NRGV Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $3.94

Market Cap (MRQ) $709M

P/E (TTM) -5.9

EPS (TTM) $-0.67

Revenue (TTM) $226M

ROE (TTM) -225.9%

Debt/Equity (MRQ) 35.4

52W Range $3–$7

NRGV Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$204M

2021-12-31 → 2025-12-31

EPS$-0.65

2021-12-31 → 2025-12-31

Free Cash Flow$-47M

2022-12-31 → 2025-12-31

Net margin-48.6%

2022-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	NRGV	5Y avg	Peer Median	Verdict
P/E (TTM)	-5.95Y avg ≈-4.4	≈-4.4	·	·
P/S (TTM)	3.15Y avg ≈4.1	≈4.1	2.6	Overvalued
P/B (MRQ)	103.45Y avg ≈5.3	≈5.3	4.4	Overvalued
EV / EBITDA (TTM)	-12.7	·	·	·
Price / FCF (TTM)	-4.95Y avg ≈-7.5	≈-7.5	·	·
Price / Cash Flow (TTM)	-6.95Y avg ≈-49.3	≈-49.3	·	·
EV / Revenue (TTM)	3.8	·	·	·
EV / FCF (TTM)	-5.9	·	·	·
Price / Tangible Book (MRQ)	-2097.55Y avg ≈5.9	≈5.9	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	NRGV	5Y avg	Peer Median	Verdict
Gross Margin (TTM)	22.5%5Y avg ≈14.0%	≈14.0%	24.2%	Top tier
Operating Margin (TTM)	-32.8%5Y avg ≈-98.1%	≈-98.1%	-42.5%	Weak
EBITDA Margin (TTM)	-29.8%5Y avg ≈-95.7%	≈-95.7%	-42.5%	Weak
Pretax Margin (TTM)	-45.9%5Y avg ≈-105.8%	≈-105.8%	-39.4%	Weak
Net Profit Margin (TTM)	-48.6%5Y avg ≈-106.8%	≈-106.8%	-43.7%	Weak
ROA (TTM)	-35.4%5Y avg ≈-30.1%	≈-30.1%	-11.8%	Weak
ROE (TTM)	-225.9%5Y avg ≈-56.1%	≈-56.1%	-19.2%	Weak
ROIC	-49.6%5Y avg ≈-55.5%	≈-55.5%	-21.9%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	NRGV	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	35.4	·	0.0	High debt
Current Ratio (MRQ)	1.25Y avg ≈2.0	≈2.0	3.4	Low liquidity
Quick Ratio (MRQ)	0.75Y avg ≈1.3	≈1.3	2.0	Low liquidity
Long-Term Debt / Equity (MRQ)	24.1	·	·	·

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	5Y trend	NRGV	5Y avg	Peer Median	Verdict
Revenue YoY		340.9%5Y avg ≈129.5%	≈129.5%	·	·
Revenue CAGR 3Y		11.8%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	NRGV	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-0.655Y avg ≈$-1.07	≈$-1.07	·	·
Revenue / Share	$1.275Y avg ≈$1.29	≈$1.29	·	·
Cash Flow / Share	$-0.045Y avg ≈$-0.31	≈$-0.31	·	·
Cash / Share	$0.345Y avg ≈$0.42	≈$0.42	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	NRGV	5Y avg	Peer Median	Verdict
Asset Turnover	0.85Y avg ≈0.6	≈0.6	0.7	In line
Inventory Turnover	1265.75Y avg ≈398.4	≈398.4	4.9	Top tier
Receivables Turnover	10.15Y avg ≈7.7	≈7.7	8.6	Top tier
Revenue / Employee	≈$1.4M	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise -60.7%

Next Report Nov 09, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 11, 2026	$-0.17	$-0.18	4.2%
March 31, 2026	May 11, 2026	$-0.20	$-0.15	-35.2%
Dec. 31, 2025		$-0.13	$-0.10	-34.2%
Sept. 30, 2025		$-0.17	$-0.09	-85.2%
June 30, 2025		$-0.22	$-0.07	-208.1%
March 31, 2025		$-0.14	$-0.13	-5.6%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 18

Metric	2025	2024	2023	2022	2021
Revenue	$204M	$46M	$342M	$146M	$0
Cost of Revenue	$156M	$40M	$324M	$87M	$0
Gross Profit	$48M	$6M	$18M	$59M	·
R&D Expense	$15M	$26M	$37M	$43M	$8M
SG&A Expense	$81M	$63M	$68M	$57M	$18M
Operating Expenses	$122M	$136M	$124M	·	·
Operating Income	$-74M	$-130M	$-107M	$-63M	$-30M
Interest Expense	·	·	$35.0K	$2.0K	$7.0K
Interest Income	·	·	$8M	$4M	·
Other Non-op	$-6M	$2M	$-173.0K	$-226.0K	$-2M
Pretax Income	$-96M	$-136M	$-99M	$-78M	$-31M
Income Tax	$8M	$67.0K	$-349.0K	$427.0K	$1.0K
Net Income	$-104M	$-136M	$-98M	$-78M	$-31M
EPS (Basic)	$-0.65	$-0.91	$-0.69	$-0.64	$-2.45
EPS (Diluted)	$-0.65	$-0.91	$-0.69	$-0.64	$-2.45
Shares (Basic)	160,533,000	149,846,000	142,851,000	123,241,000	12,780,000
Shares (Diluted)	160,533,000	149,846,000	142,851,000	123,241,000	12,780,000
EBITDA	$-71M	$-129M	$-106M	$-55M	$-1M

Balance Sheet 26

Metric	2025	2024	2023	2022	2021
Cash & Equivalents	$58M	$27M	$110M	$203M	$105M
Short-term Investments	$325.0K	$3M	$0	·	·
Receivables	$26M	$15M	$27M	$37M	$0
Inventory	$139.0K	$107.0K	$415.0K	$4M	$0
Prepaid Expense	$5M	$7M	$5M	$7M	$6M
Other Current Assets	$11.0K	$55.0K	$30.0K	$179.0K	$156.0K
Current Assets	$121M	$69M	$280M	$390M	$111M
Intangibles	$8M	$5M	$2M	$0	·
Other Non-current Assets	$883.0K	$1M	$3M	$3M	$2M
Total Assets	$313M	$184M	$341M	$417M	$125M
Accounts Payable	$31M	$20M	$21M	$60M	$2M
Accrued Liabilities	$70M	$25M	$85M	$15M	$5M
Short-term Debt	·	·	·	$0	·
Current Liabilities	$165M	$55M	$112M	$125M	$7M
Capital Leases	$2M	$785.0K	$1M	$709.0K	$662.0K
Other Non-current Liabilities	$4M	$932.0K	$2M	$1M	·
Total Liabilities	$224M	$58M	$117M	$129M	$11M
Long-term Debt	$95M	$0	·	·	·
Total Debt	$95M	·	·	·	·
Common Stock	$17.0K	$15.0K	$15.0K	$14.0K	$0
Paid-in Capital	$556M	$512M	$473M	$436M	$713.0K
Retained Earnings	$-487M	$-384M	$-248M	$-147M	$-69M
AOCI	$-966.0K	$-2M	$-1M	$-888.0K	$-413.0K
Stockholders' Equity	$67M	$126M	$224M	$288M	$-69M
Liabilities + Equity	$313M	$184M	$341M	$417M	$125M
Shares Outstanding	168,969,000	153,206,000	146,577,000	138,530,000	20,432,000

Cash Flow 16

Metric	2025	2024	2023	2022	2021
D&A	$3M	$1M	$893.0K	$8M	$2M
Stock-based Comp	$37M	$39M	$43M	$41M	$500.0K
Deferred Tax	$7M	$0	$0	$0	$0
Amort. of Intangibles	$900.0K	$400.0K	$0	·	·
Restructuring	$1M	$2M	$600.0K	·	·
Other Non-cash	$51M	$40M	$-38M	$6M	·
Operating Cash Flow	$-6M	$-56M	$-93M	$-23M	$-22M
CapEx	$41M	$59M	$30M	$2M	$170.0K
Investing Cash Flow	$-45M	$-59M	$-43M	$-13M	$-1M
Stock Issued	$7M	$0	$0	$236M	$0
Net Stock Activity	$7M	·	$0	$236M	·
Financing Cash Flow	$123M	$-252.0K	$-5M	$218M	$116M
Net Change in Cash	$73M	$-115M	$-141M	$181M	$95M
Taxes Paid	$643.0K	$0	·	·	·
Free Cash Flow	$-47M	$-115M	$-123M	$-26M	·
Levered FCF	·	·	$-123M	$-26M	·

Profitability 8

Metric	2025	2024	2023	2022	2021
Gross Margin	23.6%	13.4%	5.1%	·	·
Operating Margin	-36.5%	-281.4%	-31.2%	-43.2%	·
Net Margin	-50.9%	-293.8%	-28.8%	-53.7%	·
Pretax Margin	-47.1%	-293.8%	-28.9%	-53.4%	·
EBITDA Margin	-34.8%	-279.1%	-31.0%	-37.9%	·
ROA	-41.7%	-51.7%	-26.0%	-28.9%	-2.3%
ROE	-131.3%	-88.9%	-42.6%	-26.6%	8.9%
ROIC	-49.6%	-103.0%	-47.5%	-22.1%	·

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021
Current Ratio	0.7	1.3	2.5	3.1	2.4
Quick Ratio	0.5	0.8	1.2	1.9	1.9
Debt / Equity	1.4	·	·	·	·
LT Debt / Equity	0.6	·	·	·	·
Interest Coverage	·	·	-3049.6	-31541.5	·

Efficiency 3

Metric	2025	2024	2023	2022	2021
Asset Turnover	0.8	0.2	0.9	0.5	·
Inventory Turnover	1265.7	153.3	135.2	39.6	·
Receivables Turnover	10.1	2.2	10.6	7.8	·

Per Share 5

Metric	2025	2024	2023	2022	2021
Book Value / Share	$0.40	$0.82	$1.53	·	·
Revenue / Share	$1.27	$0.31	$2.39	$1.18	·
Cash Flow / Share	$-0.04	$-0.37	$-0.65	$-0.19	·
Cash / Share	$0.34	$0.18	$0.75	·	·
EPS (TTM)	$-0.65	$-0.91	$-0.69	$-0.64	$-2.45

Growth Rates 2

Metric	Trend	2025	2024	2023	2022	2021
Revenue YoY		340.9%	-86.5%	134.1%	·	·
Revenue CAGR 3Y		11.8%	·	·	·	·

Valuation (TTM) 14

Metric	2025	2024	2023	2022	2021
Revenue TTM	$204M	$46M	$342M	$146M	$0
Net Income TTM	$-104M	$-136M	$-98M	$-78M	$-31M
Market Cap	$779M	$349M	$342M	·	·
Enterprise Value	$815M	·	·	·	·
P/E	-7.1	-2.5	-3.4	-4.9	-4.0
P/S	3.8	7.6	1.0	·	·
P/B	11.5	2.8	1.5	·	·
P / Tangible Book	13.2	2.9	1.5	·	·
P / Cash Flow	-137.9	-6.3	-3.7	·	·
P / FCF	-16.7	-3.0	-2.8	·	·
EV / EBITDA	-11.5	·	·	·	·
EV / FCF	-17.4	·	·	·	·
EV / Revenue	4.0	·	·	·	·
Earnings Yield	-14.1%	-39.9%	-29.6%	-20.5%	-24.8%

Income Statement 18

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$17M	$22M	$153M	$33M	$9M	$9M	$33M	$1M	$4M	$8M	$118M	$172M	$40M	$11M	$100M	$2M
Cost of Revenue	$12M	$17M	$122M	$24M	$6M	$4M	$31M	$716.0K	$3M	$6M	$114M	$165M	$36M	$9M	$84M	$2M
Gross Profit	$5M	$5M	$32M	$9M	$3M	$5M	$3M	$483.0K	$1M	$2M	$4M	$7M	$4M	$2M	$16M	$71.0K
R&D Expense	$3M	$3M	$3M	$3M	$4M	$4M	$6M	$6M	$7M	$7M	$8M	$8M	$10M	$11M	$13M	$12M
SG&A Expense	$23M	$21M	$25M	$20M	$19M	$18M	$16M	$15M	$16M	$15M	$16M	$16M	$17M	$19M	$23M	$13M
Operating Expenses	$30M	$29M	$39M	$27M	$31M	$26M	$53M	$28M	$29M	$27M	$28M	$28M	·	·	·	·
Operating Income	$-25M	$-24M	$-8M	$-18M	$-28M	$-21M	$-50M	$-27M	$-28M	$-25M	$-24M	$-21M	$-28M	$-33M	$-26M	$-36M
Interest Expense	·	·	·	·	·	·	·	·	·	$8.0K	·	$18.0K	$0	$1.0K	$1.0K	$0
Interest Income	·	·	·	·	·	·	·	·	$2M	$2M	·	$2M	$2M	$2M	$2M	$1M
Other Non-op	$-2M	$-5M	$-2M	$-1M	$-3M	$-118.0K	$880.0K	$-937.0K	$-22.0K	$2M	$86.0K	$-8.0K	$-92.0K	$-159.0K	$-407.0K	$-104.0K
Pretax Income	$-29M	$-32M	$-21M	$-21M	$-33M	$-21M	$-62M	$-27M	$-26M	$-21M	$-22M	$-19M	$-26M	$-31M	$-23M	$-29M
Income Tax	$855.0K	$1.0K	$-228.0K	$6M	$2M	$383.0K	$67.0K	$0	$0	$0	$48.0K	$-401.0K	$4.0K	$0	$69.0K	$185.0K
Net Income	$-30M	$-32M	$-21M	$-27M	$-35M	$-21M	$-62M	$-27M	$-26M	$-21M	$-22M	$-19M	$-26M	$-31M	$-23M	$-29M
EPS (Basic)	$-0.17	$-0.20	$-0.13	$-0.16	$-0.22	$-0.14	$-0.41	$-0.18	$-0.18	$-0.14	$-0.16	$-0.13	$-0.18	$-0.22	$-0.13	$-0.21
EPS (Diluted)	$-0.18	$-0.20	$-0.13	$-0.16	$-0.22	$-0.14	$-0.41	$-0.18	$-0.18	$-0.14	$-0.16	$-0.13	$-0.18	$-0.22	$-0.13	$-0.21
Shares (Basic)	178,103,000	171,867,000	·	163,329,000	156,911,000	153,723,000	·	150,812,000	149,143,000	147,019,000	·	143,867,000	142,756,000	139,669,000	·	140,302,000
Shares (Diluted)	178,394,000	171,867,000	·	163,329,000	156,911,000	153,723,000	·	150,812,000	149,143,000	147,019,000	·	143,867,000	142,756,000	139,669,000	·	140,302,000
EBITDA	$-23M	$-22M	·	$-17M	$-28M	$-21M	·	$-27M	$-28M	$-24M	·	$-21M	$-28M	$-33M	·	$-36M

Balance Sheet 26

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$93M	$55M	$58M	$33M	$21M	$18M	$27M	$51M	$107M	$136M	$110M	$74M	$107M	$115M	$203M	$250M
Short-term Investments	$332.0K	$333.0K	$325.0K	$0	$837.0K	$3M	$3M	·	·	·	$0	·	·	·	·	·
Receivables	$7M	$5M	$26M	$2M	$5M	$4M	$15M	$2M	$3M	$1M	$27M	$27M	$5M	$4M	$37M	$23M
Inventory	$366.0K	$126.0K	$139.0K	$7M	·	$107.0K	$107.0K	$107.0K	$111.0K	$415.0K	$415.0K	$5M	$4.0K	$5M	$4M	·
Prepaid Expense	$15M	$8M	$5M	$7M	$6M	$5M	$7M	$5M	$5M	$4M	$5M	$5M	$5M	$7M	$7M	$9M
Other Current Assets	$11.0K	$11.0K	$11.0K	$11.0K	$187.0K	$36.0K	$55.0K	$521.0K	$245.0K	$54.0K	$30.0K	·	·	·	$179.0K	·
Current Assets	$182M	$104M	$121M	$103M	$95M	$74M	$69M	$132M	$162M	$208M	$280M	$245M	$322M	$339M	$390M	$332M
Intangibles	$7M	$7M	$8M	$6M	$6M	$5M	$5M	$4M	$3M	$2M	$2M	$953.0K	·	·	$0	·
Other Non-current Assets	$13M	$3M	$883.0K	$701.0K	$678.0K	$1M	$1M	$1M	$2M	$3M	$3M	$3M	$21M	$20M	$3M	$4M
Total Assets	$371M	$298M	$313M	$282M	$249M	$217M	$184M	$253M	$256M	$286M	$341M	$301M	$375M	$382M	$417M	$339M
Accounts Payable	$15M	$9M	$31M	$36M	$36M	$25M	$20M	$39M	$29M	$53M	$21M	$21M	$8M	$8M	$60M	$3M
Accrued Liabilities	$28M	$26M	$70M	$36M	$19M	$22M	$25M	$21M	$18M	$15M	$85M	$33M	$28M	$19M	$15M	$4M
Short-term Debt	·	·	·	·	·	·	·	·	·	·	·	$856.0K	·	·	·	·
Current Liabilities	$152M	$72M	$165M	$164M	$144M	$86M	$55M	$70M	$56M	$70M	$112M	$59M	$124M	$115M	$125M	$35M
Capital Leases	$1M	$1M	$2M	$2M	$2M	$2M	$785.0K	$935.0K	$955.0K	$984.0K	$1M	$447.0K	$538.0K	$512.0K	$709.0K	$760.0K
Other Non-current Liabilities	$5M	$4M	$4M	$3M	$2M	$2M	$932.0K	$1M	$2M	$2M	$2M	$745.0K	$554.0K	$529.0K	$1M	·
Total Liabilities	$338M	$244M	$224M	$201M	$159M	$103M	$58M	$74M	$60M	$74M	$117M	$62M	$128M	$118M	$129M	$38M
Long-term Debt	$264M	$172M	$95M	$60M	$33M	$26M	$0	·	·	·	·	·	·	·	·	·
Total Debt	$243M	$172M	·	$60M	$33M	$26M	·	·	·	·	·	$856.0K	·	·	·	·
Common Stock	$18.0K	$17.0K	$17.0K	$17.0K	$16.0K	$15.0K	$15.0K	$15.0K	$15.0K	$15.0K	$15.0K	$14.0K	$14.0K	$14.0K	$14.0K	$14.0K
Paid-in Capital	$557M	$551M	$556M	$549M	$532M	$521M	$512M	$503M	$492M	$483M	$473M	$465M	$455M	$446M	$436M	$424M
Retained Earnings	$-550M	$-520M	$-487M	$-467M	$-440M	$-405M	$-384M	$-322M	$-295M	$-269M	$-248M	$-226M	$-207M	$-181M	$-147M	$-124M
AOCI	$-835.0K	$-636.0K	$-966.0K	$-2M	$-2M	$-1M	$-2M	$-2M	$-2M	$-2M	$-1M	$-864.0K	$-776.0K	$-603.0K	$-888.0K	$-215.0K
Stockholders' Equity	$7M	$30M	$67M	$81M	$90M	$115M	$126M	$179M	$196M	$212M	$224M	$238M	$248M	$264M	$288M	$300M
Liabilities + Equity	$371M	$298M	$313M	$282M	$249M	$217M	$184M	$253M	$256M	$286M	$341M	$301M	$375M	$382M	$417M	$339M
Shares Outstanding	179,940,000	174,147,000	168,969,000	166,645,000	160,689,000	154,243,000	153,206,000	151,542,000	150,136,000	147,868,000	146,577,000	143,441,000	142,703,000	141,392,000	138,530,000	137,839,000

Cash Flow 16

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$2M	$2M	$2M	$298.0K	$473.0K	$305.0K	$233.0K	$251.0K	$279.0K	$295.0K	$223.0K	$235.0K	$226.0K	$209.0K	$181.0K	$5M
Stock-based Comp	$4M	$7M	$8M	$10M	$9M	$9M	$9M	$10M	$10M	$10M	$9M	$11M	$10M	$14M	$14M	$11M
Deferred Tax	·	·	$2M	$6M	·	·	$0	·	·	·	·	·	·	·	·	·
Amort. of Intangibles	$300.0K	$300.0K	$200.0K	$300.0K	$200.0K	$200.0K	$100.0K	$100.0K	$100.0K	$100.0K	$0	$0	$0	·	·	·
Restructuring	·	·	$0	$0	$1M	·	$-86.0K	$-23.0K	$2M	·	$600.0K	$0	$0	·	·	·
Other Non-cash	·	$-31M	·	·	·	$9M	·	·	·	$12M	·	·	·	$-54M	·	·
Operating Cash Flow	$-31M	$-54M	$-7M	$-12M	$15M	$-3M	$-35M	$-9M	$-13M	$947.0K	$23M	$-24M	$-21M	$-71M	$24M	$-21M
CapEx	$9M	$7M	$10M	$15M	$8M	$7M	$11M	$27M	$12M	$9M	$3M	$8M	$7M	$12M	$2M	$346.0K
Investing Cash Flow	$-9M	$5M	$-12M	$-15M	$-10M	$-7M	$-11M	$-27M	$-12M	$-9M	$-9M	$-8M	$-7M	$-18M	$-11M	$-346.0K
Stock Issued	·	·	$0	$6M	·	·	$0	$0	·	·	·	$0	$0	$0	$0	$0
Net Stock Activity	·	·	·	·	·	·	·	·	·	·	·	·	·	$0	·	·
Financing Cash Flow	$74M	$61M	$60M	$31M	$5M	$27M	$-817.0K	$205.0K	$1M	$-678.0K	$-827.0K	$-185.0K	$-4M	$-775.0K	$-2M	$-3M
Net Change in Cash	$31M	$14M	$42M	$4M	$11M	$17M	$-48M	$-35M	$-24M	$-9M	$13M	$-33M	$-32M	$-89M	$11M	$-24M
Taxes Paid	$50.0K	$-8.0K	·	·	$396.0K	$0	·	·	·	·	·	·	·	·	·	·
Free Cash Flow	·	$-61M	·	·	·	$-10M	·	·	·	$-8M	·	·	·	$-82M	·	·
Levered FCF	·	·	·	·	·	·	·	·	·	$-8M	·	·	·	$-82M	·	·

Profitability 8

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Gross Margin	30.9%	21.9%	·	27.0%	29.6%	57.1%	·	40.3%	27.8%	26.7%	·	4.2%	10.0%	·	·	·
Operating Margin	-142.0%	-110.6%	·	-52.8%	-330.7%	-244.8%	·	-2258.1%	-739.7%	-317.4%	·	-12.3%	-71.5%	-288.4%	·	-2137.3%
Net Margin	-170.9%	-148.5%	·	-80.5%	-410.3%	-247.7%	·	-2217.9%	-694.6%	-272.4%	·	-11.0%	-65.9%	-272.9%	·	-1698.0%
Pretax Margin	-166.0%	-148.5%	·	-63.9%	-386.0%	-243.6%	·	-2219.8%	-694.9%	-272.4%	·	-11.2%	-65.9%	-272.9%	·	-1687.1%
EBITDA Margin	-130.9%	-100.4%	·	-51.9%	-325.1%	-241.2%	·	-2237.2%	-732.2%	-313.6%	·	-12.2%	-70.9%	-286.6%	·	-2137.3%
ROA	-9.6%	-12.6%	·	-10.0%	-13.9%	-8.4%	·	-9.6%	-8.3%	-6.3%	·	-5.9%	-7.3%	-8.5%	·	-9.2%
ROE	-61.1%	-44.7%	·	-20.7%	-24.4%	-12.9%	·	-12.7%	-11.8%	-8.9%	·	-7.0%	-9.4%	-11.1%	·	-20.2%
ROIC	-10.2%	-12.0%	·	-15.7%	-24.2%	-15.1%	·	-15.1%	-14.3%	-11.6%	·	-8.7%	-11.5%	-12.5%	·	-12.1%

Liquidity & Solvency 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	1.2	1.4	·	0.6	0.7	0.9	·	1.9	2.9	3.0	·	4.2	2.6	2.9	·	9.6
Quick Ratio	0.7	0.8	·	0.2	0.2	0.3	·	0.8	2.0	2.0	·	1.7	0.9	1.0	·	7.9
Debt / Equity	35.4	5.6	·	0.7	0.4	0.2	·	·	·	·	·	0.0	·	·	·	·
LT Debt / Equity	24.1	4.9	·	0.4	0.1	0.1	·	·	·	·	·	·	·	·	·	·
Interest Coverage	·	·	·	·	·	·	·	·	·	-3078.4	·	-1179.8	·	-32942.0	·	·

Efficiency 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover	0.1	0.1	·	0.1	0.0	0.0	·	0.0	0.0	0.0	·	0.5	0.1	0.0	·	0.0
Inventory Turnover	50.3	146.7	·	6.8	·	14.0	·	0.3	47.3	2.1	·	66.6	17866.5	3.7	·	·
Receivables Turnover	3.0	4.9	·	14.7	2.1	3.2	·	0.1	0.9	2.9	·	6.9	7.4	0.7	·	0.1

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$0.04	$0.17	·	$0.48	$0.56	$0.74	·	$1.18	$1.30	$1.44	·	$1.66	$1.73	$1.87	·	$2.18
Revenue / Share	$0.10	$0.13	·	$0.20	$0.05	$0.06	·	$0.01	$0.03	$0.05	·	$1.20	$0.28	·	·	·
Cash Flow / Share	·	$-0.31	·	·	·	$-0.02	·	·	·	$0.01	·	·	·	·	·	·
Cash / Share	$0.52	$0.32	·	$0.20	$0.13	$0.12	·	$0.34	$0.71	$0.92	·	$0.52	$0.75	$0.81	·	$1.81
EPS (TTM)	$-0.67	$-0.71	·	$-0.93	$-0.95	$-0.91	·	$-0.66	$-0.61	$-0.61	·	$-0.66	$-0.74	$-0.61	·	$-1.42

Valuation (TTM) 11

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$226M	$217M	·	$84M	$52M	$47M	·	$131M	$302M	$338M	·	$324M	$153M	$114M	·	$46M
Net Income TTM	$-110M	$-115M	·	$-145M	$-144M	$-136M	·	$-96M	$-88M	$-88M	·	$-100M	$-109M	$-89M	·	$-68M
Market Cap	$848M	$575M	·	$495M	$115M	$107M	·	$145M	$143M	$265M	·	$366M	$390M	$303M	·	$728M
Enterprise Value	$997M	$691M	·	$522M	$126M	$112M	·	·	·	·	·	$292M	·	·	·	·
P/E	-7.0	-4.6	·	-3.2	-0.8	-0.8	·	-1.5	-1.6	-2.9	·	-3.9	-3.7	-3.5	·	-3.7
P/S	3.8	2.6	·	5.9	2.2	2.3	·	1.1	0.5	0.8	·	1.1	2.5	2.6	·	16.0
P/B	123.6	18.9	·	6.1	1.3	0.9	·	0.8	0.7	1.2	·	1.5	1.6	1.1	·	2.4
P / Tangible Book	·	24.6	·	6.7	1.4	1.0	·	0.8	0.7	1.3	·	1.5	1.6	1.1	·	2.4
P / Cash Flow	·	-10.7	·	·	·	-39.3	·	·	·	279.5	·	·	·	-4.3	·	·
EV / Revenue	4.4	3.2	·	6.2	2.4	2.4	·	·	·	·	·	0.9	·	·	·	·
Earnings Yield	-14.2%	-21.5%	·	-31.3%	-132.5%	-130.9%	·	-68.8%	-64.2%	-34.1%	·	-25.9%	-27.1%	-28.5%	·	-26.9%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$204M	$46M	$342M	$146M	$0
Gross Margin %	23.6%	13.4%	5.1%	·	·
Operating Margin %	-36.5%	-281.4%	-31.2%	-43.2%	·
Net Income	$-104M	$-136M	$-98M	$-78M	$-31M
Diluted EPS	$-0.65	$-0.91	$-0.69	$-0.64	$-2.45

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	1.4	·	·	·	·
Current Ratio	0.7	1.3	2.5	3.1	2.4
Quick Ratio	0.5	0.8	1.2	1.9	1.9

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-47M	$-115M	$-123M	$-26M	·

Institutional owners (13F) 198 filers · $576.4M total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 198

Value held $576.4M

New positions 64

Exited positions 33

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
64 (+14 vs prior Q)	33 (+18 vs prior Q)	69 (+15 vs prior Q)	30 (-4 vs prior Q)	+33.6M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
SB INVESTMENT ADVISERS (UK) LTD	$73,172,822	15,535,631	12.70%	Shares
BlackRock, Inc.	$52,656,679	11,179,762	9.14%	Shares
UBS Group AG	$32,970,000	7,000,000	5.72%	Call option
SCOGGIN MANAGEMENT LP	$29,084,250	6,175,000	5.05%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$28,394,692	6,028,597	4.93%	Shares
Legal & General Group Plc	$25,508,417	5,415,800	4.43%	Shares
STATE STREET CORP	$24,793,393	5,263,990	4.30%	Shares
SailingStone Capital Partners LLC	$21,049,343	4,469,075	3.65%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$15,213,325	3,229,206	2.64%	Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$15,102,737	3,352,554	2.62%	Shares
MARSHALL WACE, LLP	$13,290,061	2,821,669	2.31%	Shares
Wasserstein Management, L.P.	$13,121,702	2,785,924	2.28%	Shares
UBS Group AG	$11,484,261	2,438,272	1.99%	Shares
SCOGGIN MANAGEMENT LP	$11,186,250	2,375,000	1.94%	Call option
GOLDMAN SACHS GROUP INC	$9,432,703	2,002,697	1.64%	Shares
Wasserstein Management, L.P.	$9,420,000	2,000,000	1.63%	Call option
VANGUARD GROUP INC	$9,086,029	1,970,939	1.58%	Shares
NOMURA HOLDINGS INC	$8,691,759	1,845,384	1.51%	Shares
JANE STREET GROUP, LLC	$8,434,767	1,790,821	1.46%	Shares
Caption Management, LLC	$8,430,900	1,790,000	1.46%	Put option
Invesco Ltd.	$7,972,052	1,692,580	1.38%	Shares
Caption Management, LLC	$7,180,866	1,524,600	1.25%	Shares
J. Goldman & Co LP	$7,084,942	1,504,234	1.23%	Shares
MORGAN STANLEY	$6,820,825	1,448,158	1.18%	Shares
BARCLAYS PLC	$6,605,935	1,402,534	1.15%	Shares
Beartown Capital Management, LLC	$6,594,000	1,400,000	1.14%	Shares
TWO SIGMA INVESTMENTS, LP	$5,557,871	1,180,015	0.96%	Shares
NORTHERN TRUST CORP	$5,283,852	1,121,837	0.92%	Shares
JANE STREET GROUP, LLC	$5,276,142	1,120,200	0.92%	Call option
VANGUARD PORTFOLIO MANAGEMENT LLC	$5,213,009	1,106,796	0.90%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$4,811,821	1,021,618	0.83%	Shares
CITIGROUP INC	$4,494,928	954,337	0.78%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$4,361,931	926,100	0.76%	Call option
VANGUARD FIDUCIARY TRUST CO	$4,220,970	896,172	0.73%	Shares
WELLS FARGO & COMPANY/MN	$3,273,384	694,986	0.57%	Shares
CITADEL ADVISORS LLC	$3,248,016	689,600	0.56%	Call option
Defiance ETFs, LLC	$3,058,191	684,159	0.53%	Shares
Cresset Asset Management, LLC	$2,967,121	629,962	0.51%	Shares
Mitsubishi UFJ Asset Management Co., Ltd.	$2,703,337	573,957	0.47%	Shares
PEAK6 LLC	$2,423,766	514,600	0.42%	Call option
Squarepoint Ops LLC	$2,413,347	512,388	0.42%	Shares
BNP PARIBAS FINANCIAL MARKETS	$2,388,516	507,116	0.41%	Shares
BANK OF AMERICA CORP /DE/	$2,347,997	498,513	0.41%	Shares
ROYAL BANK OF CANADA	$2,179,000	462,553	0.38%	Shares
Nuveen, LLC	$2,116,415	449,345	0.37%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$2,076,149	440,796	0.36%	Shares
Jump Financial, LLC	$2,066,169	438,677	0.36%	Shares
CITADEL ADVISORS LLC	$1,982,439	420,900	0.34%	Put option
Connor, Clark & Lunn Investment Management Ltd.	$1,759,143	373,491	0.31%	Shares
GROUP ONE TRADING LLC	$1,702,283	361,419	0.30%	Shares

Show all 198 institutional owners →

Activists & 5%+ owners 7 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Robert Piconi ×2 filings	April 2, 2026	13.40%	Amendment	·	SEC
Prime Movers Growth Fund I LP, Energy Vault PML SPV 1 LP, Prime Movers Lab Fund II LP, Prime Movers Growth GP I LLC, Prime Movers Lab GP II LLC, Prime Movers Lab Fund GP II LLP, Dakin Sloss	Feb. 7, 2023	·	Initial filing	·	SEC
Dakin Sloss	Sept. 2, 2022	·	Initial filing	Passive investment	SEC
Undisclosed reporting person	Aug. 18, 2022	·	Initial filing	·	SEC
Undisclosed reporting person	July 27, 2022	·	Initial filing	Passive investment	SEC
IDEALAB Studio, LLC, William Gross	May 17, 2022	·	Initial filing	Passive investment	SEC
Undisclosed reporting person	Feb. 16, 2022	·	Initial filing	Passive investment	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 31 insiders · 17 officers · 15 directors

19

Insider	Role	Last activity	Shares owned	Buys 12m	Sells 12m	Net 12m
Robert Piconi	Chief Executive Officer	Sept. 30, 2026 F	16,284,929	3	0	$94,575
Robert J Laikin	Chief Executive Officer	Feb. 11, 2022 M	742,382	0	0	$0
Nitin Dahiya	Chief Financial Officer	Aug. 4, 2026 A	400,000	0	0	$0
Michael Thomas Beer	Chief Financial Officer	July 6, 2026 M	1,021,806	0	3	$-717,400
Johannes Cornelis Maria Van Gaalen	Chief Financial Officer	March 18, 2024 S	577,268	0	0	$0
David W Hitchcock	Interim CFO	July 29, 2022 A	·	0	0	$0
Andrea Wuttke	Chief Financial Officer	Feb. 11, 2022 A	·	0	0	$0
Vincent Donargo	Chief Financial Officer	Feb. 11, 2022 M	201,606	0	0	$0
Christopher Wiese	President, Energy Vault Labs	Jan. 22, 2026 F	1,128,960	0	0	$0
John G Jung	President of EVS	Oct. 11, 2023 F	1,012,090	0	0	$0
Akshay Ladwa	Chief Operations Officer	Sept. 30, 2026 F	2,035,894	1	0	$12,320
Marco Terruzzin	Chief Product Officer	Oct. 8, 2024 S	1,482,778	0	0	$0
Josh Mcmorrow	Chief Legal Officer	Sept. 9, 2024 S	916,875	0	0	$0
Laurence Alexander	Chief Marketing Officer	Sept. 9, 2024 S	1,189,336	0	0	$0
Goncagul Icoren	Chief People Officer	Sept. 6, 2024 S	865,757	0	0	$0
Andrea Pedretti	Chief Technology Officer	Sept. 11, 2023 F	1,979,915	0	0	$0
Richard Espy	CIO, VP of Software Enablement	July 29, 2022 A	·	0	0	$0
Stephanie Unwin	Director	Aug. 26, 2026 S	182,245	0	1	$-426,650
Dylan Hixon	Director	Aug. 17, 2026 P	27,472	4	0	$426,211
Theresa M Fariello	Director	May 29, 2026 A	318,217	0	0	$0
Mary Beth Mandanas	Director	May 29, 2026 A	372,864	1	0	$18,250
Thomas R Ertel	Director	May 29, 2026 A	387,814	1	0	$18,366
Larry Paulson	Director	May 29, 2026 A	523,794	1	0	$15,750
GROSS WILLIAM	Director	May 24, 2024 A	154,740	0	0	$0
Tahsinul Zia Huque	Director	May 25, 2023 A	85,751	0	0	$0
Henry Elkus	Director	Dec. 16, 2022 A	66,684	0	0	$0
Jeffrey D Foster	Director	Feb. 11, 2022 M	809,256	0	0	$0
Ronald J. Sznaider	Director	Feb. 11, 2022 M	100,802	0	0	$0
Heather Goodman	Director	Feb. 11, 2022 M	191,285	0	0	$0
Hersch Klaff	Director	Feb. 11, 2022 M	798,222	0	0	$0
Idealab Studio, LLC	10% owner	May 12, 2022 J	1,734,943	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 20 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
PBW · Invesco Exchange-Traded Fund Trust	1.24%	1,048,012 SH	Oct. 1, 2026	Daily
IWC · iShares Trust	0.14%	471,495 SH	Sept. 11, 2026	Daily
ERTH · Invesco Exchange-Traded Fund Trust	0.09%	26,972 SH	Sept. 30, 2026	Daily
OMFS · Invesco Exchange-Traded Self-Indexe…	0.06%	36,459 SH	Oct. 1, 2026	Daily
CCSO · Tidal Trust II	0.05%	8,630 NS	July 31, 2026	N-PORT
VTWG · VANGUARD SCOTTSDALE FUNDS	0.04%	148,299 SH	Aug. 19, 2026	Daily
IWO · iShares Trust	0.04%	1,297,128 SH	Sept. 11, 2026	Daily
NUSC · Nushares ETF Trust	0.03%	116,086 NS	July 31, 2026	N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS	0.02%	798,906 SH	Aug. 19, 2026	Daily
IWM · iShares Trust	0.02%	3,522,266 SH	Sept. 11, 2026	Daily
ISCG · iShares Trust	0.02%	43,030 SH	Sept. 11, 2026	Daily
RSSL · Global X Funds	0.01%	65,954 NS	July 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.01%	1,355,598 SH	Aug. 19, 2026	Daily
VIS · VANGUARD WORLD FUND	0.01%	148,151 SH	Aug. 19, 2026	Daily
WSML · iShares Trust	0.01%	8,147 SH	Sept. 9, 2026	Daily
FIDU · FIDELITY COVINGTON TRUST	0.01%	40,036 NS	July 31, 2026	N-PORT
ITOT · iShares Trust	0.00%	224,307 SH	Sept. 11, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.00%	4,534,800 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	11,440 SH	Aug. 19, 2026	Daily
ISCB · iShares Trust	·	6,100 SH	Sept. 11, 2026	Daily

NRGV Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 11 analysts BUY

Median target $7.00 +77.7%

3 27.3% Strong Buy

6 54.5% Buy

1 9.1% Hold

1 9.1% Sell

0 0.0% Strong Sell

12-Month Price Target

5 analysts · 2026-10-02

Mean target $6.21 +57.5%

Now Current price $3.94

Low$3.00 Mean$6.21 High$8.03

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
NRGV	$779M	-7.1	340.9%	-50.9%	-131.3%	23.6%
SMR	·	-6.5	-15.0%	-1130.3%	-39.8%	36.3%
EROC	·	·	·	·	·	·
PSIX	·	11.6	51.8%	·	·	·
BW	$827M	-13.2	1.1%	-6.2%	17.4%	·
NNE	$1.61B	-36.4	·	·	-22.6%	·
NPWR	·	-0.3	·	·	-134.6%	·
BWEN	·	12.3	10.4%	3.3%	8.4%	10.2%
HDRN	·	·	·	·	·	·
PPSI	$52M	-8.8	20.8%	-21.7%	-19.2%	12.4%
GEV	$176.16B	36.9	9.0%	12.8%	47.1%	19.8%

Latest News Recent headlines mentioning this company

23

Citi Starts Coverage of Energy Vault Holdings, Inc. (NRGV) Yahoo Finance · 2 months, 4 weeks ago Energy Vault (NRGV): Among the Best AI Energy Stocks to Buy in 2026 Yahoo Finance · 5 months, 2 weeks ago

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NRGV Energy Vault Holdings, Inc. Common Stock