Energy Vault Holdings, Inc. NRGV
Energy Vault Holdings, Inc. (together with its subsidiaries, "Energy Vault" or the "Company") is a Delaware corporation. On February 11, 2022, we completed a business combination with Energy Vault, Inc. (the "Merger") and, in connection with the closing, changed our name from Novus Capital Corporation II to Energy Vault Holdings, Inc.
Our mission is to build, own, and energize the world's critical energy infrastructure.
Energy Vault delivers a diversified portfolio of energy storage solutions to third parties, including proprietary gravity, battery, and green hydrogen-based technologies, supported by our technology-agnostic energy management software and integration capabilities. Beginning in 2024, we initiated a multi-year transition from primarily delivering projects through build-and-transfer arrangements and licensing models toward a more integrated model that includes selectively developing, owning, and operating energy storage assets, while continuing to provide technology, integration, software, and long-term services to customers. We believe this strategy is supported by our experience across multiple storage technologies, system integration and controls capabilities, and established global presence, as well as access to project-level capital through our Asset Vault platform.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- Australia
- United States
- Other
| Region | FY2025 | FY2024 |
|---|---|---|
| Australia | $124.3M | $992.0K |
| United States | $74.2M | $44.4M |
| Other | $5.2M | $784.0K |
As the company reported it, from the “REVENUE RECOGNITION - Schedule of Revenue Disaggregated by Geographic Region (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $203.7M | $46.2M | $341.5M | $145.9M | $0 | — |
| Cost of revenue | $155.7M | $40.0M | $324.0M | $86.6M | $0 | — |
| Gross profit | $48.0M | $6.2M | $17.5M | $59.3M | $0 | — |
| R&D | $14.6M | $26.0M | $37.1M | $42.6M | $7.9M | $8.5M |
| SG&A | $81.2M | $63.0M | $67.9M | $56.6M | $18.1M | $5.7M |
| Total operating expenses | $122.4M | $136.2M | $124.3M | — | — | — |
| Operating income | -$74.4M | -$130.0M | -$106.7M | -$63.1M | -$29.5M | -$14.5M |
| Interest expense | $8.5M | $123.0K | $35.0K | $2.0K | $7.0K | $128.1K |
| Pre-tax income | -$95.9M | -$135.7M | -$98.8M | -$77.9M | -$31.3M | -$24.2M |
| Income tax | $7.8M | $67.0K | $349.0K | $427.0K | $1.0K | $830 |
| Net income | -$103.6M | -$135.8M | -$98.4M | -$78.3M | -$31.3M | -$24.2M |
| EPS, basic | -0.65 | -0.91 | -0.69 | -0.64 | -2.45 | -18.06 |
| EPS, diluted | -0.65 | -0.91 | -0.69 | -0.64 | -2.45 | -18.06 |
| Shares, diluted (wtd. avg.) | 160.5M | 149.8M | 142.9M | 123.2M | 12.8M | 1.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $58.3M | $27.1M | $145.6M | $286.2M | $105.1M | $10.1M |
| Short-term investments | $325.0K | $2.9M | $0 | — | — | — |
| Receivables | $25.9M | $14.6M | $27.2M | $37.5M | $0 | — |
| Inventory | $139.0K | $107.0K | $415.0K | $4.4M | $0 | — |
| Total current assets | $121.1M | $68.9M | $279.6M | $390.1M | $110.7M | $172.9K |
| Other intangibles | $8.3M | $4.5M | $1.8M | $0 | — | — |
| Total assets | $312.9M | $183.9M | $340.8M | $416.7M | $125.3M | $209.9K |
| Accounts payable | $30.8M | $20.2M | $21.2M | $60.3M | $2.0M | — |
| Short-term debt | $56.6M | $0 | — | — | — | — |
| Total current liabilities | $165.0M | $54.7M | $111.9M | $125.3M | $7.3M | $186.0K |
| Long-term debt | $38.0M | $0 | — | — | — | — |
| Total liabilities | $224.3M | $57.6M | $117.0M | $129.0M | $11.3M | $186.0K |
| Retained earnings | -$487.4M | -$383.8M | -$248.1M | -$147.3M | -$69.0M | -$1.1K |
| Total equity | $67.5M | $126.3M | $223.8M | $287.7M | -$68.7M | -$39.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$5.6M | -$55.9M | -$92.7M | -$23.3M | -$22.1M | -$16.7M |
| Depreciation and amortisation | $3.4M | $1.1M | $893.0K | $7.7M | $2.3M | $54.6K |
| Stock-based compensation | $36.7M | $38.7M | $43.1M | $41.1M | $500.0K | $28.1K |
| Capital expenditure | $41.1M | $58.9M | $30.4M | $2.3M | $170.0K | $1.8M |
| Investing cash flow | -$44.6M | -$58.7M | -$42.5M | -$13.3M | -$1.2M | -$1.8M |
| Financing cash flow | $123.0M | -$252.0K | -$5.5M | $217.8M | $116.4M | $15.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001828536-26-000022.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | $0 | $145.9M | $341.5M | $46.2M | $203.7M |
| Gross profit | — | $0 | $59.3M | $17.5M | $6.2M | $48.0M |
| Net income | -$24.2M | -$31.3M | -$78.3M | -$98.4M | -$135.8M | -$103.6M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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