By Connor Hart
Shares of NET Power touched an all-time low after the company logged a loss in 2024 and said it would search for cost-reduction opportunities from its first utility-scale project in 2025.
The stock was down 61%, to $2.69, in afternoon trading Monday, marking a slight rebound from its low of $2.45 earlier in the day. Shares, on pace for their largest percent decrease on record, have lost three-quarters of their value since the beginning of the year.
The Durham, N.C., clean-energy-technology company posted a loss of $49.2 million, or 67 cents a share, on revenue of $250,000 last year. During the roughly six-month period in 2023 that NET Power operated as a public company, it posted a loss of $43.1 million, or 62 cents a share, and didn't report any revenue.
The company said it ended the recent quarter with over $530 million in cash, cash equivalents and investments, down from $580 million at the end of the third quarter and $609 million at the end of the end of the second.
NET Power said it completed its first utility-scale project in 2024--the Front-End Engineering and Design for Project Permian, located in West Texas. The project ended up costing significantly more than expected, resulting in the company pausing its long-lead releases for the project and launching an "optimization and value engineering exercise to deliver a financeable commercial product launch."
Danny Rice took NET Power public in June 2023 in a $1.5 billion deal with a special purpose acquisition company, or SPAC.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 10, 2025 14:42 ET (18:42 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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