NRGV

MKT CAP:$767M

Energy Vault Holdings, Inc.

Market Cap

$767M

Utilities·Renewable Utilities·🇺🇸 United States·NYSE

Utilities·Renewable·🇺🇸·NYSE

Stock Price

$4.46-$0.43 (-8.79%)

Apr 23, 2026

Company Details

Energy Vault Holdings, Inc. develops and sells energy storage solutions. The company offers gravity-based storage systems, including EVx Platform, a scalable, modular product line starting from 40-megawatt hour to multi-gigawatt hours to ad...

CEO

Robert Allen Piconi

IPO Date

Mar 29, 2021

Website

www.energyvault.com

Key Metrics TTM

Revenue

$204M

+340.9% YoY

Net Income

-$104M

EPS (Diluted)

-$0.64

Free Cash Flow

-$47M

Revenue / Share

$1.21

Gross Margin

23.6%

Operating Margin

-36.5%

Net Margin

-50.9%

FCF Margin

-22.9%

P/S

3.8x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 18, 2026

$204M+340.9%EPS -$0.65

Q4 2025

Mar 18, 2026

$153M+358.0%EPS -$0.12

Q3 2025

Nov 10, 2025

$33M+2678.9%EPS -$0.16

Q2 2025

Aug 8, 2025

$9M+125.8%EPS -$0.22

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$43M	$43M	$21M
Q2 22	$977.0K	$406.0K	-$22M
Q3 22	$2M	$71.0K	-$36M
Q4 22	$100M	$16M	-$26M
Q1 23	$11M	$2M	-$33M
Q2 23	$40M	$4M	-$28M
Q3 23	$172M	$7M	-$21M
Q4 23	$118M	$4M	-$24M
Q1 24	$8M	$2M	-$25M
Q2 24	$4M	$1M	-$28M
Q3 24	$1M	$483.0K	-$27M
Q4 24	$33M	$3M	-$50M
Q1 25	$9M	$5M	-$21M
Q2 25	$9M	$3M	-$28M
Q3 25	$33M	$9M	-$18M
Q4 25	$153M	$32M	-$8M

Valuation

Quarter	P/S	P/E
Q1 22	28.3x	—
Q2 22	28.9x	—
Q3 22	19.8x	—
Q4 22	3.3x	—
Q1 23	2.3x	—
Q2 23	2.4x	—
Q3 23	1.1x	—
Q4 23	0.9x	—
Q1 24	0.8x	—
Q2 24	0.5x	—
Q3 24	1.1x	—
Q4 24	8.1x	—
Q1 25	2.2x	—
Q2 25	2.1x	—
Q3 25	5.7x	—
Q4 25	3.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$17M	-$17M
Q2 22	-$10M	-$10M
Q3 22	-$21M	-$21M
Q4 22	$24M	$23M
Q1 23	-$71M	-$82M
Q2 23	-$21M	-$28M
Q3 23	-$24M	-$33M
Q4 23	$23M	$14M
Q1 24	$947.0K	-$8M
Q2 24	-$13M	-$25M
Q3 24	-$9M	-$36M
Q4 24	-$35M	-$45M
Q1 25	-$3M	-$10M
Q2 25	$15M	$7M
Q3 25	-$12M	-$27M
Q4 25	-$7M	-$17M

Capital Expenditures

Quarter	CapEx
Q1 22	$83.0K
Q2 22	$250.0K
Q3 22	$346.0K
Q4 22	$2M
Q1 23	$12M
Q2 23	$7M
Q3 23	$8M
Q4 23	$9M
Q1 24	$9M
Q2 24	$12M
Q3 24	$27M
Q4 24	$11M
Q1 25	$7M
Q2 25	$8M
Q3 25	$15M
Q4 25	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+644.6%
Q2 22	—	+181.9%
Q3 22	—	+575.1%
Q4 22	—	+172.5%
Q1 23	-73.4%	+101.2%
Q2 23	+3961.4%	+196.5%
Q3 23	+10065.6%	+410.4%
Q4 23	+17.9%	+13.0%
Q1 24	-32.1%	-27.0%
Q2 24	-90.5%	-53.5%
Q3 24	-99.3%	-85.4%
Q4 24	-71.7%	-41.1%
Q1 25	+10.0%	-9.1%
Q2 25	+125.8%	+15.8%
Q3 25	+2678.9%	+80.0%
Q4 25	+358.0%	+92.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$9M	21.5%
Q2 22	$7M	681.8%
Q3 22	$0	0.0%
Q4 22	$14M	14.3%
Q1 23	$14M	120.1%
Q2 23	$10M	25.4%
Q3 23	$11M	6.2%
Q4 23	$9M	7.3%
Q1 24	$10M	124.8%
Q2 24	$10M	252.1%
Q3 24	$10M	854.7%
Q4 24	$0	0.0%
Q1 25	$9M	108.7%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$8M	5.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$10M	$10M	$3M
Q2 22	$10M	$11M	$2M
Q3 22	$12M	$13M	$4M
Q4 22	$14M	$23M	$4M
Q1 23	$11M	$19M	$5M
Q2 23	$10M	$17M	$5M
Q3 23	$8M	$16M	$4M
Q4 23	$8M	$16M	$5M
Q1 24	$7M	$15M	$4M
Q2 24	$7M	$15M	$5M
Q3 24	$6M	$17M	$4M
Q4 24	$6M	$14M	$2M
Q1 25	$4M	$18M	$4M
Q2 25	$4M	$19M	$3M
Q3 25	$3M	$20M	$3M
Q4 25	$3M	$25M	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$304M	$0	$304M
Q2 22	$299M	$0	$299M
Q3 22	$250M	$0	$250M
Q4 22	$203M	$0	$203M
Q1 23	$115M	$0	$115M
Q2 23	$107M	$0	$107M
Q3 23	$74M	$0	$74M
Q4 23	$110M	$0	$110M
Q1 24	$136M	$0	$136M
Q2 24	$107M	$0	$107M
Q3 24	$51M	$0	$51M
Q4 24	$27M	$3M	$30M
Q1 25	$18M	$3M	$21M
Q2 25	$21M	$0	$21M
Q3 25	$33M	$0	$33M
Q4 25	$58M	$0	$58M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	81M	-24.6%	-39.5%
Q2 22	134M	+65.6%	+0.1%
Q3 22	140M	+4.9%	+5.0%
Q4 22	139M	-0.9%	+29.7%
Q1 23	140M	+0.4%	+72.8%
Q2 23	143M	+2.2%	+6.7%
Q3 23	144M	+0.8%	+2.5%
Q4 23	145M	+1.0%	+4.5%
Q1 24	147M	+1.2%	+5.3%
Q2 24	149M	+1.4%	+4.5%
Q3 24	151M	+1.1%	+4.8%
Q4 24	150M	-0.6%	+3.1%
Q1 25	154M	+2.6%	+4.6%
Q2 25	157M	+2.1%	+5.2%
Q3 25	163M	+4.1%	+8.3%
Q4 25	168M	+2.8%	+12.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$21M	2
Q2 22	$488.5K	2
Q3 22	$847.0K	2
Q4 22	$590.1K	170
Q1 23	$67.2K	170
Q2 23	$233.4K	170
Q3 23	$1M	170
Q4 23	$660.5K	179
Q1 24	$43.3K	179
Q2 24	$21.1K	179
Q3 24	$6.7K	179
Q4 24	$211.8K	158
Q1 25	$54.0K	158
Q2 25	$53.9K	158
Q3 25	$210.9K	158
Q4 25	$1M	142

Revenue / Employee