and may evaluate carbon capture for later phases as supported by customer requirements, commercial arrangements, and financing. Net Power’s technology portfolio also includes the Oxy-Combustion Cycle (also known as the Allam-Fetvedt cycle), a patented oxy-combustion and supercritical CO2 power generation system that was designed to produce reliable and affordable electricity from natural gas while capturing virtually all atmospheric emissions. Development of the Oxy-Combustion Cycle has been indefinitely suspended, and the Company has no current plans to resume development. The Company retains the related intellectual property and its interests in the La Porte Demonstration Facility, which were fully impaired during the second quarter of 2026 and are carried at no value. Any future recovery of value would depend on a sale of all or part of those assets, as to which there can be no assurance. See Note 5 — Goodwill and Intangible Assets. Basis of Presentation The accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information; however, certain information or footnote disclosures normally included in complete financial statements prepared in accordance with US GAAP may have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements for the year ended December 31, 2025 and include all adjustments, which consist of only normal and recurring adjustments, necessary for fair statement. Certain prior period financial information has been reclassified to conform to current period presentation. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of the results to be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the annual financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 9, 2026 (the “2025 Annual Report”).

NET Power Inc. (“Net Power” or the “Company”) is an energy technology and project development company focused on the development of natural gas power generation projects to meet growing demand for reliable power. The Company’s near-term development activities are focused on delivering natural gas power generation, with equipment designed to accommodate carbon capture in later phases.

The Company’s first project under this strategy is being developed at its Project Permian site in West Texas (“Project Permian”), the first phase of which is referred to as “Project Permian Phase I”. Project Permian is being designed to accommodate up to approximately 1 GW of power generation capacity, to be developed in multiple phases on land leased from a subsidiary of Occidental Petroleum. The Company’s existing leasehold supports the initial phase, and subsequent phases would require additional land rights that the Company has not yet obtained. Net Power has developed a reference design for a modular, standardized natural gas power plant product intended to accommodate PCC technology (the “Gas Power Product”, previously referred to as the “Clean Gas Product”). Development of the carbon capture elements of that product are in process and the Company remains in active negotiations to potentially deploy the Entropy PCC Technology for potential use in the Gas Power Product but has not entered into a definitive agreement with Entropy to deploy or license the Entropy PCC technology. The parties’ prior letter of intent has expired by its terms and has not been replaced. The configuration, generation capacity, carbon capture scope and timeline of each phase of the Company’s projects, including Project Permian Phase I, will depend on customer requirements, commercial arrangements, equipment availability, and financing, and each phase may include natural gas generation deployed in advance of, or without, carbon capture. The Company does not currently expect the initial phase of Project Permian to include carbon capture, and may evaluate carbon capture for later phases as supported by customer requirements, commercial arrangements, and financing.

Net Power’s technology portfolio also includes the Oxy-Combustion Cycle (also known as the Allam-Fetvedt cycle), a patented oxy-combustion and supercritical CO2 power generation system that was designed to produce reliable and affordable electricity from natural gas while capturing virtually all atmospheric emissions. Development of the Oxy-Combustion Cycle has been indefinitely suspended, and the Company has no current plans to resume development. The Company retains the related intellectual property and its interests in the La Porte Demonstration Facility, which were fully impaired during the second quarter of 2026 and are carried at no value. Any future recovery of value would depend on a sale of all or part of those assets, as to which there can be no assurance. See Note 5 — Goodwill and Intangible Assets.

The accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information; however, certain information or footnote disclosures normally included in complete financial statements prepared in accordance with US GAAP may have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements for the year ended December 31, 2025 and include all adjustments, which consist of only normal and recurring adjustments, necessary for fair statement. Certain prior period financial information has been reclassified to conform to current period presentation.