Financial leverage has escalated rapidly, with the debt-to-equity ratio climbing from 0.01 in 2024Q4 to 3.19 in 2026Q1, reflecting an increasing reliance on debt to fund capital-intensive asset deployments.
| Total Assets | 298.04M | 312.88M | 183.89M | 340.75M | 416.71M | 125.29M | 30.38M | 38.69M |
| Asset Growth % | 116.04% | 70.14% | -46.03% | -18.23% | 232.59% | 312.38% | -21.47% | - |
| PP&E (Net) | 103.62M | 98.31M | 100.7M | 32.74M | 4.49M | 13.11M | 4.18M | 2.86M |
| PP&E / Total Assets % | 34.77% | 31.42% | 54.76% | 9.61% | 1.08% | 10.46% | 13.77% | 7.38% |
| Total Current Assets | 103.79M | 121.07M | 68.91M | 279.58M | 390.07M | 110.66M | 10.8M | 15.08M |
| Cash & Equivalents | 55.24M | 58.26M | 27.09M | 109.92M | 203.04M | 105.13M | 10.05M | 14.66M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 121K | 0 | 173.05K |
| Inventory | 126K | 139K | 107K | 415K | 4.38M | 0 | 0 | 0 |
| Other Current Assets | 43.48M | 16.1M | -8.69M | 50.07M | 83.32M | 4.28M | 749.92K | 251.9K |
| Long-Term Investments | 13.27M | 3.37M | 3.27M | 15M | 9M | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 7.06M | 8.28M | 4.54M | 1.79M | 0 | 0 | 0 | 0 |
| Other Assets | 51.46M | 41.35M | 6.48M | 11.64M | 13.16M | 1.52M | 15.4M | 20.75M |
| Total Liabilities | 244.26M | 224.26M | 57.63M | 116.96M | 129M | 193.96M | 7.97M | 52.74M |
| Total Debt | 171.68M | 94.6M | 1.36M | 1.86M | 1.55M | 1.36M | 2.16M | 1.63M |
| Net Debt | 116.43M | 36.34M | -25.73M | -108.06M | -201.49M | -103.77M | -7.89M | -13.03M |
| Long-Term Debt | 160.61M | 37.97M | 0 | 0 | 0 | 0 | 795.67K | 0 |
| Short-Term Borrowings | 11.06M | 56.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.53M | 0 | 1.36M | 1.86M | 1.55M | 1.36M | 1.36M | 1.63M |
| Total Current Liabilities | 61.95M | 165.02M | 54.66M | 111.85M | 125.32M | 7.34M | 3.9M | 2.9M |
| Accounts Payable | 9.08M | 30.84M | 20.25M | 21.16M | 60.31M | 1.98M | 2.06M | 1.1M |
| Accrued Expenses | 38.49M | 0 | 20.56M | 5.99M | 10.58M | 948K | 1.29M | 801.43K |
| Deferred Revenue | 0 | 6.61M | 8.94M | 4.92M | 49.43M | 1.5M | 0 | 801.43K |
| Other Current Liabilities | 41.8M | 70.94M | 2.06M | 78.32M | 0 | 3.76M | 123.41K | -197.43K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 21.7M | 21.27M | 2.11M | 2.47M | 1.45M | 184.42M | 2.33M | 47.1M |
| Total Equity | 53.78M | 88.62M | 126.26M | 223.79M | 287.71M | -68.67M | 22.42M | -14.05M |
| Equity Growth % | -191.87% | -29.81% | -43.58% | -22.22% | 519% | -406.34% | 259.55% | - |
| Shareholders Equity | 30.46M | 67.46M | 126.32M | 223.79M | 287.71M | -68.67M | 22.42M | -14.05M |
| Minority Interest | 23.32M | 21.16M | -63K | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 17K | 17K | 15K | 15K | 14K | 0 | 215 | 215 |
| Additional Paid-in Capital | 0 | 555.87M | 512.02M | 473.27M | 435.85M | 713K | 98.5K | 70.36K |
| Retained Earnings | -519.92M | -487.43M | -383.82M | -248.07M | -147.26M | -68.97M | -37.63M | -13.46M |
| Accumulated OCI | -636K | -966K | -1.9M | -1.42M | -888K | -413K | -2.1M | -663.36K |
| Return on Assets (ROA) | -40.28% | -41.71% | -51.75% | -25.99% | -28.89% | -40.26% | -69.99% | -26.21% |
| Return on Equity (ROE) | -146.8% | -96.44% | -77.56% | -38.49% | -71.49% | - | -577.86% | - |
| Debt / Equity | 3.19x | 1.07x | 0.01x | 0.01x | 0.01x | - | 0.10x | - |
| Debt / Assets | 57.6% | 30.23% | 0.74% | 0.55% | 0.37% | 1.08% | 7.11% | 4.21% |
| Net Debt / EBITDA | -1.61x | - | - | - | - | - | - | -1.30x |
| Book Value per Share | 0.31 | 0.55 | 0.84 | 1.57 | 2.33 | -0.64 | 0.33 | -11.4 |
Liquidity and solvency risk
As reported in recent financial statements, NRGV's debt-to-equity ratio has surged from 0.01 in 2024Q4 to 3.19 by 2026Q1, reflecting a rapid shift toward debt-heavy financing as the company attempts to fund its capital-intensive infrastructure deployments while equity reserves remain under significant pressure from persistent net losses.
The dramatic increase in leverage suggests that the company is exhausting its ability to rely on equity-based funding, forcing a pivot toward debt instruments that may carry restrictive covenants. Investors should monitor whether this debt accumulation is sustainable given the lack of positive operating cash flow to service interest obligations.
Based on the company's reported figures, cash reserves have declined from a peak of $135.8 million in 2024Q1 to $55.2 million in 2026Q1, a trend that indicates a narrowing window for operational self-sufficiency before additional external capital or dilutive financing becomes an absolute necessity for survival.
The current ratio of 1.68, while appearing superficially adequate, masks the underlying reality of high cash burn rates associated with project execution. The rapid depletion of liquid assets suggests that the company may face significant challenges in maintaining its current pace of construction without further compromising its balance sheet health.
According to quarterly data, net PPE has expanded from $32.7 million in 2023Q4 to $103.6 million in 2026Q1, illustrating the heavy capital investment required to build out gravity-based storage assets, though this growth has yet to translate into a stable or profitable revenue stream for the firm.
The accumulation of physical assets on the balance sheet represents a significant commitment to a capital-intensive business model that remains unproven at scale. This asset growth warrants further investigation into the depreciation schedules and potential impairment risks if project milestones fail to meet expected performance and revenue targets.
As indicated by the financial data, equity has contracted from $223.8 million in 2023Q4 to $30.5 million in 2026Q1, a decline that highlights the erosion of shareholder value caused by the company's inability to achieve profitability despite significant investment in its proprietary energy storage technology platform.
The consistent decline in equity-to-assets, which fell from 0.66 to 0.18 over the observed period, suggests that the company is increasingly reliant on liabilities to finance its operations. This trend may indicate that future growth will likely require further dilution of existing shareholders to stabilize the capital structure.
Quick answers to the most common questions about buying NRGV stock.
As of 2025, Energy Vault Holdings, Inc. (NRGV) had total assets of $312.9M including $121.1M in current assets.
Energy Vault Holdings, Inc. (NRGV) carries total debt of $94.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Energy Vault Holdings, Inc. (NRGV) has total shareholders' equity (book value) of $67.5M ($0.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Energy Vault Holdings, Inc. (NRGV) reported a current ratio of 0.73x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.