NRGV · Energy Vault Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.88M | - | $33.32M | $3.77M | $8.53M | - | $1.20M | $3.77M | $7.76M | - |
| Cost of Revenue | $17.09M | - | $24.31M | $6.00M | $3.66M | - | $716.0K | $2.72M | $5.69M | - |
| Gross Profit | $4.79M | - | $9.01M | $2.52M | $4.88M | - | $483.0K | $1.05M | $2.07M | - |
| R&D | $2.59M | - | $3.36M | $4.07M | $3.82M | - | $5.70M | $6.95M | $6.97M | - |
| SG&A | $21.24M | - | $19.80M | $19.11M | $17.51M | - | $17.27M | $16.28M | $15.26M | - |
| Total Operating Expenses | $28.99M | - | $26.59M | $28.93M | $26.70M | - | $27.56M | - | - | - |
| D&A | $2.22M | - | $298.0K | $473.0K | $305.0K | - | $251.0K | $279.0K | $295.0K | - |
| Operating Income | ($24.20M) | - | ($17.58M) | ($28.15M) | ($20.89M) | - | ($27.07M) | ($27.89M) | ($24.63M) | - |
| Interest Expense | $3.47M | - | $2.78M | $2.52M | $8.0K | - | $18.0K | $0 | $8.0K | - |
| Income Tax | $1.0K | - | $5.54M | $2.07M | $383.0K | - | $0 | $0 | $0 | - |
| Net Income | ($32.48M) | - | ($26.82M) | ($34.93M) | ($21.14M) | - | ($26.59M) | ($26.19M) | ($21.14M) | - |
| EPS - Basic | ($0.20) | - | ($0.16) | ($0.22) | ($0.14) | - | ($0.18) | ($0.18) | ($0.14) | - |
| EPS - Diluted | ($0.20) | - | ($0.16) | ($0.22) | ($0.14) | - | ($0.18) | ($0.18) | ($0.14) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $55.24M | $58.26M | $32.70M | $21.42M | $17.82M | $27.09M | $51.12M | $106.83M | $135.77M | $109.92M |
| Accounts Receivable | $4.94M | $25.94M | $2.23M | $4.52M | $4.00M | $14.56M | $2.31M | $3.46M | $1.33M | $27.19M |
| Inventory | $126.0K | $139.0K | $7.03M | - | $107.0K | $107.0K | $107.0K | $111.0K | $415.0K | $415.0K |
| Accounts Payable | $9.08M | $30.84M | $36.00M | $35.83M | $24.93M | $20.25M | $38.79M | $28.55M | $52.56M | $21.16M |
| Current Assets | $103.79M | $121.07M | $103.24M | $94.89M | $74.36M | $68.91M | $131.67M | $161.86M | $207.69M | $279.58M |
| Total Assets | $298.04M | $312.88M | $281.88M | $248.83M | $217.44M | $183.89M | $252.86M | $255.60M | $285.87M | $340.75M |
| Current Liabilities | $72.03M | $165.02M | $164.44M | $143.83M | $86.25M | $54.66M | $70.45M | $56.47M | $69.84M | $111.85M |
| Long-term Debt | $150.53M | $37.97M | $31.56M | $10.24M | $0 | - | - | - | - | - |
| Total Liabilities | $244.26M | $224.26M | $201.33M | $158.53M | $102.53M | $57.63M | $73.75M | $60.05M | $73.61M | $116.96M |
| Stockholders' Equity | $30.46M | $67.46M | $80.55M | $90.30M | $114.91M | $126.26M | $179.11M | $287.71M | $212.26M | $223.79M |
| Retained Earnings | ($519.92M) | ($487.43M) | ($466.70M) | ($439.88M) | ($404.96M) | ($383.82M) | ($321.99M) | ($295.40M) | ($269.21M) | ($248.07M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($53.80M) | - | - | - | ($2.73M) | - | - | - | $947.0K | - |
| Investing Cash Flow | $4.71M | - | - | - | ($7.31M) | - | - | - | ($8.77M) | - |
| Financing Cash Flow | $61.15M | - | - | - | $27.06M | - | - | - | ($678.0K) | - |
| CapEx | $7.06M | - | - | - | $6.78M | - | - | - | $8.60M | - |
| Free Cash Flow | ($60.85M) | - | - | - | ($9.51M) | - | - | - | ($7.65M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 21.9% | - | 27.0% | 66.7% | 57.1% | - | 40.3% | 27.8% | 26.7% | - |
| Operating margin | -110.6% | - | -52.8% | -746.6% | -244.8% | - | -2258.1% | -739.7% | -317.4% | - |
| EBITDA margin | -100.5% | - | -51.9% | -734.1% | -241.2% | - | -2237.2% | -732.3% | -313.6% | - |
| Net margin | -148.5% | - | -80.5% | -926.4% | -247.7% | - | -2217.9% | -694.6% | -272.4% | - |
| Free cash flow margin | -278.1% | - | - | - | -111.5% | - | - | - | -98.6% | - |
| FCF / Net income | 1.87 | - | - | - | 0.45 | - | - | - | 0.36 | - |
| R&D / Revenue | 11.8% | - | 10.1% | 108.1% | 44.8% | - | 475.7% | 184.4% | 89.8% | - |
| SG&A / Revenue | 97.1% | - | 59.4% | 507.0% | 205.1% | - | 1440.4% | 431.8% | 196.7% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -10.9% | - | -9.5% | -14.0% | -9.7% | - | -10.5% | -10.2% | -7.4% | - |
| Return on equity | -106.7% | - | -33.3% | -38.7% | -18.4% | - | -14.8% | -9.1% | -10.0% | - |
| Return on invested capital | -10.6% | - | -12.4% | -22.1% | -14.4% | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.44 | 0.73 | 0.63 | 0.66 | 0.86 | 1.26 | 1.87 | 2.87 | 2.97 | 2.50 |
| Quick ratio | 1.44 | 0.73 | 0.59 | 0.66 | 0.86 | 1.26 | 1.87 | 2.86 | 2.97 | 2.50 |
| Cash ratio | 0.77 | 0.35 | 0.20 | 0.15 | 0.21 | 0.50 | 0.73 | 1.89 | 1.94 | 0.98 |
| Leverage | ||||||||||
| Debt / Equity | 4.94 | 0.56 | 0.39 | 0.11 | 0.00 | - | - | - | - | - |
| Debt / Assets | 0.51 | 0.12 | 0.11 | 0.04 | 0.00 | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -7.0x | - | -6.3x | -11.2x | -2611.6x | - | -1504.2x | - | -3078.4x | - |
| Equity multiplier | 9.79 | 4.64 | 3.50 | 2.76 | 1.89 | 1.46 | 1.41 | 0.89 | 1.35 | 1.52 |
| Liabilities / Assets | 0.82 | 0.72 | 0.71 | 0.64 | 0.47 | 0.31 | 0.29 | 0.23 | 0.26 | 0.34 |
| Efficiency | ||||||||||
| Asset turnover | 0.07 | - | 0.12 | 0.02 | 0.04 | - | 0.00 | 0.01 | 0.03 | - |
| Inventory turnover | 135.64 | - | 3.46 | - | 34.19 | - | 6.69 | 24.51 | 13.71 | - |
| Days sales outstanding | 82d | - | 24d | 437d | 171d | - | 703d | 335d | 63d | - |
| Days inventory outstanding | 3d | - | 106d | - | 11d | - | 55d | 15d | 27d | - |
| Days payable outstanding | 194d | - | 540d | 2181d | 2488d | - | 19774d | 3830d | 3371d | - |
| Cash conversion cycle | -109d | - | -410d | - | -2306d | - | -19016d | -3480d | -3282d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 18.6x | - | 6.0x | 1.2x | 0.9x | - | 0.8x | 0.5x | 1.2x | - |
| P / S | 25.9x | - | 14.6x | 29.8x | 12.5x | - | 120.8x | 37.6x | 33.9x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 156.4% | - | 2678.9% | 0.0% | 10.0% | - | -99.3% | -90.5% | -32.1% | - |
| Revenue CAGR (3y) | 24.2% | - | 169.9% | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -1.8% | - | 1765.4% | 139.8% | 135.8% | - | 580.3% | 158.4% | -81.9% | - |
| Operating income growth (YoY) | -15.8% | - | 35.1% | -0.9% | 15.2% | - | -27.5% | 1.7% | 25.2% | - |
| Net income growth (YoY) | -53.7% | - | -0.8% | -33.4% | 0.0% | - | -40.4% | -0.1% | 32.2% | - |
| EPS growth (YoY) | -42.9% | - | 11.1% | -22.2% | 0.0% | - | 14.3% | 0.0% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -539.7% | - | - | - | -24.3% | - | - | - | 90.7% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -73.5% | -46.6% | -55.0% | -68.6% | -45.9% | -43.6% | -24.8% | 16.2% | -19.7% | -22.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$203.67M totalReportable Segment$203.67M · 100.0%
Product / service
$248.53M totalSale Of Energy Storage Products$196.20M · 78.9%
Sale Of Energy Storage Products To Customers Under Bill And Hold Arrangements$47.20M · 19.0%
Intellectual Property Licensing$3.31M · 1.3%
Operation And Maintenance Services$1.28M · 0.5%
Software Licensing$540.0K · 0.2%
Geographic
$203.67M totalAU$124.27M · 61.0%
US$74.22M · 36.4%
Other Countries$5.18M · 2.5%
Peer comparison
Same SIC group: Miscellaneous Electrical Machinery, Equipment & Supplies
Comparing Energy Vault Holdings against the 5 most active filers in the same SIC group.