Energy Vault Holdings, Inc.

Listed Company

NRGVCIK 0001828536NYSENon-AcceleratedSmaller ReportingEmerging 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

172.98M

Op. Cash Flow

$-5.65M

Business

Energy Vault Holdings, Inc. provides turnkey energy storage solutions and develops, owns, and operates grid-scale storage projects to support the transition to renewable energy. It offers a diversified product portfolio including proprietary gravity (G‑Vault), electrochemical battery systems (B‑Vault), multi‑story battery enclosures (B‑Nest), hydrogen and hybrid systems (H‑Vault), and technology‑agnostic software (Vault‑OS, Vault‑Bidder, Vault‑Manager) alongside EPC and engineered equipment delivery. Business activities span product sales, licensing, EPC/EEQ project delivery, asset ownership and minority investments, software licensing, and long‑term services. The company markets primarily in North America and Australia, with engagements in Europe and other regions, distributing through direct sales, partnerships, licensing, and offtake contracts.

Summary from filing dated 2025-04-01

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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	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	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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