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Energy Vault Holdings (NRGV)
NYSE:NRGV
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Energy Vault Holdings
(NYSE:NRGV)
Rating:52Neutral
Price Target:
$1.00
▲(11.11%Upside)
Positive Factors
Backlog Growth
Energy Vault's backlog grew by approximately 90%, reaching $660 million, indicating strong booking progress and demand.
Recurring Revenue Potential
The 'Own & Operate' strategy could generate approximately $2 billion in long-term recurring revenue from a portfolio of 840MW of projects.
Strategic Acquisitions
Energy Vault acquired the 1GWh Stoney Creek project, which includes a long-term service agreement, enhancing its project portfolio.
Negative Factors
Battery Price Impact
FY24 results were below prior guidance due to lower lithium-ion battery prices and timing of gravity license revenue recognition.
Revenue Guidance
FY25 revenue guidance was below expectations as the company continues to be affected by lower battery prices and shifts towards the 'Own & Operate' model.
Revenue Performance
Energy Vault reported lower than expected revenue, with challenges in the software and services business contributing to the shortfall.
Energy Vault Holdings (NRGV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$133.70M
Dividend YieldN/A
Average Volume (3M)1.23M
Price to Earnings (P/E)―
Beta (1Y)2.26
Revenue Growth-86.10%
EPS Growth-49.68%
CountryUS
Employees158
SectorUtilities
Sector Strength80
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-0.08
Shares Outstanding156,044,300
10 Day Avg. Volume1,154,570
30 Day Avg. Volume1,233,699
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)1.34
Price to Sales (P/S)0.00
P/FCF Ratio-14.98
Enterprise Value/Market Cap2.53
Enterprise Value/Revenue0.64
Enterprise Value/Gross Profit37.68
Enterprise Value/Ebitda-0.75
Forecast
1Y Price Target
$2.00Price Target Upside122.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
Energy Vault Holdings Business Overview & Revenue Model
Company DescriptionEnergy Vault Holdings (NRGV) is a company operating in the energy storage sector. It specializes in creating sustainable energy storage solutions through its innovative gravity-based storage technology. The company's primary product is the Energy Vault Resiliency Center (EVRC), which uses eco-friendly materials and advanced engineering to store and release energy, helping to balance supply and demand on the electrical grid.
How the Company Makes MoneyEnergy Vault Holdings generates revenue primarily through the sale and deployment of its proprietary energy storage systems, including the Energy Vault Resiliency Center. The company enters into contracts with utility companies, renewable energy providers, and industrial clients who require efficient and scalable energy storage solutions. Revenue is also derived from service agreements for maintenance and operational support of deployed systems. Significant partnerships with energy infrastructure companies and governmental entities also contribute to its earnings by expanding market reach and facilitating large-scale projects.
Energy Vault Holdings Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q1-2025)
| % Change Since: -15.89%|
Next Earnings Date:Aug 12, 2025
Earnings Call Sentiment Positive
Energy Vault's earnings call highlighted several positive developments, including revenue growth, an increased backlog, and successful project execution with new international agreements. However, challenges in the U.S. market due to tariff uncertainties and an adjusted EBITDA loss were noted, but they were counterbalanced by strong performance metrics and strategic progress.Q1-2025 Updates
Positive Updates
Revenue Growth and Backlog Increase
Energy Vault reported a 10% year-over-year increase in revenue for Q1 2025, driven by projects in Australia. The revenue backlog increased by 49% year-to-date, amounting to $648 million.
Strong Gross Margin
The company reported a gross margin of 57.1% for the first quarter, nearly double the 26% margin from the previous year, attributed to favorable revenue mix from the India license agreement.
Cash Position and Project Financing
Energy Vault's cash position increased from $30 million at the end of 2024 to $47 million at the end of Q1 2025. The company completed its first project financing for the Calistoga Resiliency Center, contributing to this increase.
Notable International Agreements
The company signed a 10-year license agreement with SPML Infra in India for its battery storage technology, reflecting growth in the battery storage sector in India.
Successful Project Execution
Energy Vault's first owned and operated asset, Cross Trails in Texas, began operations ahead of schedule. The company expects these projects to contribute approximately $30 million in annual recurring project EBITDA over the next 15 years.
Negative Updates
U.S. Market Challenges
Energy Vault faced challenges in the U.S. market due to tariff-related uncertainties, which caused delays in securing new bookings and impacted customer confidence.
Adjusted EBITDA Loss
The company reported an adjusted EBITDA loss of $11.3 million in Q1 2025, although this was an improvement from the $14.5 million loss in the previous year.
Company Guidance
In the first quarter of 2025 earnings call, Energy Vault provided guidance highlighting several key financial metrics and strategic developments. The company reported a backlog increase of 49% year-to-date, reaching $648 million, with substantial growth driven by projects in Australia and the U.S. Revenue for the quarter rose by 10% year-over-year, primarily due to new projects in Australia and a licensing agreement in India. Notably, gross margin almost doubled to 57% from 26% the previous year, reflecting favorable regional and contract mixes. From a cash perspective, Energy Vault had $47 million at the end of Q1, up from $30 million in Q4 2024, with expectations to grow to $75 million as project financings and investment tax credits are realized. The company also reported an adjusted EBITDA loss improvement of 22% year-over-year, narrowing the loss to $11.3 million, driven by improved gross margins and reduced operating costs. Additionally, Energy Vault emphasized their strategy of building, owning, and operating assets, projecting approximately $100 million in recurring operating EBITDA from seven projects over the next 15 years. Despite the recent U.S.-China tariff pause, the company maintained its current revenue guidance, citing a diverse project portfolio with 90% of its backlog unaffected by the tariffs.Energy Vault Holdings Financial Statement Overview
Summary
Energy Vault Holdings faces significant financial challenges, particularly in maintaining profitability and positive cash flows. While revenue is growing modestly, consistent operating losses and significant negative cash flows highlight financial instability. The balance sheet shows moderate leverage but negative return on equity due to net losses.Income Statement
Energy Vault Holdings has shown some improvement in revenue with a slight growth from $46.2 million to $46.9 million in the TTM, but the consistent operating losses remain a concern. The gross profit margin is low at 19.15% for TTM, and the net profit margin is negative due to significant net losses. EBIT and EBITDA margins are also deeply negative, indicating ongoing operational challenges.40
Negative
Balance Sheet
The company's balance sheet shows a reasonable equity ratio of 52.85% for TTM, indicating a moderate level of financial stability. However, the debt-to-equity ratio has increased to 0.23, which is not alarming but suggests rising leverage. The return on equity is negative due to net losses, which is a significant downside.55
Neutral
Cash Flow
Energy Vault Holdings' cash flow situation is challenging, with a significant negative free cash flow of $116.4 million in TTM. The operating cash flow to net income ratio is unfavorable, reflecting inefficient cash management. Free cash flow growth is negative, indicating cash flow issues that need addressing.45
Neutral
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 46.97M | 46.20M | 341.54M | 145.88M | 0.00 | 0.00 | Gross Profit |
| 8.99M | 6.19M | 17.53M | 59.30M | -1.25M | 0.00 | EBIT |
| -123.99M | -130.00M | -106.74M | -60.26M | -29.54M | 14.51M | EBITDA |
| -134.36M | -134.56M | -97.86M | -69.38M | -28.89M | -1.10K | Net Income Common Stockholders |
| -135.75M | -135.75M | -98.44M | -78.30M | -31.34M | -24.17M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 17.82M | 27.09M | 109.92M | 203.04M | 105.13M | 10.05M | Total Assets |
| 217.44M | 183.89M | 340.75M | 416.71M | 125.29M | 30.38M | Total Debt |
| 26.19M | 1.36M | 1.86M | 1.55M | 1.36M | 2.16M | Net Debt |
| 8.37M | -25.73M | -108.06M | -201.49M | -103.77M | -7.89M | Total Liabilities |
| 102.53M | 57.63M | 116.96M | 129.00M | 193.96M | 70.01M | Stockholders Equity |
| 114.91M | 126.32M | 223.79M | 287.71M | -68.67M | -39.63M |
| Cash Flow | Free Cash Flow | ||||
| -116.41M | -114.71M | -123.09M | -25.66M | -22.24M | -18.45M | Operating Cash Flow |
| -59.54M | -55.86M | -92.66M | -23.35M | -22.07M | -16.70M | Investing Cash Flow |
| -57.28M | -58.74M | -42.54M | -13.32M | -1.17M | -1.75M | Financing Cash Flow |
| 27.49M | -252.00K | -5.48M | 217.77M | 116.38M | 15.64M |
Energy Vault Holdings Technical Analysis
Negative
0.90
Price Trends
0.81
Positive
1.09
Negative
1.32
Negative
Market Momentum
<0.01
Positive
48.09
Neutral
32.41
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NRGV, the sentiment is Negative. The current price of 0.9 is below the 20-day moving average (MA) of 0.90, above the 50-day MA of 0.81, and below the 200-day MA of 1.32, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 48.09 is Neutral, neither overbought nor oversold. The STOCH value of 32.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NRGV.
Energy Vault Holdings Risk Analysis
Energy Vault Holdings disclosed 74 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
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.47B | 98.27 | 2.00% | ― | -1.77% | -41.65% | |
64 Neutral | $8.55B | 10.42 | 4.24% | 4.64% | 4.05% | -13.04% | |
52 Neutral | $133.70M | ― | -82.96% | ― | -86.10% | -49.68% | |
51 Neutral | $353.12M | ― | -9999.00% | ― | 52.34% | 10.37% | |
51 Neutral | $900.16M | 236.42 | -5.96% | ― | 6.08% | 52.48% | |
45 Neutral | $33.82M | ― | -27.32% | ― | -46.17% | -18.67% |
* Utilities Sector Average
Performance Comparison
NRGV
Energy Vault Holdings
0.86
-0.22
-20.37%
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6.80
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WAVE
Eco Wave Power Global
5.72
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NXXT
NextNRG
2.96
-2.16
-42.19%
FLNC
Fluence Energy
5.01
-15.42
-75.48%
Energy Vault Holdings Corporate Events
Product-Related AnnouncementsBusiness Operations and Strategy
Energy Vault Launches Cross Trails Battery System
Positive
Jun 11, 2025
On June 11, 2025, Energy Vault Holdings announced the successful completion and commercial operation of the 57 MW two-hour Cross Trails battery energy storage system (BESS) in Scurry County, Texas. This project, completed ahead of schedule, marks the first asset under Energy Vault’s ‘Own & Operate’ growth strategy, supported by a 10-year offtake agreement with Gridmatic. The Cross Trails BESS provides energy and ancillary services to enhance renewable energy production and grid resiliency in the ERCOT region. The project leverages Energy Vault’s second-generation B-VAULT™ AC system and VaultOS™ Energy Management System, demonstrating the company’s ability to execute complex energy storage deployments efficiently. This milestone reflects Energy Vault’s strategic vision and expertise in designing, building, and operating energy storage assets, further strengthening its position in the energy storage asset infrastructure market.
The most recent analyst rating on (NRGV) stock is a Buy with a $2.50 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.
Product-Related AnnouncementsBusiness Operations and Strategy
Energy Vault Expands Battery Storage with Jupiter Power
Positive
Jun 5, 2025
On June 4, 2025, Energy Vault Holdings announced an agreement with Jupiter Power to supply an additional 100 MW/200 MWh battery energy storage system in the ERCOT region, following a successful deployment in 2024. This expansion aims to enhance grid resiliency and is part of a broader partnership to decarbonize the grid, leveraging Energy Vault’s innovative technology and management systems.
The most recent analyst rating on (NRGV) stock is a Buy with a $2.00 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.
Executive/Board ChangesShareholder Meetings
Energy Vault Holds Annual Stockholders Meeting
Neutral
May 30, 2025
On May 30, 2025, Energy Vault Holdings, Inc. conducted its Annual Meeting of Stockholders where key decisions were made. The election of Class I Directors resulted in Larry Paulson and Mary Beth Mandanas receiving significant votes, while the appointment of BDO USA, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with overwhelming support.
The most recent analyst rating on (NRGV) stock is a Buy with a $2.50 price target. To see the full list of analyst forecasts on Energy Vault Holdings stock, see the NRGV Stock Forecast page.
Private Placements and FinancingFinancial Disclosures
Energy Vault Holdings Projects Significant Cash Inflows
Positive
Mar 21, 2025
On March 20, 2025, Energy Vault Holdings’ management discussed expected cash inflows from project financings and investment tax credits, totaling $70-80 million, during investor calls following their earnings call on March 18, 2025. The company anticipates these financings to close within Q2 and Q3 2025, with Calistoga Resiliency Center starting in April 2025, and expects to achieve positive Adjusted EBITDA by Q4 2025.
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.