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Energy Vault Holdings
(NYSE:NRGV)
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Rating:52Neutral
Price Target:
$4.00
▲(38.89% Upside)
Action:Reiterated
Date:08/21/26
The score is held down primarily by weak financial performance—large ongoing losses, substantial cash burn, and very high leverage with a thin equity cushion. Offsetting this, the earnings call indicates improving commercial traction (raised guidance, rapidly expanding backlog, and margin improvement), while technicals show modest near-term momentum but a still-challenged longer-term trend. Valuation remains constrained by negative earnings, and recent financing-related corporate events are mixed, with additional debt/convertible structures adding risk.
Positive Factors
Backlog Expansion
Rapid backlog growth improves medium-term revenue visibility, while the majority build-own-operate mix can create recurring asset revenue and deepen customer relationships beyond one-time project delivery.
Negative Factors
Extreme Leverage
The very thin equity cushion leaves limited protection against execution setbacks and increases refinancing, covenant, and dilution risk. High leverage may also constrain Energy Vault’s ability to fund growth on favorable terms.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog Expansion
Rapid backlog growth improves medium-term revenue visibility, while the majority build-own-operate mix can create recurring asset revenue and deepen customer relationships beyond one-time project delivery.
Read all positive factors
Energy Vault Holdings (NRGV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$701.90M
Dividend YieldN/A
Average Volume (3M)5.61M
Price to Earnings (P/E)―
Beta (1Y)1.92
Revenue Growth336.76%
EPS Growth31.16%
CountryUS
Employees142
SectorUtilities
Sector Strength65
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.64
Shares Outstanding181,839,570
10 Day Avg. Volume4,301,764
30 Day Avg. Volume5,605,140
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)10.97
Price to Sales (P/S)3.63
P/FCF Ratio-15.83
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$6.11Price Target Upside112.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.36
Revenue Forecast (FY)$281.38M
Energy Vault Holdings Business Overview & Revenue Model
Company Description
Energy Vault Holdings, Inc. develops and deploys utility-scale energy storage solutions in the United States, Switzerland, United Kingdom, North America, Australia, and internationally. The company offers B-Vault, an electrochemical battery energy...
How the Company Makes Money
Energy Vault primarily makes money by developing and delivering energy storage projects for customers and, in some cases, by owning and operating storage assets. Key revenue streams include: (1) System and project delivery revenue: revenue from de...
Energy Vault Holdings Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum: materially larger backlog (+~$650M to ~$2B), doubled year‑over‑year revenue, improved gross margins, a major 1.25 GW repeatable contract, raised full‑year guidance, and improving cash balances. Offsetting these positives are persistent adjusted losses, higher operating expenses as the company scales, a concentration of revenue recognition in Q4 (timing risk), and continued dependence on project financing and working capital facilities. On balance the positive commercial and financial momentum (backlog, guidance, margin expansion, cash improvement, and landmark contract) outweigh the near‑term profitability and financing challenges.Positive Updates
Revenue Doubled Year-over-Year
Q2 revenue was $17.4M, up 104% vs. prior year, driven by progress on Australian projects and execution of backlog.
Negative Updates
Continued GAAP and Adjusted Losses
GAAP net loss for Q2 was $29.7M (EPS -$0.17) vs. $34.9M prior year (improved), but adjusted net loss increased to $24.6M from $18.4M YoY and adjusted EBITDA loss widened to $17.0M from $13.6M, reflecting continued negative operating cash flow on adjusted metrics.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Doubled Year-over-Year
Q2 revenue was $17.4M, up 104% vs. prior year, driven by progress on Australian projects and execution of backlog.
Read all positive updates
Company Guidance
Energy Vault raised 2026 revenue guidance to $270–310M (from $225–300M), narrowed GAAP gross margin guidance to 20–25% (from 15–25%), and now targets year‑end cash of $160–200M (vs. $150–200M prior), noting most second‑half revenue will be recognized in Q4; backlog was ~$2.0B as of Aug. 10 (up ~$650M QoQ, ~40% QoQ and ~3x end‑2024), ~60% owned‑and‑operate and ~40% build‑and‑transfer with ~40% of backlog expected to convert in 12–18 months. Management highlighted a 1.25 GW agreement (~$500–600M, majority in 2027 with a portion in Q4), a 1.1 GW portfolio underpinning ~$180M annualized recurring EBITDA, and an expected backlog that could approach ~$3B; supporting Q2 operating metrics cited include Q2 revenue $17.4M (+104% YoY), GAAP gross profit $5.4M (GAAP gross margin 31%, up 140 bps), adjusted gross profit ~38.6% (adjusted gross margin ~+900 bps YoY), cash $148M at June 30 (+$31M QoQ, +$90M YoY), adjusted OpEx $23.7M, GAAP net loss $29.7M (EPS -$0.17), adjusted net loss $24.6M, and adjusted EBITDA loss $17M.Energy Vault Holdings Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 225.87M | 203.67M | 46.20M | 341.54M | 145.88M | 0.00 |
| Gross Profit | 48.54M | 47.99M | 6.19M | 17.53M | 59.30M | -2.44M |
| EBITDA | -79.57M | -81.70M | -134.56M | -97.86M | -69.38M | -28.89M |
| Net Income | -109.72M | -103.61M | -135.75M | -98.44M | -78.30M | -31.34M |
Balance Sheet | ||||||
| Total Assets | 370.53M | 312.88M | 183.89M | 340.75M | 416.71M | 125.29M |
| Cash, Cash Equivalents and Short-Term Investments | 93.04M | 63.30M | 30.02M | 109.92M | 203.04M | 105.13M |
| Total Debt | 244.97M | 96.73M | 1.36M | 1.86M | 1.55M | 1.36M |
| Total Liabilities | 337.92M | 224.26M | 57.63M | 116.96M | 129.00M | 193.96M |
| Stockholders Equity | 6.86M | 67.46M | 126.32M | 223.79M | 287.71M | -68.67M |
Cash Flow | ||||||
| Free Cash Flow | -144.74M | -46.74M | -114.71M | -123.09M | -25.66M | -22.24M |
| Operating Cash Flow | -102.64M | -5.65M | -55.86M | -92.66M | -23.35M | -22.07M |
| Investing Cash Flow | -31.71M | -44.61M | -58.74M | -42.54M | -13.32M | -1.17M |
| Financing Cash Flow | 226.03M | 123.05M | -252.00K | -5.48M | 217.77M | 116.38M |
Energy Vault Holdings Technical Analysis
Positive
2.88
Price Trends
3.64
Positive
4.06
Negative
4.08
Negative
Market Momentum
0.08
Negative
54.23
Neutral
60.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NRGV, the sentiment is Positive. The current price of 2.88 is below the 20-day moving average (MA) of 3.30, below the 50-day MA of 3.64, and below the 200-day MA of 4.08, indicating a neutral trend. The MACD of 0.08 indicates Negative momentum. The RSI at 54.23 is Neutral, neither overbought nor oversold. The STOCH value of 60.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NRGV.
Energy Vault Holdings Risk Analysis
Energy Vault Holdings disclosed 72 risk factors in its most recent earnings report. Energy Vault Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Energy Vault Holdings Peers Comparison
UnderperformOutperform
Sector (66)
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% | |
61 Neutral | $2.48B | 20.97 | 8.54% | ― | 14.06% | 11.99% | |
52 Neutral | $701.90M | -5.84 | -236.75% | ― | 336.76% | 31.16% | |
52 Neutral | $42.43M | -11.23 | -56.33% | ― | -77.09% | -15.59% | |
46 Neutral | $57.33M | -3.80 | -22.20% | ― | ― | 19.55% | |
44 Neutral | $37.35M | -0.54 | 312.90% | ― | 90.34% | 89.86% | |
42 Neutral | $2.23B | -18.98 | -20.75% | ― | 7.46% | -329.43% |
* Utilities Sector Average
NRGV
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Energy Vault Holdings Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Energy Vault secures major term loan for generation build-out
Positive
Aug 20, 2026
On August 14, 2026, Energy Vault subsidiaries EV Gen Set 1, LLC and EV Gen Set I HoldCo, LLC entered into a senior secured term loan credit agreement totaling about $137.5 million with CSC Delaware Trust Company and a lender group. The facility is...
Business Operations and StrategyExecutive/Board Changes
Energy Vault Appoints New CFO to Drive Growth
Positive
Jul 17, 2026
On July 16, 2026, Energy Vault announced the appointment of senior capital markets veteran Nitin Dahiya as Chief Financial Officer, joining from BlackRock’s Direct Private Opportunities group and succeeding outgoing CFO Michael Beer. Dahiya,...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Energy Vault Raises Capital via Convertible Debenture Financing
Negative
Jul 1, 2026
On May 18, 2026, Energy Vault Holdings, Inc. entered into a Securities Purchase Agreement with YA II PN, Ltd. to issue up to $75 million of senior secured convertible debentures, including an initial $42 million tranche funded at closing, and late...
Executive/Board ChangesShareholder Meetings
Energy Vault Shareholders Reelect Directors and Ratify Auditor
Positive
Jun 1, 2026
Energy Vault Holdings, Inc. reported the results of its May 29, 2026, annual meeting of stockholders, where investors voted on the election of Class II directors and on the company’s external auditor for the current fiscal year. Shareholders...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.