Energy Vault Holdings, Inc.NRGV

Energy Vault Holdings, Inc. Segments Disclosure

10-KFiled Mar 18, 20262 min read
SEGMENT REPORTING
As a single reportable segment entity, the Company’s CODM uses the profit measure of net loss to allocate resources and assess performance of our business by comparing actual results to historical results and previously forecasted financial information. The measure of segment assets is reported on the consolidated balance sheets as total assets.
See Note 3 for the Company’s revenue disaggregated by product line.
The following table presents revenue, significant segment expenses provided to the CODM, and net loss for our consolidated segment (amounts in thousands):
Year Ended December 31,
20252024
Revenue$203,671 $46,199 
Cost of revenue
155,681 40,012 
Gross profit47,990 6,187 
Non-personnel operating costs (1)
32,228 32,251 
Salaries and wages (2)
39,410 32,290 
Stock-based compensation36,713 38,709 
Depreciation, amortization, and accretion (excluding amounts included in cost of revenue) (3)
3,435 1,058 
Loss on impairment and sale of long-lived assets— 336 
Interest expense8,464 123 
Interest income(1,100)(5,537)
Provision for income taxes7,763 67 
Other segment items (4)
24,735 42,703 
Net loss$(103,658)$(135,813)
__________________
(1) Represents sales and marketing, research and development, and general and administrative expenses, excluding personnel related costs and reorganization expenses.
(2) Represents the costs of employees’ salaries, benefits, and payroll taxes that are reported within sales and marketing, research and development, and general and administrative expenses in the consolidated statements of operations and comprehensive loss. This amount excludes stock-based compensation expense and reorganization expenses.
(3) $2.3 million of depreciation and amortization expense recognized within cost of revenue for year ended December 31, 2025.
(4) Represents certain other segment items that are not deemed significant segment expenses and primarily consists of provision for credit losses, loss on financial instruments carried at fair value, reorganization expenses, and other income/expense items.

Historical Timeline

Fiscal YearFiled
2025Mar 18, 2026Showing above
2024Apr 1, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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