The company exhibits a structural inability to achieve profitability, with operating margins reaching a deeply negative -110.6% in 2026Q1 despite volatile revenue recognition patterns.
Energy Vault Holdings, Inc. (NRGV) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Revenue | 225.87M | 203.67M | 46.2M | 341.54M | 145.88M | 0 | 0 | 0 |
| Revenue Growth % | 336.76% | 340.86% | -86.47% | 134.13% | - | - | - | - |
| Cost of Revenue | 177.33M | 155.68M | 40.01M | 324.01M | 86.58M | 2.44M | 0 | 0 |
| Gross Profit | 48.54M | 47.99M | 6.19M | 17.53M | 59.3M | -2.44M | 0 | 0 |
| Gross Margin % | 21.49% | 23.56% | 13.39% | 5.13% | 40.65% | - | - | - |
| Gross Profit Growth % | - | 675.66% | -64.71% | -70.44% | 2533.2% | - | - | - |
| Operating Expenses | 122.72M | 122.36M | 136.18M | 124.27M | 119.55M | 24.38M | 14.51M | -10.01M |
| Other Operating Expenses | - | - | - | - | - | - | - | - |
| EBITDA | -62.45M | -68.64M | -128.94M | -105.84M | -51.77M | -24.49M | -14.45M | 10.02M |
| EBITDA Margin % | -27.65% | -33.7% | -279.09% | -30.99% | -35.49% | - | - | - |
| EBITDA Growth % | 50.14% | 46.77% | -21.82% | -104.46% | -111.36% | -69.49% | -244.2% | - |
| Depreciation & Amortization | 11.73M | 5.73M | 1.06M | 893K | 8.49M | 2.32M | 54.65K | 8.45K |
| D&A / Revenue % | 5.2% | 2.81% | 2.29% | 0.26% | 5.82% | - | - | - |
| Operating Income (EBIT) | -74.19M | -74.37M | -130M | -106.74M | -60.26M | -26.81M | -14.51M | 10.01M |
| Operating Margin % | -32.84% | -36.51% | -281.38% | -31.25% | -41.31% | - | - | - |
| Operating Income Growth % | - | 42.79% | -21.79% | -77.14% | -124.72% | -84.85% | -244.87% | - |
| Interest Expense | 4M | 8.46M | 123K | 35K | 2K | 7K | 128.13K | 1.19M |
| Interest Coverage | - | -10.33x | -1102.63x | -2821.63x | -38935.00x | -4475.71x | -113.21x | -8.40x |
| Interest / Revenue % | 1.77% | 4.16% | 0.27% | 0.01% | 0% | - | - | - |
| Non-Operating Income | -4M | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | -103.57M | -95.89M | -135.75M | -98.79M | -77.87M | -31.34M | -24.17M | -10.14M |
| Pretax Margin % | -45.85% | -47.08% | -293.83% | -28.93% | -53.38% | - | - | - |
| Income Tax | 6.16M | 7.76M | 67K | -349K | 427K | 1K | 830 | 810 |
| Effective Tax Rate % | -5.95% | -8.1% | -0.05% | 0.35% | -0.55% | -0% | -0% | -0.01% |
| Net Income | -109.72M | -103.61M | -135.75M | -98.44M | -78.3M | -31.34M | -24.17M | -10.14M |
| Net Margin % | -48.58% | -50.87% | -293.84% | -28.82% | -53.67% | - | - | - |
| Net Income Growth % | 24.06% | 23.68% | -37.9% | -25.73% | -149.85% | -29.65% | -138.34% | - |
| EPS (Diluted) | -0.62 | -0.65 | -0.91 | -0.69 | -0.64 | -0.29 | -0.36 | -8.23 |
| EPS Growth % | 31.58% | 28.57% | -31.88% | -7.81% | -120.69% | 19.44% | 95.63% | - |
| EPS (Basic) | - | -0.65 | -0.91 | -0.69 | -0.64 | -0.29 | -0.36 | -8.23 |
| Diluted Shares Outstanding | 178.39M | 160.53M | 149.85M | 142.85M | 123.24M | 107.22M | 67.51M | 1.23M |
Quick answers to the most common questions about buying NRGV stock.
For fiscal year 2025, Energy Vault Holdings, Inc. (NRGV) reported total revenue of $203.7M.
Energy Vault Holdings, Inc. (NRGV) reported a net loss of $103.6M for the fiscal year ending 2025.
Energy Vault Holdings, Inc. (NRGV) reported an operating income of $-74.4M, resulting in an operating profit margin of -36.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Energy Vault Holdings, Inc. (NRGV) generated $48.0M in gross profit for the year, representing a gross profit margin of 23.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High execution risk due to lumpy project-based revenue and significant cash burn relative to liquidity.
Metrics are mathematically derived from official filings.
Lumpy Revenue Obscures Underlying Trends
As reported in recent financial statements, NRGV’s revenue trajectory remains highly volatile, with quarterly figures fluctuating between $1.2 million and $153.3 million, suggesting that the company’s reliance on large-scale, project-based milestones prevents the establishment of a predictable or durable revenue growth profile for investors.
The extreme variance in quarterly revenue indicates that the company is currently dependent on the timing of specific project completions rather than a steady stream of recurring income. This lumpy revenue recognition makes it difficult to determine if the underlying demand for gravity-based storage is scaling or if the company is merely experiencing episodic project wins.
Fixed Costs Outpace Revenue Generation
Based on the company’s reported figures, the operating margin has remained deeply negative, reaching -110.6% in 2026Q1, which highlights a structural inability to cover high fixed R&D and engineering overheads despite the periodic recognition of large-scale project revenue in prior quarters.
The persistent operating losses suggest that the current business model is not yet optimized for the scale required to absorb the costs of specialized labor and infrastructure. Investors should monitor whether the company can transition toward higher-margin software licensing to mitigate the impact of these heavy fixed operating expenses.
Earnings Power Masked by Volatility
According to SEC filings, the company’s net income remains consistently negative, with a TTM net margin of -50.87%, indicating that reported EPS is currently driven by high-cost project execution rather than sustainable, recurring earnings power that would typically characterize a mature utility-scale technology provider.
The lack of consistent profitability suggests that the company is still in a capital-intensive commercialization phase where earnings are secondary to market share acquisition. The reliance on percentage-of-completion accounting may further obscure the true cash-generating capability of the business, warranting caution regarding the quality of reported earnings.
Liquidity Constraints Threaten Future Viability
Based on the reported cash balance of $58.26 million against a TTM net loss exceeding $100 million, the financial data suggests a precarious liquidity position that may necessitate dilutive equity raises or high-cost financing to sustain operations over the next twelve months.
The income statement fails to fully capture the potential for future capital structure strain, as the current burn rate appears unsustainable without a significant shift in revenue mix. Investors should investigate whether the company’s reliance on international licensing revenue is sufficient to bridge the gap between current cash reserves and the capital required for future project deployments.