NRGVNYSEMiscellaneous Electrical Machinery, Equipment & SuppliesUS GAAP · USD

Energy Vault Holdings, Inc.

Energy Vault Holdings, Inc. designs and deploys grid-scale energy storage solutions that combine proprietary gravity, battery, and green hydrogen hardware with its VaultOS energy management software. The company is also shifting from a pure technology supplier toward owning and operating selected storage assets, using project development, licensing, and tolling-style contracts to monetize its platform.

Kysy yhtiöstä
Liikevaihto204milj. USD
+340,9 %v/v
Liikevoitto (EBIT)−74,4milj. USD
+42,8 %v/v
EBIT-marginaali−36,5%
+244,9 %-yks.v/v
Nettotulos−104milj. USD
+23,7 %v/v
Vapaa kassavirta−46,7milj. USD
+59,3 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−200−1000100200300400milj. USD2020: EBIT −15 milj. USD20202021: 0,00 milj. USD2021: EBIT −1,2 milj. USD20212022: 146 milj. USD2022: EBIT −63 milj. USD20222023: 342 milj. USD2023: EBIT −107 milj. USD20232024: 46 milj. USD2024: EBIT −130 milj. USD20242025: 204 milj. USD2025: EBIT −74 milj. USD2025204−74
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Energy storage hardware55 %

Proprietary gravity, battery, and hydrogen storage systems sold or deployed as turnkey assets.

Software and controls10 %

VaultOS EMS software and integration tools used to manage storage assets and optimize dispatch.

Project development and EPC20 %

Engineering, procurement, construction, and integration services for storage projects.

Licensing and royalties10 %

Technology licenses and recurring royalty streams from third-party deployment partners.

Owned assets and tolling5 %

Revenue from projects the company owns or operates under long-term offtake/tolling structures.

Tuotteet

Raportoitu · osuus liikevaihdosta
96,5%FY2024100 %
  • Sale of Energy Storage Products96,5 %
  • Operation and Maintenance Services2,4 %
  • Software Licensing0,9 %
  • Intellectual Property Licensing0,2 %

Lähde: 10-K FY2024, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Energy Vault sells to utilities, independent power producers, and large industrial energy users that need grid reliability, renewable integration, and lower energy costs. It also works with infrastructure developers and project partners in markets where storage economics are supported by policy incentives, grid constraints, or long-term tolling contracts. As the company adds owned assets, counterparties increasingly include offtakers and power marketers rather than only technology buyers.

Utilities

Buy storage systems and software to improve grid stability, manage intermittency, and defer infrastructure upgrades.

Independent power producers

Purchase turnkey storage projects and controls to pair with renewable generation and monetize grid services.

Large industrial energy users

Use storage to reduce energy costs, improve reliability, and support onsite or behind-the-meter resilience.

Infrastructure developers and local partners

License Energy Vault technology and software to accelerate regional deployment, as in India.

Offtakers and power marketers

Contract for capacity or tolling from owned assets, providing recurring project cash flows.

Strategia

Energy Vault is transitioning from a technology-only model to a broader platform that includes owning and operating selected storage assets in attractive markets. Management is also pushing licensing and royalty partnerships, which can scale deployment without requiring the company to fund every project balance sheet-heavy. The strategy is designed to diversify revenue, deepen customer relationships, and create recurring cash flows from software, royalties, and tolling contracts.

Scale own-and-operate assetsKeskipitkä aikaväli

Creates recurring project cash flows and reduces dependence on one-time hardware sales.

Grow licensing and royalty revenueLyhyt aikaväli

Allows broader market reach with lower capital intensity and better scalability.

Expand project backlog and pipeline conversionLyhyt aikaväli

Backlog supports near-term revenue visibility and project financing capacity.

Broaden geographic footprintKeskipitkä aikaväli

Diversifies regulatory exposure and opens markets with favorable storage demand.

Maantiede

2025

Energy Vault operates globally, with reported project activity in the United States, Australia, and India, and management describes a broader international footprint. The company’s economics are highly geography-dependent because storage demand is shaped by local regulation, interconnection rules, tariffs, and renewable penetration. Recent disclosures show expansion into India through licensing and into Australia through project acquisition, while U.S. projects remain central to near-term operations.

Australia61 %
USA36 %
Other countries (US filing)2,5 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Energy Vault faces execution risk as it moves from a technology vendor to an owner/operator of storage assets, which increases capital needs, project complexity, and operating exposure. Its business is also sensitive to tariffs, inflation, regulation, and competition, while the company has disclosed NYSE minimum bid-price noncompliance and a history of operating losses and negative cash flow. Because demand depends on policy support and storage economics, changes in incentives, interconnection rules, or customer adoption can materially affect growth.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Project execution and commissioning risk1Capital and liquidity risk2Regulatory and policy risk3NYSE listing compliance4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Project execution and commissioning riskVaikutus: KorkeaTodennäköisyys: Korkea

    Revenue depends on completing storage projects on time and operating them reliably.

    KohdistuuTurnkey projectsOwned assetsEPC contracts
  2. Capital and liquidity riskVaikutus: KorkeaTodennäköisyys: Korkea

    The company has historically burned cash and may need additional equity or debt funding.

    KohdistuuOwned assetsProject financingWorking capital
  3. Regulatory and policy riskVaikutus: KorkeaTodennäköisyys: Matala

    Storage demand and project economics depend on incentives, tariffs, and utility regulation.

    Kohdistuu: United States and other regulated power markets

  4. NYSE listing complianceVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    The company disclosed noncompliance with the minimum bid-price requirement.

    Kohdistuu: Public market access and employee equity incentives

  5. Competitive pressureVaikutus: Keskitaso

    New and existing storage vendors can compete on cost, performance, and software features.

    KohdistuuHardwareSoftwareIntegration offerings
  6. Tariff and inflation exposureVaikutus: Keskitaso

    Equipment, materials, shipping, and subcontractor costs can rise faster than pricing.

    KohdistuuBattery systemsInvertersEnclosuresTransformersCables

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition by contract type

License revenue is recognized when control transfers, while software and O&M are recognized over time.

Vaikutus: Can shift revenue between quarters and change reported mix

Project and asset accounting

The move into own-and-operate assets introduces depreciation, impairment, and fair value judgments.

Vaikutus: Affects gross margin, operating income, and asset carrying values

Stock-based compensation

A meaningful non-cash expense in G&A and EBITDA reconciliations.

Vaikutus: Impacts operating loss and adjusted EBITDA comparability

Credit loss and receivable estimates

The company disclosed provisions for credit losses in non-GAAP reconciliations.

Vaikutus: Can affect earnings when customer or counterparty risk changes

Emerging growth company accounting election

Delayed adoption of some standards can make results less comparable to mature peers.

Vaikutus: Affects cross-company analysis and trend comparability

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Päivitetty: 24.9.2026

Energy Vault Holdings, Inc. (NRGV) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo