Energy Vault Holdings, Inc. (NRGV) Income Statement
NRGV 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNRGV revenue and net income
Where NRGV's revenue goes
2025Each bar shows an amount and its share of revenue. NRGV kept −50.9% of revenue as net income.
NRGV profit margins
NRGV growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +340.9% | +11.8% | — | — |
| Gross profit | +675.7% | −6.8% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NRGV quarterly EPS vs estimates
Energy Vault beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 10, 2026 (estimate $-0.21).
NRGV income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $203.7M | $46.2M | $341.5M | $145.9M | $42.9M | $0 | $0 |
| Cost of revenue | $155.7M | $40.0M | $324.0M | $86.6M | $2.4M | — | — |
| Gross profit | $48.0M | $6.2M | $17.5M | $59.3M | −$2.4M | — | — |
| Research & development | $14.6M | $26.0M | $37.1M | $42.6M | $7.9M | $8.5M | $2.1M |
| Sales, general & admin | $94.9M | $78.8M | $86.3M | $69.2M | $18.1M | $6.0M | $7.0M |
| Total operating expenses | $122.4M | $136.2M | $124.3M | $119.6M | $24.4M | $14.5M | −$10.0M |
| Operating income | −$74.4M | −$130.0M | −$106.7M | −$60.3M | −$26.8M | −$14.5M | $10.0M |
| Interest income | $1.1M | $5.5M | $8.2M | $3.7M | — | — | — |
| Interest expense | $8.5M | $123,000 | $35,000 | $2,000 | $7,000 | $128,134 | $1.2M |
| Income before taxes | −$95.9M | −$135.7M | −$98.8M | −$77.9M | −$31.3M | −$24.2M | −$10.1M |
| Income taxes | $7.8M | $67,000 | −$349,000 | $427,000 | $1,000 | $830 | $810 |
| Net income | −$103.6M | −$135.8M | −$98.4M | −$78.3M | −$31.3M | −$24.2M | −$10.1M |
| EBITDA | −$81.7M | −$134.6M | −$97.9M | −$69.4M | −$28.9M | −$14.5M | −$10.0M |
| EPS (diluted) | −$0.38 | −$0.37 | −$0.53 | −$0.30 | −$3.84 | −$0.18 | — |
| Gross margin | 23.6% | 13.4% | 5.1% | 40.6% | −5.7% | — | — |
| Operating margin | −36.5% | −281.4% | −31.3% | −41.3% | −62.5% | — | — |
| Net margin | −50.9% | −293.8% | −28.8% | −53.7% | −73.1% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.4M | $21.9M | $153.3M | $33.3M | $8.5M | $8.5M | $33.5M | $1.2M | $3.8M | $7.8M | $118.2M | $172.2M |
| Cost of revenue | $12.0M | $19.3M | $121.7M | $24.3M | $6.0M | $3.7M | $30.9M | $716,000 | $2.7M | $6.0M | $114.4M | $165.1M |
| Gross profit | $5.4M | $2.6M | $31.6M | $9.0M | $2.5M | $4.9M | $2.6M | $483,000 | $1.0M | $1.8M | $3.8M | $7.1M |
| Research & development | $2.5M | $2.6M | $3.4M | $3.4M | $4.1M | $3.8M | $6.4M | $5.7M | $7.0M | $7.0M | $7.6M | $8.2M |
| Sales, general & admin | $25.5M | $24.2M | $27.9M | $23.0M | $22.3M | $21.7M | $18.8M | $21.6M | $19.9M | $19.4M | $20.4M | $20.0M |
| Total operating expenses | $30.0M | $26.8M | $39.3M | $26.6M | $30.7M | $25.8M | $25.2M | $27.6M | $28.9M | $26.4M | $28.0M | $28.4M |
| Operating income | −$24.7M | −$24.2M | −$7.7M | −$17.6M | −$28.1M | −$20.9M | −$50.4M | −$27.1M | −$27.9M | −$24.6M | −$24.2M | −$21.2M |
| Interest income | $704,000 | $568,000 | $269,000 | $204,000 | $312,000 | $315,000 | $526,000 | $1.4M | $1.7M | $1.8M | $2.0M | $1.9M |
| Interest expense | $4.2M | $3.5M | $4.5M | $2.8M | $2.5M | $95,000 | $34,000 | $43,000 | $38,000 | $8,000 | $16,000 | $18,000 |
| Income before taxes | −$28.8M | −$32.5M | −$21.0M | −$21.3M | −$32.9M | −$20.8M | −$61.8M | −$26.6M | −$26.2M | −$21.1M | −$22.1M | −$19.3M |
| Income taxes | $855,000 | $1,000 | −$228,000 | $5.5M | $2.1M | $383,000 | $67,000 | −$23,000 | −$11,000 | $251,724 | $48,000 | −$401,000 |
| Net income | −$29.7M | −$32.5M | −$20.7M | −$26.8M | −$34.9M | −$21.1M | −$61.8M | −$26.6M | −$26.2M | −$21.1M | −$22.2M | −$18.9M |
| EBITDA | −$21.4M | −$25.5M | −$13.0M | −$17.0M | −$29.9M | −$20.4M | −$61.6M | −$26.4M | −$25.9M | −$20.8M | −$21.9M | −$19.1M |
| EPS (diluted) | −$0.17 | −$0.12 | $0.02 | −$0.10 | −$0.22 | −$0.08 | −$0.09 | −$0.09 | −$0.10 | −$0.09 | −$0.14 | −$0.06 |
| Gross margin | 31.0% | 11.7% | 20.6% | 27.0% | 29.6% | 57.1% | 7.7% | 40.3% | 27.8% | 22.9% | 3.2% | 4.2% |
| Operating margin | −142.0% | −110.6% | −5.1% | −52.8% | −330.7% | −244.8% | −150.6% | −2,258.1% | −739.7% | −317.4% | −20.5% | −12.3% |
| Net margin | −170.9% | −148.5% | −13.5% | −80.5% | −410.3% | −247.7% | −184.7% | −2,217.9% | −694.6% | −272.4% | −18.8% | −11.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NRGV's financial statements (latest annual report filed March 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NRGV financial results
In fiscal year 2025 (ended December 31, 2025), Energy Vault reported revenue of $203.7 million, up 340.9% from the year before. It had a net loss of $103.6 million, a net profit margin of −50.9%. Diluted earnings per share came to −$0.38.
See the NRGV stock overview for the latest quote and news, or the NRGV chart for price history and technical indicators.
NRGV income statement FAQ
What is Energy Vault's annual revenue?
Energy Vault reported total revenue of $203.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 340.9% from $46.2 million the previous year.
Is Energy Vault profitable?
No. Energy Vault reported a net loss of $103.6 million in fiscal 2025, a net profit margin of −50.9%; its operating margin was −36.5%.
What is Energy Vault's gross margin?
Energy Vault's gross margin was 23.6% in fiscal 2025: for every $100 of revenue, Energy Vault kept $24 after the direct cost of its products and services.
How much does Energy Vault spend on research and development?
Energy Vault spent $14.6 million on research and development in fiscal 2025, 7.2% of revenue.
What are Energy Vault's earnings per share?
Energy Vault earned $-0.38 per diluted share in fiscal 2025, compared with $-0.37 a year earlier.
When will Energy Vault report its next earnings?
Energy Vault is expected to report results for the quarter ending September 30, 2026 on November 10, 2026 after the market closes.
When does Energy Vault's fiscal year end?
Energy Vault's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 18, 2026.