Issue 003 | U.S. Pilot | US

NPWR

NET Power Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-11 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 57.9%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 311,060,000USD
Total Liabilities: 24,945,000USD
NCAV: 286,115,000USD
Cash: 133,146,000USD
NCAV per share: 1.27USD/share
Evidence: 5 annual | 26 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 2
Unavailable: 7

Requires inspection Negative OCF -51,103,000

Latest: -51,103,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001845437-26-000019

Supporting observation Current Ratio > 1.5 23.82

Latest: 23.822026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001845437-26-000019

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: no_split_evidence_reported_equals_adjusted | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2021-03-31 10-Q Open filing
Period-end Shares Outstanding	224,422,000224,422,000	222,710,000222,710,000	220,785,000220,785,000	n/an/a	n/an/a	n/an/a	n/an/a	214,424,940214,424,940	213,771,863213,771,863	213,065,335213,065,335	212,543,703212,543,703	210,063,861210,063,861	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	8,627,5008,627,500	15,817,60015,817,600	19,838,97019,838,970	15,817,60015,817,600
Weighted-average Basic Shares	76,997,00076,997,000	73,397,00073,397,000	72,541,00072,541,000	77,350,00077,350,000	76,997,00076,997,000	73,396,76173,396,761	68,966,97268,966,972	72,177,13772,177,137	71,894,55371,894,553	69,755,84869,755,848	1,143,4301,143,430	3,791,6343,791,634	34,502,50034,502,500	34,502,50034,502,500	34,502,50034,502,500	34,502,50034,502,500	34,502,50034,502,500	n/an/a	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	85,382,00085,382,000	78,822,00078,822,000	77,883,00077,883,000	77,699,00077,699,000	76,997,00076,997,000	69,755,84869,755,848	73,536,69773,536,697	67,404,79467,404,794	3,748,4763,748,476	3,767,0003,767,000	68,966,97268,966,972	67,404,79467,404,794	34,502,50034,502,500	20,412,35020,412,350	15,549,71015,549,710	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Basic EPS	-0-0	-7-7	-7-7	-2-2	-2-2	-1-1	-0-0	-0-0	-0-0	-1-1	-1-1	-1-1	-5-5	-15-15	-13-13	-7-7	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Diluted EPS	-0-0	-7-7	-7-7	-2-2	-2-2	-1-1	-0-0	-0-0	-0-0	-1-1	-1-1	-1-1	-5-5	-15-15	-13-13	-7-7	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Basic-to-Diluted Share Difference	10.9%	7.4%	7.4%	0.5%	0.0%	-5.0%	6.6%	-6.6%	-94.8%	-94.6%	5931.6%	1677.7%	0.0%	-40.8%	-54.9%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	0.8%	0.9%	Insufficient evidence	0.5%	4.9%	6.4%	-4.4%	0.3%	0.3%	0.2%	1.2%	Insufficient evidence	0.0%	0.0%	0.0%	0.0%	Insufficient evidence	-45.5%	-20.3%	25.4%	Insufficient evidence
Ownership Claim Change	-0.8%	-0.9%	Insufficient evidence	-0.5%	-4.7%	-6.0%	4.7%	-0.3%	-0.3%	-0.2%	-1.2%	Insufficient evidence	0.0%	0.0%	0.0%	0.0%	Insufficient evidence	83.3%	25.4%	-20.3%	Insufficient evidence

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD
Revenue	0	250,000	0	580,000	n/a
Operating Income	-1,791,748,000	-181,321,000	-193,510,000	-5,916,015	-697,131
Net Income	-578,628,000	-49,191,000	-43,056,000	4,065,122	-10,189,181
Cash From Operations	-120,784,000	-31,649,000	-38,379,000	-857,532	-1,332,128
Capex	-33,214,000	-68,651,000	-9,217,000	-115,000	n/a
Free Cash Flow	-153,998,000	-100,300,000	-47,596,000	-972,532	n/a
Cash And Equivalents	199,430,000	329,230,000	536,927,000	5,164,000	2,570,409
Accounts Receivable	n/a	0	58,000	352,000	n/a
Inventory	n/a	n/a	n/a	n/a	n/a
Total Current Assets	343,764,000	513,030,000	640,797,000	1,908,383	3,325,089
Total Assets	599,701,000	2,294,115,000	2,471,050,000	351,851,156	348,369,430
Total Current Liabilities	47,465,000	17,906,000	12,021,000	5,018,632	519,323
Total Liabilities	64,496,000	131,927,000	140,136,000	41,572,572	42,318,573
Shareholders Equity	203,904,000	655,604,000	785,009,000	-39,309,902	-38,558,251
Shares Outstanding	222,710,000	216,451,000	213,065,335	3,722,355	8,627,500
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	78,822,000	73,396,761	69,755,848	3,702,803	n/a
Weighted Avg Shares Basic	78,822,000	73,396,761	69,755,848	3,702,803	n/a
Net Share Count Change (Normalized)	0.9%	6.4%	0.2%	0.0%	-45.5%
Ownership Claim Change (Normalized)	-0.9%	-6.0%	-0.2%	0.0%	83.3%

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	n/a	0	0	0	0	0	12,000	238,000	0	-50,000	0	0	50,000	n/a	n/a	141,000	208,000	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating Income	-34,192,000	-70,143,000	-1,156,497,000	-90,555,000	-474,553,000	-50,439,000	-47,245,000	-44,854,000	-38,783,000	75,619,461	-153,062,000	-114,391,000	-1,676,461	-3,987,589	-3,987,589	-1,152,613	-422,630	-353,183	-253,410	-253,410	-253,410	-253,410	-253,410	-253,410	-261,939	-146,494
Net Income	-9,857,000	-19,638,000	-411,498,000	-28,142,000	-119,350,000	-34,320,000	818,000	-4,268,000	-11,421,000	135,412,245	-65,564,000	-110,585,000	-2,319,245	-18,906,637	-18,906,637	-858,571	6,257,951	17,572,379	1,369,693	1,369,693	1,369,693	1,369,693	1,369,693	1,369,693	-5,353,366	-6,171,577
Cash From Operations	-51,103,000	-27,804,000	-48,006,000	-24,600,000	-20,374,000	-12,969,000	-7,843,000	-8,174,000	-2,663,000	33,267,160	-35,373,000	-35,490,000	-783,160	-381,646	-381,646	-117,405	-154,273	-204,208	n/a	n/a	n/a	n/a	n/a	n/a	-1,233,275	n/a
Capex	-8,201,000	-18,085,000	-3,106,000	-3,092,000	-8,931,000	-29,090,000	-22,288,000	-7,752,000	-9,521,000	-4,235,000	-3,875,000	-492,000	-615,000	n/a	n/a	0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free Cash Flow	-59,304,000	-45,889,000	-51,112,000	-27,692,000	-29,305,000	-42,059,000	-30,131,000	-15,926,000	-12,184,000	29,032,160	-39,248,000	-35,982,000	-1,398,160	n/a	n/a	-117,405	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Cash And Equivalents	133,146,000	199,430,000	229,315,000	284,024,000	300,030,000	329,230,000	386,257,000	405,145,000	428,595,000	536,927,000	545,248,000	648,645,000	844,717	5,164,000	5,164,000	2,009,523	2,126,928	2,281,201	n/a	n/a	n/a	n/a	n/a	n/a	2,809,000	14,418,110
Total Current Assets	311,060,000	343,764,000	369,590,000	408,506,000	497,915,000	513,030,000	564,074,000	583,113,000	600,017,000	640,797,000	650,853,000	654,352,000	1,057,534	1,908,383	1,908,383	2,413,127	2,683,518	2,975,453	3,325,089	3,325,089	3,325,089	3,325,089	3,325,089	3,325,089	3,691,044	5,127,787
Total Liabilities	24,945,000	64,496,000	47,407,000	58,995,000	40,392,000	131,927,000	90,837,000	115,814,000	149,729,000	140,136,000	229,492,000	180,691,000	46,843,994	41,572,572	41,572,572	20,426,887	18,315,405	24,427,033	42,318,573	42,318,573	42,318,573	42,318,573	42,318,573	42,318,573	44,507,878	40,368,422
Shares Outstanding	224,422,000	222,710,000	220,785,000	n/a	n/a	216,451,000	n/a	214,424,940	213,771,863	213,065,335	212,543,703	210,063,861	3,763,224	3,722,355	3,722,355	3,718,931	3,716,149	n/a	n/a	n/a	n/a	n/a	n/a	8,627,500	15,817,600	19,838,970
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	85,382,000	82,657,120	77,883,000	77,699,000	76,997,000	75,949,072	73,536,697	72,177,137	71,894,553	3,103,413,005	68,966,972	67,404,794	3,748,476	3,702,803	3,702,803	1,143,430	3,715,971	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Basic	85,382,000	82,657,120	77,883,000	77,699,000	76,997,000	75,949,072	73,536,697	72,177,137	71,894,553	3,103,413,005	68,966,972	67,404,794	3,748,476	3,702,803	3,702,803	1,143,430	3,715,971	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net Share Count Change (Normalized)	0.8%	0.9%	Insufficient evidence	0.5%	4.9%	6.4%	-4.4%	0.3%	0.3%	0.2%	1.2%	Insufficient evidence	0.0%	0.0%	0.0%	0.0%	0.0%	Insufficient evidence	-45.5%	-45.5%	-45.5%	-45.5%	-45.5%	-45.5%	-20.3%	25.4%
Ownership Claim Change (Normalized)	-0.8%	-0.9%	Insufficient evidence	-0.5%	-4.7%	-6.0%	4.7%	-0.3%	-0.3%	-0.2%	-1.2%	Insufficient evidence	0.0%	0.0%	0.0%	0.0%	0.0%	Insufficient evidence	83.3%	83.3%	83.3%	83.3%	83.3%	83.3%	25.4%	-20.3%

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	311,060,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001845437/companyfacts.json Data Vault \| sec/companyfacts/cik=0001845437/companyfacts.json
Total Liabilities	24,945,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001845437/companyfacts.json Data Vault \| sec/companyfacts/cik=0001845437/companyfacts.json
Cash	133,146,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001845437/companyfacts.json Data Vault \| sec/companyfacts/cik=0001845437/companyfacts.json
Shares Outstanding	224,422,000	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	n/a
NCAV	286,115,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	1.27USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	57.9%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001845437
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001845437/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001845437/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 21
Imported At: 2026-08-15T12:52:33+00:00
Rendered At: 2026-08-16T03:29:48+00:00

Run Audit

Mary Run: 8f67c1da7de642feb640d04491409c50
Mary As Of: 2026-07-25
Accession: 0001845437-26-000019
CIK: 0001845437
Mary Filing Date: 2026-05-11
Filing Currency: USD
Internal Discount: 57.9%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=8f67c1da7de642feb640d04491409c50; mary_as_of=2026-07-25; mary_filing_date=2026-05-11; mary_accession=0001845437-26-000019; mary_cik=0001845437; gnni_supporting_filing_date=2026-05-11; internal_discount=0.57923; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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