v3.25.4
Loss per Share
12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Loss per Share
NOTE 11 — Loss per Share
Basic loss per share attributable to shareholders is calculated by dividing net loss attributable to shareholders by the weighted-average number of shares outstanding during the period. Diluted loss per share attributable to shareholders includes the effect of potentially dilutive common shares outstanding.
The following table sets forth the computation of the Company’s basic and diluted loss per share for the following periods:
Year Ended December 31,
In thousands, except per share data20252024
Numerator
Net loss after income tax$(1,673,427)$(164,644)
Net loss attributable to NET Power Inc.$(578,628)$(49,191)
Denominator
  Weighted-average number shares outstanding, basic and diluted78,822 73,397
 Loss per share attributable to shareholders, basic and diluted$(7.34)$(0.67)
Only shares of Class A Common Stock participate in the Company’s undistributed earnings. As such, the Company’s undistributed earnings are allocated entirely to the Class A Common Stock based on the weighted-average number of shares of Class A Common Stock outstanding for the year ended December 31, 2025 and 2024.
Based on the amounts outstanding at December 31, 2025 and 2024, the Company excluded the following financial instruments from the computation of diluted loss per share because their inclusion would be anti-dilutive:
In thousandsDecember 31,
Anti-Dilutive Instruments20252024
Public Warrants8,6218,621
Private Placement Warrants10,90010,900
Earnout Shares329329
BHES Bonus Shares—2,068
Unvested Class A OpCo Units—242
Vested Class A OpCo Units139,921141,470
Unvested RSUs2,219874
Unvested PSUs322128
Make-Whole Awards1,2571,257
Stock Options6,4902,460
Total170,059168,349