Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Energy Vault Holdings, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
146
342
46.2
204
Cost of revenue
0
86.6
324
40
156
Gross profit
0
59.3
17.5
6.19
48
Research and development
7.91
42.6
37.1
26
14.6
Selling and marketing
0.85
12.6
18.2
15.8
13.7
General and administrative
18.1
56.6
67.9
63
81.2
Operating expenses
124
136
122
Operating income
-29.5
-63.1
-107
-130
-74.4
Interest expense
0.01
0
0.04
0.12
8.46
Other non-operating income
-2.09
-0.23
-0.17
1.59
-5.99
Pre-tax income
-31.3
-77.9
-98.8
-136
-95.9
Income tax
0
0.43
-0.35
0.07
7.76
Net income to minority interests
0
-0.06
-0.05
Net income
-31.3
-78.3
-98.4
-136
-104
EBITDA
-27.2
-55.3
-106
-129
-70.9
EPS, basic
-2.45
-0.64
-0.69
-0.91
-0.65
EPS, diluted
-2.45
-0.64
-0.69
-0.91
-0.65
Shares, basic (weighted)
12.8
123
143
150
161
Shares, diluted (weighted)
12.8
123
143
150
161
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
105
203
110
27.1
58.3
Short-term investments
0
2.93
0.33
Receivables
0
37.5
27.2
14.6
25.9
Inventory
0
4.38
0.42
0.11
0.14
Other current assets
0.16
0.18
0.03
0.06
0.01
Total current assets
111
390
280
68.9
121
Property, plant and equipment
11.9
3.04
31
99.5
96.1
Lease right-of-use assets
1.24
1.44
1.7
1.21
2.24
Intangible assets
0
1.79
4.54
8.28
Long-term investments
17.3
3.27
3.37
Other non-current assets
1.53
2.82
2.65
1.16
0.88
Total assets
125
417
341
184
313
Accounts payable
1.98
60.3
21.2
20.3
30.8
Accrued liabilities
4.7
14.7
85
25
70.4
Deferred revenue
0
49.4
6.42
8.94
6.61
Short-term debt
0
0
56.6
Total current liabilities
7.34
125
112
54.7
165
Long-term debt
0
38
Lease liabilities
0.66
0.71
1.04
0.79
1.5
Other non-current liabilities
1.29
2.12
0.93
4.39
Total liabilities
11.3
129
117
57.6
224
Total debt
0
94.6
Paid-in capital
0.71
436
473
512
556
Retained earnings
-69
-147
-248
-384
-487
Other comprehensive income
-0.41
-0.89
-1.42
-1.9
-0.97
Shareholders' equity
-68.7
288
224
Minority interests
0
-0.06
-0.03
Total equity
-68.7
288
224
126
67.5
Total liabilities and equity
125
417
341
184
313
Shares outstanding
20.4
139
147
153
169
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-3.34
-78.3
-98.4
-136
-104
Depreciation and amortization
2.32
7.74
0.89
1.06
3.44
Stock-based compensation
0.5
41.1
43.1
38.7
36.7
Deferred income tax
0
0
0
0
7.15
Change in receivables
0
-37.5
10.2
11.5
-11.3
Change in inventory
-0.21
-4.38
3.96
0.31
-0.03
Change in payables
3
67.9
25.5
-66.8
60
Cash from operations
-22.1
-23.3
-92.7
-55.9
-5.65
Capital expenditures
-0.17
-2.32
-30.4
-58.9
-41.1
Cash from investing
-1.17
-13.3
-42.5
-58.7
-44.6
Debt issued
0
151
Debt repaid
-0.77
0
0
-56.5
Stock issued
0
236
0
0
6.85
Cash from financing
116
218
-5.48
-0.25
123
Exchange rate effect
1.93
-0.05
0.05
-0.63
0.58
Net change in cash
95.1
181
-141
-115
73.4
Free cash flow
-22.2
-25.7
-123
-115
-46.7
Interest paid
0.07
0
0.04
0.12
3.4
Income taxes paid
0
0
0.05
0
0.64
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.40 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
22.5%
Gross profit / revenue.
Operating margin
-32.8%
Operating income / revenue.
EBITDA margin
-29.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-45.9%
Pre-tax income / revenue.
Net margin
-48.6%
Net income / revenue.
FCF margin
-64.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-45.4%
Cash from operations / revenue.
Return on assets (ROA)
-29.6%
Net income / average total assets.
R&D / revenue
5.3%
Research and development expense / revenue.
Stock-based pay / revenue
13.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
18.6%
Capital expenditures / revenue.
D&A / revenue
3.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
340.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
11.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
675.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-6.8%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
70.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-9.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
7.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
9.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.19x
Current assets / current liabilities.
Quick ratio
0.66x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.61x
(Cash + short-term investments) / current liabilities.
Debt / assets
71.3%
Total debt / total assets.
Liabilities / assets
91.2%
Total liabilities / total assets.
Net debt
$170.8M
Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage
-5.49x
Operating income / interest expense.
Working capital
$29.4M
Current assets - current liabilities.
Goodwill and intangibles / assets
1.9%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.61x
Revenue / average total assets.
Fixed asset turnover
2.35x
Revenue / average property, plant and equipment.
Inventory turnover
478x
Cost of revenue / average inventory.
Days inventory
1 days
365 x average inventory / cost of revenue.
Receivables turnover
31.2x
Revenue / average receivables.
Days sales outstanding
12 days
365 x average receivables / revenue.
Days payables
31 days
365 x average accounts payable / cost of revenue.
Cash conversion cycle
-19 days
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.62
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Market cap + total debt - cash - short-term investments.
P/S
3.54x
Market cap / revenue.
EV/Sales
4.30x
Enterprise value / revenue.
FCF yield
-18.1%
Free cash flow / market cap.
Earnings yield
-13.7%
Net income / market cap (the inverse of P/E).
What was Energy Vault Holdings, Inc.'s revenue in fiscal 2025?
Energy Vault Holdings, Inc. reported revenue of $203.7M for fiscal 2025, 340.9% higher than the year before.
Was Energy Vault Holdings, Inc. profitable in fiscal 2025?
No. It reported a net loss of $103.6M.
How much free cash flow did Energy Vault Holdings, Inc. generate in fiscal 2025?
Cash from operations of $5.6M minus capital expenditures of $41.1M left free cash flow of -$46.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.