Energy Vault Holdings, Inc.
investors.energyvault.comWhat Do They Do?
Sells battery, gravity, and hydrogen-based energy storage systems to utilities, power producers, and large energy users.
10-K for FY2025, filed Mar 18, 2026Energy Vault delivers a diversified portfolio of energy storage solutions to third parties, including proprietary gravity, battery, and…View ↗
Through this integrated model, we offer utilities, independent power producers, and large energy users solutions that may include…View ↗
We sell and license our energy storage solutions to third parties, in addition to selectively owning and operating energy storage systems…View ↗
How Do They Make Money?
Customers pay at project milestones. Energy Vault earns money as full-system projects progress, when equipment is delivered, and over time for technical services and long-term maintenance.
10-K for FY2025, filed Mar 18, 2026Sale of Energy Storage Products: The Company sells its energy storage products to utility companies and independent power producers. The…View ↗
Customer payments are due upon meeting certain milestones that are consistent with contract-specific phases of a project. The Company…View ↗
For EPC contracts, the Company recognizes revenue over time as a result of the continuous transfer of control of its products and services…View ↗
We provide our customers with limited assurance warranties to ensure our products are free of defects. We also provide maintenance…View ↗
$203.7M
-
10-K for FY2025, filed Mar 18, 2026
$203.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Sale of energy storage products
Sold outright
10-K for FY2025, filed Mar 18, 2026 |
96% |
Sale of energy storage products, FY2025
$196.2M Sources
|
Sold outright |
|
Operation and maintenance services
Recurring
|
0.6% |
Operation and maintenance services, FY2025
$1.3M Sources
|
Recurring |
|
Software licensing
Licensed
|
0.3% |
Software licensing, FY2025
$540K Sources
|
Licensed |
|
Intellectual property (“IP”) licensing
Licensed
|
1.6% |
Intellectual property (“IP”) licensing, FY2025
$3.3M Sources
|
Licensed |
|
Sale of Energy Storage Products to Customers Under Bill-and-Hold Arrangements
Sold outright
10-K for FY2025, filed Mar 18, 2026 |
23% |
Sale of Energy Storage Products to Customers Under Bill-and-Hold Arrangements, FY2025
$47.2M Sources
|
Sold outright |
Who Are Their Customers?
Utilities and independent power producers or developers, along with large commercial and industrial energy users, are target customers. Sales efforts reach them directly and through partner referrals and other indirect channels.
10-K for FY2025, filed Mar 18, 2026We seek to position Energy Vault as a long-term strategic partner for customers and counterparties across the energy storage value chain…View ↗
Integrated Marketing: We take a targeted approach to integrated marketing campaigns intended to maximize efficiency of spend while…View ↗
Our target customers include independent power producers and developers, utilities and municipal utilities, grid operators and other…View ↗
10-K for FY2025, filed Mar 18, 2026
Revenue from two customers accounted for 56% and 32% of total revenue, respectively, for the year ended December 31, 2025 and revenue from…View ↗
Do Revenues Turn Into Profits?
No. It lost $103.6M in FY2025.
10-K for FY2025, filed Mar 18, 2026
−$74.4MView ↗
10-K for FY2025, filed Mar 18, 2026
−$103.6MView ↗
10-K for FY2025, filed Mar 18, 2026
−$46.7MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 11, 2026
−$29.7MView ↗
- ▼ −15% (Loss)
- vs −$34.9M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 11, 2026
Open tableView ↗
-
Aug 11, 2026
Raises guidance and reports a hyperscaler contract and Japan portfolio acquisition
For 2026, revenue guidance rose to $270-310 million; the agreement covers 1.25 GW, and the company completed an 850 MW Japanese storage portfolio acquisition.
Sources
8-K, filed Aug 11, 2026
Raising full-year 2026 revenue guidance to $270-310 million and lifting GAAP gross margin guidance to 20-25% to the high end of the rangeView ↗
-
Jul 17, 2026
Names Nitin Dahiya CFO after Michael Beer resigns
Sources
8-K, filed Jul 17, 2026
On July 14, 2026, the Board of Directors of Energy Vault Holdings, Inc. (the “Company”) appointed Nitin Dahiya to serve as Chief Financial…View ↗
Owning and operating assets
The company shifts from primarily selling storage projects and licensing gravity technology toward selectively developing, owning, and operating storage assets through its dedicated platform.
10-K for FY2022, filed Apr 13, 2023 10-K for FY2025, filed Mar 18, 2026
Modular data-center infrastructure
Modular data-center infrastructure is a planned offering alongside storage, including powered-shell facilities for high-density computing customers.
10-K for FY2022, filed Apr 13, 2023 10-K for FY2025, filed Mar 18, 2026Our energy storage and software solutions allow utilities, independent power producers, and large energy users to manage their power…View ↗
Who Do They Compete With?
Competes with Tesla, Fluence Energy, FlexGen Power Systems, Sungrow Power Supply, ESS, Eos Energy Enterprises, Hydrostor, Primus Power, Form Energy, and Gravitricity
10-K for FY2025, filed Mar 18, 2026For our third-party energy storage delivery business, our key competitors within the shorter duration BESS market include Tesla, Inc.…View ↗
Loading...
