ENERGY VAULT HOLDINGS INC Financials
ENERGY VAULT HOLDINGS INC (NRGV) reported $203.7M in revenue for fiscal year 2025, up 340.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A sales rebound is improving operating cash conversion, but heavy reinvestment and tighter liquidity still drive how the business gets financed.
From FY2023 to FY2025, operating cash burn improved from-$92.7M to-$5.6M , even as accounting losses stayed large, but free cash flow remained negative because capital spending stayed elevated. That split means the business is moving closer to operating breakeven in cash terms, yet it still behaves like a capital-hungry project company whose expansion is funded ahead of self-support.
FY2025 revenue rebounded to
The balance sheet is less comfortable near-term: cash ended FY2025 at
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of ENERGY VAULT HOLDINGS INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
ENERGY VAULT HOLDINGS INC scores -0.63, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($691.0M) relative to total liabilities ($224.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
ENERGY VAULT HOLDINGS INC passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
ENERGY VAULT HOLDINGS INC reported a net loss of $103.6M while operations used $5.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
ENERGY VAULT HOLDINGS INC reported an operating loss of $74.4M against $8.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
ENERGY VAULT HOLDINGS INC generated $203.7M in revenue in fiscal year 2025. This represents an increase of 340.9% from the prior year.
ENERGY VAULT HOLDINGS INC's EBITDA was -$70.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 45.0% from the prior year.
ENERGY VAULT HOLDINGS INC reported -$103.6M in net income in fiscal year 2025. This represents an increase of 23.7% from the prior year.
ENERGY VAULT HOLDINGS INC earned -$0.65 per diluted share (EPS) in fiscal year 2025. This represents an increase of 28.6% from the prior year.
Cash & Balance Sheet
ENERGY VAULT HOLDINGS INC recorded an outflow of $46.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 59.3% from the prior year.
ENERGY VAULT HOLDINGS INC held $58.3M in cash against $38.0M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
ENERGY VAULT HOLDINGS INC's gross margin was 23.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 10.2 percentage points from the prior year.
ENERGY VAULT HOLDINGS INC's operating margin was -36.5% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
ENERGY VAULT HOLDINGS INC's net profit margin was -50.9% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
ENERGY VAULT HOLDINGS INC's ROE was -153.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 46.1 percentage points from the prior year.
Capital Allocation
ENERGY VAULT HOLDINGS INC invested $14.6M in research and development in fiscal year 2025. This represents a decrease of 43.7% from the prior year.
ENERGY VAULT HOLDINGS INC invested $41.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 30.2% from the prior year.
Not reported for fiscal year 2025.
NRGV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $225.9M | $203.7M+340.9% | $46.2M-86.5% | $341.5M+134.1% | $145.9M | $0 | N/A |
| Cost of Revenue | $175.1M | $155.7M+289.1% | $40.0M-87.7% | $324.0M+274.2% | $86.6M | $0 | N/A |
| Gross Profit | $50.8M | $48.0M+675.7% | $6.2M-64.7% | $17.5M-70.4% | $59.3M | $0 | N/A |
| R&D Expenses | $11.9M | $14.6M-43.7% | $26.0M-29.9% | $37.1M-12.9% | $42.6M+438.5% | $7.9M-7.1% | $8.5M |
| SG&A Expenses | $88.5M | $81.2M+28.9% | $63.0M-7.3% | $67.9M+19.9% | $56.6M+213.6% | $18.1M+218.2% | $5.7M |
| Operating Income | -$74.2M | -$74.4M+42.8% | -$130.0M-21.8% | -$106.7M-69.2% | -$63.1M-113.6% | -$29.5M-103.6% | -$14.5M |
| Interest Expense | $13.5M | $8.5M+6781.3% | $123K+251.4% | $35K+1650.0% | $2K-71.4% | $7K-94.5% | $128K |
| Income Tax | $6.2M | $7.8M+11486.6% | $67K+119.2% | -$349K-181.7% | $427K+42600.0% | $1K+20.5% | $830 |
| Net Income | -$109.7M | -$103.6M+23.7% | -$135.8M-37.9% | -$98.4M-25.7% | -$78.3M-149.9% | -$31.3M-29.7% | -$24.2M |
| EPS (Diluted) | — | -$0.65+28.6% | -$0.91-31.9% | -$0.69-7.8% | -$0.64 | -$2.45 | -$18.06 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NRGV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $312.9M+70.1% | $183.9M-46.0% | $340.8M-18.2% | $416.7M+232.6% | $125.3M+312.4% | $30.4M |
| Current Assets | $121.1M+75.7% | $68.9M-75.4% | $279.6M-28.3% | $390.1M+252.5% | $110.7M+924.6% | $10.8M |
| Cash & Equivalents | $58.3M+115.1% | $27.1M-75.4% | $109.9M-45.9% | $203.0M+93.1% | $105.1M+945.9% | $10.1M |
| Inventory | $139K+29.9% | $107K-74.2% | $415K-90.5% | $4.4M | $0 | N/A |
| Accounts Receivable | $25.9M+78.1% | $14.6M-46.4% | $27.2M-27.4% | $37.5M | $0 | N/A |
| Total Liabilities | $224.3M+289.1% | $57.6M-50.7% | $117.0M-9.3% | $129.0M-33.5% | $194.0M+177.0% | $70.0M |
| Current Liabilities | $165.0M+201.9% | $54.7M-51.1% | $111.9M-10.7% | $125.3M+1606.7% | $7.3M+88.3% | $3.9M |
| Long-Term Debt | $38.0M | $0 | N/A | N/A | N/A | N/A |
| Total Equity | $67.5M-46.6% | $126.3M-43.6% | $223.8M-22.2% | $287.7M+519.0% | -$68.7M-73.3% | -$39.6M |
| Retained Earnings | -$487.4M-27.0% | -$383.8M-54.7% | -$248.1M-68.5% | -$147.3M-113.5% | -$69.0M-83.3% | -$37.6M |
Not reported in any period shown, so not listed: Goodwill.
NRGV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$102.6M | -$5.6M+89.9% | -$55.9M+39.7% | -$92.7M-296.9% | -$23.3M-5.8% | -$22.1M-32.1% | -$16.7M |
| Capital Expenditures | $42.1M | $41.1M-30.2% | $58.9M+93.4% | $30.4M+1212.2% | $2.3M+1264.1% | $170K-90.3% | $1.8M |
| Free Cash Flow | -$144.7M | -$46.7M+59.3% | -$114.7M+6.8% | -$123.1M-379.6% | -$25.7M-15.4% | -$22.2M-20.5% | -$18.5M |
| Investing Cash Flow | -$31.7M | -$44.6M+24.1% | -$58.7M-38.1% | -$42.5M-219.4% | -$13.3M-1038.4% | -$1.2M+33.3% | -$1.8M |
| Financing Cash Flow | $226.0M | $123.0M+48929.4% | -$252K+95.4% | -$5.5M-102.5% | $217.8M+87.1% | $116.4M+644.0% | $15.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NRGV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 23.6%+10.2pp | 13.4%+8.3pp | 5.1%-35.5pp | 40.6% | N/A | N/A |
| Operating Margin | -36.5% | -281.4% | -31.3%+12.0pp | -43.2% | N/A | N/A |
| Net Margin | -50.9% | -293.8% | -28.8%+24.8pp | -53.7% | N/A | N/A |
| Return on Equity | -153.6%-46.1pp | -107.5%-63.5pp | -44.0%-16.8pp | -27.2% | N/A | N/A |
| Return on Assets | -33.1%+40.7pp | -73.8%-44.9pp | -28.9%-10.1pp | -18.8%+6.2pp | -25.0%+54.5pp | -79.5% |
| Current Ratio | 0.73-0.5x | 1.26-1.2x | 2.50-0.6x | 3.11-12.0x | 15.07+12.3x | 2.77 |
| Debt-to-Equity | 0.56+0.6x | 0.00-0.5x | 0.52+0.1x | 0.45 | N/A | N/A |
| FCF Margin | -22.9% | -248.3% | -36.0%-18.4pp | -17.6% | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: The current ratio is below 1.0 (0.73), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where ENERGY VAULT HOLDINGS INC Ranks
Frequently Asked Questions
What is ENERGY VAULT HOLDINGS INC's annual revenue?
ENERGY VAULT HOLDINGS INC (NRGV) reported $203.7M in total revenue for fiscal year 2025. This represents a 340.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is ENERGY VAULT HOLDINGS INC's revenue growing?
ENERGY VAULT HOLDINGS INC (NRGV) revenue grew by 340.9% year-over-year, from $46.2M to $203.7M in fiscal year 2025.
Is ENERGY VAULT HOLDINGS INC profitable?
No, ENERGY VAULT HOLDINGS INC (NRGV) reported a net income of -$103.6M in fiscal year 2025, with a net profit margin of -50.9%.
What is ENERGY VAULT HOLDINGS INC's EBITDA?
ENERGY VAULT HOLDINGS INC (NRGV) had EBITDA of -$70.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does ENERGY VAULT HOLDINGS INC have?
As of fiscal year 2025, ENERGY VAULT HOLDINGS INC (NRGV) had $58.3M in cash and equivalents against $38.0M in long-term debt.
What is ENERGY VAULT HOLDINGS INC's gross margin?
ENERGY VAULT HOLDINGS INC (NRGV) had a gross margin of 23.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is ENERGY VAULT HOLDINGS INC's operating margin?
ENERGY VAULT HOLDINGS INC (NRGV) had an operating margin of -36.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is ENERGY VAULT HOLDINGS INC's net profit margin?
ENERGY VAULT HOLDINGS INC (NRGV) had a net profit margin of -50.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is ENERGY VAULT HOLDINGS INC's return on equity (ROE)?
ENERGY VAULT HOLDINGS INC (NRGV) has a return on equity of -153.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is ENERGY VAULT HOLDINGS INC's free cash flow?
ENERGY VAULT HOLDINGS INC (NRGV) recorded an outflow of $46.7M in free cash flow during fiscal year 2025. This represents a 59.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is ENERGY VAULT HOLDINGS INC's operating cash flow?
ENERGY VAULT HOLDINGS INC (NRGV) recorded an outflow of $5.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are ENERGY VAULT HOLDINGS INC's total assets?
ENERGY VAULT HOLDINGS INC (NRGV) had $312.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are ENERGY VAULT HOLDINGS INC's capital expenditures?
ENERGY VAULT HOLDINGS INC (NRGV) invested $41.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does ENERGY VAULT HOLDINGS INC spend on research and development?
ENERGY VAULT HOLDINGS INC (NRGV) invested $14.6M in research and development during fiscal year 2025.
What is ENERGY VAULT HOLDINGS INC's current ratio?
ENERGY VAULT HOLDINGS INC (NRGV) had a current ratio of 0.73 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is ENERGY VAULT HOLDINGS INC's debt-to-equity ratio?
ENERGY VAULT HOLDINGS INC (NRGV) had a debt-to-equity ratio of 0.56 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is ENERGY VAULT HOLDINGS INC's return on assets (ROA)?
ENERGY VAULT HOLDINGS INC (NRGV) had a return on assets of -33.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is ENERGY VAULT HOLDINGS INC's cash runway?
Based on fiscal year 2025 data, ENERGY VAULT HOLDINGS INC (NRGV) had $58.3M in cash against an annual operating cash burn of $5.6M. This gives an estimated cash runway of approximately 124 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is ENERGY VAULT HOLDINGS INC's Altman Z-Score?
ENERGY VAULT HOLDINGS INC (NRGV) has an Altman Z-Score of -0.63, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is ENERGY VAULT HOLDINGS INC's Piotroski F-Score?
ENERGY VAULT HOLDINGS INC (NRGV) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are ENERGY VAULT HOLDINGS INC's earnings high quality?
ENERGY VAULT HOLDINGS INC (NRGV) reported a net loss of $103.6M while operations used $5.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can ENERGY VAULT HOLDINGS INC cover its interest payments?
ENERGY VAULT HOLDINGS INC (NRGV) reported an operating loss of $74.4M against $8.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is ENERGY VAULT HOLDINGS INC?
ENERGY VAULT HOLDINGS INC (NRGV) scores 25 out of 100 on our Financial Health Score, indicating weak standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.