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1. Company Snapshot

1.a. Company Description

Energy Vault Holdings, Inc.develops and sells energy storage solutions.The company offers gravity-based storage systems, including EVx Platform, a scalable, modular product line starting from 40-megawatt hour to multi-gigawatt hours to address grid resiliency needs in shorter durations; Energy Vault Resiliency Center, a scalable, gigawatt hour scale product line designed to address grid resiliency needs to manage energy disruptive climate events; and Energy Vault solutions.


Its solutions allow utilities, independent power producers, and large energy users to manage their power portfolios and efficiently dispatch power.Energy Vault Holdings, Inc.is based in Westlake Village, California.

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1.b. Last Insights on NRGV

Energy Vault Holdings, Inc.'s recent performance was negatively impacted by a notice from the New York Stock Exchange (NYSE) on April 16, 2025, indicating that the company is not in compliance with NYSE's continued listing standards due to its average closing price being less than $1.00 over a consecutive 30-trading day period. This development raises concerns about the company's ability to maintain its listing on the NYSE.

1.c. Company Highlights

2. Energy Vault's Q3 2025 Earnings: A Pivotal Quarter for Growth

Energy Vault reported a revenue of $33.3 million in Q3 2025, a 27x increase year-over-year, with a gross margin of 27% and a year-to-date gross margin of 32.6%. The EBITDA loss narrowed to $6 million. The actual EPS came out at '-0.16' relative to estimates at '-0.1', indicating a loss per share that was slightly worse than expected. The company's financial performance was strong, driven by the launch of its Asset Vault platform and solid execution across its global project base.

Publication Date: Dec -02

📋 Highlights
  • Revenue Surge:: Q3 revenue hit $33.3M, a 27x y-o-y increase, with 27% gross margin.
  • EBITDA Improvement:: Loss narrowed to $6M, while Asset Vault projects $40M recurring EBITDA by 2027.
  • Backlog & Cash Growth:: Contract backlog near $1B, cash to reach $75M–$100M by year-end.
  • Development Pipeline:: $2.1B in advanced projects (8.7GWh), including 1.5GW priority market deployments.
  • Sustainability Leadership:: Ranked 98th percentile by S&P Global, with 90% backlog insulated from US tariffs.

Contract Backlog and Cash Balance

The contract backlog remains near $1 billion, with a substantial increase in cash balance, expected to reach $75 million to $100 million by the end of the year. The company's cash position has improved significantly, providing a strong foundation for future growth. The $920 million backlog does not include recently announced projects in Albania, which will contribute to recurring EBITDA and be added to backlog and Asset Vault.

Asset Vault and Growth Opportunities

The company closed a $300 million preferred equity agreement with Orion Infrastructure, enabling the launch of Asset Vault, which is expected to contribute $40 million in recurring adjusted EBITDA by year-end 2027 and $100 million to $150 million by year-end 2029. Energy Vault acquired a 150-megawatt interconnect site outside of Houston, Texas, and entered into an agreement with EU Green for a 400-megawatt hour project in Albania. The company's development pipeline for advanced projects is around $2.1 billion or roughly 8.7 gigawatt hours.

Valuation and Outlook

Analysts estimate next year's revenue growth at 29.0%. The company's valuation metrics indicate a high growth expectation, with a P/S Ratio of 10.86 and an EV/EBITDA of -4.16. The ROE and ROIC are both negative, indicating that the company is still in a growth phase and has not yet achieved profitability. Despite the challenges, the company's diverse footprint and agility position it well for future growth. A 90% decline in battery prices over five years has also positioned the company well.

3. NewsRoom

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Why Energy Vault Stock Exploded Higher Today

Nov -11

Source: fool.com

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Energy Vault's Q3 2025 Breakthrough: Building The Foundation For Recurring EBITDA

Nov -11

Source: seekingalpha.com

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Energy Vault Holdings, Inc. (NRGV) Reports Q3 Loss, Misses Revenue Estimates

Nov -11

Source: zacks.com

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Energy Vault Holdings, Inc. (NRGV) Q3 2025 Earnings Call Transcript

Nov -10

Source: seekingalpha.com

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Energy Vault, EU Green Energy Sign Framework Agreement for Deployment of up to $250 Million of Battery Energy Storage Systems, Totaling 1.8 GWh, to Accelerate Renewable Deployment

Nov -04

Source: businesswire.com

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Will Energy Vault Holdings, Inc. (NRGV) Report Negative Earnings Next Week? What You Should Know

Nov -04

Source: zacks.com

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Energy Vault Holdings, Inc. (NRGV) Analyst/Investor Day Transcript

Oct -30

Source: seekingalpha.com

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Energy Vault to Host Investor and Analyst Day on October 29, 2025; Schedules Conference Call to Discuss Third Quarter 2025 Financial Results

Oct -27

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.99%)

6. Segments

Build and Transfer Energy Storage Products

Expected Growth: 12%

Energy Vault Holdings, Inc.'s 12% growth is driven by increasing demand for renewable energy storage, government incentives for clean energy adoption, and strategic partnerships to expand product offerings. Additionally, advancements in technology, decreasing battery costs, and growing need for grid resilience and energy independence contribute to the company's rapid expansion.

Other

Expected Growth: 10%

Energy Vault Holdings, Inc.'s 10% growth is driven by increasing adoption of renewable energy, government incentives for sustainable infrastructure, and rising demand for long-duration energy storage solutions. Additionally, the company's innovative gravity-based energy storage technology and strategic partnerships with industry leaders contribute to its rapid expansion.

Licensing of Intellectual Property

Expected Growth: 9%

Energy Vault Holdings, Inc.'s licensing of intellectual property is driven by increasing demand for sustainable energy storage solutions, growing adoption of renewable energy sources, and rising need for grid resilience. Additionally, the company's innovative technology and strategic partnerships contribute to its high growth rate of 9.

7. Detailed Products

EVx Gravity-Based Energy Storage System

A gravity-based energy storage system that stores energy by lifting heavy blocks using excess energy, and releases energy by lowering the blocks to generate electricity.

EVx Hybrid Energy Storage System

A hybrid energy storage system that combines gravity-based energy storage with other energy storage technologies, such as batteries, to optimize performance and cost.

Energy Vault Software Platform

A software platform that optimizes energy storage operations, predicts energy demand, and provides real-time monitoring and control.

Sustainable Energy Storage Solutions

Customized energy storage solutions using recycled materials and environmentally friendly designs.

8. Energy Vault Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Energy Vault Holdings, Inc. faces moderate threat from substitutes due to the availability of alternative energy storage solutions.

Bargaining Power Of Customers

Energy Vault Holdings, Inc. has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Energy Vault Holdings, Inc. relies on a few key suppliers for critical components, which gives them some bargaining power.

Threat Of New Entrants

The energy storage industry is rapidly evolving, and new entrants with innovative technologies could potentially disrupt the market.

Intensity Of Rivalry

The energy storage industry is highly competitive, with several established players and new entrants vying for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.82%
Debt Cost 3.95%
Equity Weight 99.18%
Equity Cost 7.45%
WACC 7.42%
Leverage 0.83%

11. Quality Control: Energy Vault Holdings, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Cadiz

A-Score: 4.5/10

Value: 6.0

Growth: 6.8

Quality: 3.5

Yield: 0.0

Momentum: 8.5

Volatility: 2.3

1-Year Total Return ->

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Altus Power

A-Score: 4.4/10

Value: 4.1

Growth: 7.0

Quality: 4.0

Yield: 0.0

Momentum: 9.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Energy Vault Holdings

A-Score: 4.4/10

Value: 6.2

Growth: 6.2

Quality: 3.6

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

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Excelerate Energy

A-Score: 4.3/10

Value: 2.9

Growth: 4.3

Quality: 5.9

Yield: 1.0

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Fluence Energy

A-Score: 3.4/10

Value: 7.6

Growth: 7.2

Quality: 3.1

Yield: 0.0

Momentum: 2.0

Volatility: 0.7

1-Year Total Return ->

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Montauk Renewables

A-Score: 2.7/10

Value: 5.7

Growth: 5.2

Quality: 4.3

Yield: 0.0

Momentum: 0.0

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

5.0$

Current Price

5$

Potential

-0.00%

Expected Cash-Flows