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Energy Vault Holdings, Inc.
NRGVCIK 0001828536NYSEEmerging GrowthMiscellaneous Electrical Machinery, Equipment & SuppliesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$203.67M
Net Income
$-103.60M
Total Assets
$312.88M
Equity
$67.46M
Shares Out
178.25M
Op. Cash Flow
$-5.65M
Business
Energy Vault Holdings, Inc. is a diversified energy storage company that develops, delivers, and operates utility-scale energy storage solutions using proprietary gravity, battery, and hydrogen-based technologies, supported by technology-agnostic energy management software. The company provides customers with standalone and integrated energy storage systems through engineering, procurement, and construction delivery models, as well as engineered equipment supply, while also selectively owning and operating storage assets through its Asset Vault platform to generate recurring cash flows. Energy Vault serves utilities, independent power producers, and large energy users across North America, Europe, and Australia, with complementary expansion into modular AI data center infrastructure.
Summary from 10-K filed 2026-03-18
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 204 | 46 | — | — | — | |
| Cost of revenue | 156 | 40 | 324 | 87 | 0 | |
| Gross profit | 48 | 6 | 18 | 59 | — | |
| Sales and marketing | 14 | 16 | 18 | 13 | 845,000 | |
| Research and development | 15 | 26 | 37 | 43 | 8 | |
| General and administrative | 81 | 63 | 68 | 57 | 18 | |
| Provision for credit losses | 9 | 30 | 150,000 | — | — | |
| Depreciation, amortization, and accretion (excluding amounts included in cost of revenue) | 3 | 1 | 893,000 | 8 | — | |
| Loss on impairment and sale of long-lived assets | 0 | 336,000 | 0 | — | — | |
| Total operating expenses | 122 | 136 | 124 | — | — | |
| Loss from operations | −74 | −130 | −107 | −63 | −30 | |
| Interest expense | −8 | −123,000 | −35,000 | — | — | |
| Interest income | 1 | 6 | 8 | — | — | |
| Change in fair value of financial instruments carried at fair value | −8 | −1 | — | — | — | |
| Impairment of equity securities | 0 | −12 | 0 | — | — | |
| Other income (expense), net | −6 | 2 | −173,000 | −226,000 | −2 | |
| Loss before income taxes | −96 | −136 | −99 | −78 | −31 | |
| Provision for income taxes | 8 | 67,000 | −349,000 | 427,000 | 1,000 | |
| Net loss | −104 | −136 | −98 | — | — | |
| Net loss attributable to non-controlling interest | −47,000 | −63,000 | 0 | — | — | |
| Net loss attributable to Energy Vault Holdings, Inc. | −104 | −136 | −98 | −78 | −31 | |
| Net loss per share attributable to common stockholders basic (in dollars per share) | −0.65 | −0.91 | −0.69 | −0.64 | −2.45 | |
| Net loss per share attributable to common stockholders diluted (in dollars per share) | −0.65 | −0.91 | −0.69 | −0.64 | −2.45 | |
| Weighted average shares outstandingbasic (in shares) | 161 | 150 | 143 | 123 | 13 | |
| Weighted average shares outstandingdiluted (in shares) | 161 | 150 | 143 | 123 | 13 | |
| Actuarial gain (loss) on pension | 667,000 | −640,000 | −519,000 | −188,000 | 166,000 | |
| Foreign currency translation gain | 263,000 | 165,000 | −14,000 | −287,000 | 2 | |
| Total other comprehensive income (loss) attributable to Energy Vault Holdings, Inc. | 930,000 | −475,000 | −533,000 | −475,000 | 2 | |
| Total comprehensive loss attributable to Energy Vault Holdings, Inc. | −103 | −136 | −99 | −79 | −30 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 58 | 27 | 110 | 203 | 105 | |
| Restricted cash, current portion | 5 | 990,000 | 36 | 83 | 0 | |
| Accounts receivable, net of allowance for credit losses of $1,236 and $1,211 as of December 31, 2025 and 2024, respectively | 26 | 15 | 27 | 37 | 0 | |
| Contract assets, net of allowance for credit losses of $25,101 and $25,030 as of December 31, 2025 and 2024, respectively | 21 | 7 | 60 | 29 | 0 | |
| Inventory | 139,000 | 107,000 | 415,000 | 4 | 0 | |
| Customer financing receivable, current portion, net of allowance for credit losses of $4,500 and $2,352 as of December 31, 2025 and 2024, respectively | 0 | 2 | 3 | 2 | 0 | |
| Advances to suppliers | 6 | 11 | 8 | 24 | — | |
| Prepaid expenses and other current assets | 5 | 7 | 5 | 7 | 6 | |
| Total current assets | 121 | 69 | 280 | 390 | 111 | |
| Property and equipment, net | 96 | 99 | 31 | 3 | 12 | |
| Intangible assets, net | 8 | 5 | 2 | 0 | — | |
| Operating lease right-of-use assets | 2 | 1 | 2 | 1 | 1 | |
| Customer financing receivable, long-term portion, net of allowance for credit losses of $6,974 and $3,645 as of December 31, 2025 and 2024, respectively | 0 | 3 | 7 | 8 | 0 | |
| Investments, long-term portion | 3 | 3 | 17 | — | — | |
| Restricted cash, long-term portion | 40 | 2 | 0 | — | — | |
| Deferred income taxes | 41 | 0 | — | — | — | |
| Other assets | 883,000 | 1 | 3 | 3 | 2 | |
| Total Assets | 313 | 184 | 341 | 417 | 125 | |
| Accounts payable | 31 | 20 | 21 | 60 | 2 | |
| Accrued expenses | 70 | 25 | 85 | 15 | 5 | |
| Debt, current portion (including $50,250 measured at fair value) | 57 | 0 | — | — | — | |
| Contract liabilities | 7 | 9 | 6 | 49 | 0 | |
| Other current liabilities | 552,000 | 499,000 | — | — | — | |
| Total current liabilities | 165 | 55 | 112 | 125 | 7 | |
| Long-term debt (including $16,427 measured at fair value) | 38 | 0 | — | — | — | |
| Warrant liabilities | 15 | 2,000 | — | — | — | |
| Deferred pension obligation | 2 | 2 | 1 | 890,000 | 734,000 | |
| Other long-term liabilities | 4 | 932,000 | 2 | 1 | — | |
| Total liabilities | 224 | 58 | 117 | 129 | 11 | |
| Commitments and contingencies (Note 22) | — | — | — | — | — | |
| Redeemable non-controlling interest | 21 | 0 | — | — | — | |
| Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued | 0 | 0 | 0 | 0 | 0 | |
| Common stock, $0.0001 par value; 500,000 shares authorized, 168,969 and 153,206 issued and outstanding at December 31, 2025 and 2024, respectively | 17,000 | 15,000 | 15,000 | 14,000 | 0 | |
| Additional paid-in capital | 556 | 512 | 473 | 436 | 713,000 | |
| Accumulated deficit | −487 | −384 | −248 | −147 | −69 | |
| Accumulated other comprehensive loss | −966,000 | −2 | −1 | −888,000 | −413,000 | |
| Non-controlling interest | −31,000 | −63,000 | 0 | — | — | |
| Total stockholders equity | 67 | 126 | 224 | 288 | — | |
| Total Liabilities, Mezzanine Equity, and Stockholders Equity | 313 | 184 | 341 | 417 | 125 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation, amortization, and accretion | 6 | 1 | — | — | — | |
| Non-cash debt and financing costs | 3 | 0 | — | — | — | |
| Loss on debt extinguishment | 2 | 0 | — | — | — | |
| Non-cash interest income | −364,000 | −1 | −1 | −365,000 | 0 | |
| Stock-based compensation | 37 | 39 | 43 | 41 | 500,000 | |
| Provision for credit losses | 9 | 30 | 150,000 | 0 | — | |
| Gain on contribution to equity method investment | −65,000 | 0 | — | — | — | |
| Impairment of equity securities | 0 | 12 | 0 | — | — | |
| Non-cash expenses related to equity purchase agreement | 2 | 0 | — | — | — | |
| Deferred income taxes | 7 | 0 | — | — | — | |
| Foreign exchange losses | 1 | 300,000 | 222,000 | 316,000 | 64,000 | |
| Accounts receivable | −11 | 11 | 10 | −37 | 0 | |
| Inventory | −31,000 | 308,000 | 4 | −4 | −213,000 | |
| Contract assets | −13 | 54 | — | — | — | |
| Prepaid expenses and other current assets | −1 | 8 | 3 | −5 | 217,000 | |
| Advances to suppliers | −4 | −9 | 23 | −24 | — | |
| Other assets | −3 | −2 | −496,000 | −1 | 0 | |
| Accounts payable and accrued expenses | 60 | −67 | 26 | 68 | 3 | |
| Contract liabilities | −3 | 3 | −45 | 49 | 0 | |
| Other long-term liabilities | −299,000 | −1 | −444,000 | −386,000 | 0 | |
| Net cash used in operating activities | −6 | −56 | −93 | −23 | −22 | |
| Purchase of property and equipment | −41 | −59 | −30 | −2 | −170,000 | |
| Investment in note receivable | −2 | −330,000 | 0 | −2 | −1 | |
| Purchase of intangible assets | −1 | 0 | — | — | — | |
| Proceeds from sale of property and equipment | 0 | 447,000 | 0 | — | — | |
| Net cash used in investing activities | −45 | −59 | −43 | −13 | −1 | |
| Proceeds from issuance of debt | 151 | 0 | — | — | — | |
| Repayment of debt | −56 | 0 | — | 0 | −765,000 | |
| Payment of debt issuance costs | −10 | 0 | — | — | — | |
| Proceeds from insurance premium financings | 3 | 3 | 1 | 0 | — | |
| Repayment of insurance premium financings | −3 | −2 | −892,000 | 0 | — | |
| Proceeds from issuance of redeemable non-controlling interest | 34 | 0 | — | — | — | |
| Payment of transaction costs related to redeemable non-controlling interest | −3 | 0 | — | — | — | |
| Proceeds from issuance of stock | 7 | 0 | 0 | 236 | 0 | |
| Short-swing profit recovery | 24,000 | 0 | — | — | — | |
| Proceeds from exercise of stock options | 735,000 | 42,000 | 224,000 | 171,000 | 5,000 | |
| Payment of finance lease obligations | −104,000 | −185,000 | −47,000 | −62,000 | −53,000 | |
| Payment of taxes related to net settlement of equity awards | −424,000 | −408,000 | −6 | −5 | 0 | |
| Net cash provided by (used in) financing activities | 123 | −252,000 | −5 | 218 | 116 | |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 576,000 | −634,000 | 52,000 | −49,000 | 2 | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 73 | −115 | −141 | 181 | 95 | |
| Cash paid for income taxes | 643,000 | 52,000 | 46,000 | 3,000 | 1,000 | |
| Cash paid for interest | 3 | 123,000 | 35,000 | 2,000 | 70,000 | |
| Actuarial gain (loss) on pension | 667,000 | −640,000 | −519,000 | −188,000 | 166,000 | |
| Property and equipment financed through accounts payable and accrued expenses and acquired though deferred payment obligation | 875,000 | 6 | 5 | 0 | 39,000 | |
| Assets acquired on finance lease | 87,000 | 60,000 | 108,000 | 37,000 | 44,000 | |
| Initial value of warrant liabilities | 11 | 0 | — | — | — |
Filings
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Frequently asked questions
What is Energy Vault Holdings, Inc.'s CIK number?
Energy Vault Holdings, Inc.'s SEC CIK number is 0001828536 (1828536). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Energy Vault Holdings, Inc.'s SEC filings?
All of Energy Vault Holdings, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Energy Vault Holdings, Inc. last report earnings?
Energy Vault Holdings, Inc. (NRGV) most recently filed an earnings 8-K with the SEC on May 5, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001828536-26-000038). This is Energy Vault Holdings, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Energy Vault Holdings, Inc.'s most recent earnings 8-K?
Energy Vault Holdings, Inc.'s latest earnings 8-K (Item 2.02) was filed May 5, 2026 under accession 0001828536-26-000038. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Energy Vault Holdings, Inc.'s latest earnings 8-K →
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