NET Power Inc

Item 1A. Risk Factors

As a smaller reIn addition to the information set forth in this Form 10-Q, you should carefully consider the risk factors disclosed in our Annual Report. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in our Annual Reporting company. Except as set forth below, there have been no material changes to the risk factors disclosed in the Annual Report.

We have incurred and may in the future incur losses due to an impairment in the carrying value of our long-lived assets.

In September 2025, we are not redetermined that a triggering event had occurred required to provide ing an impairment assessment of our Developed Technology Asset Group, which resulted in the informatirecognition of an impairment loss of $1,095.8million for the three and nine months ended September 30, 2025.

This impairment loss is a reflection callof the current market for our technology that has resulted for rom information gathered by this Item. However, for a discussion of the materiamanagement regarding the projected cost of Project Permian and the ability of our technology to compete with other prevailing energy technologies on both a cost and efficiency basis. Any impairment determinations involve significant assumptions and judgments. If actual results are not consistent with our assumptions and estimates, or our assumptions and estimates change due to new information, we may be

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exposed to additional risks, uncertaintiesimpairment charges in future periods, which could adversely affect the Companys business and financial results.

The Company has recently decided to broaden the scope of its business, and other factors tit may not be able to successfully execute on its broadened business strategy in a cost-effective manner. If the Company fails to execute on its broadened business strategy, for what ever reason, it could have a materially and adversely affect its business and results of operations.

In response to recent adverse events that ultimaterial effect on us, please refer ly resulted in the Company recognizing an impairment loss, the Company has decided to broadened the scope of its business to also include the generation of power using more standard simple cycle and combined cycle natural gas turbines in combination with post-combustion carbon capture technology as a means of capturing the CO2 generated by those turbines. If we are unable to Part I, Item 1A. Risk Factorssuccessfully execute on our broadened business strategy, which includes, among other things, developing additional technologies and generating customer interest in our Annual Report.any resulting products, our business and results of operations could be adversely affected.