Energy Vault Holdings, Inc.NRGV
Energy Vault Holdings, Inc. Revenue Disclosure
REVENUE RECOGNITION
The Company recognized revenue for the product and service categories as follows for the years ended December 31, 2025 and 2024 (amounts in thousands):
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Sale of energy storage products (1) | $ | 196,198 | $ | 44,592 | |||||||
Tolling and PPA revenue (2) | 2,337 | — | |||||||||
| Operation and maintenance services | 1,284 | 1,090 | |||||||||
| Software licensing | 540 | 402 | |||||||||
| Intellectual property (“IP”) licensing | 3,312 | 115 | |||||||||
| Total revenue | $ | 203,671 | $ | 46,199 | |||||||
__________________
(1) The Company recognized revenue of $47.2 million and $32.4 million for the years ended December 31, 2025 and 2024, respectively, for products transferred to customers under bill-and-hold arrangements.
(2) Revenue from the arrangement accounted for as an operating lease was $1.0 million for the year ended December 31, 2025.
For the year ended December 31, 2025, approximately 64% of the Company’s revenue was recognized over time and approximately 36% was recognized at a point in time. For the year ended December 31, 2024, approximately 29% of the Company’s revenue was recognized over time and approximately 71% was recognized at a point in time.
The following table summarizes the Company’s revenue disaggregated by geographic region, which is determined based on the customer’s location, for the years ended December 31, 2025 and 2024 (amounts in thousands):
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| United States | $ | 74,219 | $ | 44,423 | |||||||
| Australia | 124,273 | 992 | |||||||||
| Other | 5,179 | 784 | |||||||||
| Total revenue | $ | 203,671 | $ | 46,199 | |||||||
Remaining Performance Obligations
Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed. As of December 31, 2025, the amount of the Company’s remaining performance obligations was $145.3 million. The Company expects to recognize approximately 60% of the remaining performance obligations as revenue over the next 12 months and the remainder more than 12 months from December 31, 2025.
Contract Balances
The following table provides information about contract assets and contract liabilities from contracts with customers (amounts in thousands):
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Refundable contribution | $ | 25,000 | $ | 25,000 | $ | 25 | |||||||||||
| Unbilled receivables | 20,732 | 6,828 | 55,241 | ||||||||||||||
| Retainage | — | — | 5,745 | ||||||||||||||
| Less allowance for credit losses | (25,101) | (25,030) | (1,113) | ||||||||||||||
| Contract assets, net of allowance for credit losses | $ | 20,631 | $ | 6,798 | $ | 59,898 | |||||||||||
| Contract liabilities | $ | 6,610 | $ | 8,938 | $ | 6,423 | |||||||||||
Contract assets consist of a refundable contribution and unbilled receivables. The refundable contribution was initially payable to the Company upon the customer’s first gravity energy storage system achieving substantial completion, subject to potential downward adjustment for liquidated damages if specified performance metrics were not met. In 2024, the customer agreed to remove the substantial completion condition and committed to repay the refundable contribution in the second half of 2024. However, the customer did not remit payment, and during 2024 the Company increased its allowance for credit losses to fully reserve this receivable. The Company is continuing to engage with the customer and is actively pursuing collection efforts.
Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time.
Contract liabilities consist of deferred revenue. Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work. In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue. Deferred revenue is not considered to be a significant financing component because it is generally used to meet working capital demands that can be higher in the early stages of a contract. For the years ended December 31, 2025 and 2024, the Company recognized revenue of $8.4 million and $1.1 million, respectively, related to amounts that were included in the deferred revenue balance as of the beginning of each period.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 18, 2026 | Showing above |
| 2024 | Apr 1, 2025 | |
| 2023 | Mar 13, 2024 | |
| 2022 | Apr 13, 2023 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.