Energy Vault Holdings Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Energy Vault Holdings Inc reported revenue of $203.7M (+340.9% year on year) and net income of ($103.7M) (+23.7% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue | $203.7M | $46.2M | — | — |
| Cost of revenue | $155.7M | $40.0M | $324.0M | $86.6M |
| Gross profit | $48.0M | $6.2M | $17.5M | — |
| Sales and marketing | $13.7M | $15.8M | $18.2M | $12.6M |
| Research and development | $14.6M | $26.0M | $37.1M | $50.1M |
| General and administrative | $81.2M | $63.0M | $68.1M | $56.9M |
| Provision for credit losses | $9.4M | $30.0M | — | — |
| Depreciation, amortization, and accretion (excluding amounts included in cost of revenue) | $3.4M | $1.1M | $893.0K | — |
| Loss on impairment and sale of long-lived assets | $0 | $336.0K | — | — |
| Total operating expenses | $122.4M | $136.2M | — | — |
| Loss from operations | ($74.4M) | ($130.0M) | ($106.7M) | ($63.1M) |
| Interest expense | ($8.5M) | ($123.0K) | ($35.0K) | ($2.0K) |
| Interest income | $1.1M | $5.5M | $8.2M | — |
| Change in fair value of financial instruments carried at fair value | ($8.2M) | — | — | — |
| Impairment of equity securities | $0 | ($11.7M) | — | — |
| Other income (expense), net | ($6.0M) | $566.0K | ($173.0K) | $3.5M |
| Loss before income taxes | ($95.9M) | ($135.7M) | ($98.8M) | ($77.9M) |
| Provision for income taxes | $7.8M | $67.0K | ($349.0K) | $427.0K |
| Net loss | ($103.7M) | ($135.8M) | — | — |
| Net loss attributable to non-controlling interest | ($47.0K) | ($63.0K) | — | — |
| Net loss attributable to Energy Vault Holdings, Inc. | ($103.6M) | ($135.8M) | ($98.4M) | ($78.3M) |
| Net loss per share attributable to common stockholders — basic (in dollars per share) | -$0.65 | -$0.91 | -$0.69 | -$0.64 |
| Net loss per share attributable to common stockholders — diluted (in dollars per share) | -$0.65 | -$0.91 | -$0.69 | -$0.64 |
| Weighted average shares outstanding — basic (in shares) | 160.5M | 149.8M | 142.9M | 123.2M |
| Weighted average shares outstanding — diluted (in shares) | 160.5M | 149.8M | 142.9M | 123.2M |
| Actuarial gain (loss) on pension | $667.0K | ($640.0K) | ($519.0K) | ($188.0K) |
| Foreign currency translation gain | $263.0K | $165.0K | ($14.0K) | ($287.0K) |
| Total other comprehensive income (loss) attributable to Energy Vault Holdings, Inc. | $930.0K | ($475.0K) | ($533.0K) | ($475.0K) |
| Total comprehensive loss attributable to Energy Vault Holdings, Inc. | ($102.7M) | ($136.2M) | ($99.0M) | ($78.8M) |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenue | $17.4M | $21.9M | $33.3M | $8.5M |
| Cost of revenue | $12.0M | $17.1M | $24.3M | $6.0M |
| Gross profit | $5.4M | $4.8M | $9.0M | $2.5M |
| Sales and marketing | $2.9M | $2.9M | $3.2M | $3.2M |
| Research and development | $2.5M | $2.6M | $3.4M | $4.1M |
| General and administrative | $22.7M | $21.2M | $19.8M | $19.1M |
| Provision for credit losses | $52.0K | $25.0K | ($80.0K) | $3.8M |
| Depreciation, amortization, and accretion (excluding amounts included in cost of revenue) | $1.9M | $2.2M | $298.0K | $473.0K |
| Total operating expenses | $30.0M | $29.0M | $26.6M | $30.7M |
| Loss from operations | ($24.7M) | ($24.2M) | ($17.6M) | ($28.1M) |
| Interest expense | ($4.2M) | ($3.5M) | ($2.8M) | ($2.5M) |
| Interest income | $704.0K | $568.0K | $204.0K | $312.0K |
| Change in fair value of financial instruments carried at fair value | $1.5M | ($134.0K) | — | — |
| Other expense, net | ($2.2M) | ($5.3M) | ($1.1M) | ($2.5M) |
| Loss before income taxes | ($28.8M) | ($32.5M) | ($21.3M) | ($32.9M) |
| Provision for income taxes | $855.0K | $1.0K | $5.5M | $2.1M |
| Net loss | ($29.7M) | ($32.5M) | ($26.8M) | ($34.9M) |
| Net loss attributable to non-controlling interest | $0 | $0 | ($2.0K) | ($5.0K) |
| Net loss attributable to Energy Vault Holdings, Inc. | ($29.7M) | ($32.5M) | ($26.8M) | ($34.9M) |
| Net loss per share attributable to common shareholders — basic (in dollars per share) | -$0.17 | -$0.20 | -$0.16 | -$0.22 |
| Net loss per share attributable to common shareholders — diluted (in dollars per share) | -$0.18 | -$0.20 | -$0.16 | -$0.22 |
| Weighted average shares outstanding — basic (in shares) | 178.1M | 171.9M | 163.3M | 156.9M |
| Weighted average shares outstanding — diluted (in shares) | 178.4M | 171.9M | 163.3M | 156.9M |
| Actuarial gain (loss) on pension | $62.0K | ($116.0K) | ($114.0K) | ($276.0K) |
| Foreign currency translation gain (loss) | ($261.0K) | $446.0K | $148.0K | ($259.0K) |
| Total other comprehensive income (loss) attributable to Energy Vault Holdings, Inc. | ($199.0K) | $330.0K | $34.0K | ($535.0K) |
| Total comprehensive loss attributable to Energy Vault Holdings, Inc. | ($29.9M) | ($32.2M) | ($26.8M) | ($35.5M) |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $58.3M | $27.1M | $109.9M | $203.0M |
| Restricted cash, current portion | $4.7M | $990.0K | $35.6M | $83.1M |
| Accounts receivable, net of allowance for credit losses of $1,236 and $1,211 as of December 31, 2025 and 2024, respectively | $25.9M | $14.6M | $27.2M | $37.5M |
| Contract assets, net of allowance for credit losses of $25,101 and $25,030 as of December 31, 2025 and 2024, respectively | $20.6M | $6.8M | $84.9M | $29.0M |
| Inventory | $139.0K | $107.0K | $415.0K | $4.4M |
| Customer financing receivable, current portion, net of allowance for credit losses of $4,500 and $2,352 as of December 31, 2025 and 2024, respectively | $0 | $2.1M | $2.6M | $1.5M |
| Advances to suppliers | $6.3M | $10.7M | $8.3M | — |
| Prepaid expenses and other current assets | $5.1M | $3.6M | $4.5M | $31.6M |
| Total current assets | $121.1M | $68.9M | $279.6M | $390.1M |
| Property and equipment, net | $96.1M | $99.5M | $31.0M | $3.0M |
| Intangible assets, net | $8.3M | $4.5M | $1.8M | — |
| Operating lease right-of-use assets | $2.2M | $1.2M | $1.7M | $1.4M |
| Customer financing receivable, long-term portion, net of allowance for credit losses of $6,974 and $3,645 as of December 31, 2025 and 2024, respectively | $0 | $3.3M | $6.7M | $8.3M |
| Investments, long-term portion | $3.4M | $3.3M | — | — |
| Restricted cash, long-term portion | $40.5M | $2.0M | — | — |
| Deferred income taxes | $40.5M | — | — | — |
| Other assets | $883.0K | $1.2M | $2.6M | $13.9M |
| Total Assets | $312.9M | $183.9M | $340.8M | $416.7M |
| Accounts payable | $30.8M | $20.3M | $21.2M | $60.3M |
| Accrued expenses | $70.4M | $25.0M | $85.0M | $14.7M |
| Debt, current portion (including $50,250 measured at fair value) | $56.6M | — | — | — |
| Contract liabilities | $6.6M | $8.9M | $4.9M | $49.4M |
| Other current liabilities | $552.0K | — | — | — |
| Total current liabilities | $165.0M | $54.7M | $111.9M | $125.3M |
| Long-term debt (including $16,427 measured at fair value) | $38.0M | — | — | — |
| Warrant liabilities | $15.1M | — | — | — |
| Deferred pension obligation | $1.8M | $2.0M | $1.5M | $890.0K |
| Other long-term liabilities | $4.4M | $934.0K | $2.1M | — |
| Total liabilities | $224.3M | $57.6M | $117.0M | $129.0M |
| Redeemable non-controlling interest | $21.2M | — | — | — |
| Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued | 0 | 0 | 0 | 0 |
| Common stock, $0.0001 par value; 500,000 shares authorized, 168,969 and 153,206 issued and outstanding at December 31, 2025 and 2024, respectively | 17.0K | 15.0K | 15.0K | 14.0K |
| Additional paid-in capital | $555.9M | $512.0M | $473.3M | $435.9M |
| Accumulated deficit | ($487.4M) | ($383.8M) | ($248.1M) | ($147.3M) |
| Accumulated other comprehensive loss | ($966.0K) | ($1.9M) | ($1.4M) | ($888.0K) |
| Non-controlling interest | ($31.0K) | ($63.0K) | — | — |
| Total stockholders’ equity | $67.5M | $126.3M | $223.8M | — |
| Total Liabilities, Mezzanine Equity, and Stockholders’ Equity | $312.9M | $183.9M | $340.8M | $416.7M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $93.0M | $55.2M | $32.7M | $21.4M |
| Restricted cash, current portion | $14.3M | $13.5M | $2.5M | $32.9M |
| Accounts receivable, net of allowance for credit losses of $1,251 and $1,236 as of June 30, 2026 and December 31, 2025, respectively | $7.2M | $4.9M | $2.2M | $4.5M |
| Contract assets, net of allowance for credit losses of $25,163 and $25,101 as of June 30, 2026 and December 31, 2025, respectively | $15.1M | $18.1M | $7.8M | $7.7M |
| Inventory | $366.0K | $126.0K | $7.0M | — |
| Advances to suppliers | $30.1M | $3.8M | $43.0M | $20.3M |
| Property and equipment held for sale | $6.2M | — | — | — |
| Prepaid expenses and other current assets | $15.2M | $8.1M | $6.6M | $5.7M |
| Total current assets | $181.5M | $103.8M | $103.2M | $94.9M |
| Property and equipment, net | $96.1M | $101.5M | $93.5M | $120.9M |
| Intangible assets, net | $7.2M | $7.1M | $6.3M | $5.7M |
| Operating lease right-of-use assets, net | $2.0M | $2.2M | $2.3M | $2.3M |
| Investments, long-term portion | $1.3M | $3.4M | $4.7M | $6.3M |
| Restricted cash, long-term portion | $40.7M | $48.4M | $26.7M | $3.8M |
| Deferred income taxes, net | $28.5M | $28.7M | $42.2M | $12.1M |
| Other assets | $13.2M | $3.1M | $701.0K | $678.0K |
| Total Assets | $370.5M | $298.0M | $281.9M | $248.8M |
| Accounts payable | $15.0M | $9.1M | $36.0M | $35.8M |
| Accrued expenses | $27.8M | $25.8M | $35.7M | $18.7M |
| Debt, current portion (including $70,448 and $50,250 measured at fair value as of June 30, 2026 and December 31, 2025, respectively) | $78.0M | $21.1M | $28.6M | $23.1M |
| Contract liabilities | $29.7M | $15.4M | $63.6M | $65.7M |
| Other current liabilities | $1.7M | $603.0K | $529.0K | $491.0K |
| Total current liabilities | $152.2M | $72.0M | $164.4M | $143.8M |
| Long-term debt (including $7,318 and $16,427 measured at fair value as of June 30, 2026 and December 31, 2025, respectively) | $165.0M | $150.5M | $31.6M | $10.2M |
| Warrant liabilities | $13.5M | $15.3M | — | — |
| Deferred pension obligation | $1.9M | $2.0M | $2.2M | $2.1M |
| Other long-term liabilities | $5.3M | $4.4M | $3.1M | $2.4M |
| Total liabilities | $337.9M | $244.3M | $201.3M | $158.5M |
| Redeemable non-controlling interest | $25.8M | $23.3M | — | — |
| Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued | 0 | 0 | 0 | 0 |
| Common stock, $0.0001 par value; 500,000 shares authorized, 179,940 and 168,969 issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 18.0K | 17.0K | 17.0K | 16.0K |
| Additional paid-in capital | $557.3M | $551.0M | $549.1M | $532.1M |
| Accumulated deficit | ($549.6M) | ($519.9M) | ($466.7M) | ($439.9M) |
| Accumulated other comprehensive loss | ($835.0K) | ($636.0K) | ($1.9M) | ($1.9M) |
| Non-controlling interest | ($31.0K) | ($31.0K) | ($29.0K) | ($27.0K) |
| Total stockholders’ equity | $6.9M | $30.5M | $80.5M | $90.3M |
| Total Liabilities, Mezzanine Equity, and Stockholders’ Equity | $370.5M | $298.0M | $281.9M | $248.8M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss | ($103.7M) | ($135.8M) | ($98.4M) | ($78.3M) |
| Depreciation, amortization, and accretion | $5.7M | — | — | — |
| Non-cash debt and financing costs | $3.2M | — | — | — |
| Loss on debt extinguishment | $1.5M | — | — | — |
| Non-cash interest income | ($364.0K) | ($1.4M) | ($1.4M) | ($365.0K) |
| Stock-based compensation | $36.7M | $38.7M | $43.1M | $41.1M |
| Loss on impairment and sale of long-lived assets | $0 | $336.0K | — | — |
| Provision for credit losses | $9.4M | $30.0M | $150.0K | — |
| Gain on contribution to equity method investment | ($65.0K) | — | — | — |
| Impairment of equity securities | $0 | $11.7M | — | — |
| Change in fair value of financial instruments carried at fair value | $8.2M | — | — | — |
| Non-cash expenses related to equity purchase agreement | $1.9M | — | — | — |
| Deferred income taxes | $7.1M | — | — | — |
| Foreign exchange losses | $1.1M | $300.0K | $222.0K | $316.0K |
| Accounts receivable | ($11.3M) | $11.5M | $10.2M | ($37.5M) |
| Inventory | ($31.0K) | $308.0K | $4.0M | ($4.4M) |
| Contract assets | ($13.4M) | $53.9M | ($57.0M) | ($29.0M) |
| Prepaid expenses and other current assets | ($1.1M) | $8.0M | $2.9M | ($29.6M) |
| Advances to suppliers | ($4.5M) | ($8.6M) | $22.8M | — |
| Other assets | ($3.0M) | ($1.7M) | ($496.0K) | ($1.1M) |
| Accounts payable and accrued expenses | $60.0M | ($66.8M) | $25.5M | $67.9M |
| Contract liabilities | ($2.8M) | $3.1M | ($44.5M) | $49.4M |
| Other long-term liabilities | ($299.0K) | ($1.3M) | ($444.0K) | ($726.0K) |
| Net cash used in operating activities | ($5.6M) | ($55.9M) | ($92.7M) | ($23.3M) |
| Purchase of property and equipment | ($41.1M) | ($58.9M) | ($30.4M) | ($2.3M) |
| Investment in note receivable | ($2.1M) | ($330.0K) | $0 | ($2.0M) |
| Purchase of intangible assets | ($1.4M) | — | — | — |
| Proceeds from sale of property and equipment | $0 | $447.0K | — | — |
| Net cash used in investing activities | ($44.6M) | ($58.7M) | ($42.5M) | ($13.3M) |
| Proceeds from issuance of debt | $151.3M | — | — | — |
| Repayment of debt | ($56.5M) | — | — | $0 |
| Payment of debt issuance costs | ($9.6M) | — | — | — |
| Proceeds from insurance premium financings | $2.6M | $2.7M | $1.3M | — |
| Repayment of insurance premium financings | ($2.9M) | ($2.4M) | ($892.0K) | — |
| Proceeds from issuance of redeemable non-controlling interest | $33.7M | — | — | — |
| Payment of transaction costs related to redeemable non-controlling interest | ($2.6M) | — | — | — |
| Proceeds from issuance of stock | $6.8M | — | $0 | $235.9M |
| Short-swing profit recovery | $24.0K | — | — | — |
| Proceeds from exercise of stock options | $735.0K | $42.0K | $224.0K | $171.0K |
| Payment of finance lease obligations | ($104.0K) | ($185.0K) | ($47.0K) | ($62.0K) |
| Payment of taxes related to net settlement of equity awards | ($424.0K) | ($408.0K) | ($6.0M) | ($5.5M) |
| Net cash provided by (used in) financing activities | $123.0M | ($252.0K) | ($5.5M) | $217.8M |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | $576.0K | ($634.0K) | $52.0K | ($49.0K) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $73.4M | ($115.5M) | ($140.6M) | $181.1M |
| Cash, cash equivalents, and restricted cash – beginning of the period | $30.1M | $145.6M | $286.2M | $105.1M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net loss | ($62.2M) | ($32.5M) | ($82.9M) | ($56.1M) |
| Depreciation, amortization, and accretion | $6.8M | $3.5M | $2.3M | — |
| Non-cash debt and financing costs | $1.9M | $802.0K | $2.7M | $1.4M |
| Loss on debt extinguishment | $5.4M | $5.2M | $1.4M | $1.4M |
| Non-cash interest income | $0 | $0 | ($364.0K) | ($364.0K) |
| Stock-based compensation | $11.4M | $7.1M | $28.4M | $18.3M |
| Provision for credit losses | $77.0K | $25.0K | $3.8M | $3.8M |
| Change in fair value of financial instruments carried at fair value | ($1.4M) | $134.0K | $0 | — |
| Impairment of equity securities | $2.0M | — | — | — |
| Non-cash expenses related to equity purchase agreement | $0 | — | $1.9M | $667.0K |
| Deferred income taxes | $276.0K | — | $5.6M | — |
| Foreign exchange losses (gains) | ($12.0K) | $61.0K | $732.0K | $349.0K |
| Accounts receivable | $18.6M | $21.0M | $12.4M | $10.2M |
| Inventory | ($234.0K) | $14.0K | ($6.7M) | — |
| Contract assets | $6.0M | $2.9M | ($754.0K) | ($931.0K) |
| Prepaid expenses and other current assets | ($10.2M) | ($3.0M) | ($3.0M) | ($1.9M) |
| Advances to suppliers | ($16.1M) | $2.7M | ($40.4M) | ($18.1M) |
| Other assets | ($12.9M) | ($2.6M) | ($1.8M) | $717.0K |
| Accounts payable and accrued expenses | ($59.0M) | ($67.7M) | $24.6M | ($3.3M) |
| Contract liabilities | $23.3M | $8.6M | $53.5M | $56.1M |
| Other current liabilities | $1.2M | — | — | — |
| Other long-term liabilities | $753.0K | ($56.0K) | ($306.0K) | ($283.0K) |
| Net cash provided by (used in) operating activities | ($84.4M) | ($53.8M) | $921.0K | $12.6M |
| Purchase of property and equipment | ($16.2M) | ($7.1M) | ($30.6M) | ($15.2M) |
| Investment in note receivable | $0 | $0 | ($2.1M) | ($2.1M) |
| Investment tax credit proceeds | $11.8M | $11.8M | — | — |
| Net cash used in investing activities | ($4.4M) | $4.7M | ($32.8M) | ($17.3M) |
| Proceeds from issuance of debt | $224.1M | $150.0M | $117.2M | $63.8M |
| Repayment of debt | ($59.6M) | ($56.5M) | ($51.5M) | ($27.8M) |
| Payment of debt issuance costs | ($9.8M) | ($9.8M) | ($9.6M) | ($5.4M) |
| Purchase of capped calls | ($20.5M) | ($20.5M) | — | — |
| Proceeds from insurance premium financings | $0 | $0 | $2.6M | $1.7M |
| Repayment of insurance premium financings | ($438.0K) | ($343.0K) | ($2.1M) | ($1.2M) |
| Proceeds from issuance of stock | $3.9M | — | $6.8M | $1.2M |
| Payment of equity issuance costs | ($123.0K) | — | — | — |
| Short-swing profit recovery | $0 | $0 | $24.0K | $24.0K |
| Proceeds from exercise of stock options | $976.0K | $34.0K | $47.0K | $2.0K |
| Payment of finance lease obligations | ($26.0K) | ($16.0K) | ($94.0K) | ($84.0K) |
| Payment of taxes related to net settlement of equity awards | ($3.4M) | ($1.7M) | $0 | $0 |
| Net cash provided by financing activities | $135.1M | $61.2M | $63.4M | $32.1M |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | ($1.7M) | $1.6M | $297.0K | $593.0K |
| Net increase in cash, cash equivalents, and restricted cash | $44.6M | $13.7M | $31.9M | $28.0M |
| Cash, cash equivalents, and restricted cash – beginning of the period | $103.4M | $103.4M | $30.1M | $30.1M |
| Cash, cash equivalents, and restricted cash – end of the period | $148.0M | $117.1M | $61.9M | $58.1M |
| Less: restricted cash at end of period | $55.0M | $61.9M | $29.2M | $36.7M |
Energy Vault Holdings Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.