netpower(NPWR) - 2024 Q3 - Quarterly Report

Revenue Performance - Revenue increased by $12, or 100$250, compared to $175 for the period from January 1, 2023, through June 7, 2023[152]. Expenses Overview - Research and development expenses increased by$8,301, or 92%, for the three months ended September 30, 2024, compared to the same period in 2023[146]. - General and administrative expenses increased by $59, or 1$23,105, or 51%, for the nine months ended September 30, 2024, compared to the combined periods from January 1, 2023, through June 7, 2023[154]. - Sales and marketing expenses increased by $704, or 36$14,902, or 51%, for the nine months ended September 30, 2024, compared to the previous periods[156]. - Project development expenses rose by $728, or 104$29,542, or 96%, for the nine months ended September 30, 2024, primarily due to adjustments from the Business Combination[159]. Net Loss and Cash Flow - Net loss attributable to NET Power Inc. was $818 for the three months ended September 30, 2024, compared to a loss of$30,564 in the same period in 2023[142]. - Net cash used in operating activities decreased by 59.4% for the nine months ended September 30, 2024, compared to the previous periods[168]. - Net cash used in investing activities increased by 31.6% for the nine months ended September 30, 2024, reflecting investments in fixed income securities and capital expenditures[170]. Financial Position and Commitments - Total liquidity as of September 30, 2024, was $577,536, consisting of cash and cash equivalents of$386,257, available-for-sale securities of $91,279, and short-term investments of$100,000[165]. - The company has committed to funding approximately $140,000 under the BHES Joint Development Agreement, with$25,733 recognized in cash expenses to date[175]. - As of September 30, 2024, future minimum lease payments for operating and finance leases are approximately $3,447 and$382, respectively[173]. - Capital commitments totaled $133,780, with$106,831 remaining related to purchases of industrial machinery for the Demonstration Plant and the first utility-scale plant[177]. Future Plans - The company plans to conduct additional research and testing campaigns at its Demonstration Plant and construct its first utility-scale plant, targeting initial power generation between the second half of 2027 and the first half of 2028[136]. - The company expects to incur material additional annual expenses as a public company, including increased personnel costs and professional service fees[134]. Liabilities - The change in Earnout Shares liability and Warrant liability was $89,674, or 145$13,942, or 129%, for the nine months ended September 30, 2024, attributed to cash deployment into fixed income securities[160].