Energy Vault Holdings (NRGV)
NYSE:NRGV
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Energy Vault Holdings
(NYSE:NRGV)
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Rating:54Neutral
Price Target:
$3.50
▲(0.00% Upside)
Action:ReiteratedDate:04/01/26
The score is held back primarily by weak financial performance (ongoing losses, higher leverage, and continued cash burn). This is partially offset by a strong and well-supported earnings-call outlook, including sizable backlog/contracted capacity growth and improved liquidity, while technical indicators remain soft and valuation support is limited due to negative earnings and no dividend.
Positive Factors
Large backlog and pipeline
A $1.3B contracted backlog and a >$3B developed pipeline tied to ~1.8GW give multi‑period revenue visibility. This durable commercial book underpins predictable project deliveries and services revenue, lowering reliance on one‑off wins and supporting steady scaling of operations.
Negative Factors
Persistent negative cash flow
Consistent negative operating and free cash flow means the business currently requires external funding to sustain growth and CapEx needs. Continued cash burn creates reliance on capital markets or partners; setbacks in project timings or financings could quickly increase financing costs and constrain execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Large backlog and pipeline
A $1.3B contracted backlog and a >$3B developed pipeline tied to ~1.8GW give multi‑period revenue visibility. This durable commercial book underpins predictable project deliveries and services revenue, lowering reliance on one‑off wins and supporting steady scaling of operations.
Read all positive factors
Energy Vault Holdings (NRGV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$605.41M
Dividend YieldN/A
Average Volume (3M)3.62M
Price to Earnings (P/E)―
Beta (1Y)2.16
Revenue Growth-35.99%
EPS Growth-46.51%
CountryUS
Employees158
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)0.02
Shares Outstanding172,975,050
10 Day Avg. Volume2,495,657
30 Day Avg. Volume3,617,735
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 Cap1.06
Enterprise Value/Revenue3.15
Enterprise Value/Gross Profit13.37
Enterprise Value/Ebitda-8.97
Forecast
1Y Price Target
$4.03Price Target Upside15.14% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-0.27
Revenue Forecast (FY)$246.70M
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 primarily makes money by delivering energy storage projects and related services to customers such as utilities, independent power producers, and grid/renewable developers. Key revenue streams include: (1) project/system sales and tur...
Energy Vault Holdings Earnings Call Summary
Earnings Call Date:Mar 17, 2026
(Q4-2025)
| Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and commercial progress: very large YoY revenue growth, sizable backlog expansion ($1.3B) and a rapid increase in contracted capacity to 540 MW, improved gross margins and a positive Q4 adjusted EBITDA and adjusted net income. The company also materially strengthened liquidity with a $300M preferred equity close and a $150M convertible note, and presented clear Asset Vault economics with potential for sizable recurring EBITDA. Key risks remain around earlier tariff-driven disruption, full-year GAAP profitability (still negative), project financing and regulatory timing for several large projects, and a wide margin guidance range for 2026. Overall, the positive growth, margin expansion, backlog and financing achievements materially outweigh the outstanding execution and timing risks.Positive Updates
Large Revenue Ramp and Strong Q4 Finish
Q4 revenue of $153.3M versus $33.5M in the prior year quarter (≈+358% YoY for the quarter); full-year 2025 revenue of $203.7M, representing over +340% YoY growth and within prior guidance.
Negative Updates
Tariff-Related Disruption and Early-Year Volatility
Management described 2025 as having a difficult start driven by tariffs and market uncertainty that posed material challenges to operations and planning earlier in the year; required active mitigation and restructuring of plans.
Read all updates
Q4-2025 Updates
Positive
Negative
Large Revenue Ramp and Strong Q4 Finish
Q4 revenue of $153.3M versus $33.5M in the prior year quarter (≈+358% YoY for the quarter); full-year 2025 revenue of $203.7M, representing over +340% YoY growth and within prior guidance.
Read all positive updates
Company Guidance
Energy Vault guided full-year 2026 revenue of $225 million to $300 million (roughly 30% growth at the midpoint vs. 2025), with gross margin of 15%–25% (versus 23.6% in 2025) and a year-end cash target of $150 million to $200 million (cash was $103.4 million at 12/31/25); management expects approximately $40 million of ITC proceeds, completed a $150 million convertible offering in Feb 2026 (upsized from $125 million, implied conversion price $8.12) and has a $300 million preferred equity commitment that can underwrite $1.0–$1.2 billion of CapEx to accelerate Asset Vault (>1.5 GW targeted). The company reported a $1.3 billion revenue backlog (3x YoY, +42% QoQ) and 540 MW of contracted capacity (including ~100 MW of AI digital infrastructure), with a developed pipeline of >$3 billion tied to 1.8 GW; Asset Vault Fund 1 is expected to contribute roughly $60 million of recurring adjusted EBITDA initially and could scale to $100–$150 million by year-end 2029, the 540 MW portfolio is projected to deliver about $130–$150 million of EBITDA over the next 18–36 months, and management expects $75–$100 million of 2026 internal project integration work at ~15% cash margin while closing project financings (SOSA: 150 MW, $125–$150 million total cost, ~40% leverage, U.S. 40% gross ITC in Q2 2026; Stoney Creek: ~AUD 350 million cost, >50% leverage in H2 2026).Energy Vault Holdings Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
38
Negative
Cash Flow
22
Negative
| 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
Positive
3.50
Price Trends
3.42
Positive
4.07
Negative
3.17
Positive
Market Momentum
-0.07
Negative
53.59
Neutral
58.94
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 3.5 is above the 20-day moving average (MA) of 3.37, above the 50-day MA of 3.42, and above the 200-day MA of 3.17, indicating a bullish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 53.59 is Neutral, neither overbought nor oversold. The STOCH value of 58.94 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 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 | $1.81B | -231.49 | 10.05% | ― | 42.09% | 219.69% | |
54 Neutral | $605.41M | -9.34 | -117.28% | ― | -35.99% | -46.51% | |
50 Neutral | $39.71M | -10.17 | -54.97% | ― | -40.99% | -46.52% | |
48 Neutral | $82.42M | -2.60 | -16.59% | ― | ― | 23.66% | |
47 Neutral | $66.77M | -4.03 | -602.83% | ― | 146.01% | 63.18% | |
46 Neutral | $2.80B | -14.43 | -12.87% | ― | -16.15% | -324.40% |
* Utilities Sector Average
NRGV
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Energy Vault Holdings Corporate Events
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...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Energy Vault Begins Construction of Texas SOSA Energy Center
Positive
Jan 6, 2026
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 four...
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.