Energy Vault Holdings, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $203.7M | $46.2M | $341.5M | $145.9M | $0 |
| Cost of revenue | $155.7M | $40.0M | $324.0M | $86.6M | $0 |
| Gross profit | $48.0M | $6.2M | $17.5M | $59.3M | — |
| Research and development | $14.6M | $26.0M | $37.1M | $42.6M | $7.9M |
| Operating expenses | $122.4M | $136.2M | $124.3M | — | — |
| Operating income | -$74.4M | -$130.0M | -$106.7M | -$63.1M | -$29.5M |
| Interest expense | $8.5M | $123,000 | $35,000 | $2,000 | $7,000 |
| Pretax income | -$95.9M | -$135.7M | -$98.8M | -$77.9M | -$31.3M |
| Income tax expense | $7.8M | $67,000 | -$349,000 | $427,000 | $1,000 |
| Net income | -$103.6M | -$135.8M | -$98.4M | -$78.3M | -$31.3M |
| Balance Sheet | |||||
| Cash and equivalents | $58.3M | $27.1M | $109.9M | $203.0M | $105.1M |
| Current assets | $121.1M | $68.9M | $279.6M | $390.1M | $110.7M |
| Total assets | $312.9M | $183.9M | $340.8M | $416.7M | $125.3M |
| Current liabilities | $165.0M | $54.7M | $111.9M | $125.3M | $7.3M |
| Total liabilities | $224.3M | $57.6M | $117.0M | $129.0M | $11.3M |
| Total debt | $99.6M | $0 | — | — | — |
| Stockholders' equity | $67.5M | $126.3M | $223.8M | $287.7M | -$68.7M |
| Cash Flow Statement | |||||
| Cash from operations | -$5.6M | -$55.9M | -$92.7M | -$23.3M | -$22.1M |
| Depreciation and amortization | $3.4M | $1.1M | $893,000 | $7.7M | $2.3M |
| Stock-based compensation | $36.7M | $38.7M | $43.1M | $41.1M | $500,000 |
| Capital expenditure | $41.1M | $58.9M | $30.4M | $2.3M | $170,000 |
| Free cash flow | -$46.7M | -$114.7M | -$123.1M | -$25.7M | -$22.2M |
| Impairments | — | $400,000 | $0 | $2.8M | $3.2M |
Shares outstanding 178.2M · Free float 63.2%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.