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Energy Vault Holdings
(NYSE:NRGV)
Energy Vault Holdings (NRGV) vs. SPDR S&P 500 ETF (SPY)
Energy Vault Holdings Business Overview & Revenue Model
Energy Vault Holdings Earnings Call Summary
Energy Vault Holdings Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 203.67M | 46.20M | 341.54M | 145.88M | 0.00 |
| Gross Profit | 47.99M | 6.19M | 17.53M | 59.30M | -2.44M |
| EBITDA | -67.48M | -134.56M | -97.86M | -69.38M | -28.89M |
| Net Income | -103.61M | -135.75M | -98.44M | -78.30M | -31.34M |
Balance Sheet | |||||
| Total Assets | 312.88M | 183.89M | 340.75M | 416.71M | 125.29M |
| Cash, Cash Equivalents and Short-Term Investments | 58.26M | 30.02M | 109.92M | 203.04M | 105.13M |
| Total Debt | 94.60M | 1.36M | 1.86M | 1.55M | 1.36M |
| Total Liabilities | 224.26M | 57.63M | 116.96M | 129.00M | 193.96M |
| Stockholders Equity | 67.46M | 126.32M | 223.79M | 287.71M | -68.67M |
Cash Flow | |||||
| Free Cash Flow | -46.74M | -114.71M | -123.09M | -25.66M | -22.24M |
| Operating Cash Flow | -5.65M | -55.86M | -92.66M | -23.35M | -22.07M |
| Investing Cash Flow | -44.61M | -58.74M | -42.54M | -13.32M | -1.17M |
| Financing Cash Flow | 123.05M | -252.00K | -5.48M | 217.77M | 116.38M |
Energy Vault Holdings Technical Analysis
Energy Vault Holdings Risk Analysis
Energy Vault Holdings Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
55 Neutral | $1.85B | -231.49 | 10.05% | ― | 42.09% | 219.69% | |
53 Neutral | $577.74M | -7.14 | -117.28% | ― | -35.99% | -46.51% | |
50 Neutral | $2.78B | -14.43 | -12.87% | ― | -16.15% | -324.40% | |
48 Neutral | $36.85M | -10.17 | -54.97% | ― | -40.99% | -46.52% | |
47 Neutral | $60.15M | -4.03 | -602.83% | ― | 146.01% | 63.18% | |
43 Neutral | $80.19M | -12.44 | -16.59% | ― | ― | 23.66% |
Energy Vault Holdings Corporate Events
Energy Vault Holdings, Inc. expanded a previously announced private offering of 5.250% Convertible Senior Notes due 2031, after initial purchasers on February 25, 2026 exercised an option to buy an additional $10 million of notes, bringing the total issuance to $150 million. On February 27, 2026, the company issued these option notes on the same terms as the initial $140 million tranche completed on February 17, 2026, while keeping the securities unregistered and restricted to qualified or exempt transactions under U.S. securities law.
In conjunction with the option notes, Energy Vault on February 27, 2026 entered into additional privately negotiated capped call transactions with financial institutions, designed to reduce potential dilution from conversion of the new notes and to offset cash payments above principal, with a cap initially set at $8.12 per share, double the February 11, 2026 NYSE closing price. Earlier, on February 19, 2026, the company used part of the initial notes’ proceeds to redeem $45 million of outstanding senior unsecured convertible debentures held by YA II PN, Ltd., signaling a move to refinance existing debt on potentially more favorable and less dilutive terms for shareholders.
The most recent analyst rating on (NRGV) stock is a Buy with a $5.50 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.
On February 17, 2026, Energy Vault Holdings, Inc. completed a $140 million private offering of 5.250% Convertible Senior Notes due 2031, issuing unsecured debt that pays semiannual interest and can be converted into common stock under specified stock price and trading conditions. The notes, which feature an initial conversion price at a 27.5% premium to the February 11, 2026 share price, include standard redemption, default and “fundamental change” protections that shape potential dilution and capital structure outcomes for creditors and shareholders.
In connection with the February 11, 2026 pricing of the notes, the company entered into capped call transactions with financial institutions designed to reduce potential dilution from note conversions and to offset cash payments above principal, with a $8.12 per share cap set at a 100% premium to the then-market price. The common shares underlying the notes were not registered under the Securities Act, signaling that any conversions or related issuances will rely on exemptions and could alter ownership dynamics over time without an immediate public resale registration pathway.
The most recent analyst rating on (NRGV) stock is a Buy with a $5.50 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.
On February 11, 2026, Energy Vault priced an upsized private placement of $140 million in 5.25% convertible senior notes due 2031, marketed to qualified institutional buyers, with an additional $20 million purchase option for initial purchasers and expected settlement on February 17, 2026. The notes carry an initial conversion price of about $5.18 per share, a 27.5% premium to the firm’s last closing price, and are structured to be redeemable for cash, stock or a mix, giving the company flexibility in managing future equity dilution and capital structure.
Energy Vault expects net proceeds of roughly $135.5 million, or up to $154.8 million if the option is fully exercised, earmarking funds for capped call transactions, partial redemption of existing convertible debentures and general corporate purposes including debt repayment and growth initiatives. In tandem, the company entered capped call transactions with financial institutions, designed to limit potential dilution from note conversions and partially offset cash outlays above principal, although associated hedging activity by counterparties could influence trading dynamics in Energy Vault’s shares and notes over time.
The most recent analyst rating on (NRGV) stock is a Buy with a $5.50 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.
On February 11, 2026, Energy Vault announced a multi-year strategic framework agreement with Denver-based Crusoe for phased deployment of Crusoe’s Spark modular AI factory data center units at Energy Vault’s Snyder, Texas technology center, scalable up to 25 MW starting in 2026. Under the deal, Energy Vault will supply modular “powered shell” energy infrastructure to support Crusoe Cloud’s high-density compute and managed inference capacity, aiming to cut time-to-capacity for AI customers while leveraging its digital operating platform.
The partnership marks Energy Vault’s formal entry into the AI infrastructure market, extending its Asset Vault and own-and-operate strategy into a high-growth segment with materially higher expected EBITDA per megawatt than traditional battery storage projects. By pairing Crusoe’s vertically integrated, energy-first AI data center design with Energy Vault’s mission-critical power systems, the companies plan to address power and interconnection bottlenecks that constrain AI data center buildouts, potentially accelerating Energy Vault’s earnings growth as additional sites and customers are brought online.
The most recent analyst rating on (NRGV) stock is a Buy with a $5.50 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.
Energy Vault Holdings has amended its financing arrangements with YA II PN, Ltd., having originally issued $50 million in senior unsecured convertible debentures in three tranches between September 22 and December 30, 2025, and subsequently agreeing on February 9, 2026 to amended and restated debentures that provide greater covenant flexibility, enhanced call protection for the earliest tranche and a mandatory redemption of all outstanding principal upon completion of certain future debt financings unless waived by investors. On February 11, 2026, the company also updated its risk factors, business disclosures and balance sheet metrics, and released preliminary unaudited estimates indicating a sharp jump in 2025 revenue to $200 million–$205 million from $46.2 million in 2024, improved gross margins and a narrower net loss, with adjusted EBITDA for full-year 2025 still negative but turning positive in the fourth quarter, signaling progress toward profitability even as its results remain subject to audit adjustments.
The company expects fourth-quarter 2025 revenue of $150 million–$155 million versus $33.5 million a year earlier, with gross margins rising to an estimated 18%–22% from 8%, and net loss shrinking to a range of $22.1 million–$9.5 million compared with $61.8 million in the prior-year quarter. For the full year 2025, Energy Vault projects adjusted EBITDA between a loss of $26 million and $21 million, a substantial improvement from a $57.9 million loss in 2024, and anticipates that fourth-quarter adjusted EBITDA will swing to a $5 million–$10 million profit, underscoring operating leverage as its storage solutions scale despite continued overall losses and financing-related costs.
The most recent analyst rating on (NRGV) stock is a Buy with a $5.50 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.
On February 11, 2026, Energy Vault announced a proposed private offering of $125 million in convertible senior notes due 2031 to qualified institutional buyers under Rule 144A, with an option for initial purchasers to buy an additional $25 million. The senior unsecured notes, which pay semiannual interest and may be settled in cash, stock or a combination upon conversion, are expected to support debt reduction, capped call costs and general corporate purposes, including further growth initiatives, while associated capped call transactions are designed to limit equity dilution and could introduce trading volatility as counterparties hedge their exposure.
The most recent analyst rating on (NRGV) stock is a Buy with a $5.50 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.
On January 5, 2026, Energy Vault announced that it began construction in the fourth quarter of 2025 on the SOSA Energy Center, a 150 MW/300 MWh battery energy storage system in Madison County, Texas, within the ERCOT North market, marking the fourth project in its Asset Vault portfolio and the first to enter construction under its Asset Vault investment platform backed by a $300 million preferred equity commitment from Orion Infrastructure Capital. The project, acquired from Savion, a Shell subsidiary, is targeted to reach commercial operation by the second quarter of 2027 and is expected to generate more than $350 million in total revenue over its technical life, while contributing to over 340 MW of capacity under operation and construction; alongside this, Energy Vault reported a roughly 65% increase in cash and liquidity in the fourth quarter of 2025 to more than $100 million, reinforcing its ability to self-perform EPC and long-term services, deepen its strategic presence in the Texas ERCOT market, and advance its vertically integrated, recurring-revenue “Own & Operate” strategy.
The most recent analyst rating on (NRGV) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.
On December 30, 2025, Energy Vault Holdings amended its existing securities purchase agreement with YA II PN, Ltd. to add a third tranche of $15 million in senior unsecured convertible debentures, bringing the total debenture financing under the arrangement to $65 million following earlier closings on September 22 and December 16, 2025. The new debentures, issued at 98% of principal and maturing on August 30, 2027 with a 7% coupon, carry a fixed conversion price of $7.41 per share and a structured monthly amortization schedule beginning January 26, 2026, subject to market-price-based adjustments, floor-price protections, and caps on ownership and share issuance; proceeds are earmarked for working capital and energy storage project development, while the amended covenants restrict additional indebtedness, variable-rate transactions, and use of the at-the-market equity program, underscoring the company’s continued reliance on private convertible debt financing to fund its storage pipeline and operations.
The most recent analyst rating on (NRGV) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.
On December 16, 2025, Energy Vault Holdings, Inc. completed a subsequent closing under its previously disclosed September 22, 2025 Securities Purchase Agreement with YA II PN, Ltd., issuing an additional $20 million in senior unsecured convertible debentures, bringing the total raised under the arrangement to $50 million. The new debentures, issued at 97% of principal with a 7% annual interest rate and maturing on March 22, 2027, feature a fixed conversion price of $7.53 per share, detailed installment payment mechanics beginning January 26, 2026, caps on the investor’s ownership and conversions, and enhanced payment obligations upon specified amortization events, with net proceeds earmarked to strengthen working capital and support the development, construction and growth of Energy Vault’s energy storage projects through a privately placed, unregistered offering.
The most recent analyst rating on (NRGV) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.