Liquidity is under severe pressure as the company reported a free cash flow deficit of $60.9 million in 2026Q1, significantly outpacing the remaining cash reserves of $55.2 million.
| Cash from Operations | -56.72M | -5.65M | -55.86M | -92.66M | -23.35M | -22.07M | -16.7M | -14.83M |
| Operating CF Growth % | -1596.74% | 89.89% | 39.71% | -296.88% | -5.8% | -32.13% | -12.59% | - |
| Operating CF / Revenue % | -26.13% | -2.77% | -120.91% | -27.13% | -16% | - | - | - |
| Net Income | -114.96M | -103.66M | -135.75M | -98.44M | -78.3M | -31.34M | -24.17M | -10.14M |
| Depreciation & Amortization | 8.97M | 5.73M | 1.06M | 893K | 8.49M | 2.32M | 54.65K | 8.45K |
| Deferred Taxes | 7.15M | 7.15M | 0 | 0 | 0 | 0 | 0 | -754.4K |
| Other Non-Cash Items | -44.34M | 24.86M | -21.84M | -1.04M | 41.1M | 3.45M | 12.71M | 1.25M |
| Working Capital Changes | 71.12M | 23.56M | 61.96M | -37.16M | 5.36M | 3.01M | -5.33M | -5.23M |
| Capital Expenditures | -41.37M | -41.09M | -58.85M | -30.43M | -13.32M | -1.17M | -1.75M | -1.16M |
| CapEx / Revenue % | 19.06% | 20.18% | 127.39% | 8.91% | 9.13% | - | - | - |
| CapEx / D&A | 4.61x | 7.18x | 55.63x | 34.08x | 1.57x | 0.50x | 32.11x | 136.84x |
| CapEx Coverage (OCF/CapEx) | -1.37x | -0.14x | -0.95x | -3.04x | -1.75x | -18.86x | -9.52x | -12.83x |
| Cash from Investing | -32.59M | -44.61M | -58.74M | -42.54M | -13.32M | -1.17M | -1.75M | -1.16M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -65K | -65K | 0 | -6M | -9M | -1M | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 8.85M | -3.45M | 117K | -6.11M | -2M | 0 | 0 | 0 |
| Cash from Financing | 157.14M | 123.05M | -252K | -5.48M | 217.77M | 116.38M | 15.64M | 28.04M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 3M | 1000K | -185K | 311K | -62K | -818K | 1000K | 1000K |
| Stock Issued | 7.58M | 7.58M | 0 | 224K | 223.31M | 116K | 7.61M | 25.81M |
| Share Repurchases | 0 | 0 | -408K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 92.2M | 31.07M | 341K | -6.02M | -5.48M | -3.59M | 0 | 0 |
| Net Change in Cash | 45.27M | 73.37M | -115.48M | -140.63M | 181.06M | 95.07M | -4.61M | 11.72M |
| Exchange Rate Effect | -22.57M | 576K | -634K | 52K | -49K | 1.93M | -1.8M | -332.43K |
| Cash at Beginning | 103.44M | 30.07M | 145.56M | 286.18M | 105.13M | 10.05M | 14.66M | 2.94M |
| Cash at End | 117.13M | 103.44M | 30.07M | 145.56M | 286.18M | 105.13M | 10.05M | 14.66M |
| Free Cash Flow | -98.08M | -46.74M | -114.71M | -123.09M | -36.66M | -23.24M | -18.45M | -15.99M |
| FCF Growth % | 15.74% | 59.25% | 6.8% | -235.7% | -57.79% | -25.91% | -15.42% | - |
| FCF Margin % | -45.2% | -22.95% | -248.3% | -36.04% | -25.13% | - | - | - |
| FCF / Net Income % | 85.32% | 45.11% | 84.5% | 125.03% | 46.83% | 74.15% | 76.35% | 157.66% |
Liquidity and execution risk
As reported in recent financial statements, NRGV’s capital expenditure remains a significant drain on liquidity, with quarterly outflows reaching as high as $27.3 million in 2024Q3, which underscores the heavy physical investment required to scale their proprietary gravity-based energy storage technology across diverse global markets.
The company's CAPEX-to-OCF ratio is highly erratic, reflecting the lumpy nature of project-based infrastructure deployments rather than a steady-state maintenance cycle. This suggests that the firm is currently in a high-burn phase where capital investment is not yet being efficiently converted into self-sustaining operating cash flow.
According to the provided quarterly data, the company’s free cash flow deficit reached $60.9 million in 2026Q1, a trend that suggests the firm is increasingly reliant on external capital markets to bridge the gap between its ambitious deployment schedule and its current lack of internal cash generation.
The reliance on small, incremental debt and equity issuances appears insufficient to cover the persistent negative free cash flow, indicating that the company may face a liquidity crunch. Investors should monitor whether the firm can secure non-recourse project financing to shift the burden of capital intensity away from the corporate balance sheet.
Based on the company's reported figures, the disparity between net income and operating cash flow suggests that revenue recognition milestones often precede actual cash collection, a common distortion in long-cycle engineering and construction projects that can obscure the true underlying cash-generating capacity of the business.
The volatility in operating cash flow, which swung from a positive $15.4 million in 2025Q2 to a negative $53.8 million in 2026Q1, implies that cash flow is highly sensitive to project timing and milestone achievement. This volatility warrants caution, as it suggests that reported earnings may not be a reliable proxy for the company's ability to fund its own operations.
As indicated by the financial data, the company’s reliance on project-based revenue hides potential future liabilities related to long-term operations and maintenance, which could become significant if the structural integrity of the composite blocks does not meet the expected multi-decade performance standards in varied environmental conditions.
The current cash flow statement does not explicitly account for the potential costs of decommissioning or long-term remediation of these large-scale physical assets. If the technology requires more frequent intervention than currently modeled, the company could face unexpected cash outflows that would further strain its already limited liquidity position.
Quick answers to the most common questions about buying NRGV stock.
Energy Vault Holdings, Inc. (NRGV) generated $-5.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Energy Vault Holdings, Inc. (NRGV) reported negative free cash flow of $46.7M in 2025, indicating capital requirements exceeded cash from operations.
Energy Vault Holdings, Inc. (NRGV) spent $41.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.