Energy Vault Holdings, Inc. (NRGV) SEC Filings & Earnings Calls

High-cost financing (10% cash + 7% PIK) increases leverage and interest burden; facility secured by substantially all assets of borrower and guarantors.

“Loans under the Financing Agreement bear interest at a rate of 10.0% per annum, payable in cash, plus a deferred rate of 7.0% per annum, payable in kind.” · word for word

Debt service reserve requirement and mandatory prepayment provisions increase financial obligations.

“Borrower is required to maintain a debt service reserve account containing an amount sufficient to cover three months of debt service.”

Execution risk on large delivery ramp in 2H 2026 and 2027

“We have a large delivery ramp into our second half and even greater ramp in 2027 given the growth in contracted backlog” · word for word

Continued GAAP net losses and negative adjusted EBITDA

“Q2 2026 GAAP net loss was $29.7 million; adjusted EBITDA loss was $17.0 million”

Negative operating cash flow and increasing net loss

“Net cash used in operating activities was $84.4 million for the six months ended June 30, 2026, compared to net cash provided by operating activities of $12.6 million for the same period in 2025.” · word for word

High debt levels and complex financing structure

“The 2026 Debentures bear interest at 7.5% per annum, or 18.0% upon an uncured event of default, and mature on July 1, 2027.” · word for word

Customer concentration

“Revenue from three customers accounted for 41%, 21%, and 21% of total revenue, respectively, for the three months ended June 30, 2026” · word for word

Project execution and cost overrun risk

“The increase in cost of revenue for the three and six months ended June 30, 2026 compared to the same periods in 2025 were driven by higher EPC project costs, primarily reflecting increased activity on the Company’s Australian EPC projects.”

CFO transition may cause temporary disruption, but new CFO brings relevant expertise.

“Michael Beer, current CFO, will be transitioning from his role to pursue other opportunities.”

Convertible debenture increases leverage and potential dilution.

“Amended and Restated AR Convertible Debenture with principal of $80M, convertible into equity.”

Backlog conversion risk: projects may not result in revenue as anticipated.

“The Company cannot guarantee that its bookings will result in actual revenue in the originally anticipated period, or at all.” · word for word

Tariff exposure on Chinese imports

“Several third party sales projects within our backlog and developed pipeline experienced delays or cancellations due to the anticipated increase in costs associated with importing B-VAULT products from China.” · word for word

Project-level debt covenant noncompliance

“the Company has not satisfied the current minimum Cross Trails Senior Note debt service coverage ratio under the covenant calculation for the quarter ended March 31, 2026.” · word for word

Negative operating cash flow and high cash burn

“Net cash used in operating activities was $53.8 million for the three months ended March 31, 2026, compared to net cash used in operating activities of $2.7 million for the same period in 2025.” · word for word

Customer concentration

“Revenue from one customer accounted for 81% of total revenue for the three months ended March 31, 2026.” · word for word

Dependence on non-Chinese sourcing for B-VAULT products

“As of the filing date of this Quarterly Report, we have not successfully imported our B-VAULT products from non-Chinese suppliers on an economical basis.” · word for word

GAAP net loss widened to $32.5M from $21.1M due to higher depreciation, interest expense, and non-recurring debt extinguishment costs

“Q1 2026 GAAP Net Loss of $32.5 million compared to $21.1 million in the prior-year period, reflecting higher depreciation and interest expense, and non-recurring items related to extinguishment of debt” · word for word

GAAP gross margin declined sharply from 57.1% to 21.9% due to revenue mix shift away from high-margin IP revenue

“GAAP gross margin of 21.9% reflects evolving revenue mix toward product deliveries and early-stage asset contributions (prior-year period GAAP Gross Margin of 57.1% driven by IP-related revenue)” · word for word

Adjusted EBITDA loss increased to $13.6M from $11.3M due to development expenses and new personnel for Own & Operate/AI strategy

“Q1 2026 Adjusted EBITDA loss of ($13.6) million compared to a loss of $11.3 million in the prior-year period, reflecting additional development expenses and new personnel associated with the Own & Operate / AI power infrastructure strategy” · word for word

Customer concentration risk

“We depend on a limited number of customers for the majority of our revenue, and the loss of any one of these customers could substantially reduce our revenue and impact our liquidity.” · word for word

Supply chain disruption risk

“The failure or inability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems and their failure or inability to deliver them in a timely manner could cause installation delays, cancellations, penalty payments and damage to our reputation.” · word for word

Technology adoption risk

“Our G-VAULT and H-VAULT products are based on established principles that are deployed in a novel way to create new technologies to store energy and potential customers may be hesitant to make a significant investment in our technology or abandon the technology they are currently using.” · word for word

Financing risk

“Our energy storage systems have significant upfront costs. We will need to obtain financing to fund our own projects and our customers may need to obtain financing to help finance purchases. If we or our customers are unable to procure third-party financing or if the cost of such financing exceeds our estimates, our business would be adversely affected.” · word for word

Execution risk on large project pipeline; reliance on project financing and customer timelines; gross margin guidance decline in FY2026.

“Estimating full year 2026 gross margin of 15-25% (versus 23.6% reported for full year 2025); project financing dependencies for SOSA and Stoney Creek.”

Preliminary results subject to audit adjustment; final 10-K may differ

“the Company has not finalized its financial and operational results for the fourth quarter and year ended December 31, 2025. Although such financial and operational results have not yet been finalized and are therefore subject to change” · word for word

Still GAAP net loss despite adjusted EBITDA profitability; path to full profitability uncertain

“Q4 2025 Net loss expected to be between $22.1 million and $9.5 million versus $61.8 million in Q4 2024” · word for word

Project execution and offtake agreement risk; offtake agreement currently in advanced negotiations but not yet signed.

“expected 6-8-year offtake agreement currently in advanced negotiations with an investment-grade counterparty” · word for word

Dependence on ERCOT market dynamics and regulatory environment.

“strategically positioned within the ERCOT North market” · word for word

Tariff and Trade Disruption Risk

“our B-Vault products, all of which have been sourced and manufactured in China, became subject to a cumulative U.S. import tariff burden of approximately 155.9%.” · word for word

Supply Chain Concentration Risk

“As of the filing date of this Quarterly Report, we have not successfully imported our B-Vault products from non-Chinese suppliers on an economical basis.” · word for word

Customer Concentration Risk

“Revenue from two customers accounted for 70% and 23% of total revenue, respectively, for the three months ended September 30, 2025.” · word for word

High Debt and Financing Cost Risk

“Interest expense for the quarter ended September 30, 2025 was $2.8 million, an increase of $2.7 million from $43 thousand for the same period in 2024.” · word for word

Credit Loss Risk

“Provision for credit losses for the nine months ended September 30, 2025 was $3.8 million, an increase of $1.5 million from $2.2 million for the same period in 2024.” · word for word

Dependence on project execution and regulatory approvals (e.g., Albania project subject to legislative approval).

“400 MWh project in Albania, subject to final Albanian legislative approval” · word for word

Cash burn risk despite improvement; Adjusted EBITDA still negative.

“Q3 2025 Adjusted EBITDA loss... $6.0 million” · word for word