2024 Q1 Form 10-Q Financial Statement

#000184543724000018 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00
YoY Change -100.0%
Gross Profit $0.00 $50.00K
YoY Change -100.0% -68.75%
Gross Profit Margin
Selling, General & Admin $7.160M $1.676M
YoY Change 327.09% 374.68%
% of Gross Profit 3352.92%
Research & Development $11.57M $7.780M
YoY Change 48.66% 139.38%
% of Gross Profit 15560.0%
Depreciation & Amortization $20.06M $3.280M
YoY Change 511.49% 0.0%
% of Gross Profit 6560.0%
Operating Expenses $38.78M $1.676M
YoY Change 2213.39% 374.68%
Operating Profit -$38.78M -$1.676M
YoY Change 2213.39% 374.67%
Interest Expense $7.690M -$735.6K
YoY Change -1145.48% -104.1%
% of Operating Profit
Other Income/Expense, Net -$6.887M $25.00K
YoY Change -27648.0% -99.86%
Pretax Income -$45.67M -$2.412M
YoY Change 1793.43% -113.73%
Income Tax -$4.038M $0.00
% Of Pretax Income
Net Earnings -$11.42M -$2.319M
YoY Change 392.44% -113.2%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16 -$4.55
Diluted Earnings Per Share -$0.16 -$0.05
COMMON SHARES
Basic Shares Outstanding 71.89M shares 3.748M shares
Diluted Shares Outstanding 71.89M shares 3.748M shares

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $497.8M $844.7K
YoY Change 58828.99% -62.97%
Cash & Equivalents $428.6M $844.7K
Short-Term Investments $69.19M
Other Short-Term Assets $358.0K $204.9K
YoY Change 74.75% -70.15%
Inventory
Prepaid Expenses $1.501M $204.9K
Receivables $0.00 $100.0K
Other Receivables $373.0K $7.960K
Total Short-Term Assets $600.0M $1.058M
YoY Change 56637.37% -64.46%
LONG-TERM ASSETS
Property, Plant & Equipment $101.1M $67.70M
YoY Change 49.33%
Goodwill $423.9M
YoY Change
Intangibles $1.290B $5.000M
YoY Change 25709.05%
Long-Term Investments $27.79M
YoY Change
Other Assets $353.7M
YoY Change 2.49%
Total Long-Term Assets $1.845B $353.7M
YoY Change 421.81% 2.49%
TOTAL ASSETS
Total Short-Term Assets $600.0M $1.058M
Total Long-Term Assets $1.845B $353.7M
Total Assets $2.445B $354.7M
YoY Change 589.41% 1.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.669M $25.87K
YoY Change 10216.57% 399.44%
Accrued Expenses $7.211M $5.818M
YoY Change 23.93% 1023.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.55M $5.844M
YoY Change 80.45% 1017.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $76.00M $41.00M
YoY Change 85.36% 71.52%
Total Long-Term Liabilities $139.2M $41.00M
YoY Change 239.47% 71.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.55M $5.844M
Total Long-Term Liabilities $139.2M $41.00M
Total Liabilities $149.7M $46.84M
YoY Change 219.63% 89.56%
SHAREHOLDERS EQUITY
Retained Earnings -$78.27M -$45.34M
YoY Change 72.64%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $659.8M -$45.34M
YoY Change
Total Liabilities & Shareholders Equity $2.445B $354.7M
YoY Change 589.41% 1.91%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$11.42M -$2.319M
YoY Change 392.44% -113.2%
Depreciation, Depletion And Amortization $20.06M $3.280M
YoY Change 511.49% 0.0%
Cash From Operating Activities -$2.663M -$783.2K
YoY Change 240.03% 283.51%
INVESTING ACTIVITIES
Capital Expenditures $9.521M $620.0K
YoY Change 1435.65%
Acquisitions
YoY Change
Other Investing Activities -$96.15M
YoY Change
Cash From Investing Activities -$105.7M -$620.0K
YoY Change 16943.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$2.663M -$783.2K
Cash From Investing Activities -$105.7M -620.0K
Cash From Financing Activities $0.00 0.000
Net Change In Cash -$108.3M -$783.2K
YoY Change 13732.68% 170.79%
FREE CASH FLOW
Cash From Operating Activities -$2.663M -$783.2K
Capital Expenditures $9.521M $620.0K
Free Cash Flow -$12.18M -$1.403M
YoY Change 768.33% 587.12%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q1 us-gaap Use Of Estimates
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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with US GAAP requires management to make certain estimates, judgments and assumptions. The estimates, judgments and assumptions made by the Company when accounting for items and matters such as, but not limited to, depreciation, amortization, asset valuations and share-based compensation were based on information available at the time they were made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, as well as amounts reported on the condensed consolidated statements of operations and comprehensive loss during the periods presented. Actual results could differ from those estimates.</span></div>
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain immaterial prior period amounts have been reclassified to conform to current period presentation.</span></div>
CY2023Q4 us-gaap Goodwill
Goodwill
423920000 usd
CY2024Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
0 usd
CY2024Q1 us-gaap Goodwill
Goodwill
423920000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
16812000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
50438000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
67250000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
67250000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
67250000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
67250000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
67250000 usd
CY2024Q1 npwr Finite Lived Intangible Asset Expected Amortization Year Six And Thereafter
FiniteLivedIntangibleAssetExpectedAmortizationYearSixAndThereafter
903765000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1290453000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
111420000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
104002000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10321000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7146000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
101099000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
96856000 usd
CY2024Q1 us-gaap Depreciation
Depreciation
3176000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
3268000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
819000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
2016000 usd
CY2024Q1 npwr Accrued Joint Development Agreement Expense
AccruedJointDevelopmentAgreementExpense
3438000 usd
CY2023Q4 npwr Accrued Joint Development Agreement Expense
AccruedJointDevelopmentAgreementExpense
3669000 usd
CY2024Q1 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
241000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
160000 usd
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1721000 usd
CY2023Q4 npwr Accrued Capital Expenditures
AccruedCapitalExpenditures
3605000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
992000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
1465000 usd
CY2024Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
7211000 usd
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
10915000 usd
CY2024Q1 us-gaap Revenues
Revenues
0 usd
CY2023Q1 us-gaap Revenues
Revenues
50000 usd
CY2024Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
0 usd
CY2023Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
58000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2024Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
0 usd
CY2023Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
58000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 usd
CY2024Q1 npwr Types Of Investments
TypesOfInvestments
2 type_of_investment
CY2024Q1 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
68755000 usd
CY2024Q1 npwr Debt Securities Available For Sale Unrealized Gain Loss Current
DebtSecuritiesAvailableForSaleUnrealizedGainLossCurrent
435000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
69190000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Amortized Cost Noncurrent
DebtSecuritiesAvailableForSaleAmortizedCostNoncurrent
27566000 usd
CY2024Q1 npwr Debt Securities Available For Sale Unrealized Gain Loss Noncurrent
DebtSecuritiesAvailableForSaleUnrealizedGainLossNoncurrent
227000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
27793000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
27793000 usd
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
38622000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
5174000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
8542000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
0 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
0 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
5174000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
47164000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0 usd
CY2022Q1 npwr Option Liability Vesting Period Subsequent To Loan Repayment
OptionLiabilityVestingPeriodSubsequentToLoanRepayment
P1Y
CY2023Q1 npwr Number Of Option Holders
NumberOfOptionHolders
2 option_holder
CY2023Q1 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
34588 shares
CY2023Q1 npwr Proceeds From Exercise Of Option Liabilities
ProceedsFromExerciseOfOptionLiabilities
5836000 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
164547131 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
226494 shares
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-17067000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17067000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3748000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3748000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.55
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.55
CY2024Q1 npwr Stockholders Equity Shares Authorized
StockholdersEquitySharesAuthorized
831000000 shares
CY2024Q1 npwr Stockholders Equity Shares Authorized
StockholdersEquitySharesAuthorized
831000000 shares
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q1 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
-45670000 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
4987845 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3763224 shares
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3763224 shares
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2024Q1 npwr Share Based Payment Arrangement Nonvested Award Cost Incurred To Date Amount
ShareBasedPaymentArrangementNonvestedAwardCostIncurredToDateAmount
21777000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5568000 usd
CY2024Q1 npwr Share Based Payment Arrangement Nonvested Award Compensation Cost
ShareBasedPaymentArrangementNonvestedAwardCompensationCost
27345000 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
128000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
49000 usd
CY2022Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.080
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2060000 usd
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2416000 usd
CY2024Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
0 usd
CY2023Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
0 usd
CY2024Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
43000 usd
CY2023Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
59000 usd
CY2024Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2103000 usd
CY2023Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2475000 usd
CY2024Q1 npwr Unrecorded Unconditional Purchase Obligation Gross
UnrecordedUnconditionalPurchaseObligationGross
166009000 usd
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Purchases
UnrecordedUnconditionalPurchaseObligationPurchases
8248000 usd
CY2023 us-gaap Unrecorded Unconditional Purchase Obligation Purchases
UnrecordedUnconditionalPurchaseObligationPurchases
28927000 usd
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
128834000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0811
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4038000 usd
CY2024Q1 npwr Tax Receivable Agreement Liability
TaxReceivableAgreementLiability
10099000 usd
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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