← Energy Vault Holdings, Inc.

Annual Trend FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
ASSETS
Current assets:
Cash and Cash Equivalents, at Carrying Value $173k $396k $203.0m $109.9m $27.1m $58.3m
Prepaid Expense and Other Assets, Current — — $31.6m $4.5m $3.6m $5.1m
Short-term Investments — — — — $2.9m $325k
Restricted cash, current portion — $0 $83.1m $35.6m $990k $4.7m
Accounts receivable, net of allowance for credit losses of $1,236 and $1,211 as of December 31, 2025 and 2024, respectively — $0 $37.5m $27.2m $14.6m $25.9m
Prepaid expenses and other current assets — $5.5m $31.6m $4.5m $3.6m $5.1m
Customer financing receivable, long-term portion, net of allowance for credit losses of $6,974 and $3,645 as of December 31, 2025 and 2024, respectively — $0 $8.3m $6.7m $3.3m $0
Accounts Receivable — — $39.0m $29.8m $16.7m $25.9m
Allowance For Doubtful Accounts Receivable — — $0 ($444k) ($3.6m) ($5.7m)
Cash Cash Equivalents And Short Term Investments — — $203.0m $109.9m $27.4m $58.6m
Gross Accounts Receivable — — $39.0m $30.3m $20.3m $31.7m
Loans Receivable — $0 $1.5m — — —
Notes Receivable — — — $0 $2.6m $0
Other Current Assets — — $179k $30k $55k $11k
Other Receivables — — $29.0m $84.9m $6.8m $20.6m
Other Short Term Investments — — — $0 $311k $325k
Prepaid Assets — — $30.9m $11.4m $14.1m $10.2m
Taxes Receivable — — $454k $1.4m $117k $813k
Inventory, Net — $0 $4.4m $415k $107k $139k
Assets, Current — $511k $390.1m $279.6m $68.9m $121.1m
Total current assets $173k $511k $390.1m $279.6m $68.9m $121.1m
Property and equipment, net — $11.9m $3.0m $31.0m $99.5m $96.1m
Intangible Assets, Net (Excluding Goodwill) — — $0 $1.8m $4.5m $8.3m
Goodwill And Other Intangible Assets — — $0 $1.8m $4.5m $8.3m
Operating Lease, Right-of-Use Asset — — $1.4m $1.7m $1.2m $2.2m
Other Assets, Noncurrent — $1.5m $13.9m $2.6m $1.2m $883k
Operating lease right-of-use assets — $1.2m $1.4m $1.7m $1.2m $2.2m
Additional Financial Items
Accounts Receivable, after Allowance for Credit Loss, Current — — $37.5m $27.2m $14.6m $25.9m
Accrued Liabilities, Current $1k $209k $14.7m $85.0m $25.0m $70.4m
Contract assets, net of allowance for credit losses of $25,101 and $25,030 as of December 31, 2025 and 2024, respectively — $0 $29.0m $84.9m $6.8m $20.6m
Customer financing receivable, current portion, net of allowance for credit losses of $4,500 and $2,352 as of December 31, 2025 and 2024, respectively — $0 $1.5m $2.6m $2.1m $0
Advances to suppliers — — $24.3m $8.3m $10.7m $6.3m
Investments, long-term portion — — — $17.3m $3.3m $3.4m
Restricted cash, long-term portion — — — $0 $2.0m $40.5m
Deferred income taxes — — — — $0 $40.5m
Contract liabilities — $0 $49.4m $4.9m $8.9m $6.6m
Other current liabilities — — — — $499k $552k
Warrant liabilities — — — — $2k $15.1m
Redeemable non-controlling interest — — — — $0 $21.2m
Non-controlling interest — — — $0 ($63k) ($31k)
Accumulated Depreciation — — ($403k) ($1.7m) ($3.4m) ($9.5m)
Assets Held For Sale Current — — $0 $6.1m $0 —
Available For Sale Securities — — $9.0m $15.0m $3.3m $3.3m
Buildings And Improvements — — $0 $774k $774k $774k
Capital Lease Obligations — — $1.6m $1.9m $1.4m $2.1m
Construction In Progress — — $1.3m $20.1m $88.7m $8.2m
Current Accrued Expenses — — $1.9m $77.4m $17.3m $53.3m
Current Capital Lease Obligation — — $825k $724k $499k $552k
Current Debt And Capital Lease Obligation — — $825k $724k $499k $57.2m
Current Deferred Assets — $4.1m $0 — — —
Current Deferred Liabilities — — $49.4m $4.9m $8.9m $6.6m
Current Provisions — — — $894k $1.3m $241k
Derivative Product Liabilities — — $2k $2k $2k $15.5m
Financial Assets — $350k $1.0m $1.0m $0 —
Gross PPE — — $4.9m $34.5m $104.0m $107.8m
Interest Payable — — — — $0 $1.4m
Invested Capital — — $287.7m $223.8m $126.3m $162.1m
Investmentin Financial Assets — — $9.0m $15.0m $3.3m $3.3m
Investments And Advances — — $11.1m $15.0m $3.3m $3.4m
Land And Improvements — — $0 $226k $302k $302k
Leases — — $529k $702k $71k $127k
Long Term Capital Lease Obligation — — $725k $1.1m $866k $1.6m
Long Term Provisions — — $560k $976k $66k $1.3m
Machinery Furniture Equipment — — $1.6m $11.0m $13.0m $13.8m
Net PPE — — $4.5m $32.7m $100.7m $98.3m
Net Tangible Assets — — $287.7m $222.0m $121.8m $59.2m
Non Current Accounts Receivable — — $8.3m $550k $850k —
Non Current Accrued Expenses — — $0 $924k — —
Non Current Deferred Assets — — — — $0 $40.5m
Non Current Deferred Liabilities — — $2.4m $3.0m $2.0m $2.9m
Non Current Deferred Taxes Assets — — — — $0 $40.5m
Non Current Note Receivables — — $8.3m $9.0m $3.3m $0
Ordinary Shares Number — — $138.5m $146.6m $153.2m $169.0m
Other Equity Adjustments — — ($888k) ($1.4m) ($1.9m) ($966k)
Other Investments — — — — $0 $96k
Other Non Current Assets — — $1.8m $1.1m $2.3m $41.3m
Other Properties — — $1.4m $1.7m $1.2m $84.7m
Preferred Securities Outside Stock Equity — $182.7m $0 — — —
Properties — — $0 $0 $0 $0
Share Issued — — $138.5m $146.6m $153.2m $169.0m
Tangible Book Value — — $287.7m $222.0m $121.8m $59.2m
Working Capital — — $264.7m $167.7m $14.2m ($43.9m)
Total stockholders’ equity — ($68.7m) $287.7m $223.8m $126.3m $67.5m
Total Capitalization — — $287.7m $223.8m $126.3m $105.5m
Total Debt — — $1.6m $1.9m $1.4m $96.7m
Total Non Current Assets — — $26.6m $61.2m $115.0m $191.8m
Total Tax Payable — — $4.2m $733k $2.4m $4.6m
Assets $210k $288.0m $416.7m $340.8m $183.9m $312.9m
LIABILITIES AND EQUITY
Current liabilities:
Operating Lease, Liability, Current — — $787k $697k $461k $511k
Accounts Payable, Current — $2.0m $60.3m $21.2m $20.2m $30.8m
Operating Lease, Liability, Noncurrent — — $709k $1.0m $785k $1.5m
Long-term Debt, Current Maturities — — — — — $56.6m
Long-term Debt, Excluding Current Maturities — — — — — $38.0m
Debt, current portion (including $50,250 measured at fair value) — — — — $0 $56.6m
Current Deferred Revenue — — $49.4m $4.9m $8.9m $6.6m
Payables And Accrued Expenses — — $66.4m $99.3m $39.9m $88.7m
Liabilities, Current $186k $209k $125.3m $111.9m $54.7m $165.0m
Total current liabilities $186k $209k $125.3m $111.9m $54.7m $165.0m
Other Liabilities, Noncurrent — — — $2.1m $934k $4.4m
Long-term debt (including $16,427 measured at fair value) — — — — $0 $38.0m
Deferred pension obligation — $734k $890k $1.5m $2.0m $1.8m
Other long-term liabilities — — $1.3m $2.1m $934k $4.4m
Long Term Debt And Capital Lease Obligation — — $725k $1.1m $866k $39.5m
Pensionand Other Post Retirement Benefit Plans Current — — $8.7m $6.0m $4.0m $12.3m
Liabilities $186k $18.6m $129.0m $117.0m $57.6m $224.3m
Redeemable Noncontrolling Interest, Equity, Carrying Amount — — — — — $21.2m
Stockholders’ equity:
Preferred Stock, Value, Issued $0 — — — — —
Common Stock, Value, Issued — — $14k $15k $15k $17k
Additional Paid in Capital $24k $713k $435.9m $473.3m $512.0m $555.9m
Retained Earnings (Accumulated Deficit) ($1k) ($18.1m) ($147.3m) ($248.1m) ($383.8m) ($487.4m)
Accumulated Other Comprehensive Income (Loss), Net of Tax — — ($888k) ($1.4m) ($1.9m) ($966k)
Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued — $0 $0 $0 $0 $0
Common stock, $0.0001 par value; 500,000 shares authorized, 168,969 and 153,206 issued and outstanding at December 31, 2025 and 2024, respectively 719 719 14k 15k 15k 17k
Accumulated other comprehensive loss — ($413k) ($888k) ($1.4m) ($1.9m) ($966k)
Capital Stock — — $14k $15k $15k $17k
Gains Losses Not Affecting Retained Earnings — — ($888k) ($1.4m) ($1.9m) ($966k)
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax — — ($645k) ($1.2m) ($1.8m) $1.1m
Stockholders' Equity Attributable to Parent $24k ($18.1m) $287.7m $223.8m — —
Stockholders' Equity Attributable to Noncontrolling Interest — — — — ($63k) ($31k)
Minority Interest — — — $0 ($63k) $21.1m
Total Equity Gross Minority Interest — — $287.7m $223.8m $126.3m $88.6m
Total Non Current Liabilities Net Minority Interest — — $3.7m $5.1m $3.0m $59.2m
Liabilities and Equity $210k $288.0m $416.7m $340.8m $183.9m $312.9m
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity $210k $288.0m $416.7m $340.8m $183.9m $312.9m

Amounts are shown in USD as reported in each fiscal year filing.