Energy Vault Holdings (NRGV)
NYSE:NRGV
Want to see NRGV full AI Analyst Report?
Top Page
Energy Vault Holdings
(NYSE:NRGV)
Select Model
Select Model
Rating:52Neutral
Price Target:
$4.50
▲(25.00% Upside)
Action:ReiteratedDate:05/09/26
The score is held back mainly by weak financial performance (large losses, high leverage, and sustained negative cash flow). Offsetting this, the earnings call pointed to improving operating traction (rapid growth, record backlog, and recurring EBITDA visibility) and technicals are moderately supportive; valuation remains constrained due to loss-making status and no dividend yield.
Positive Factors
Large own-and-operate backlog
A $1.35B backlog that is >80% owned-and-operated materially increases multi-year revenue visibility and shifts the business toward asset-backed cash flows rather than one-off EPC revenue. This provides durable project pipeline convertibility and foundation for recurring income as assets reach COD and begin generating IPP cash flows.
Negative Factors
High leverage and eroded equity
Debt materially exceeds equity, leaving a stretched capital structure that reduces financial flexibility. High leverage increases refinancing and covenant risk, raises interest burden, and makes the company more reliant on external funding or dilutive equity issuances to fund growth and convert backlog into operating assets over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Large own-and-operate backlog
A $1.35B backlog that is >80% owned-and-operated materially increases multi-year revenue visibility and shifts the business toward asset-backed cash flows rather than one-off EPC revenue. This provides durable project pipeline convertibility and foundation for recurring income as assets reach COD and begin generating IPP cash flows.
Read all positive factors
Energy Vault Holdings (NRGV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$783.58M
Dividend YieldN/A
Average Volume (3M)3.61M
Price to Earnings (P/E)―
Beta (1Y)2.09
Revenue Growth361.99%
EPS Growth23.03%
CountryUS
Employees158
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-0.69
Shares Outstanding172,975,050
10 Day Avg. Volume3,015,544
30 Day Avg. Volume3,608,795
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 Cap1.15
Enterprise Value/Revenue4.15
Enterprise Value/Gross Profit18.79
Enterprise Value/Ebitda-10.70
Forecast
1Y Price Target
$5.01Price Target Upside39.24% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.33
Revenue Forecast (FY)$255.33M
Energy Vault Holdings Business Overview & Revenue Model
Company Description
Energy Vault Holdings, Inc. develops and sells energy storage solutions. The company offers gravity-based storage systems, including EVx Platform, a scalable, modular product line starting from 40-megawatt hour to multi-gigawatt hours to address g...
How the Company Makes Money
Energy Vault makes money primarily by delivering energy storage projects and related services to customers. Key revenue streams include: (1) system and project revenue from engineering, procurement, and construction (EPC)-type work for energy stor...
Energy Vault Holdings Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call emphasized material strategic progress: rapid capacity scale-up to over 1 GW, a large and growing $1.35B backlog that is majority owned-and-operated, strong top-line growth (Q1 revenue +156% YoY), visibility to >$180M recurring EBITDA and successful financing actions (upsized $150M convertible). These positive operational and financial achievements contrast with near-term profitability drag from investment-related D&A, interest and negative adjusted EBITDA/net loss, back-end loaded revenue recognition and project financing dependencies. On balance, the fundamentals (backlog growth, megawatt scale, recurring EBITDA visibility and liquidity improvements) materially outweigh near-term losses and execution/financing risks.Positive Updates
Strong Top-Line Growth
Q1 revenue of $21.9M, up 156% year-over-year, driven by higher energy storage deliveries and initial Asset Vault contributions.
Negative Updates
Negative Adjusted EBITDA and Net Loss
Q1 adjusted EBITDA was negative $13.6M (vs. negative $11.3M prior year); adjusted net income was negative $20M (vs. negative $11.8M prior year), driven by investments in scaling the own-and-operate strategy, higher D&A, personnel costs and project-related financing expense.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Q1 revenue of $21.9M, up 156% year-over-year, driven by higher energy storage deliveries and initial Asset Vault contributions.
Read all positive updates
Company Guidance
Energy Vault reaffirmed full-year 2026 guidance calling for revenue of $225–$300M (including ~$75–$100M of internal Asset Vault project builds), gross margin of 15–25% and year-end cash of $150–$200M; Q1 results included $21.9M revenue (+156% YoY), $6.1M adjusted gross profit (27.9% adjusted gross margin), adjusted EBITDA of -$13.6M and adjusted net loss (ex one‑time items) of -$20M, with $117.1M cash on hand. The company exited the quarter with a $1.35B backlog (+108% YoY, >80% own‑and‑operate), >1 GW of megawatts under control (≈5x YoY, +140% sequentially), a developed pipeline ~3.5 GW (~$3.5B), and visibility to >$180M of recurring EBITDA run rate; 100 MW of Powered Land/Shell added this quarter is expected to drive ~ $65M recurring EBITDA in 12–18 months (including a 75 MW Powered Land due online Jan‑2027, ~ $35M annualized EBITDA), and corporate financing actions included a $150M convertible note upsized from $125M, $45M of higher‑cost debt repaid, ~$12M of ITC transfers completed and ~$40M total ITC proceeds expected.Energy Vault Holdings Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
24
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 217.02M | 203.67M | 46.20M | 341.54M | 145.88M | 0.00 |
| Gross Profit | 47.90M | 47.99M | 6.19M | 17.53M | 59.30M | -2.44M |
| EBITDA | -84.12M | -81.70M | -134.56M | -97.86M | -69.38M | -28.89M |
| Net Income | -114.96M | -103.61M | -135.75M | -98.44M | -78.30M | -31.34M |
Balance Sheet | ||||||
| Total Assets | 298.04M | 312.88M | 183.89M | 340.75M | 416.71M | 125.29M |
| Cash, Cash Equivalents and Short-Term Investments | 55.24M | 58.26M | 30.02M | 109.92M | 203.04M | 105.13M |
| Total Debt | 171.68M | 94.60M | 1.36M | 1.86M | 1.55M | 1.36M |
| Total Liabilities | 244.26M | 224.26M | 57.63M | 116.96M | 129.00M | 193.96M |
| Stockholders Equity | 30.46M | 67.46M | 126.32M | 223.79M | 287.71M | -68.67M |
Cash Flow | ||||||
| Free Cash Flow | -98.08M | -46.74M | -114.71M | -123.09M | -25.66M | -22.24M |
| Operating Cash Flow | -56.72M | -5.65M | -55.86M | -92.66M | -23.35M | -22.07M |
| Investing Cash Flow | -32.59M | -44.61M | -58.74M | -42.54M | -13.32M | -1.17M |
| Financing Cash Flow | 157.14M | 123.05M | -252.00K | -5.48M | 217.77M | 116.38M |
Energy Vault Holdings Technical Analysis
Positive
3.60
Price Trends
3.38
Positive
4.08
Negative
3.20
Positive
Market Momentum
-0.01
Negative
55.99
Neutral
85.01
Negative
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 3.6 is above the 20-day moving average (MA) of 3.36, above the 50-day MA of 3.38, and above the 200-day MA of 3.20, indicating a bullish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 55.99 is Neutral, neither overbought nor oversold. The STOCH value of 85.01 is Negative, 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 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
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% | |
55 Neutral | $2.05B | -231.49 | 10.05% | ― | 44.58% | 487.28% | |
52 Neutral | $783.58M | -4.36 | -171.06% | ― | 361.99% | 23.03% | |
50 Neutral | $4.44B | -21.70 | -10.50% | ― | 10.93% | -73.80% | |
49 Neutral | $45.26M | -10.17 | -54.97% | ― | -77.09% | -70.55% | |
48 Neutral | $79.30M | -0.93 | -43.78% | ― | ― | 26.95% | |
44 Neutral | $53.58M | -2.07 | 621.02% | ― | 194.65% | 56.91% |
* Utilities Sector Average
NRGV
Energy Vault Holdings
4.53
3.46
323.36%
RNW
ReNew Energy Global
5.62
-0.99
-14.98%
WAVE
Eco Wave Power Global
7.75
0.84
12.24%
NXXT
NextNRG
0.34
-2.84
-89.25%
VGAS
Verde Clean Fuels
1.78
-1.51
-45.90%
FLNC
Fluence Energy
24.16
18.47
324.60%
Energy Vault Holdings Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Energy Vault Posts New Investor Presentation, Manages Liability Exposure
Neutral
May 8, 2026
Energy Vault Holdings disclosed that it posted an investor presentation on its website dated May 7, 2026, providing supplemental financial and operational information about the company. The materials were furnished under a current report and expli...
Business Operations and StrategyPrivate Placements and Financing
Energy Vault Expands Convertible Notes Offering and Capped Calls
Positive
Feb 27, 2026
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 tot...
Private Placements and Financing
Energy Vault completes $140M convertible notes private offering
Neutral
Feb 18, 2026
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 st...
Business Operations and StrategyPrivate Placements and Financing
Energy Vault Prices Upsized Convertible Notes Private Placement
Positive
Feb 12, 2026
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 an...
Business Operations and Strategy
Energy Vault Enters AI Infrastructure With Crusoe Partnership
Positive
Feb 11, 2026
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 ce...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Energy Vault Updates Outlook with Strong 2025 Revenue Surge
Positive
Feb 11, 2026
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 agreei...
Private Placements and Financing
Energy Vault Announces $125 Million Convertible Notes Offering
Neutral
Feb 11, 2026
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...
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.