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NRGV

Energy Vault Holdings, Inc.

NRGV

Energy Vault Holdings, Inc. • NYSE
$3.44 ▲ 3.30% (+0.11)
Market Cap $576.79 M
52w High $4.85
52w Low $0.60
Dividend Yield 0%
P/E -3.7
Volume 1.33M
Outstanding Shares 167.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $33.319M ▲ $26.593M ▼ $-26.817M ▲ -80.486% ▲ $-0.16 ▲ $-17.018M ▲
Q2-2025 $8.512M ▼ $30.664M ▲ $-34.927M ▼ -410.327% ▼ $-0.22 ▼ $-29.87M ▼
Q1-2025 $8.534M ▼ $25.769M ▼ $-21.136M ▲ -247.668% ▼ $-0.14 ▲ $-20.391M ▲
Q4-2024 $33.471M ▲ $52.996M ▲ $-61.83M ▼ -184.727% ▲ $-0.41 ▼ $-61.525M ▼
Q3-2024 $1.199M $27.558M $-26.593M -2.218K% $-0.18 $-26.408M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $32.696M ▲ $281.883M ▲ $201.334M ▲ $80.578M ▼
Q2-2025 $21.416M ▲ $248.828M ▲ $158.529M ▲ $90.326M ▼
Q1-2025 $21.155M ▼ $217.441M ▲ $102.528M ▲ $115.014M ▼
Q4-2024 $30.024M ▼ $183.889M ▼ $57.633M ▼ $126.319M ▼
Q3-2024 $51.124M $252.858M $73.752M $179.14M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-26.817M ▲ $-11.708M ▼ $-15.456M ▼ $31.289M ▲ $-19.129M ▼ $-27.164M ▼
Q2-2025 $-34.927M ▼ $15.359M ▲ $-10.023M ▼ $5.08M ▼ $9.204M ▼ $6.948M ▲
Q1-2025 $-21.174M ▲ $-2.73M ▲ $-7.313M ▲ $27.06M ▲ $17.082M ▲ $-9.513M ▲
Q4-2024 $-61.83M ▼ $-34.82M ▼ $-10.651M ▲ $-817K ▼ $-49.603M ▼ $-45.367M ▼
Q3-2024 $-26.616M $-9.194M $-27.253M $205K $-35.267M $-36.449M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Intellectual Property Licensing
Intellectual Property Licensing
 $0 ▲$0 ▲$0 ▲$0 ▲
Software Licensing
Software Licensing
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Energy Vault is still very much in the early commercial stage. Revenue has been uneven, with a spike followed by a step back, suggesting dependence on a small number of large projects rather than steady, repeat business. Margins are thin and volatile, and the company is consistently losing money as operating costs and growth investments outweigh the limited revenue base. Overall, this looks like a company still building scale and proof points rather than one with a mature, stable income profile.

Balance Sheet

Balance Sheet The balance sheet shows a young company that is capital-light but also cash-constrained. Total assets and cash have trended down from earlier peaks, signaling that the company is using its cash cushion faster than it is replenishing it. On the positive side, there is effectively no financial debt, so the capital structure is simple and not burdened by interest payments. Shareholders’ equity remains positive but has been shrinking, reflecting ongoing losses being absorbed by the company’s capital base.

Cash Flow

Cash Flow Cash flow is consistently negative, both from day-to-day operations and after investments. The business is not yet self-funding; it relies on external capital or past cash reserves to cover its spending. Operating cash burn has increased in recent periods, and capital spending has picked up as projects and infrastructure are built out. This pattern is typical of an early-stage infrastructure and technology business, but it underscores the importance of securing new funding or rapidly scaling revenue to sustain the current strategy.

Competitive Edge

Competitive Edge Energy Vault operates in a highly competitive energy storage market but differentiates itself with a broad, “toolbox” approach. It combines gravity-based systems, battery storage, and green hydrogen solutions, all coordinated by its own software platform, which allows it to tailor solutions rather than push a single technology. Its first-mover status in commercial gravity storage and its global partnerships, including in China and with large utilities, give it credibility and learning advantages. At the same time, it is a small player surrounded by much larger battery and grid companies, and it still must prove that its solutions are cost-effective and reliable at large scale across many sites, not just in flagship projects.

Innovation and R&D

Innovation and R&D Innovation is the core of Energy Vault’s identity. The company is developing multiple platforms: long-lived gravity storage, integrated battery systems, green hydrogen hybrids for very long duration, and an AI-driven control system that ties everything together. It is also pushing into new niches such as high-demand data centers with specialized battery products. This breadth offers many pathways to success but also spreads execution risk: each technology must be refined, deployed safely, and proven economically attractive. Future value will depend heavily on how well these innovations move from demonstration and early projects into repeatable, standardized offerings.

Summary

Energy Vault looks like an early-stage, innovation-heavy company in a promising but crowded sector. Financially, it is still in the build-out phase: small and choppy revenues, ongoing losses, shrinking cash, and no debt but also no clear path yet to self-sustaining cash flow. Strategically, it has assembled a distinctive mix of technologies and software and secured notable partnerships, which give it a differentiated story in energy storage. The main opportunity lies in turning this technology portfolio and project pipeline into a stable, recurring business model; the main risks lie in execution, financing needs, and proving long-term performance and economics across multiple markets.

NEWS

November 10, 2025 · 4:05 PM UTC

Energy Vault Reports Third Quarter 2025 Financial Results

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November 4, 2025 · 9:25 AM UTC

Energy Vault, EU Green Energy Sign Framework Agreement for Deployment of up to $250 Million of Battery Energy Storage Systems, Totaling 1.8 GWh, to Accelerate Renewable Deployment

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October 27, 2025 · 2:00 PM UTC

Energy Vault to Host Investor and Analyst Day on October 29, 2025; Schedules Conference Call to Discuss Third Quarter 2025 Financial Results

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October 23, 2025 · 11:31 AM UTC

Energy Vault to Host Investor & Analyst Day on October 29, 2025

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October 23, 2025 · 8:45 AM UTC

Energy Vault Announces Acquisition of 150 MW Battery Energy Storage Project in Texas Under New Asset Vault Platform

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