0001828536-26-000022
SEC filingRevenue surged 341% to $203.7M, driven by EPC project ramp-up, with gross margin improving to 23.6% on higher-margin IP licensing.
Energy Vault Holdings, Inc. is an energy storage solutions company that delivers a diversified portfolio of proprietary gravity, battery, and green hydrogen-based technologies, supported by technology-agnostic energy management software and integration capabilities. Beginning in 2024, the company initiated a multi-year transition from primarily project delivery through build-and-transfer and licensing toward an integrated model that includes selectively developing, owning, and operating energy storage assets, while continuing to provide technology, integration, software, and long-term services to customers.
The Business section does not disclose formal reporting segments. The company describes its business as encompassing both third-party project delivery (EPC and EEQ models) and an Own & Operate strategy through its Asset Vault platform. No revenue share by segment is provided.
Energy Vault's product portfolio includes B-VAULT (electrochemical BESS for short-duration, 1-4 hours, with AC/DC configurations and the new B-VAULT FlexGrid for 2-25 MW applications), G-VAULT (gravity energy storage for longer-duration, using lifting and lowering composite blocks or water), and H-VAULT (hydrogen or hybrid systems integrating fuel cells with batteries, as deployed at the Calistoga Resiliency Center). Software solutions include VaultOS Energy Management System for real-time monitoring and dispatch, Vault-Bidder (AI-driven bidding optimization), and Vault-Manager (asset performance analytics). The Asset Vault platform was launched in 2025 as a majority-owned subsidiary to develop, build, own, and operate projects.
Energy Vault targets utilities, independent power producers, grid operators, government entities, and large energy users. Go-to-market includes direct sales, licensing arrangements, and partnerships. Under the Own & Operate strategy, the company contracts with offtake counterparties such as Gridmatic (Cross Trails), PG&E (Calistoga), AEMO Services (Stoney Creek), and AusEnergy Services (Ebor). Geographic focus for B-VAULT is North America, Europe, and Australia; G-VAULT focuses on jurisdictions with license arrangements. The company also entered the AI infrastructure market with a modular data center initiative, partnering with Crusoe under a strategic framework agreement.
Energy Vault faces intense competition. In the short-duration BESS market, key competitors include Tesla, Fluence Energy, FlexGen, and Sungrow. In longer-duration storage, competitors include ESS Inc., Eos Energy, Hydrostor, Form Energy, and Gravitricity. For its Own & Operate business, the company competes with independent power producers. Competitive factors include total project economics, safety, performance, track record, supply chain compliance, software capabilities, and lifecycle services.
Energy Vault's strategy is built on several pillars: (1) advancing the Own & Operate model through Asset Vault, targeting ~1.5 GW deployment; (2) leveraging a diversified technology portfolio spanning short, long, and ultra-long durations; (3) pursuing an integrated offering from development to operations, including self-performed EPC and long-term services; (4) expanding commercialization through licensing (e.g., B-VAULT in India) and acquisitions (Stoney Creek, SOSA); and (5) entering the AI compute infrastructure market with modular data centers paired with energy storage.
As of December 31, 2025, Energy Vault employed 142 full-time and 6 part-time employees across six countries. None are represented by a labor union. The company offers compensation and benefits including 401(k), medical, dental, vision, and parental leave. No work stoppages have occurred.
Revenue for the year ended December 31, 2025, was $203.7 million, a 341% increase from $46.2 million in 2024. The surge was driven primarily by a $151.6 million rise in energy storage product sales, attributable to the ramp-up of EPC projects in Australia and equipment delivery under an EEQ contract in the U.S. Additionally, IP licensing revenue contributed $3.2 million following a B-VAULT licensing agreement in Q1 2025, and tolling/PPA revenue of $2.3 million from two projects that began commercial operations in 2025. Cost of revenue increased to $155.7 million from $40.0 million, in line with higher product sales. Gross profit improved to $48.0 million (23.6% margin) from $6.2 million (13.4% margin), benefiting from higher-margin IP licensing (no cost of revenue) and lower warranty expenses, partially offset by depreciation from newly operational assets. Operating expenses decreased to $122.4 million from $136.2 million, driven by lower credit loss provisions ($9.4 million vs. $30.0 million) and reduced R&D spending ($14.6 million vs. $26.0 million), partly offset by higher G&A costs ($81.2 million vs. $63.0 million) due to headcount increases tied to the Own & Operate strategy. Loss from operations narrowed to $74.4 million from $130.0 million. Below the line, interest expense rose to $8.5 million (from $0.1 million) due to new debt financings, and the change in fair value of financial instruments resulted in a $8.2 million loss. Net loss improved to $103.7 million from $135.8 million.
The MD&A does not report formal operating segments but provides a revenue breakdown by product/service. Energy storage product sales (primarily BESS under EPC and EEQ models) accounted for the bulk of revenue, growing from $44.6 million to $196.2 million. IP licensing revenue increased from $0.1 million to $3.3 million. Tolling and PPA revenue emerged at $2.3 million from two owned assets (Cross Trails and CRC). Operation and maintenance services were stable at $1.3 million, and software licensing at $0.5 million. The mix shift toward higher-margin IP licensing and tolling/PPA is a key driver of gross margin expansion. The company’s strategic pivot to owning and operating assets via Asset Vault is expected to increase recurring revenue from tolling and long-term service agreements, though current contributions are nascent.
Management expects the $1.3 billion backlog, including $490 million in contingent option backlog, to contribute to future funding. The launch of Asset Vault with a $300 million preferred equity commitment from OIC positions the company to develop, own, and operate energy storage assets, generating recurring cash flows. Recent developments include a 14-year LTESA for a 100 MW/870 MWh project in Australia (EBOR) and a supply agreement with Peak Energy for 1.5 GWh of sodium-ion batteries. The company also issued $140 million of 5.250% Senior Convertible Notes due 2031, using proceeds to repay convertible debentures and fund growth. However, tariff uncertainties (IEEPA invalidation and Section 301 duties) and trade restrictions pose risks to product sourcing and competitiveness. Management believes existing cash ($58.3 million), restricted cash ($45.2 million), and expected cash flows will fund operations for at least twelve months. No specific numerical guidance was provided.
As of December 31, 2025, Energy Vault held $58.3M in cash and cash equivalents, plus $45.2M in restricted cash (primarily for project collateral and debt service). Total debt stood at $94.6M, a significant increase from zero in 2024. The debt composition includes $63.8M in convertible debentures (measured at fair value of $66.7M), $32.7M in senior notes, and $3.1M in sale of future receipts. The deferred tax asset of $40.5M, primarily from investment tax credits, provides a notable balance sheet offset. Stockholders' equity declined to $67.5M from $126.3M, driven by a $103.6M net loss.
Energy Vault disclosed $145.3M in remaining performance obligations (RPO) as of December 31, 2025, of which ~60% is expected to be recognized within 12 months. Debt maturities schedule indicates $54.4M due in 2026, $19.8M in 2027, and smaller amounts thereafter. Notably, the company has no explicitly stated purchase commitments in the notes, apart from contingent acquisition payments (e.g., SOSA). The defined benefit pension obligation is $1.8M, and operating lease commitments total $2.0M.
Capital allocation focused on debt financing and project capex. The company raised $151.3M in debt proceeds (net $94.6M after repayments) through senior notes and convertible debentures. Capital expenditures were $42.5M (20.9% of revenue), primarily for energy storage systems and the Snyder CDU. No share buybacks or dividends were declared or paid. The company also issued 4.5M warrants to Dorado Goose for services and 5.6M warrants to OIC in connection with the Asset Vault transaction.
The company operates as a single reportable segment. Revenue in 2025 was $203.7M, with 64% recognized over time. Geographically, $124.3M (61%) came from Australia, $74.2M (36%) from the United States, and the remainder from other regions. The revenue breakdown by product: sale of energy storage products ($196.2M), tolling/PPA ($2.3M), O&M ($1.3M), software ($0.5M), and IP licensing ($3.3M). Two customers accounted for 56% and 32% of total revenue.
The provided document excerpt includes the audit report, balance sheets, income statements, and beginning of equity statement, but the consolidated statements of cash flows are referenced but not present in the text. Therefore, no cash flow data could be extracted.