Energy Vault Holdings, Inc.
- Open
- 4.66
- Day high
- 4.75
- Day low
- 4.53
- Prev close
- 4.71
- Volume
- 500K
- Mkt cap
- $733M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 24.1
- P/S
- 3.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$207K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Energy Vault Holdings, Inc. (NRGV) is a Utilities company listed on NYSE. The stock is up 544% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering NRGV.
Energy Vault Holdings, Inc. (NRGV) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NRGV earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.15 | $-0.20 | -33.3% | $22M | +5.6% |
| Mar 17, 2026 | $-0.05 | $-0.13 | -143.8% | $153M | +322.4% |
| Aug 7, 2025 | $-0.07 | $-0.22 | -214.3% | $9M | -82.6% |
| Mar 17, 2025 | $-0.14 | $-0.35 | -150.0% | $33M | -21.3% |
| Mar 12, 2024 | $-0.10 | $-0.15 | -50.0% | $118M | -22.0% |
| Mar 7, 2023 | $-0.08 | $-0.17 | -112.5% | $100M | +368.1% |
| Nov 14, 2022 | $-0.10 | $-0.21 | -110.0% | $2M | -78.4% |
| May 16, 2022 | $0.02 | $0.15 | +749.9% | $43M | +230.5% |
| Feb 10, 2022 | $-11.55 | $-0.50 | +95.7% | — | — |
| Aug 13, 2021 | — | $0.12 | — | — | — |
| May 24, 2021 | — | $-0.22 | — | — | — |
| Mar 26, 2021 | — | $-0.08 | — | — | — |
NRGV insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | Piconi Robertdirector, 10 percent owner, officer: Chief Executive Officer | Grant | 3,886,000 | $4.26 |
| Jun 1, 2026 | Hixon Dylandirector | Grant | 19,153 | — |
| Jun 1, 2026 | Ertel Thomas Rdirector | Grant | 22,026 | — |
| Jun 1, 2026 | Unwin Stephaniedirector | Grant | 19,153 | — |
| Jun 1, 2026 | Paulson Larrydirector | Grant | 22,026 | — |
| Jun 1, 2026 | Mandanas Mary Bethdirector | Grant | 22,026 | — |
| Jun 1, 2026 | Fariello Theresa Mdirector | Grant | 19,153 | — |
| Apr 8, 2026 | Beer Michael Thomasofficer: Chief Financial Officer | Option | 50,000 | $1.17 |
| Apr 8, 2026 | Beer Michael Thomasofficer: Chief Financial Officer | Sell | 65,000 | $3.18 |
| Apr 2, 2026 | Piconi Robertdirector, 10 percent owner, officer: Chief Executive Officer | Tax | 329,921 | $3.30 |
| Apr 2, 2026 | Ladwa Akshayofficer: Chief Operations Officer | Tax | 147,984 | $3.30 |
| Apr 2, 2026 | Beer Michael Thomasofficer: Chief Financial Officer | Tax | 28,738 | $3.30 |
| Mar 26, 2026 | Mandanas Mary Bethdirector | Buy | 5,000 | $3.65 |
| Mar 16, 2026 | Beer Michael Thomasofficer: Chief Financial Officer | Grant | 150,000 | — |
| Mar 16, 2026 | Ladwa Akshayofficer: Chief Operations Officer | Grant | 475,000 | — |
Source: NRGV SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full NRGV insider & 13F page →Energy Vault Holdings, Inc. company profile
Overview
Energy Vault Holdings, Inc. (NYSE:NRGV) is a California-based energy storage technology company founded in 2017 that went public through a SPAC merger in March 2021. The company develops and deploys innovative gravity-based energy storage systems alongside traditional battery storage solutions to address the growing need for grid-scale energy storage as renewable energy adoption accelerates globally. Energy Vault has evolved from a pure technology developer to a company that builds, owns, and operates energy storage infrastructure projects, with operations spanning the United States, Australia, China, Europe, and other international markets.
Business
Energy Vault operates in the rapidly expanding grid-scale energy storage industry, which serves as a critical component of the global transition to renewable energy. The company's core business revolves around providing long-duration energy storage solutions that help utilities, independent power producers, and large industrial energy users manage the intermittent nature of renewable energy sources like solar and wind power. The company's flagship technology is the EVx Platform, a gravity-based energy storage system that uses mechanical principles to store and release energy. This system works by using excess electricity to lift heavy composite blocks using motors and cables, storing potential energy. When electricity is needed, the blocks are lowered, and the motors act as generators to produce electricity. This technology can provide storage durations ranging from 4 to 12+ hours, filling a critical gap between short-duration battery storage and long-duration solutions like pumped hydro storage. Energy Vault also offers traditional lithium-ion battery energy storage systems (BESS) and hybrid solutions that combine multiple storage technologies. The company has developed an Energy Management Software platform that can optimize and control various types of energy storage systems and renewable generation assets. The company's business segments include: 1. Energy Storage Systems (approximately 70-80% of revenue) - delivering turnkey battery and gravity storage projects, 2. Licensing and Royalties (approximately 10-15% of revenue) - licensing gravity storage technology to partners in specific geographic regions, and 3. Software and Services (approximately 5-10% of revenue) - providing ongoing operational services and software solutions for energy storage assets.
Revenue model
Energy Vault generates revenue through multiple business models that have evolved significantly as the company has matured. The primary revenue streams include project sales from engineering, procurement, and construction (EPC) contracts for battery and gravity storage systems, licensing fees and royalties from technology partnerships, and increasingly, long-term service agreements from owned and operated energy storage assets. The company's customers are primarily utilities, independent power producers, and large industrial energy users who need grid-scale energy storage to manage renewable energy integration, provide grid stability services, and optimize their energy portfolios. Recent projects include partnerships with major utilities like PG&E in California and ACEN in Australia, as well as industrial customers seeking energy resilience solutions. Energy Vault has strategically shifted toward a build-own-operate model for select projects, which provides more predictable, recurring revenue streams compared to one-time project sales. Under this model, the company develops energy storage assets and enters into long-term tolling agreements or power purchase agreements, generating steady cash flows over 10-20 year periods. Several factors significantly impact the company's margins and profitability. Battery price volatility directly affects project costs and margins, with recent declines in lithium-ion battery prices improving gross margins from 5% in 2023 to over 50% in recent quarters. Supply chain dynamics and international trade policies, particularly U.S.-China tariffs on battery imports, create both challenges and opportunities for project timing and sourcing strategies. Project scale and complexity influence margins, with larger, more sophisticated projects typically commanding higher margins due to Energy Vault's specialized expertise in multi-technology integration and complex grid applications. The company's ability to secure long-term contracted offtakers for owned projects reduces market risk and enables project financing, while competition from traditional battery storage providers pressures pricing in the shorter-duration storage market where Energy Vault competes with its battery offerings.
Competitive moat
Energy Vault's competitive moat is moderate but faces significant challenges in a rapidly evolving energy storage market. The company's primary competitive advantage lies in its unique gravity-based storage technology, which offers several distinct benefits over traditional battery storage including longer asset life (35+ years versus 10-15 years for batteries), no degradation over time, use of abundant materials rather than critical minerals, and superior performance in extreme weather conditions. The company has built technological expertise in multi-technology integration, demonstrated by its ability to combine gravity storage, battery storage, solar generation, and green hydrogen production in single projects. This systems integration capability, supported by proprietary energy management software, creates value for customers with complex energy requirements and differentiates Energy Vault from pure-play battery providers. However, the moat faces substantial competitive pressures. Rapidly declining battery costs have made traditional lithium-ion storage increasingly cost-competitive, particularly for shorter-duration applications that represent the majority of current market demand. Established players like Tesla, Fluence, and traditional power equipment manufacturers have significantly more resources, established customer relationships, and proven track records at scale. The unproven commercial scalability of gravity storage technology remains a key risk, as Energy Vault has only deployed one commercial gravity system to date, compared to thousands of battery installations by competitors. The company's licensing strategy provides some protection by enabling market expansion without capital investment, but intellectual property protection in the energy storage sector is challenging, and the fundamental physics of gravity storage could potentially be replicated by well-funded competitors. Additionally, emerging long-duration storage technologies from companies developing compressed air, liquid air, iron-air batteries, and other solutions could potentially offer superior economics or performance characteristics compared to gravity storage. Energy Vault's moat is best characterized as narrow but potentially defendable if the company can successfully demonstrate commercial viability of its gravity technology at scale and continue to build its systems integration capabilities ahead of competition.
Risks & safety
Energy Vault's margin of safety appears limited given its current financial position and business model transition challenges. **Cash and Liquidity Concerns:** - Cash position declined from $109 million at end of 2023 to $18 million in Q1 2025 - Negative free cash flow of $115 million in 2024 and $10 million in Q1 2025 - Current ratio of 0.86 indicates potential short-term liquidity pressure - Company expects cash to increase to $50-75 million by Q3 2025 through project deliveries **Debt and Solvency:** - Minimal debt with debt-to-equity ratio of 0.23 - Total liabilities of $103 million against $217 million in assets - No immediate solvency risk but cash burn rate requires careful monitoring **Valuation Metrics:** - Trading at 0.93x book value, suggesting market skepticism - Negative EBITDA makes traditional valuation metrics challenging - Enterprise value reflects significant uncertainty about business model execution **Other Considerations:** - $648 million revenue backlog provides some visibility but execution risk remains high - Business model transition to build-own-operate requires significant capital investment - Technology commercialization risk with limited proven gravity storage deployments
Recent development
Energy Vault has undergone significant strategic evolution over the past few years, transitioning from a pure technology development company to an integrated energy infrastructure developer and operator. The most significant strategic pivot has been the shift toward a build-own-operate business model, where the company develops energy storage assets and retains ownership to generate long-term recurring revenue streams rather than simply selling projects. Key recent developments include the completion of the company's first gravity energy storage system in Rudong, China, which achieved 82-83% round-trip efficiency and demonstrated the commercial viability of the technology. The company has expanded its geographic footprint significantly, with major project announcements in Australia including partnerships with ACEN for multiple battery storage projects and the Stoney Creek project featuring a 14-year service agreement. Energy Vault has diversified its technology portfolio beyond gravity storage, developing expertise in hybrid energy storage solutions that combine multiple technologies. Notable examples include the Calistoga Resiliency Center project for PG&E, which integrates green hydrogen production with battery storage, and various projects combining solar generation with energy storage systems. The company has also focused on strategic partnerships and licensing agreements to expand market reach without capital investment. A significant recent development was the 10-year, 30-gigawatt-hour licensing agreement with SPML Infra in India, which provides technology access for domestic manufacturing and project development in the rapidly growing Indian energy storage market. Operationally, Energy Vault has implemented cost reduction initiatives, targeting 15-25% reductions in operating expenses while building project development and financing capabilities. The company has successfully completed project financing for owned assets and developed relationships with strategic investors interested in funding energy infrastructure projects.
NRGV company profile · for informational purposes only — not investment advice.
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