Energy Vault Holdings cash flow, quarter by quarter

In Q2 2026, Energy Vault Holdings generated −$30.6M of operating cash flow and spent $9.1M on capital projects, leaving free cash flow of −$39.7M. That is $46.7M less than in Q2 2025 ($6.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$103M; the largest uses were operating cash flow ($103M), capital spending ($42.1M), taxes on employees’ shares ($3.8M); besides operations, cash came from net borrowing (+) / repaid (−) ($222M), shares issued ($11.3M); the cash balance rose by $89.9M.

Operating cash flow was −$30.6M against net income of −$29.7M. The largest differences: deferred revenue +$14.7M, payables +$8.6M, prepaid and other assets −$7.2M.

Its cash conversion cycle was -58 days (receivables 32 + inventory 2 − payables 91): suppliers fund its working capital.

Energy Vault Holdings is burning cash: its operations consume cash, a free cash flow of −$145M a year at the current rate against $93.4M of cash and investments: a runway of about 8 months; $78.0M of debt also comes due within a year, which would need refinancing or new money before any new financing.