NYSE:NRGV
Energy Vault Holdings, Inc.
A next-generation gravity battery technology company converting surplus renewable energy into stored potential energy via automated block lifting systems.
Key Metrics
Investment Thesis
Bull Case
Investors might buy based on the transformative potential of gravity storage technology which offers a long-life, non-toxic alternative to lithium-ion batteries with lower material costs. The substantial accumulated other comprehensive income loss and significant share-based compensation of $38.7M suggest a management team prioritizing equity dilution over cash retention to fund long-term R&D in research and development expenses of $26.0M.
Bear Case
The stock faces severe bearish pressure due to the widening net profit deficit from -$78.3M to -$135.8M over the last three years, indicating deteriorating financial health without a clear path to profitability. With total liabilities at $57.6M against only $27.1M in cash, liquidity concerns are acute as working capital changes turned negative by $84.1M, threatening operational continuity.
About Energy Vault Holdings, Inc.
Energy Vault Holdings, Inc. develops and deploys automated systems that store excess energy by lifting heavy concrete blocks using AI-controlled cranes, serving the global renewable energy sector. The company focuses on creating gravity-based storage solutions to address intermittency issues in solar and wind power markets. Its primary product is a scalable vertical construction system designed for utility-scale energy storage projects worldwide.
Analysis
Management Discussion
The company reported a net loss of $135.8M for the latest period, with operating profit declining to -$130.0M despite maintaining significant non-cash adjustments totaling $164.0M. While cash and equivalents increased slightly from $145.6M to $27.1M due to financing activities offsetting heavy investing outflows of $58.7M, the sharp revenue drop suggests potential market headwinds or project delivery delays that require immediate strategic attention.
Industry Overview
The energy storage industry is rapidly evolving to support the transition to 100% renewable grids, with gravity storage emerging as a promising niche for long-duration applications. While lithium-ion dominates short-term storage, the sector is diversifying into flow batteries and mechanical options like pumped hydro and gravity systems to meet multi-hour to multi-day storage needs.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $145.9M | $341.5M | $46.2M |
| Cost of Revenue | $86.6M | $324.0M | $40.0M |
| Gross Profit | $59.3M | $17.5M | $6.2M |
| Operating Expenses | $122.4M | $124.3M | $136.2M |
| Operating Income | $-63.1M | $-106.7M | $-130.0M |
| R&D | $50.1M | $37.1M | $26.0M |
| G&A | $56.9M | $68.1M | $63.0M |
| Marketing | $12.6M | $18.2M | $15.8M |
| Stock-Based Comp | $41.1M | $43.1M | $38.7M |
| D&A | $7.7M | $893.0K | $1.1M |
| Depreciation | $7.7M | $900.0K | $700.0K |
| Amortization | — | — | $400.0K |
| Other OpEx | $2.8M | $893.0K | $31.4M |
| Non-Operating Income | $-14.8M | $7.9M | $-5.8M |
| Interest Expense | $2.0K | $35.0K | — |
| Pre-Tax Income | $-77.9M | $-98.8M | $-135.7M |
| Income Tax | $427.0K | $-349.0K | $67.0K |
| Continuing Ops | $-78.3M | $-98.4M | $-135.8M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-78.3M | $-98.4M | $-135.8M |
| Minority Interest | $0 | $0 | $-63.0K |
| Net to Common | $-78.3M | $-98.4M | $-135.8M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $390.1M | $279.6M | $68.9M |
| Cash & Equivalents | $203.0M | $109.9M | $27.1M |
| Marketable Securities | — | — | $2.9M |
| Accounts Receivable | $37.5M | $27.2M | $14.6M |
| Inventory | $4.4M | $415.0K | $107.0K |
| Prepaid Expenses | $31.6M | $4.5M | $3.6M |
| Other Current Assets | $113.6M | $137.5M | $20.6M |
| Long-Term Assets | $26.6M | $61.2M | $115.0M |
| Intangibles | — | $1.8M | $4.5M |
| Operating Leases | $1.4M | $1.7M | $1.2M |
| LT Investments | — | — | $3.3M |
| Other LT Assets | $25.2M | $57.7M | $106.0M |
| Total Assets | $416.7M | $340.8M | $183.9M |
| Current Liabilities | $125.3M | $111.9M | $54.7M |
| Accounts Payable | $60.3M | $21.2M | $20.2M |
| Current Leases | $787.0K | $697.0K | $461.0K |
| Deferred Revenue | $49.4M | $4.9M | $8.9M |
| Other Current Liab | $38.0K | $27.0K | $38.0K |
| Long-Term Liabilities | $3.7M | $5.1M | $3.0M |
| LT Operating Leases | $709.0K | $1.0M | $785.0K |
| Other LT Liab | $1.5M | $2.6M | $2.2M |
| Total Liabilities | $129.0M | $117.0M | $57.6M |
| Shareholders' Equity | $287.7M | $223.8M | $126.3M |
| Paid-In Capital | $435.9M | $473.3M | $512.0M |
| Retained Earnings | $-147.3M | $-248.1M | $-383.8M |
| AOCI | $-888.0K | $-1.4M | $-1.9M |
| Total L&E | $416.7M | $340.8M | $183.9M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-78.3M | $-98.4M | $-135.8M |
| Non-Cash Adjustments | $-143.5M | $41.8M | $164.0M |
| Working Capital Changes | $198.4M | $-36.0M | $-84.1M |
| Cash from Operations | $-23.3M | $-92.7M | $-55.9M |
| Capital Expenditures | $2.3M | $30.4M | $58.9M |
| Cash from Investing | $-13.3M | $-42.5M | $-58.7M |
| Cash from Financing | $217.8M | $-5.5M | $-252.0K |
| FX Effect | $-49.0K | $52.0K | $-634.0K |
| Net Change in Cash | $181.1M | $-140.6M | $-115.5M |
| Beginning Cash | $105.1M | $286.2M | $145.6M |
| Ending Cash | $286.2M | $145.6M | $30.1M |
Frequently Asked Questions
How does Energy Vault Holdings, Inc. make money?
Automated Vertical Construction Systems generating revenue from deployed gravity storage units, Energy-as-a-Service contracts providing grid balancing solutions, and Technology Licensing offering intellectual property for modular storage architectures.
What are the main risks for NRGV?
Persistent operating losses and a growing accumulated deficit of $383.8M indicating severe cash burn challenges, high capital expenditure requirements of $58.9M in the latest period straining limited liquidity reserves, significant revenue contraction from $341.5M to $46.2M year-over-year disrupting growth trajectory, and dependence on large-scale government or utility subsidies for project viability.
What is NRGV's competitive advantage?
Proprietary AI-driven automation that significantly reduces construction time and labor costs compared to traditional battery manufacturing, scalable vertical design allowing for massive energy density per footprint, and first-mover advantage in commercializing gravity-based storage technology.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.