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Energy Vault Holdings, Inc.

NRGV Clue Score48
United States Fiscal year ends December CIK 0001828536
$3.25 -1.81% Close, 9 Oct 2026
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Price $3.25 +45.09% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 14 Feb 2022. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2021Revenue0.0Operating income−29.5Net income−31.3EPS, diluted−2.45Fiscal year 2022Revenue145.9Operating income−63.1Net income−78.3EPS, diluted−0.64Fiscal year 2023Revenue341.5 +134.1%Operating income−106.7Net income−98.4EPS, diluted−0.69Fiscal year 2024Revenue46.2 −86.5%Operating income−130.0Net income−135.8EPS, diluted−0.91Fiscal year 2025Revenue203.7 +340.9%Operating income−74.4Net income−103.6EPS, diluted−0.65
FY2021FY2022FY2023FY2024FY2025
Revenue 0.0 145.9 341.5 46.2 203.7
Growth +134.1% −86.5% +340.9%
Operating income −29.5 −63.1 −106.7 −130.0 −74.4
Net income −31.3 −78.3 −98.4 −135.8 −103.6
Growth
EPS, diluted −2.45 −0.64 −0.69 −0.91 −0.65

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2021Fiscal year 2022Gross margin40.6%Operating margin−43.2%Net margin−53.7%Free cash flow margin−17.6%Fiscal year 2023Gross margin5.1%Operating margin−31.3%Net margin−28.8%Free cash flow margin−36.0%Fiscal year 2024Gross margin13.4%Operating margin−281.4%Net margin−293.8%Free cash flow margin−248.3%Fiscal year 2025Gross margin23.6%Operating margin−36.5%Net margin−50.9%Free cash flow margin−22.9%
FY2021FY2022FY2023FY2024FY2025
Gross margin n/a 40.6% 5.1% 13.4% 23.6%
Operating margin n/a −43.2% −31.3% −281.4% −36.5%
Net margin n/a −53.7% −28.8% −293.8% −50.9%
Free cash flow margin n/a −17.6% −36.0% −248.3% −22.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2021Operating cash flow−22.1Capital expenditure−0.2Free cash flow−22.2Fiscal year 2022Operating cash flow−23.3Capital expenditure−2.3Free cash flow−25.7Fiscal year 2023Operating cash flow−92.7Capital expenditure−30.4Free cash flow−123.1Fiscal year 2024Operating cash flow−55.9Capital expenditure−58.9Free cash flow−114.7Fiscal year 2025Operating cash flow−5.6Capital expenditure−41.1Free cash flow−46.7
FY2021FY2022FY2023FY2024FY2025
Operating cash flow −22.1 −23.3 −92.7 −55.9 −5.6
Capital expenditure −0.2 −2.3 −30.4 −58.9 −41.1
Free cash flow −22.2 −25.7 −123.1 −114.7 −46.7
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2021Cash105.1Shareholders’ equity−68.7Fiscal year 2022Cash203.0Shareholders’ equity287.7Fiscal year 2023Cash109.9Shareholders’ equity223.8Fiscal year 2024Cash27.1Total debt0.0Net cash (debt)27.1Shareholders’ equity126.3Debt to equity0.00Fiscal year 2025Cash58.3Total debt94.6Net cash (debt)−36.3Shareholders’ equity67.5Debt to equity1.40
FY2021FY2022FY2023FY2024FY2025
Cash 105.1 203.0 109.9 27.1 58.3
Total debt n/a n/a n/a 0.0 94.6
Net cash (debt) n/a n/a n/a 27.1 −36.3
Shareholders’ equity −68.7 287.7 223.8 126.3 67.5
Debt to equity n/a n/a n/a 0.00 1.40

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2021 31 Dec 2021 FY2022† 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
0.0 145.9 341.5 46.2 203.7
Growth +134.1% −86.5% +340.9%
0.0 86.6 324.0 40.0 155.7
n/a 59.3 17.5 6.2 48.0
Growth −70.4% −64.7% +675.7%
7.9 42.6 37.1 26.0 14.6
18.1 56.6 67.9 63.0 81.2
−29.5 −63.1 −106.7 −130.0 −74.4
Growth
−31.3 −77.9 −98.8 −135.7 −95.9
0.0 0.4 −0.3 0.1 7.8
−31.3 −78.3 −98.4 −135.8 −103.6
Growth
Per share
−2.45 −0.64 −0.69 −0.91 −0.65
−2.45 −0.64 −0.69 −0.91 −0.65
Growth
12.8 123.2 142.9 149.8 160.5
12.8 123.2 142.9 149.8 160.5
Growth +864.3% +15.9% +4.9% +7.1%

† The diluted share count jumps at 2022, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • A net loss in 5 of 5 years on file.