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what it is
Energy Vault sells battery, gravity, and software systems that store power for utilities.
how it gets paid
Last year Energy Vault made $46M in revenue. B-Vault battery systems was the main engine at $14M, or 30% of sales.
what just happened
Revenue hit $9M in the latest quarter, while EPS sank to -$0.52.
At a glance
C++ balance sheet — some cracks in the foundation
-$0.91 fy2024 eps est
$46M fy2024 rev est
n/a operating margin
1.2 beta
xvary composite: 48/100 — below average
What they do
Energy Vault sells battery, gravity, and software systems that store power for utilities.
You buy the battery, the gravity tower, and the software in one deal. That sounds sticky, but the numbers are ugly: $46M in annual revenue versus a $920M backlog and a -281.4% operating margin. If backlog does not turn into cash and annual revenue stays under $60M, the moat story dies.
How they make money
$46M
annual revenue
B-Vault battery systems
$14M
+10.0%
Gravity storage
$12M
0.0%
Hydrogen / hybrid storage
$8M
0.0%
Vault-OS software
$7M
+10.0%
Services & deployment
$5M
+10.0%
The products that matter
grid-scale gravity storage
EVx Gravity Storage
$920M backlog backdrop · 3.4% reported gross margin
this is the flagship technology pitch, but the latest update showed only 3.4% gross margin against a 20% target. the concept may be differentiated. the economics still have to prove it.
execution test
modular battery storage
B-Vault
Feb 11, 2026 framework with Crusoe
the appeal is battery storage for AI data centers. what matters for you is whether the Feb 11, 2026 Crusoe framework turns into booked revenue rather than another well-received headline.
ai adjacency
ai-driven grid optimization
Energy Management Software
$12.7M software & services revenue
software and services produced $12.7M, but the company does not break out how much comes from software alone. that means you cannot underwrite a software multiple from this snapshot.
limited disclosure
Key numbers
$46M
annual revenue
This is the size of the business. Against a $554M market cap, you are paying a lot for a very small sales base.
-281.4%
operating margin
For every $1 of sales, the company lost $2.81 at the operating line. That is why the stock trades like a hope certificate.
$33M
long-term debt
Debt is still manageable in dollar terms, but it matters because a $33M stack hangs over a company with only $46M of annual revenue.
-192.2%
gross margin
This number is absurd because it shows accounting and project mix are doing heavy lifting. A margin above 100% is not a normal product business.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $33M (6% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for NRGV right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $9M in the latest quarter, while EPS sank to -$0.52.
EDGAR shows quarterly revenue up 10% vs. prior year, but earnings stayed deep in the red. The odd part is the n/a gross margin, which says project accounting and mix are doing the heavy lifting.
$9M
revenue
-$0.52
eps
n/a
gross margin
the number that mattered
The n/a gross margin mattered most because it shows this is still a project-accounting story, not a normal hardware business.
source: company earnings report, 2026
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What could go wrong
the #1 risk is delivering the $920M backlog at something closer to a 20% gross margin than 3.4%.
med
chronic unprofitability
the company reported a -172.6% profit margin and just 3.4% gross margin in the latest update. that means the business is not merely unprofitable. it is still proving it can price and deliver projects sensibly.
if gross profit stays this thin, backlog conversion can consume cash instead of creating it.
med
deployment delays and battery issues
the Mar 6, 2026 selloff tied a 9.6% stock drop to deployment delays and battery issues. that is not abstract execution risk. it is the market reacting to specific operating problems.
delays push revenue out. hardware issues pressure margin. you can survive one of those. both at once is how small-cap stories get repriced.
med
financing and dilution risk
the company closed a $135.5M financing in Feb 2026 and expanded a convertible notes offering. long-term debt is only $33M, but losses still need funding from somewhere.
if operating performance does not improve, future capital likely gets raised on worse terms than current holders would prefer.
med
software narrative without software visibility
software and services generated $12.7M, but the company does not break out the software economics cleanly here. you are being asked to imagine a higher-margin future without enough segment detail to model it.
if the business remains mostly project revenue, the stock does not deserve a premium software-style narrative.
$920M of backlog looks impressive next to $46M of annual revenue, but if gross profit stays near $4.0M, scale can magnify mistakes just as easily as it magnifies upside.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin check
does gross margin move off 3.4%
this is the number that decides whether backlog is valuable or dangerous. management's 20% target matters far more than any press release about demand.
Crusoe framework
headline or booked business
the Feb 11, 2026 announcement gave investors an AI-data-center angle. what you need next is contract value, deployment timing, and margin quality.
balance sheet
how long the new financing really lasts
the $135.5M raise bought time. your question is whether it bought enough time for execution to improve before the company has to raise again.
backlog conversion
does $920M start showing up in revenue
$46M of annual revenue against a $920M backlog is a huge gap. you want that gap shrinking because projects are landing, not because timelines keep slipping.
Analyst rankings
risk profile
above average
risk rank 2 — safer than roughly 80% of stocks.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for NRGV is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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