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Energy Vault (NRGV) Financials

Energy Vault logo
$5.85 -0.01 (-0.12%)
Closing price 06/3/2026 03:58 PM Eastern
Extended Trading
$5.78 -0.07 (-1.25%)
As of 06:52 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Energy Vault

Annual Income Statements for Energy Vault

This table shows Energy Vault's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -31 -79 -98 -136 -104
Consolidated Net Income / (Loss)		 -31 -78 -98 -136 -104
Net Income / (Loss) Continuing Operations		 -31 -78 -98 -136 -104
Total Pre-Tax Income 		-31 -78 -99 -136 -96
Total Operating Income		 -30 -63 -107 -130 -74
Total Gross Profit		 0.00 59 18 6.19 48
Total Revenue		 0.00 146 342 46 204
Operating Revenue		 0.00 146 342 46 204
Total Cost of Revenue		 0.00 87 324 40 156
Operating Cost of Revenue		 0.00 87 324 40 156
Total Operating Expenses		 30 143 124 136 122
Selling, General & Admin Expense		 18 57 68 63 81
Marketing Expense		 0.85 13 18 16 14
Research & Development Expense		 7.91 43 37 26 15
Depreciation Expense		 - 7.74 0.89 1.06 3.44
Other Operating Expenses / (Income)		 - - 0.15 30 9.41
Impairment Charge		 2.72 2.83 0.00 0.34 0.00
Total Other Income / (Expense), net		 -1.80 5.80 7.94 -5.75 -22
Interest Expense		 0.01 0.00 0.04 0.12 8.46
Interest & Investment Income		 - 3.70 8.15 -6.19 1.10
Other Income / (Expense), net		 -1.79 2.10 -0.17 0.57 -14
Income Tax Expense		 0.00 0.43 -0.35 0.07 7.76
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - 0.00 -0.06 -0.05
Basic Earnings per Share		 ($2.45) ($0.64) ($0.69) ($0.91) ($0.65)
Weighted Average Basic Shares Outstanding		 12.78M 123.24M 142.85M 149.85M 160.53M
Diluted Earnings per Share		 ($2.45) ($0.64) ($0.69) ($0.91) ($0.65)
Weighted Average Diluted Shares Outstanding		 12.78M 123.24M 142.85M 149.85M 160.53M
Weighted Average Basic & Diluted Shares Outstanding		 35.94M - 147.08M 154.24M 172.98M

Quarterly Income Statements for Energy Vault

This table shows Energy Vault's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -19 -22 -21 -26 -27 -62 -21 -35 -27 -21 -32
Consolidated Net Income / (Loss)		 -19 -22 -21 -26 -27 -62 -21 -35 -27 -21 -32
Net Income / (Loss) Continuing Operations		 -19 -22 -21 -26 -27 -62 -21 -35 -27 -21 -32
Total Pre-Tax Income 		-19 -22 -21 -26 -27 -62 -21 -33 -21 -21 -32
Total Operating Income		 -21 -24 -25 -28 -27 -50 -21 -28 -18 -7.74 -24
Total Gross Profit		 7.15 4.02 2.07 1.05 0.48 2.59 4.88 2.52 9.01 32 4.79
Total Revenue		 172 118 7.76 3.77 1.20 33 8.53 8.51 33 153 22
Operating Revenue		 172 118 7.76 3.77 1.20 33 8.53 8.51 33 153 22
Total Cost of Revenue		 165 114 5.69 2.72 0.72 31 3.66 6.00 24 122 17
Operating Cost of Revenue		 165 114 5.69 2.72 0.72 31 3.66 6.00 24 122 17
Total Operating Expenses		 28 28 27 29 28 53 26 31 27 39 29
Selling, General & Admin Expense		 16 16 15 16 15 14 18 19 20 25 21
Marketing Expense		 4.18 4.60 4.17 4.86 4.35 2.46 4.15 3.16 3.21 3.18 2.91
Research & Development Expense		 8.16 7.55 6.97 6.95 5.70 6.38 3.82 4.07 3.36 3.38 2.59
Depreciation Expense		 0.24 0.22 0.30 0.28 0.25 0.23 0.31 0.47 0.30 2.36 2.22
Other Operating Expenses / (Income)		 - - -0.09 0.44 1.86 - -0.01 3.84 -0.08 5.66 0.03
Total Other Income / (Expense), net		 1.89 2.07 3.49 1.69 0.46 -11 0.10 -4.71 -3.70 -13 -8.28
Interest Expense		 0.02 0.02 0.01 0.04 0.04 0.03 0.10 2.52 2.78 3.07 3.47
Interest & Investment Income		 1.92 2.00 1.83 1.75 1.44 -11 0.32 0.31 0.20 0.27 0.57
Other Income / (Expense), net		 -0.01 0.09 1.67 -0.02 -0.94 -0.15 -0.12 -2.51 -1.12 -10 -5.39
Income Tax Expense		 -0.40 0.05 0.00 0.00 0.00 0.07 0.38 2.07 5.54 -0.23 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 - 0.00 -0.01 -0.02 - -0.04 -0.01 -0.00 -0.00 0.00
Basic Earnings per Share		 ($0.13) ($0.16) ($0.14) ($0.18) ($0.18) ($0.41) ($0.14) ($0.22) ($0.16) ($0.13) ($0.20)
Weighted Average Basic Shares Outstanding		 143.87M 142.85M 147.02M 149.14M 150.81M 149.85M 153.72M 156.91M 163.33M 160.53M 171.87M
Diluted Earnings per Share		 ($0.13) ($0.16) ($0.14) ($0.18) ($0.18) ($0.41) ($0.14) ($0.22) ($0.16) ($0.13) ($0.20)
Weighted Average Diluted Shares Outstanding		 143.87M 142.85M 147.02M 149.14M 150.81M 149.85M 153.72M 156.91M 163.33M 160.53M 171.87M
Weighted Average Basic & Diluted Shares Outstanding		 143.55M 147.08M 148.85M 150.48M 152.12M 154.24M 156.04M 161.86M 167.79M 172.98M 178.25M

Annual Cash Flow Statements for Energy Vault

This table details how cash moves in and out of Energy Vault's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 95 181 -141 -115 73
Net Cash From Operating Activities		 -22 -23 -93 -56 -5.65
Net Cash From Continuing Operating Activities		 -22 -23 -93 -56 -5.65
Net Income / (Loss) Continuing Operations		 -31 -78 -98 -136 -104
Consolidated Net Income / (Loss)		 -31 -78 -98 -136 -104
Depreciation Expense		 2.32 7.74 0.89 1.06 5.73
Non-Cash Adjustments To Reconcile Net Income		 3.88 38 -37 126 44
Changes in Operating Assets and Liabilities, net		 3.01 9.57 42 -47 49
Net Cash From Investing Activities		 -1.17 -13 -43 -59 -45
Net Cash From Continuing Investing Activities		 -1.17 -13 -43 -59 -45
Purchase of Property, Plant & Equipment		 -0.17 -2.32 -30 -59 -41
Acquisitions		 - - - 0.00 -1.37
Sale of Property, Plant & Equipment		 - - 0.00 0.45 0.00
Other Investing Activities, net		 -1.00 -2.00 -6.11 -0.33 -2.14
Net Cash From Financing Activities		 116 218 -5.48 -0.25 123
Net Cash From Continuing Financing Activities		 116 218 -5.48 -0.25 123
Repayment of Debt		 -0.77 0.00 -0.89 -2.45 -69
Payment of Dividends		 - - - 0.00 -2.63
Issuance of Debt		 - 0.00 1.25 2.75 154
Issuance of Common Equity		 0.00 236 - 0.00 41
Other Financing Activities, net		 -0.05 2.48 -5.84 -0.55 0.23
Effect of Exchange Rate Changes		 1.93 -0.05 0.05 -0.63 0.58
Cash Interest Paid		 0.07 0.00 0.04 0.12 3.40
Cash Income Taxes Paid		 0.00 0.00 0.05 0.05 0.64

Quarterly Cash Flow Statements for Energy Vault

This table details how cash moves in and out of Energy Vault's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -33 13 -8.77 -24 -35 -48 17 11 3.83 42 14
Net Cash From Operating Activities		 -24 23 0.95 -13 -9.19 -35 -2.73 15 -12 -6.57 -54
Net Cash From Continuing Operating Activities		 -24 23 0.95 -13 -9.19 -35 -2.73 15 -12 -6.57 -54
Net Income / (Loss) Continuing Operations		 -19 -22 -21 -26 -27 -62 -21 -35 -27 -21 -32
Consolidated Net Income / (Loss)		 -19 -22 -21 -26 -27 -62 -21 -35 -27 -21 -32
Depreciation Expense		 0.24 0.22 0.30 0.28 0.25 0.23 0.31 0.47 1.49 3.46 3.55
Non-Cash Adjustments To Reconcile Net Income		 7.46 -68 69 1.40 4.20 24 3.53 -5.41 -9.18 46 19
Changes in Operating Assets and Liabilities, net		 -13 113 -47 12 13 3.17 15 55 23 -36 -44
Net Cash From Investing Activities		 -8.37 -9.36 -8.77 -12 -27 -11 -7.31 -10 -15 -12 4.71
Net Cash From Continuing Investing Activities		 -8.37 -9.36 -8.77 -12 -27 -11 -7.31 -10 -15 -12 4.71
Purchase of Property, Plant & Equipment		 -8.37 -3.25 -8.77 -12 -27 -11 -6.78 -8.41 -15 -10 -7.06
Other Investing Activities, net		 - - 0.00 - - - -0.53 -1.61 - - 12
Net Cash From Financing Activities		 -0.19 -0.83 -0.68 1.04 0.21 -0.82 27 5.08 31 60 61
Net Cash From Continuing Financing Activities		 -0.19 -0.83 -0.68 1.04 0.21 -0.82 27 5.08 31 60 61
Repayment of Debt		 -0.39 -0.50 -0.36 -0.46 -0.75 -0.88 -1.25 -33 -29 -5.78 -67
Issuance of Debt		 1.25 - 0.00 1.67 1.08 - 28 37 54 34 150
Other Financing Activities, net		 -1.04 -0.33 -0.32 -0.17 -0.12 0.06 0.02 -0.07 0.04 0.25 -22
Effect of Exchange Rate Changes		 -0.04 0.13 -0.27 -0.01 0.98 -1.32 0.07 0.53 -0.30 0.28 1.62
Cash Interest Paid		 0.02 0.02 0.01 0.04 0.04 0.03 0.01 0.46 1.56 1.36 2.81
Cash Income Taxes Paid		 - - 0.00 0.05 - 0.00 0.00 0.40 0.30 -0.05 -0.01

Annual Balance Sheets for Energy Vault

This table presents Energy Vault's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.21 125 417 341 184 313
Total Current Assets		 0.17 111 390 280 69 121
Cash & Equivalents		 0.17 105 203 110 27 58
Restricted Cash		 - 0.00 83 36 0.99 4.72
Accounts Receivable		 - 0.00 37 27 15 26
Inventories, net		 - 0.00 4.38 0.42 0.11 0.14
Prepaid Expenses		 0.00 5.54 7.24 4.52 6.53 5.07
Other Current Assets		 - 0.00 53 99 17 27
Plant, Property, & Equipment, net		 0.00 12 3.04 31 99 96
Total Noncurrent Assets		 0.04 2.76 24 30 15 96
Long-Term Investments		 - - - 17 3.27 3.37
Intangible Assets		 - - 0.00 1.79 4.54 8.28
Noncurrent Deferred & Refundable Income Taxes		 - - - - 0.00 41
Other Noncurrent Operating Assets		 0.04 2.76 15 4.35 4.35 44
Total Liabilities & Shareholders' Equity		 0.21 125 417 341 184 313
Total Liabilities		 0.19 11 129 117 58 224
Total Current Liabilities		 0.19 7.34 125 112 55 165
Short-Term Debt		 0.16 - - - 0.00 57
Accounts Payable		 - 1.98 60 21 20 31
Accrued Expenses		 0.03 4.70 15 85 25 70
Current Deferred Revenue		 - 0.00 49 4.92 8.94 6.61
Other Current Liabilities		 - 0.66 0.83 0.72 0.50 0.55
Total Noncurrent Liabilities		 0.00 3.91 3.68 5.11 2.98 59
Long-Term Debt		 - - - - 0.00 38
Noncurrent Employee Benefit Liabilities		 - 0.73 0.89 1.49 2.04 1.84
Other Noncurrent Operating Liabilities		 0.00 0.70 1.29 2.12 0.93 19
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 183 - - 0.00 21
Total Equity & Noncontrolling Interests		 0.02 -69 288 224 126 67
Total Preferred & Common Equity		 0.02 -69 288 224 126 67
Preferred Stock		 0.00 - 0.00 0.00 0.00 0.00
Total Common Equity		 0.02 -69 288 224 126 67
Common Stock		 0.03 0.71 436 473 512 556
Retained Earnings		 -0.00 -69 -147 -248 -384 -487
Accumulated Other Comprehensive Income / (Loss)		 - -0.41 -0.89 -1.42 -1.90 -0.97
Noncontrolling Interest		 - - - 0.00 -0.06 -0.03

Quarterly Balance Sheets for Energy Vault

This table presents Energy Vault's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 375 301 286 256 253 217 249 282 298
Total Current Assets		 322 245 208 162 132 74 95 103 104
Cash & Equivalents		 107 74 136 107 51 18 21 33 55
Restricted Cash		 58 58 1.01 6.12 27 27 33 2.51 14
Accounts Receivable		 5.11 27 1.34 3.47 2.31 4.00 4.52 2.23 4.94
Inventories, net		 0.00 4.95 0.42 0.11 0.11 0.11 - 7.03 0.13
Prepaid Expenses		 5.21 5.29 3.62 5.33 4.86 5.31 5.74 6.62 8.08
Other Current Assets		 145 75 63 39 45 14 28 51 22
Plant, Property, & Equipment, net		 0.00 26 47 63 90 126 121 93 101
Total Noncurrent Assets		 53 30 31 31 31 17 33 85 93
Long-Term Investments		 - - - - - 3.48 6.29 4.69 3.37
Intangible Assets		 - 0.95 2.49 3.18 3.82 5.13 5.75 6.29 7.06
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - 12 42 29
Other Noncurrent Operating Assets		 46 21 21 21 20 5.54 6.72 30 54
Total Liabilities & Shareholders' Equity		 375 301 286 256 253 217 249 282 298
Total Liabilities		 128 62 74 60 74 103 159 201 244
Total Current Liabilities		 124 59 70 56 70 86 144 164 72
Short-Term Debt		 - - - - - 13 23 29 21
Accounts Payable		 7.57 21 53 29 39 25 36 36 9.08
Accrued Expenses		 28 33 15 18 21 22 19 36 26
Current Deferred Revenue		 - 4.59 1.50 9.88 10 11 66 64 15
Other Current Liabilities		 89 0.73 0.43 0.29 0.39 16 0.49 0.53 0.60
Total Noncurrent Liabilities		 3.40 3.33 3.77 3.59 3.30 16 15 37 172
Long-Term Debt		 - - - - - 13 10 32 151
Noncurrent Employee Benefit Liabilities		 0.97 1.08 1.63 1.64 1.94 1.61 2.08 2.21 1.97
Other Noncurrent Operating Liabilities		 2.05 0.75 2.14 1.95 1.36 1.79 2.38 3.12 20
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - - 23
Total Equity & Noncontrolling Interests		 248 238 212 196 179 115 90 81 30
Total Preferred & Common Equity		 248 238 212 196 179 115 90 81 30
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 248 238 212 196 179 115 90 81 30
Common Stock		 455 465 483 492 503 521 532 549 551
Retained Earnings		 -207 -226 -269 -295 -322 -405 -440 -467 -520
Accumulated Other Comprehensive Income / (Loss)		 -0.78 -0.86 -1.50 -1.51 -1.59 -1.37 -1.90 -1.87 -0.64
Noncontrolling Interest		 - - - -0.01 -0.03 -0.10 -0.03 -0.03 -0.03

Annual Metrics And Ratios for Energy Vault

This table displays calculated financial ratios and metrics derived from Energy Vault's official financial filings.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 35,937,500.00 138,268,342.00 143,545,721.00 - 167,790,003.00
DEI Adjusted Shares Outstanding		 35,937,500.00 138,268,342.00 143,545,721.00 - 167,790,003.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.87 -0.57 -0.69 - -0.62
Growth Metrics		 - - - - -
Profitability Metrics		 - - - - -
Net Operating Profit after Tax (NOPAT)		 -21 -44 -75 -91 -52
Return On Investment Capital (ROIC_SIMPLE)		 - - -33.39% -72.07% -32.12%
Earnings before Interest and Taxes (EBIT)		 -31 -61 -107 -129 -89
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -29 -53 -106 -128 -83
Valuation Ratios		 - - - - -
Leverage & Solvency		 - - - - -
Liquidity Ratios		 - - - - -
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -37 -134 -122 -74
Efficiency Ratios		 - - - - -
Capital & Investment Metrics		 - - - - -
Invested Capital		 8.92 1.53 61 92 117
Increase / (Decrease) in Invested Capital		 0.00 -7.39 59 31 22
Book Value per Share		 ($1.91) $2.08 $1.56 $0.83 $0.40
Tangible Book Value per Share		 ($1.91) $2.08 $1.55 $0.80 $0.35
Total Capital		 114 288 224 126 183
Total Debt		 0.00 0.00 0.00 0.00 95
Total Long-Term Debt		 0.00 0.00 0.00 0.00 38
Net Debt		 -105 -286 -163 -34 28
Capital Expenditures (CapEx)		 0.17 2.32 30 58 41
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.81 -21 22 -17 -50
Debt-free Net Working Capital (DFNWC)		 103 265 168 14 13
Net Working Capital (NWC)		 103 265 168 14 -44
Net Nonoperating Expense (NNE)		 11 34 24 45 52
Net Nonoperating Obligations (NNO)		 -105 -286 -163 -34 28
Total Depreciation and Amortization (D&A)		 2.44 7.74 0.89 1.06 5.73
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 ($0.20) ($0.64) ($0.69) ($0.91) ($0.65)
Adjusted Weighted Average Basic Shares Outstanding		 32.77M 123.24M 142.85M 149.85M 160.53M
Adjusted Diluted Earnings per Share		 ($0.20) ($0.64) ($0.69) ($0.91) ($0.65)
Adjusted Weighted Average Diluted Shares Outstanding		 32.77M 123.24M 142.85M 149.85M 160.53M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 35.94M 0.00 147.08M 154.24M 172.98M
Normalized Net Operating Profit after Tax (NOPAT)		 -19 -28 -75 -91 -52
Debt Service Ratios		 - - - - -
Payout Ratios		 - - - - -

Quarterly Metrics And Ratios for Energy Vault

This table displays calculated financial ratios and metrics derived from Energy Vault's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 142,856,638.00 143,545,721.00 147,079,363.00 148,850,450.00 150,484,246.00 - 154,242,940.00 156,044,290.00 161,855,407.00 167,790,003.00 172,975,047.00
DEI Adjusted Shares Outstanding		 142,856,638.00 143,545,721.00 147,079,363.00 148,850,450.00 150,484,246.00 - 154,242,940.00 156,044,290.00 161,855,407.00 167,790,003.00 172,975,047.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.13 -0.16 -0.14 -0.18 -0.18 - -0.14 -0.22 -0.17 -0.12 -0.19
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 10,065.58% 17.86% -32.07% -90.50% -99.30% -71.69% 9.99% 125.78% 2,678.90% - 156.37%
EBITDA Growth		 14.06% -367.38% 31.10% 2.12% -32.14% -110.65% 8.63% -9.24% 37.96% - -25.76%
EBIT Growth		 28.24% -355.61% 30.65% 1.92% -31.86% -109.67% 8.48% -9.85% 33.22% - -40.81%
NOPAT Growth		 41.35% 5.99% 25.24% 1.68% -27.50% -108.33% 15.16% -0.94% 35.06% - -15.83%
Net Income Growth		 34.15% 4.75% 32.18% -0.14% -40.51% -179.00% -0.17% -33.33% -0.76% - -53.42%
EPS Growth		 38.10% -23.08% 36.36% 0.00% -38.46% -156.25% 0.00% -22.22% 11.11% - -42.86%
Operating Cash Flow Growth		 -15.69% -4.31% 101.34% 39.23% 62.05% -248.84% -388.28% 220.06% -27.34% - -1,870.59%
Free Cash Flow Firm Growth		 -143.10% -618.18% -2,315.97% 79.22% 84.89% 13.14% 78.10% 103.62% 18.13% - -186.56%
Invested Capital Growth		 304.05% 3,880.60% 306.46% 0.09% -4.38% 50.91% 18.13% -24.71% -0.59% - 71.98%
Revenue Q/Q Growth		 333.98% -31.34% -93.44% -51.41% -68.20% 2,691.58% -74.50% -0.26% 291.44% - -85.73%
EBITDA Q/Q Growth		 25.57% -13.70% 5.13% -21.91% -0.48% -81.27% 58.85% -45.76% 42.94% - -77.22%
EBIT Q/Q Growth		 25.34% -13.50% 4.79% -21.56% -0.38% -80.47% 58.44% -45.90% 38.98% - -62.94%
NOPAT Q/Q Growth		 25.12% -13.94% -1.78% -13.23% 2.90% -86.18% 58.55% -34.72% 37.53% - -212.55%
Net Income Q/Q Growth		 27.60% -17.05% 4.66% -23.94% -1.59% -132.41% 65.77% -64.98% 23.23% - -56.68%
EPS Q/Q Growth		 27.78% -23.08% 12.50% -28.57% 0.00% -127.78% 65.85% -57.14% 27.27% - -53.85%
Operating Cash Flow Q/Q Growth		 -15.08% 196.57% -95.95% -1,450.90% 28.13% -278.73% 92.16% 662.60% -176.23% - -718.83%
Free Cash Flow Firm Q/Q Growth		 -0.43% 19.36% -69.31% 84.84% 26.98% -363.47% 57.31% 102.51% -1,751.27% - -196.23%
Invested Capital Q/Q Growth		 28.52% -42.54% 23.85% 9.44% 22.79% -9.32% -3.06% -30.25% 62.13% - 31.20%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 4.15% 3.40% 26.65% 27.82% 40.28% 7.73% 57.14% 29.56% 27.04% - 21.88%
EBITDA Margin		 -12.20% -20.20% -292.07% -732.84% -2,315.35% -150.34% -242.63% -354.58% -51.69% - -119.02%
Operating Margin		 -12.33% -20.47% -317.40% -739.66% -2,258.13% -150.61% -244.82% -330.69% -52.77% - -110.61%
EBIT Margin		 -12.34% -20.39% -295.88% -740.24% -2,336.28% -151.04% -246.20% -360.14% -56.15% - -135.23%
Profit (Net Income) Margin		 -11.00% -18.75% -272.44% -694.93% -2,219.85% -184.81% -248.11% -410.39% -80.49% - -148.48%
Tax Burden Percent		 97.93% 100.22% 100.00% 100.00% 100.00% 100.11% 101.84% 106.31% 126.01% - 100.00%
Interest Burden Percent		 91.05% 91.76% 92.08% 93.88% 95.02% 122.23% 98.95% 107.19% 113.78% - 109.80%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 -42.23% -156.63% -3,857.85% -1,893.66% -1,995.43% -63.70% -97.80% -165.36% -30.62% - -138.59%
ROIC Less NNEP Spread (ROIC-NNEP)		 -40.22% -154.30% -3,856.07% -1,888.86% -1,988.13% -36.74% -89.74% -143.77% 19.93% - -180.71%
Return on Net Nonoperating Assets (RNNOA)		 30.34% 135.46% 3,541.29% 1,184.97% 999.82% 20.69% 44.58% 70.95% -4.41% - -79.07%
Return on Equity (ROE)		 -11.89% -21.18% -316.56% -708.69% -995.61% -43.01% -53.21% -94.41% -35.03% - -217.65%
Cash Return on Invested Capital (CROIC)		 -235.21% -429.39% -239.72% -83.13% -65.55% -159.60% -123.99% -94.14% -80.42% - -97.78%
Operating Return on Assets (OROA)		 -12.49% -18.39% -299.17% -708.56% -1,105.79% -26.60% -45.96% -73.85% -17.60% - -113.86%
Return on Assets (ROA)		 -11.14% -16.91% -275.48% -665.20% -1,050.68% -32.55% -46.31% -84.15% -25.24% - -125.02%
Return on Common Equity (ROCE)		 -11.89% -21.18% -316.56% -708.71% -995.69% -43.02% -53.23% -94.43% -35.04% - -187.74%
Return on Equity Simple (ROE_SIMPLE)		 -41.78% 0.00% -41.65% 0.00% 0.00% 0.00% -118.11% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -15 -17 -17 -20 -19 -35 -15 -20 -12 -5.42 -17
NOPAT Margin		 -8.63% -14.33% -222.18% -517.76% -1,580.69% -105.42% -171.37% -231.48% -36.94% - -77.43%
Net Nonoperating Expense Percent (NNEP)		 -2.01% -2.33% -1.78% -4.81% -7.30% -26.96% -8.06% -21.59% -50.56% - 42.12%
Return On Investment Capital (ROIC_SIMPLE)		 - -7.57% -8.12% -9.98% -10.58% -27.95% -10.36% -15.94% -8.75% -3.34% -8.38%
Cost of Revenue to Revenue		 95.85% 96.60% 73.35% 72.18% 59.72% 92.27% 42.86% 70.44% 72.96% - 78.12%
SG&A Expenses to Revenue		 9.18% 13.27% 197.87% 420.05% 1,285.15% 42.30% 205.13% 224.54% 59.43% - 97.08%
R&D to Revenue		 4.74% 6.39% 89.78% 184.38% 475.73% 19.06% 44.81% 47.86% 10.09% - 11.84%
Operating Expenses to Revenue		 16.48% 23.86% 344.05% 767.48% 2,298.42% 158.29% 301.96% 360.24% 79.81% - 132.50%
Earnings before Interest and Taxes (EBIT)		 -21 -24 -23 -28 -28 -51 -21 -31 -19 -18 -30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -21 -24 -23 -28 -28 -50 -21 -30 -17 -15 -26
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.53 1.49 1.24 0.72 0.81 2.75 0.92 1.24 5.97 - 18.72
Price to Tangible Book Value (P/TBV)		 1.53 1.51 1.26 0.73 0.82 2.85 0.96 1.32 6.47 - 24.36
Price to Revenue (P/Rev)		 1.13 0.98 0.78 0.47 1.10 7.51 2.25 2.16 5.73 - 2.63
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.19 2.82 1.68 0.34 0.66 3.40 0.90 1.35 4.97 - 4.52
Enterprise Value to Revenue (EV/Rev)		 0.72 0.50 0.37 0.09 0.51 6.76 1.70 1.62 5.98 - 3.20
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 28.34 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.23 0.37 0.75 - 3.19
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.11 0.11 0.39 - 2.80
Financial Leverage		 -0.75 -0.88 -0.92 -0.63 -0.50 -0.56 -0.50 -0.49 -0.22 - 0.44
Leverage Ratio		 1.19 1.48 1.40 1.42 1.33 1.50 1.54 1.76 2.06 - 3.06
Compound Leverage Factor		 1.08 1.36 1.29 1.34 1.26 1.83 1.52 1.89 2.34 - 3.36
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 18.56% 26.97% 42.76% - 76.15%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 9.43% 18.69% 20.33% - 9.38%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 9.13% 8.28% 22.43% - 66.77%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% -0.01% -0.02% -0.05% -0.07% -0.02% -0.02% - 10.33%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.01% 100.02% 100.05% 81.51% 73.05% 57.26% - 13.52%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 -0.21 -0.26 -0.51 - -1.95
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.20 0.22 -0.17 - -1.13
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 -0.10 -0.08 -0.27 - -1.71
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 -0.30 -0.38 -0.73 - -3.16
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.29 0.32 -0.25 - -1.83
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 -0.15 -0.12 -0.39 - -2.77
Altman Z-Score		 4.05 2.06 2.32 1.11 -0.16 0.13 -2.16 -2.49 -1.07 - -0.51
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% -0.01% -0.02% -0.03% -0.01% -0.02% - 13.74%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.16 2.50 2.97 2.87 1.87 1.26 0.86 0.66 0.63 - 1.44
Quick Ratio		 1.74 1.25 2.00 1.98 0.78 0.86 0.32 0.20 0.22 - 0.84
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -95 -76 -129 -20 -14 -66 -28 0.71 -12 -27 -81
Operating Cash Flow to CapEx		 -289.61% 720.07% 10.80% -104.15% -33.74% -337.37% -40.25% 182.61% -75.75% - -762.21%
Free Cash Flow to Firm to Interest Expense		 -5,260.01 -4,771.87 -16,158.86 -515.64 -332.76 -1,950.45 -297.98 0.28 -4.21 - -23.40
Operating Cash Flow to Interest Expense		 -1,345.89 1,462.19 118.38 -336.66 -213.81 -1,024.12 -28.74 6.10 -4.21 - -15.52
Operating Cash Flow Less CapEx to Interest Expense		 -1,810.61 1,259.13 -977.63 -659.89 -847.60 -1,327.68 -100.14 2.76 -9.77 - -17.56
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.01 0.90 1.01 0.96 0.47 0.18 0.19 0.21 0.31 - 0.84
Accounts Receivable Turnover		 13.05 10.57 124.33 70.40 9.01 2.21 17.61 12.96 36.91 - 48.54
Inventory Turnover		 0.00 135.20 120.70 5,003.27 48.75 153.30 145.51 0.00 18.18 - 1,451.62
Fixed Asset Turnover		 23.72 20.04 10.86 0.00 2.26 0.71 0.54 0.56 0.91 - 1.91
Accounts Payable Turnover		 25.09 7.95 10.52 15.93 4.15 1.93 0.98 1.28 1.73 - 9.94
Days Sales Outstanding (DSO)		 27.96 34.54 2.94 5.18 40.51 164.94 20.73 28.17 9.89 - 7.52
Days Inventory Outstanding (DIO)		 0.00 2.70 3.02 0.07 7.49 2.38 2.51 0.00 20.08 - 0.25
Days Payable Outstanding (DPO)		 14.55 45.89 34.71 22.92 87.95 188.90 372.40 284.84 210.47 - 36.71
Cash Conversion Cycle (CCC)		 13.41 -8.65 -28.75 -17.66 -39.95 -21.58 -349.16 -256.67 -180.50 - -28.94
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 106 61 75 83 101 92 89 62 101 117 153
Invested Capital Turnover		 4.89 10.93 17.36 3.66 1.26 0.60 0.57 0.71 0.83 - 1.79
Increase / (Decrease) in Invested Capital		 80 59 112 0.08 -4.64 31 14 -20 -0.59 22 64
Enterprise Value (EV)		 232 172 126 28 67 312 80 84 501 - 694
Market Capitalization		 364 334 263 141 144 347 106 112 481 - 571
Book Value per Share		 $1.67 $1.56 $1.44 $1.31 $1.19 $0.83 $0.76 $0.58 $0.50 $0.40 $0.18
Tangible Book Value per Share		 $1.66 $1.55 $1.43 $1.29 $1.17 $0.80 $0.72 $0.54 $0.46 $0.35 $0.14
Total Capital		 238 224 212 196 179 126 141 124 141 183 225
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 26 33 60 95 172
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 13 10 32 38 151
Net Debt		 -132 -163 -137 -113 -78 -34 -26 -28 20 28 100
Capital Expenditures (CapEx)		 8.37 3.25 8.77 12 27 10 6.78 8.41 15 10 7.06
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 54 22 1.07 -7.56 -16 -17 -47 -81 -68 -50 -16
Debt-free Net Working Capital (DFNWC)		 186 168 138 105 61 14 1.41 -26 -33 13 53
Net Working Capital (NWC)		 186 168 138 105 61 14 -12 -49 -61 -44 32
Net Nonoperating Expense (NNE)		 4.08 5.23 3.90 6.68 7.66 27 6.55 15 15 15 16
Net Nonoperating Obligations (NNO)		 -132 -163 -137 -113 -78 -34 -26 -28 20 28 100
Total Depreciation and Amortization (D&A)		 0.24 0.22 0.30 0.28 0.25 0.23 0.31 0.47 1.49 3.46 3.55
Debt-free, Cash-free Net Working Capital to Revenue		 16.68% 6.49% 0.32% -2.50% -12.58% -36.29% -100.16% -156.62% -80.87% - -7.30%
Debt-free Net Working Capital to Revenue		 57.53% 49.11% 40.80% 34.90% 46.74% 30.84% 3.01% -49.93% -38.87% - 24.38%
Net Working Capital to Revenue		 57.53% 49.11% 40.80% 34.90% 46.74% 30.84% -25.31% -94.61% -73.00% - 14.63%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.13) ($0.16) ($0.14) ($0.18) ($0.18) ($0.41) ($0.14) ($0.22) ($0.16) ($0.13) ($0.20)
Adjusted Weighted Average Basic Shares Outstanding		 143.87M 142.85M 147.02M 149.14M 150.81M 149.85M 153.72M 156.91M 163.33M 160.53M 171.87M
Adjusted Diluted Earnings per Share		 ($0.13) ($0.16) ($0.14) ($0.18) ($0.18) ($0.41) ($0.14) ($0.22) ($0.16) ($0.13) ($0.20)
Adjusted Weighted Average Diluted Shares Outstanding		 143.87M 142.85M 147.02M 149.14M 150.81M 149.85M 153.72M 156.91M 163.33M 160.53M 171.87M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 143.55M 147.08M 148.85M 150.48M 152.12M 154.24M 156.04M 161.86M 167.79M 172.98M 178.25M
Normalized Net Operating Profit after Tax (NOPAT)		 -15 -17 -17 -19 -19 -35 -15 -20 -12 -5.42 -17
Normalized NOPAT Margin		 -8.63% -14.33% -222.18% -507.27% -1,581.51% -105.42% -171.37% -231.48% -36.94% - -77.43%
Pre Tax Income Margin		 -11.23% -18.71% -272.44% -694.93% -2,219.85% -184.61% -243.63% -386.03% -63.88% - -148.47%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -1,180.22 -1,506.94 -2,869.63 -734.39 -651.44 -1,486.88 -221.17 -12.18 -6.73 - -8.54
NOPAT to Interest Expense		 -825.84 -1,058.62 -2,154.86 -513.67 -440.76 -1,037.83 -153.95 -7.83 -4.43 - -4.89
EBIT Less CapEx to Interest Expense		 -1,644.94 -1,710.00 -3,965.63 -1,057.63 -1,285.23 -1,790.44 -292.57 -15.53 -12.28 - -10.57
NOPAT Less CapEx to Interest Expense		 -1,290.57 -1,261.68 -3,250.86 -836.91 -1,074.55 -1,341.39 -225.35 -11.17 -9.98 - -6.92
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Energy Vault Holdings, Inc. (NYSE: NRGV) shows a mix of improving top-line activity and persistent profitability challenges based on the last four reported quarters. Below are the notable trends organized by potential impact for retail investors.

  • Q4 2025 revenue surged to $153.31 million, a large sequential increase from $33.32 million in Q3 2025, signaling a potential revenue inflection.
  • Q4 2025 gross profit was $31.59 million (approximately 20.6% gross margin), indicating improved profitability at scale relative to earlier quarters.
  • Q4 2025 net financing cash inflow was $59.62 million, driven by debt and equity issuances, which strengthens liquidity for strategic opportunities.
  • Q2 2025 showed positive operating cash flow of about $15.36 million, illustrating that the company can generate cash from operations in a favorable quarter.
  • As of Q3 2025, Total Assets were about $281.88 million with Total Liabilities around $201.33 million, yielding a positive equity cushion despite sizable accumulated deficits.
  • Cash and cash equivalents were roughly $32.7 million in Q3 2025, providing modest liquidity to support near-term needs.
  • Total Common Equity stood around $80.56 million in Q3 2025, reflecting substantial paid-in capital supporting the balance sheet.
  • Net income has been consistently negative across the reported quarters, with Q4 2025 net income attributable to common shareholders at $-20.73 million, Q3 2025 at $-26.82 million, Q2 2025 at $-34.93 million, and Q1 2025 at $-21.14 million.
  • Operating cash flow has remained negative in most periods (e.g., Q4 2025 net cash from continuing operating activities at $-6.57 million; Q3 2025 at $-11.71 million), indicating ongoing cash burn from operations.
  • Q4 2025 included a substantial non-cash adjustment to reconcile net income of $46.329 million, suggesting one-time or non-cash items that could obscure underlying cash profitability.
06/04/26 06:05 AM ETAI Generated. May Contain Errors.

Energy Vault Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Energy Vault's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Energy Vault's net income appears to be on an upward trend, with a most recent value of -$103.66 million in 2025, rising from -$31.34 million in 2021. The previous period was -$135.81 million in 2024. See where experts think Energy Vault is headed by visiting Energy Vault's forecast page.

Energy Vault's total operating income in 2025 was -$74.37 million, based on the following breakdown:
  • Total Gross Profit: $47.99 million
  • Total Operating Expenses: $122.36 million

Over the last 4 years, Energy Vault's total revenue changed from $0.00 in 2021 to $203.67 million in 2025, a change of 20,367,100,000.0%.

Energy Vault's total liabilities were at $224.26 million at the end of 2025, a 289.1% increase from 2024, and a 120,469.9% increase since 2020.

In the past 5 years, Energy Vault's cash and equivalents has ranged from $172.85 thousand in 2020 to $203.04 million in 2022, and is currently $58.26 million as of their latest financial filing in 2025.

Over the last 4 years, Energy Vault's book value per share changed from -1.91 in 2021 to 0.40 in 2025, a change of -121.0%.


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Financial statements for NYSE:NRGV last updated on 5/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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