Energy Vault Holdings, Inc. Leases Disclosure
| Year Ended December 31, | |||||||||||
2025 | 2024 | ||||||||||
| Operating lease expense | $ | 831 | $ | 738 | |||||||
| Finance lease expense | |||||||||||
| Amortization of finance ROU assets | 50 | 49 | |||||||||
| Interest on finance lease liabilities | 11 | 13 | |||||||||
| Short-term lease expense | 430 | 809 | |||||||||
| Variable lease expense | 34 | 32 | |||||||||
| Capitalized lease costs | (352) | (396) | |||||||||
| Sublease income | (29) | (27) | |||||||||
| Total | $ | 975 | $ | 1,218 | |||||||
December 31, | ||||||||||||||
2025 | 2024 | |||||||||||||
| Weighted average remaining lease term (years) | ||||||||||||||
| Operating leases | 4.6 | 6.1 | ||||||||||||
| Finance leases | 2.8 | 3.0 | ||||||||||||
| Weighted average discount rate | ||||||||||||||
| Operating leases | 9.8 | % | 10.3 | % | ||||||||||
| Finance leases | 9.1 | % | 9.5 | % | ||||||||||
| Year Ended December 31, | |||||||||||
2025 | 2024 | ||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | |||||||||||
| Operating cash flows used for operating leases | $ | 942 | $ | 827 | |||||||
| Operating cash flows used for finance leases | 11 | 12 | |||||||||
| Financing cash flows used for finance leases | 104 | 185 | |||||||||
| $ | 1,057 | $ | 1,024 | ||||||||
| ROU Assets obtained in Exchange for Lease Liabilities | |||||||||||
| Operating leases | $ | 1,615 | $ | 160 | |||||||
| Finance leases | 87 | 60 | |||||||||
| $ | 1,702 | $ | 220 | ||||||||
| Operating Leases | Finance Leases | ||||||||||
| 2026 | $ | 685 | $ | 50 | |||||||
| 2027 | 540 | 44 | |||||||||
| 2028 | 449 | 31 | |||||||||
| 2029 | 426 | 6 | |||||||||
| 2030 | 115 | — | |||||||||
| Thereafter | 354 | — | |||||||||
| Total undiscounted cash flows | 2,569 | 131 | |||||||||
| Less imputed interest | (557) | (15) | |||||||||
| $ | 2,012 | $ | 116 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 18, 2026 | Showing above |
| 2024 | Apr 1, 2025 | |
| 2023 | Mar 13, 2024 | |
| 2022 | Apr 13, 2023 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.