Loss per Share

3 Months Ended

Mar. 31, 2025

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:


	Three Months Ended March 31,
In thousands, except per share data	2025		2024
Numerator
Net loss after income tax	$	(373,586)	$	(41,632)
Net loss attributable to Net Power Inc.	$	(119,350)	$	(11,421)
Denominator
Weighted-average number shares outstanding, basic and diluted	76,997		71,895



Loss per share attributable to shareholders, basic and diluted	$	(1.55)	$	(0.16)

Based on the amounts outstanding at March 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 thousands):


	March 31,
Anti-Dilutive Instruments	2025	2024
Public Warrants	8,621	8,622
Private Placement Warrants	10,900	10,900
Earnout Shares	329	329
BHES Bonus Shares	2,068	2,068
Unvested Class A OpCo Units	242	848
Vested Class A OpCo Units	141,243	141,275
Unvested RSUs	875	504
Unvested PSUs	128	—
Make-Whole Awards	1,257	—
Stock Options	2,460	—

Total	168,123	164,547

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 three months ended March 31, 2025 and 2024.

NET Power Inc. 10-Q