NRGVMEDIUM SIGNALFINANCIAL10-K

Energy Vault showed meaningful operational improvements with substantially reduced cash burn and improved operating losses, though total assets grew notably while equity declined.

The company appears to be progressing toward operational efficiency with operating cash flow improving dramatically from -$55.9M to -$5.6M, suggesting better working capital management and reduced cash consumption. However, the decline in stockholders' equity alongside asset growth indicates continued dilution or accumulated losses, requiring monitoring of the company's path to profitability.

Comparing 2026-03-18 vs 2025-04-01View on EDGAR →
FINANCIAL ANALYSIS

Energy Vault demonstrated mixed but generally improving financial trends during the period. The company's cash position strengthened meaningfully with operating cash flow losses reducing substantially, while total assets grew notably to $312.9M driven by higher accounts receivable and current assets. However, stockholders' equity declined 22.2% to $223.8M, and despite improved operating performance with reduced R&D expenses and better operating income, the company continues to generate significant losses that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+89.9%
-$55.9M→-$5.6M

Operating cash flow surged 89.9% — exceptional cash generation, highest quality earnings signal.

Accounts Receivable
Balance Sheet
+78.1%
$14.6M→$25.9M

Receivables surged 78.1% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Assets
Balance Sheet
+75.7%
$68.9M→$121.1M

Current assets grew 75.7% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+70.1%
$183.9M→$312.9M

Asset base grew 70.1% — expansion through organic growth, acquisitions, or capital deployment.

R&D Expense
P&L
-43.7%
$26.0M→$14.6M

R&D spending cut 43.7% — could signal cost discipline or concerning reduction in innovation investment.

Operating Income
P&L
+42.8%
-$130.0M→-$74.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
-30.2%
$58.9M→$41.1M

Capex reduced 30.2% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Inventory
Balance Sheet
+29.9%
$107K→$139K

Inventory built 29.9% — monitor whether demand supports this build or if write-downs may follow.

Net Income
P&L
+23.7%
-$135.8M→-$103.6M

Net income grew 23.7% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
-22.2%
$287.7M→$223.8M

Equity decreased 22.2% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-03-18
PRIOR — 2025-04-01
ADDED
The registrant had 172,975,047 shares of common stock, par value $0.0001 per share, outstanding as of March 13, 2026.
Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A.
In addition, statements that we believe and similar statements reflect our beliefs and opinions on the relevant subject.
(together with its subsidiaries, Energy Vault or the Company ) is a Delaware corporation.
On February 11, 2022, we completed a business combination with Energy Vault, Inc.
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REMOVED
The registrant had 154,242,940 shares of common stock, par value $0.0001 per share, outstanding as of March 28, 2025.
Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A.
For example, we note that standards and expectations regarding greenhouse gas ( GHG ) accounting and the process for measuring and counting GHG emissions and GHG emissions reductions are evolving, and it is possible that our approaches both to measuring our emissions and any reductions may be at some point, either currently or in the future, considered not in keeping with best practices.
BUSINESS Organization Energy Vault Holdings, Inc., (together with its subsidiaries Energy Vault or the Company ) was originally incorporated under the name Novus Capital Corporation II ( Novus ) as a special purpose acquisition company in the state of Delaware in September 2020 with the purpose of effecting a merger with one or more operating businesses.
On September 8, 2021, Novus announced that it had entered into a definitive agreement for a business combination (the Merger Agreement ) with Energy Vault, Inc.
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