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Energy Vault Holdings
(NYSE:NRGV)
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Rating:46Neutral
Price Target:
$2.50
▼(-33.33% Downside)
Action:Reiterated
Date:10/09/26
The score is held down primarily by weak financial performance—persistent losses, significant cash burn, and very high leverage with a thin equity base. Technicals also reflect a broader downtrend, despite oversold readings. These are partially offset by a more constructive earnings call with raised guidance and rapid backlog growth, but profitability and financing risks remain key constraints.
Positive Factors
Backlog Growth
Backlog expansion provides a substantial base of contracted work and increases visibility into future project activity. Its 60% build-own-operate mix can support recurring revenue, while the 40% build-and-transfer portion offers a path to nearer-term conversion as projects advance.
Negative Factors
Persistent Losses
Persistent negative EBIT and net margins show that rapid sales growth has not yet translated into sustainable earnings. Continued losses can constrain internal reinvestment and make future growth dependent on successfully improving project economics and controlling operating costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog Growth
Backlog expansion provides a substantial base of contracted work and increases visibility into future project activity. Its 60% build-own-operate mix can support recurring revenue, while the 40% build-and-transfer portion offers a path to nearer-term conversion as projects advance.
Read all positive factors
Energy Vault Holdings (NRGV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$543.70M
Dividend YieldN/A
Average Volume (3M)4.11M
Price to Earnings (P/E)―
Beta (1Y)1.70
Revenue Growth336.76%
EPS Growth31.16%
CountryUS
Employees142
SectorUtilities
Sector Strength65
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.64
Shares Outstanding181,839,570
10 Day Avg. Volume4,251,415
30 Day Avg. Volume4,112,064
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)10.97
Price to Sales (P/S)3.63
P/FCF Ratio-15.83
Enterprise Value/Market Cap1.85
Enterprise Value/Revenue4.44
Enterprise Value/Gross Profit20.67
Enterprise Value/Ebitda-13.04
Forecast
1Y Price Target
$5.96Price Target Upside58.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.35
Revenue Forecast (FY)$294.32M
Energy Vault Holdings Business Overview & Revenue Model
Company Description
Energy Vault Holdings, Inc. develops and deploys utility-scale energy storage solutions in the United States, Switzerland, United Kingdom, North America, Australia, and internationally. The company offers B-Vault, an electrochemical battery energy...
How the Company Makes Money
Energy Vault primarily makes money by developing and delivering energy storage projects for customers and, in some cases, by owning and operating storage assets. Key revenue streams include: (1) System and project delivery revenue: revenue from de...
Energy Vault Holdings Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum: materially larger backlog (+~$650M to ~$2B), doubled year‑over‑year revenue, improved gross margins, a major 1.25 GW repeatable contract, raised full‑year guidance, and improving cash balances. Offsetting these positives are persistent adjusted losses, higher operating expenses as the company scales, a concentration of revenue recognition in Q4 (timing risk), and continued dependence on project financing and working capital facilities. On balance the positive commercial and financial momentum (backlog, guidance, margin expansion, cash improvement, and landmark contract) outweigh the near‑term profitability and financing challenges.Positive Updates
Revenue Doubled Year-over-Year
Q2 revenue was $17.4M, up 104% vs. prior year, driven by progress on Australian projects and execution of backlog.
Negative Updates
Continued GAAP and Adjusted Losses
GAAP net loss for Q2 was $29.7M (EPS -$0.17) vs. $34.9M prior year (improved), but adjusted net loss increased to $24.6M from $18.4M YoY and adjusted EBITDA loss widened to $17.0M from $13.6M, reflecting continued negative operating cash flow on adjusted metrics.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Doubled Year-over-Year
Q2 revenue was $17.4M, up 104% vs. prior year, driven by progress on Australian projects and execution of backlog.
Read all positive updates
Company Guidance
Energy Vault raised 2026 revenue guidance to $270–310M (from $225–300M), narrowed GAAP gross margin guidance to 20–25% (from 15–25%), and now targets year‑end cash of $160–200M (vs. $150–200M prior), noting most second‑half revenue will be recognized in Q4; backlog was ~$2.0B as of Aug. 10 (up ~$650M QoQ, ~40% QoQ and ~3x end‑2024), ~60% owned‑and‑operate and ~40% build‑and‑transfer with ~40% of backlog expected to convert in 12–18 months. Management highlighted a 1.25 GW agreement (~$500–600M, majority in 2027 with a portion in Q4), a 1.1 GW portfolio underpinning ~$180M annualized recurring EBITDA, and an expected backlog that could approach ~$3B; supporting Q2 operating metrics cited include Q2 revenue $17.4M (+104% YoY), GAAP gross profit $5.4M (GAAP gross margin 31%, up 140 bps), adjusted gross profit ~38.6% (adjusted gross margin ~+900 bps YoY), cash $148M at June 30 (+$31M QoQ, +$90M YoY), adjusted OpEx $23.7M, GAAP net loss $29.7M (EPS -$0.17), adjusted net loss $24.6M, and adjusted EBITDA loss $17M.Energy Vault Holdings Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 225.87M | 203.67M | 46.20M | 341.54M | 145.88M | 0.00 |
| Gross Profit | 48.54M | 47.99M | 6.19M | 17.53M | 59.30M | -2.44M |
| EBITDA | -76.92M | -81.70M | -134.56M | -97.86M | -69.38M | -29.01M |
| Net Income | -109.72M | -103.61M | -135.75M | -98.44M | -78.30M | -31.34M |
Balance Sheet | ||||||
| Total Assets | 370.53M | 312.88M | 183.89M | 340.75M | 416.71M | 125.29M |
| Cash, Cash Equivalents and Short-Term Investments | 93.04M | 63.30M | 30.02M | 109.92M | 203.04M | 105.13M |
| Total Debt | 244.97M | 96.73M | 1.36M | 1.86M | 1.55M | 1.36M |
| Total Liabilities | 337.92M | 224.26M | 57.63M | 116.96M | 129.00M | 193.96M |
| Stockholders Equity | 6.86M | 67.46M | 126.32M | 223.79M | 287.71M | -68.67M |
Cash Flow | ||||||
| Free Cash Flow | -144.74M | -46.74M | -114.71M | -123.09M | -25.66M | -22.24M |
| Operating Cash Flow | -102.64M | -5.65M | -55.86M | -92.66M | -23.35M | -22.07M |
| Investing Cash Flow | -31.71M | -44.61M | -58.74M | -42.54M | -13.32M | -1.17M |
| Financing Cash Flow | 226.03M | 123.05M | -252.00K | -5.48M | 217.77M | 116.38M |
Energy Vault Holdings Technical Analysis
Negative
3.75
Price Trends
3.68
Negative
3.70
Negative
3.96
Negative
Market Momentum
-0.32
Positive
42.53
Neutral
38.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NRGV, the sentiment is Negative. The current price of 3.75 is above the 20-day moving average (MA) of 3.19, above the 50-day MA of 3.68, and below the 200-day MA of 3.96, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 42.53 is Neutral, neither overbought nor oversold. The STOCH value of 38.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NRGV.
Energy Vault Holdings Risk Analysis
Energy Vault Holdings disclosed 72 risk factors in its most recent earnings report. Energy Vault Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Energy Vault Holdings Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
61 Neutral | $2.51B | 21.06 | 9.00% | ― | 14.06% | 11.99% | |
46 Neutral | $543.70M | -4.67 | -236.75% | ― | 336.76% | 31.16% | |
46 Neutral | $24.90M | -6.67 | -56.33% | ― | -77.09% | -15.59% | |
46 Neutral | $44.43M | -3.09 | -21.80% | ― | ― | 19.55% | |
43 Neutral | $8.67M | -0.12 | 312.90% | ― | 90.34% | 89.86% | |
42 Neutral | $1.11B | -10.02 | -20.75% | ― | 7.46% | -329.43% |
* Utilities Sector Average
NRGV
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Energy Vault Holdings Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Energy Vault secures $25 million battery storage financing
Positive
Sep 22, 2026
On September 18, 2026, Development Vault, LLC, an indirect subsidiary of Energy Vault Holdings, entered into an amended and restated financing agreement with S2G Builders Special Opportunities Fund I and other lenders for a senior secured delayed ...
Business Operations and StrategyPrivate Placements and Financing
Energy Vault secures major term loan for generation build-out
Positive
Aug 20, 2026
On August 14, 2026, Energy Vault subsidiaries EV Gen Set 1, LLC and EV Gen Set I HoldCo, LLC entered into a senior secured term loan credit agreement totaling about $137.5 million with CSC Delaware Trust Company and a lender group. The facility is...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.