NET Power Inc.

NET Power did not report revenue, EPS, gross margin, or year-over-year operating figures on this call. It ended the second quarter with approximately $310 million in cash, cash equivalents and investments and no debt. Management said that cash is sufficient to support ongoing operations and development activities in Project Permian, plus portions of the equipment, but funding through construction to commercial operations will require project-level financing, partner capital, additional equity, or some combination of those sources. Forward-looking commentary centered on a first phase aligned to current market demand, potential secured capacity of nearly 200 megawatts, and a 2028 time line for behind-the-meter firm power, with customer and equipment discussions expected to progress over the next couple of months.

Danny Rice framed the move as a pragmatic response to a structurally power-constrained market, saying customers now want speed, reliability and scale more than they want to pay upfront for clean power. He repeatedly said carbon capture remains the “North Star” and long-term destination, but that the company should build power first and capture later when it is actionable. His tone was confident and adaptive, emphasizing that West Texas and the Oxy land relationship give the company both immediate power-development advantages and future carbon-capture optionality.

Lee Shuman said NET Power finished Q2 with about $310 million in cash, cash equivalents and investments and no debt. He said current cash should fund ongoing operations and Project Permian development, including portions of equipment, but that full construction-to-commercial-operations funding will still need project-level financing, partner capital, additional equity, or a mix. He emphasized disciplined spending, saying the company is measuring every dollar against what is needed to get to a fundable project and remains optimistic it can secure capital to complete the project.

Analysts focused on how the strategy shift changes NET Power’s competitive position, timing to offtake, and whether the company would front more capital or bring in partners. Management said it is not locked into one technology or OEM and expects a mix of turbines, reciprocating engines and battery storage to hit a three 9s reliability target, while keeping carbon-capture retrofit optionality in the site design. On timing and capital, management said equipment discussions are ongoing, wants to avoid too much capital at risk before contracts are in hand, and indicated it could get pretty far on its own thanks to its balance sheet, while still being open to additive strategic partners.