0001828536-25-000203
SEC filingEnergy Vault reports a single segment with $50.4M revenue, $280M RPO, $4M purchase commitments, and $60.2M total debt from $0.
As of September 30, 2025, Energy Vault held $32.7 million in cash and cash equivalents, with an additional $29.2 million in restricted cash (total $61.9 million). Total assets were $281.9 million, up from $183.9 million at December 31, 2024. The company had $60.2 million in total debt (carrying value), a significant increase from zero at year-end 2024, driven by project-level senior notes, convertible debentures, and sale of future receipts. Stockholders' equity stood at $80.5 million, down from $126.3 million due to net losses and share issuances. Inventory increased to $7.0 million from $0.1 million, reflecting battery modules and components for projects.
Notes disclose $4.0 million in non-cancelable purchase obligations as of September 30, 2025 (Note 19). Additionally, the company has $14.7 million in outstanding letters of credit, $8.7 million in bank guarantees, $134.6 million in performance bonds, and $20.5 million in other bonds. The company entered into a Tax Credit Transfer Commitment estimated at $40.6 million for investment tax credits. A lease agreement for an energy storage system provides for $43.3 million in aggregate remaining Monthly Floor payments over the contract term.
No share buybacks or dividends were disclosed. Debt issuance during the nine months totaled $117.2 million (including CRC Senior Notes $27.8M, Cross Trails Senior Note $17.8M, Convertible Debentures $30.0M, and sale of future receipts), partially offset by $51.5 million in repayments. Capital expenditures were $30.7 million, primarily for energy storage systems and construction in progress. The company also issued shares via equity purchase agreements and warrants, raising net proceeds of $6.8 million.
Energy Vault operates as a single reportable segment (Note 16). Revenue is disaggregated by product line: sale of energy storage products ($44.4M), tolling/PPA ($1.5M), O&M services ($0.9M), software ($0.4M), and IP licensing ($3.3M) for the nine months ended September 30, 2025. Two customers accounted for 64% and 15% of revenue in that period. All revenue is derived from contracts with customers; no geographic breakdown is provided.
For the nine months ended September 30, 2025, Energy Vault reported a net loss of $82.9M, yet operating cash flow was positive $0.9M. This divergence is driven by significant non-cash charges: stock-based compensation of $28.4M, depreciation/amortization of $2.3M, deferred taxes of $5.6M, and provision for credit losses of $3.8M. Working capital was a net source of $38.9M, primarily from a $53.6M increase in contract liabilities and $24.6M in accounts payable, partially offset by a $40.4M increase in advances to suppliers.
Capital expenditures of $30.7M represent 33x operating cash flow, indicating heavy investment in property and equipment. Free cash flow (not explicitly stated) would be negative at approximately ($29.7M) based on CFO less capex. The company funded this gap through financing: $117.2M in debt proceeds, partially offset by $51.5M in repayments and $9.6M in debt issuance costs. Net financing provided $63.4M, which also covered investing needs. No share repurchases or dividends were paid.
Anomalies include the large swing in contract liabilities (from $3.5M inflow in 2024 to $53.6M inflow in 2025) and advances to suppliers (outflow of $40.4M vs $13.6M prior), suggesting significant project activity. Overall, cash flow quality is weak as positive operating cash flow is entirely dependent on working capital changes and non-cash items.