Filing Flows › Energy Vault Holdings (NRGV) › Q3 2025
Energy Vault Holdings (NRGV) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Energy Vault Holdings (NRGV) reported revenue of $33.3M for the third quarter 2025 (Q3 2025), up 28-fold from a year earlier and +291% from the quarter before. Operating margin was -52.8%, net loss $26.8M (80.5% of revenue).
Energy Vault Holdings, Q3 2025: revenue $33.3M (28× year over year), operating margin -52.8%, net loss $26.8M, operating cash flow −$11.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $33.3M | +291% | 28× |
| Operating profit | −$17.6M | — | — |
| Net earnings | −$26.8M | — | — |
| Operating cash flow | −$11.7M | -176% | — |
What changed
Revenue was $33.3M in Q3 2025, up 2679% year over year and up 291% from the previous quarter.
Gross margin was 27.0%, down 13.2 points from a year earlier. Operating costs exceeded revenue by $17.6M, an operating margin of -52.8%. Operating expenses fell 4% while revenue rose 2679%. The fastest-growing cost line was General & admin (+29%). The quarter ended with a net loss of $26.8M, narrower than the previous quarter's $34.9M loss.
Operating cash flow was −$11.7M. Non-cash charges added back $298K of depreciation and amortization and $10.2M of share-based compensation. Working capital and other items added $4.7M. Capital expenditures of $15.5M exceeded it, leaving free cash flow of −$27.2M.
Questions
What was Energy Vault Holdings' revenue in the third quarter 2025?
Energy Vault Holdings (NRGV) reported revenue of $33.3M for the third quarter 2025 (Q3 2025), up 28-fold from a year earlier and +291% from the quarter before.
Was Energy Vault Holdings profitable in the third quarter 2025?
Operating loss was $17.6M (-52.8% of revenue) and net loss $26.8M.