Filing Flows › Energy Vault Holdings (NRGV) › Q4 2025
Energy Vault Holdings (NRGV) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 18, 2026
Energy Vault Holdings (NRGV) reported revenue of $153M for the fourth quarter 2025 (Q4 2025), +358% from a year earlier and +360% from the quarter before. Operating margin was -5.1%, net loss $20.7M (13.5% of revenue).
Energy Vault Holdings, Q4 2025: revenue $153M (+358% year over year), operating margin -5.1%, net loss $20.7M, operating cash flow −$6.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $153M | +360% | +358% |
| Operating profit | −$7.7M | — | — |
| Net earnings | −$20.7M | — | — |
| Operating cash flow | −$6.6M | — | — |
What changed
Revenue was $153.3M in Q4 2025, up 358% year over year and up 360% from the previous quarter.
Gross margin was 20.6%, up 12.9 points from Q4 2024. Operating costs exceeded revenue by $7.7M, an operating margin of -5.1%. Operating expenses fell 26% while revenue rose 358%. The fastest-growing cost line was General & admin (+51%). The quarter ended with a net loss of $20.7M, narrower than the previous quarter's $26.8M loss. Net interest and other expense of $13.2M was the main reason.
Operating cash flow was −$6.6M. Non-cash charges added back $2.4M of depreciation and amortization and $8.3M of share-based compensation. Working capital and other items added $3.5M. Capital expenditures of $10.4M exceeded it, leaving free cash flow of −$17.0M.
Questions
What was Energy Vault Holdings' revenue in the fourth quarter 2025?
Energy Vault Holdings (NRGV) reported revenue of $153M for the fourth quarter 2025 (Q4 2025), +358% from a year earlier and +360% from the quarter before.
Was Energy Vault Holdings profitable in the fourth quarter 2025?
Operating loss was $7.7M (-5.1% of revenue) and net loss $20.7M.