NET Power Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial position compared to previous periods.

For the third quarter of 2024, NET Power generated revenue of $12,000, a notable increase from $0 in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $250,000, reflecting a 43% increase compared to the combined revenue of $175,000 from the predecessor and successor periods in 2023. Gross profit for the nine-month period was $219,000, up from $172,000 in the prior year.

Operating expenses for the third quarter totaled $47.3 million, an increase from $38.7 million in the same quarter of 2023. For the nine-month period, total operating expenses were $131.1 million, down from $153.1 million in the previous year, indicating a reduction in costs despite increased research and development activities. The operating loss for the third quarter was $(47.2) million, compared to $(38.7) million in the same quarter of 2023. The net loss after income tax for the third quarter of 2024 was $(6.8) million, a significant improvement from $(91.9) million in the same period of 2023.

The company’s total assets decreased to $2.34 billion as of September 30, 2024, from $2.47 billion at the end of 2023. Cash and cash equivalents also declined to $386.3 million from $536.9 million over the same period. The accumulated deficit increased to $(81.7) million from $(66.9) million at the end of 2023, while total shareholders' equity slightly decreased to $767.5 million from $785.0 million.

Strategically, NET Power continues to focus on its joint development agreement with Baker Hughes Energy Services LLC, which has been instrumental in advancing its proprietary carbon dioxide working fluid process. The company is also preparing for the construction of its first utility-scale power plant, with initial operations targeted for late 2027 to early 2028.

In terms of liquidity, NET Power reported total liquidity of $577.5 million as of September 30, 2024, which includes cash, available-for-sale securities, and short-term investments. The company anticipates that this liquidity will be sufficient to meet its obligations over the next 12 months, although additional funding may be necessary for future projects.

Overall, NET Power's financial performance reflects a mix of growth in revenue and ongoing challenges in managing operating expenses and losses, as it continues to navigate its post-merger landscape and prepare for future developments in clean energy technology.