Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39982
Entity Registrant Name	ENERGY VAULT HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3230987
Entity Address, Address Line One	4165 East Thousand Oaks Blvd.
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91362
City Area Code	805
Local Phone Number	852-0000
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	NRGV
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 67.6
Entity Common Stock, Shares Outstanding		172,975,047
Entity Central Index Key	0001828536
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	New York, NY
Auditor Firm ID	243

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents	$ 58,260	$ 27,091
Restricted cash, current portion	4,717	990
Accounts receivable, net of allowance for credit losses of $1,236 and $1,211 as of December 31, 2025 and 2024, respectively	25,938	14,565
Contract assets, net of allowance for credit losses of $25,101 and $25,030 as of December 31, 2025 and 2024, respectively	20,631	6,798
Inventory	139	107
Customer financing receivable, current portion, net of allowance for credit losses of $4,500 and $2,352 as of December 31, 2025 and 2024, respectively	0	2,148
Advances to suppliers	6,318	10,678
Prepaid expenses and other current assets	5,067	6,528
Total current assets	121,070	68,905
Property and equipment, net	96,064	99,493
Intangible assets, net	8,277	4,538
Operating lease right-of-use assets	2,242	1,206
Customer financing receivable, long-term portion, net of allowance for credit losses of $6,974 and $3,645 as of December 31, 2025 and 2024, respectively	0	3,329
Investments, long-term portion	3,366	3,270
Restricted cash, long-term portion	40,466	1,992
Deferred income taxes	40,508	0
Other assets	883	1,156
Total Assets	312,876	183,889
Current Liabilities
Accounts payable	30,838	20,250
Accrued expenses	70,389	24,968
Debt, current portion (including $50,250 measured at fair value)	56,628	0
Contract liabilities	6,610	8,938
Other current liabilities	552	499
Total current liabilities	165,017	54,655
Long-term debt (including $16,427 measured at fair value)	37,970	0
Warrant liabilities	15,050	2
Deferred pension obligation	1,837	2,044
Other long-term liabilities	4,386	932
Total liabilities	224,260	57,633
Commitments and contingencies (Note 22)
Mezzanine Equity
Redeemable non-controlling interest	21,156	0
Stockholders’ Equity
Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued	0	0
Common stock, $0.0001 par value; 500,000 shares authorized, 168,969 and 153,206 issued and outstanding at December 31, 2025 and 2024, respectively	17	15
Additional paid-in capital	555,873	512,022
Accumulated deficit	(487,433)	(383,822)
Accumulated other comprehensive loss	(966)	(1,896)
Non-controlling interest	(31)	(63)
Total stockholders’ equity	67,460	126,256
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity	$ 312,876	$ 183,889

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable allowance for credit loss	$ 1,236	$ 1,211
Contract assets allowance for credit loss	25,101	25,030
Customer financing receivable, current portion, allowance for credit loss	4,500	2,352
Customer financing receivable, long-term portion, allowance for credit loss	$ 6,974	$ 3,645
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	168,969,000	153,206,000
Common stock outstanding (in shares)	168,969,000	153,206,000
Current Maturities of Long-Term Debt
Debt measured at fair value	$ 50,250	$ 50,250
Long-Term Debt, excluding Current Maturities
Debt measured at fair value	$ 16,427	$ 16,427

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenue	$ 203,671	$ 46,199
Cost of revenue	155,681	40,012
Gross profit	47,990	6,187
Operating expenses:
Sales and marketing	13,698	15,839
Research and development	14,635	25,999
General and administrative	81,180	62,971
Provision for credit losses	9,409	29,980
Depreciation, amortization, and accretion (excluding amounts included in cost of revenue)	3,435	1,058
Loss on impairment and sale of long-lived assets	0	336
Total operating expenses	122,357	136,183
Loss from operations	(74,367)	(129,996)
Other income (expense):
Interest expense	(8,464)	(123)
Interest income	1,100	5,537
Change in fair value of financial instruments carried at fair value	(8,179)	(1,025)
Impairment of equity securities	0	(11,730)
Other income (expense), net	(5,985)	1,591
Loss before income taxes	(95,895)	(135,746)
Provision for income taxes	7,763	67
Net loss	(103,658)	(135,813)
Net loss attributable to non-controlling interest	(47)	(63)
Net loss attributable to Energy Vault Holdings, Inc.	$ (103,611)	$ (135,750)
Net loss per share attributable to common stockholders — basic (in dollars per share)	$ (0.65)	$ (0.91)
Net loss per share attributable to common stockholders — diluted (in dollars per share)	$ (0.65)	$ (0.91)
Weighted average shares outstanding — basic (in shares)	160,533	149,846
Weighted average shares outstanding — diluted (in shares)	160,533	149,846
Other comprehensive income (loss) — net of tax
Actuarial gain (loss) on pension	$ 667	$ (640)
Foreign currency translation gain	263	165
Total other comprehensive income (loss) attributable to Energy Vault Holdings, Inc.	930	(475)
Total comprehensive loss attributable to Energy Vault Holdings, Inc.	$ (102,681)	$ (136,225)

Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2023		146,577
Beginning balance at Dec. 31, 2023	$ 223,793	$ 15	$ 473,271	$ (248,072)	$ (1,421)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		52
Exercise of stock options	42		42
Stock-based compensation	38,709		38,709
Vesting of RSUs, net of shares withheld for taxes (in shares)		6,577
Accretion of redeemable non-controlling interest to redemption value	0
Net loss	(135,813)			(135,750)		(63)
Actuarial gain (loss) on pension	(640)				(640)
Foreign currency translation gain	$ 165				165
Ending balance (in shares) at Dec. 31, 2024	153,206	153,206
Ending balance at Dec. 31, 2024	$ 126,256	$ 15	512,022	(383,822)	(1,896)	(63)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	518	518
Exercise of stock options	$ 735		735
Stock-based compensation	35,560		35,560
Vesting of RSUs, net of shares withheld for taxes (in shares)		9,093
Vesting of RSUs, net of shares withheld for taxes	(423)	$ 1	(424)
Shares issued under equity purchase agreement (in shares)		6,152
Shares issued under equity purchase agreement	8,707	$ 1	8,706
Issuance of equity-classified warrants	1,153		1,153
Short-swing profit recovery	24		24
Reallocation of non-controlling interest due to forfeiture	0		(79)			79
Paid-in-kind distributions to redeemable non-controlling interest	(967)		(967)
Accretion of redeemable non-controlling interest to redemption value	(857)		(857)
Net loss	(103,658)			(103,611)		(47)
Actuarial gain (loss) on pension	667				667
Foreign currency translation gain	$ 263				263
Ending balance (in shares) at Dec. 31, 2025	168,969	168,969
Ending balance at Dec. 31, 2025	$ 67,460	$ 17	$ 555,873	$ (487,433)	$ (966)	$ (31)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash Flows From Operating Activities
Net loss	$ (103,658)	$ (135,813)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization, and accretion	5,727	1,058
Non-cash debt and financing costs	3,185	0
Loss on debt extinguishment	1,532	0
Non-cash interest income	(364)	(1,447)
Stock-based compensation	36,713	38,709
Loss on impairment and sale of long-lived assets	0	336
Provision for credit losses	9,409	29,980
Gain on contribution to equity method investment	(65)	0
Impairment of equity securities	0	11,730
Change in fair value of financial instruments carried at fair value	8,179	1,025
Non-cash expenses related to equity purchase agreement	1,857	0
Deferred income taxes	7,149	0
Foreign exchange losses	1,124	300
Change in operating assets and liabilities
Accounts receivable	(11,334)	11,482
Inventory	(31)	308
Contract assets	(13,423)	53,902
Prepaid expenses and other current assets	(1,072)	7,953
Advances to suppliers	(4,492)	(8,590)
Other assets	(2,989)	(1,747)
Accounts payable and accrued expenses	60,003	(66,770)
Contract liabilities	(2,800)	3,073
Other long-term liabilities	(299)	(1,349)
Net cash used in operating activities	(5,649)	(55,860)
Cash Flows From Investing Activities
Purchase of property and equipment	(41,093)	(58,853)
Investment in note receivable	(2,142)	(330)
Purchase of intangible assets	(1,372)	0
Proceeds from sale of property and equipment	0	447
Net cash used in investing activities	(44,607)	(58,736)
Cash Flows From Financing Activities
Proceeds from issuance of debt	151,300	0
Repayment of debt	(56,457)	0
Payment of debt issuance costs	(9,604)	0
Proceeds from insurance premium financings	2,586	2,745
Repayment of insurance premium financings	(2,904)	(2,446)
Proceeds from issuance of redeemable non-controlling interest	33,679	0
Payment of transaction costs related to redeemable non-controlling interest	(2,630)	0
Proceeds from issuance of stock	6,849	0
Short-swing profit recovery	24	0
Proceeds from exercise of stock options	735	42
Payment of finance lease obligations	(104)	(185)
Payment of taxes related to net settlement of equity awards	(424)	(408)
Net cash provided by (used in) financing activities	123,050	(252)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	576	(634)
Net increase (decrease) in cash, cash equivalents, and restricted cash	73,370	(115,482)
Cash, cash equivalents, and restricted cash – beginning of the period	30,073	145,555
Cash, cash equivalents, and restricted cash – end of the period	103,443	30,073
Cash, cash equivalents, and restricted cash – end of the period	103,443	30,073
Less: restricted cash at end of period	45,183	2,982
Cash and cash equivalents - end of period	58,260	27,091
Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes	643	52
Cash paid for interest	3,396	123
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Actuarial gain (loss) on pension	667	(640)
Property and equipment financed through accounts payable and accrued expenses and acquired though deferred payment obligation	875	6,400
Assets acquired on finance lease	87	60
Initial value of warrant liabilities	$ 11,250	$ 0

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS Energy Vault Holdings, Inc., which together with its subsidiaries is referred to herein as “Energy Vault” or the “Company,” provides a diverse technology portfolio of turnkey energy storage platforms, including proprietary gravity, battery, and green hydrogen energy storage hardware technologies, supported by our technology-agnostic energy management system software and integration platform. Beginning in 2024, we initiated a multi-year transition from primarily delivering projects through build-and-transfer arrangements and licensing models toward a more integrated model that includes selectively developing, owning, and operating energy storage assets, while continuing to provide technology, integration, software, and long-term services to customers. Through this integrated model, we offer utilities, independent power producers, and large energy users solutions that may include standalone energy storage, integrated generation and storage configurations, and related power infrastructure. We manage projects across the lifecycle, from sourcing and development through permitting and interconnection, engineering and construction management, commissioning, and operations, and we provide software enabled monitoring, controls, and services intended to support asset availability, operational efficiency, and lifecycle performance. Throughout the notes to the consolidated financial statements, unless otherwise noted, the “Company,” “we,” “us,” or “our” and similar terms refer to Legacy Energy Vault and its subsidiaries prior to the consummation of the Merger, and Energy Vault and its subsidiaries after the consummation of the Merger.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared on an accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the SEC regarding financial reporting.

Principles of Consolidation

These consolidated financial statements include Energy Vault Holdings, Inc., its wholly owned subsidiaries, and majority owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Emerging Growth Company

Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company’s consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the consolidated financial statements, in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company evaluates its assumptions on an ongoing basis. The Company’s management believes that the estimates, judgment, and assumptions used are reasonable based upon information available at the time they are made. Estimates made by management include, among others, revenue recognition, debt measured at fair value, provision for credit losses, warranty accruals, and stock-based compensation. Due to the inherent uncertainty involved in making assumptions and estimates, changes in circumstances could result in actual results differing from those estimates, and such differences could be material to the Company’s consolidated financial condition and results of operations.

Liquidity

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and the satisfaction of liabilities and commitments in the normal course of business.

Since our inception in October 2017, we have incurred significant net losses and have used significant cash in our business. As of December 31, 2025 and December 31, 2024, we had accumulated deficits of $487.4 million and $383.8 million, respectively, and net losses of $103.6 million and $135.8 million, respectively, for the years ended December 31, 2025 and 2024. We anticipate that we will incur net losses for the foreseeable future and there is no guarantee that we will achieve or maintain profitability.

Management believes that its cash, cash equivalents, and restricted cash on hand as of the filing date of this Annual Report, along with the actions taken subsequent to December 31, 2025 as discussed in Note 23, Subsequent Events, will be sufficient to fund our operating activities for at least the next twelve months. The consolidated financial statements do not reflect any adjustments that would be necessary if we become unable to continue as a going concern.

Segment Reporting

The Company reports its operating results and financial information in one operating and reportable segment. Our chief operating decision maker (“CODM”), which is our chief executive officer, reviews our operating results on a consolidated basis and uses that consolidated financial information to make operating decisions, assess financial performance, and allocate resources.

Concentration of Credit and Other Risks

Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, and customer financings receivable.

Risks associated with cash and cash equivalents and restricted cash are mitigated by banking with creditworthy institutions. Such balances with any one institution may, at times, be in excess of federally insured amounts.

As of December 31, 2025, one customer accounted for 93% of accounts receivable and as of December 31, 2024, one customer accounted for 100% of accounts receivable.

As of December 31, 2025 and December 31, 2024, one customer accounted for 100% of the customer financing receivable.

Revenue from two customers accounted for 56% and 32% of total revenue, respectively, for the year ended December 31, 2025 and revenue from two customers accounted for 75% and 19% of total revenue, respectively, for the year ended December 31, 2024.

Foreign Currency

Assets and liabilities denominated in a foreign currency are translated into U.S dollars using the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the average exchange rates during the periods. The impact of exchange rate fluctuations from translation of assets and liabilities is included in accumulated other comprehensive loss, a component of stockholders’ equity. As of December 31, 2025, accumulated other comprehensive loss included $0.2 million of cumulative gains related to currency translation adjustments. As of December 31, 2024, accumulated other comprehensive loss included $0.1 million of cumulative losses related to currency translation adjustments.

Gains and losses resulting from foreign currency transactions are included in other income (expense), net in the accompanying consolidated statements of operations and comprehensive loss.

Revenue Recognition

The Company recognizes revenue from contracts with customers in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized when, or as, control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the goods and services transferred. The Company determines revenue recognition through the following steps:

(1)Identification of the contract, or contracts, with a customer.

(2)Identification of the performance obligations in the contract.

(3)Determination of the transaction price.

(4)Allocation of the transaction price to the performance obligations in the contract.

(5)Recognition of revenue when, or as, a performance obligation is satisfied.

Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The identification of material rights requires judgments related to the determination of the value of the underlying good or service relative to the option exercise price.

The Company assesses whether each promised good or service is distinct for the purposes of identifying performance obligations in the contract. This assessment involves subjective determination and requires management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered to be distinct provided that: (i) the customer can benefit from the good or service either on its own or together with the other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). The Company also considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, an entity is required to combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct.

The transaction price is determined and allocated to the identified performance obligations in proportion to their stand-alone selling prices (“SSP”) on a relative SSP basis. SSP is determined at contract inception and is not updated to reflect changes between contract inception and when the performance obligations are satisfied. Determining the SSP for performance obligations requires significant judgment. In developing the SSP for a performance obligation, the Company considers applicable market conditions and relevant entity-specific factors, including the expected margin the Company would charge if it were to sell individual performance obligations on a standalone basis.

In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. When a contract provides the customer with a significant benefit of financing, the Company recognizes a customer financing receivable and recognizes interest income separate from the revenue recognized on the contracts with customers. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment and the transfer of the promised goods or services will be one year or less.

The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time. Over time revenue recognition is based on the use of an output or input method.

Sale of Energy Storage Products: The Company sells its energy storage products to utility companies and independent power producers. The Company enters into (i) engineering, procurement, and construction (“EPC”) contracts to design, construct, install, and transfer fully operational energy storage systems and (ii) engineered equipment (“EEQ”) contracts to design and deliver energy storage equipment. Each storage project is customized depending on the customer’s energy storage needs.

Customer payments are due upon meeting certain milestones that are consistent with contract-specific phases of a project. The Company determines the transaction price based on the consideration expected to be received, which includes estimates of liquidated damages or other variable consideration. Generally, each EPC contract contains one performance obligation to design, construct, install, and deliver a fully operational energy storage system. Generally, each EEQ contract contains multiple performance obligations, including separate performance obligations (i) to supply equipment and (ii) to provide specialized technical services. EEQ contracts may also contain provisions for the Company to deliver the equipment to a storage location and hold the equipment on the customer’s behalf until the customer is ready for shipment to the project site. When the Company provides these custodial services to an EEQ customer, they are treated as a separate performance obligation.

Multiple contracts entered into with the same customer and near the same time are combined in accordance with ASC 606. In these situations, the contract prices are aggregated and then allocated to each performance obligation based upon their relative stand-alone selling price.

For EPC contracts, the Company recognizes revenue over time as a result of the continuous transfer of control of its products and services to the customer. The continuous transfer of control to the customer is supported by clauses in the contracts that provide enforceable rights to payment of the transaction price associated with work performed to date for products that do not have an alternative use to the Company and/or the project is built on the customer’s land that is under the customer’s control. For equipment sales in EEQ contracts, the Company recognizes revenue at a point in time, which corresponds to delivery of the equipment to the customer. For technical and custodial services provided in EEQ contracts, the Company recognizes revenue over time as the Company performs the required services.

In certain contracts, the Company recognizes revenue under bill-and-hold arrangements with its customers. In these arrangements, the customer requests that the Company store the products because the project site is not ready to accept delivery and the customer does not have the ability to store the products. The products are separately identified as belonging to the customer, are physically segregated in a third-party warehouse, and are ready for immediate shipment to the customer project site upon the customer’s request. Legal title to the products has passed to the customer, the Company has a present right to payment, and the Company cannot use the products or direct them to another customer. Although the Company retains risk of loss while the products remain in storage, it has concluded that control of the products has transferred to the customer. Warehousing and custodial services provided after transfer of control are accounted for as a separate performance obligation, and revenue for those services is recognized over time.

The Company uses subcontractors in its EPC and EEQ agreements. The Company has concluded that it is the principal in these arrangements because the Company controls the goods or services before they are transferred to the customer, has primary responsibility for fulfilling the contract, and has discretion in establishing prices.

Revenue for performance obligations satisfied over time is recognized using the percentage of completion method based on costs incurred as a percentage of total estimated contract costs. Contract costs include all direct materials, direct labor, and subcontractor costs related to contract performance. Pre-contract costs with no future benefit are expensed in the period in which they are incurred. Since the revenue recognition of these contracts depends on estimates, which are assessed continually during the term of the contract, recognized revenues and profit are subject to revisions as the contract progresses to completion. The cumulative effects of revisions of estimated total contract costs and revenues, together with any contract reserves which may be deemed appropriate, are recorded in the period in which the facts and changes in circumstances become known. Due to uncertainties inherent in the estimation process, it is reasonably possible that these estimates will be revised in a different period. When a loss is forecasted for a contract, the full amount of the anticipated loss is recognized in the period in which it is determined that a loss will incur.

The Company’s contracts generally provide customers the right to liquidated damages (“LDs”) against Energy Vault in the event specified milestones are not met on time, or certain performance metrics are not met upon the substantial completion date or during the performance guarantee period. LDs are accounted for as variable consideration, and the contract price is reduced by the expected LD amount when recognizing revenue. Variable consideration is included in the transaction price only to the extent that it is improbable that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty is resolved. Estimating variable consideration requires certain estimates and assumptions, including whether and by how much a project will be delayed and expected performance of the energy storage equipment during the performance guarantee period. The existence and measurement of liquidated damages may also be impacted by the Company’s judgment about the probability of favorable outcomes of customer disputes involving whether certain events qualify as force majeure or the reason for the events that caused project delays. Variable consideration for LDs is estimated using the expected value of the consideration to be received. If Energy Vault has a claim against the customer for an amount not specified in the contract, such claim is recognized as an increase to the contract price when it is legally enforceable, which is usually upon signing a respective change order or equivalent document confirming the claim acceptance by the customer.

The Company offers limited warranties on its energy storage products which provide the customer assurance that the products will function as the parties intended because it complies with agreed-upon specifications and are free from defects. These assurance-type warranties are not treated as a separate revenue performance obligation and are accounted for as guarantees under GAAP.

Tolling and Power Purchase Agreements (“PPA”): The Company generates revenue from the sale of energy, capacity, and related services from Company-owned energy storage systems through tolling arrangements and PPAs. Each

arrangement is evaluated to determine whether it is accounted for as (i) a lease under ASC 842, Leases, (“ASC 842”) (when the counterparty obtains the right to control the use of an identified storage asset and substantially all of its economic benefits) or (ii) a customer contract under ASC 606 (when the Company retains control of the asset and provides energy, capacity, and/or market participation services to the customer). As of December 31, 2025, two energy storage systems were operating commercially: one accounted for as an operating lease under ASC 842 and one accounted for as a customer contract under ASC 606.

For the arrangement accounted for under ASC 606, the Company’s performance obligation includes a stand-ready obligation to provide capacity/dispatch availability and, in some cases, delivery of energy and ancillary services. Stand-ready capacity services represent a single series of distinct services satisfied over time. Fixed consideration is recognized on a straight-line basis over the contract term, as this pattern depicts the transfer of the stand-ready service. Variable consideration is recognized in the period the underlying energy is delivered.

For the arrangement accounted for as a lease under ASC 842, fixed consideration is recognized as operating lease revenue on a straight-line basis over the lease term and variable lease payments are recognized in the period the underlying energy is delivered. The tolling agreement is accounted for as a lease because the customer (the “lessee”) has the right to obtain substantially all of the economic benefits from the use of the energy storage system and has the right to direct its use throughout the agreement's term. The lease term is ten years from the commercial operation date, which was May 31, 2025. The Company has elected the practical expedient in ASC 842-10-15-42A not to separate nonlease components from the associated lease component. The significant nonlease component combined with the lease component consists of operation and maintenance services for the energy storage system.

Under the tolling agreement, the Company, as lessor, is entitled to receive monthly lease payments based on a contractual floor amount (the “Monthly Floor”), which is subject to reduction each month based on the availability and round-trip efficiency of the energy storage system (the “Effective Monthly Floor”). Lease income is recognized monthly based on a straight-line allocation of the Monthly Floor over the term of the contract, to the extent it represents fixed or in-substance fixed consideration. Any difference between the recognized lease income and the Effective Monthly Floor earned in a given period is recorded as an adjustment to lease income in that period.

At the end of each contract year, if cumulative lease payments received during the year are less than the sum of the twelve Effective Monthly Floors, the lessee is required to make a true-up payment for the shortfall. The Company is also entitled to variable lease payments equal to a specified percentage of the net market revenue generated by the lessee that exceeds the cumulative Effective Monthly Floors for that contract year.

The lease does not contain an option for the lessee to extend the term or purchase the asset. The agreement may be terminated early by either party under certain conditions, including for prolonged force majeure events, or by the non-defaulting party upon an event of default.

The aggregate remaining Monthly Floor payments as of December 31, 2025 presented in the table below do not reflect potential reductions due to performance-based adjustments that may occur throughout the contract term (amounts in thousands) (1):


2026		2027		2028		2029		2030		Thereafter		Total
$	4,516	$	4,788	$	4,788	$	4,788	$	4,446	$	18,468	$	41,794

__________________

(1) The table reflects contractual Monthly Floor payments due under the lease agreement for each fiscal year. These amounts represent the stated floor amounts prior to any performance-based adjustments. Actual lease payments may be lower in any given period based on the lessee’s achievement of availability and round-trip efficiency thresholds. Additionally, the timing of cash receipts within a year may vary, as monthly payments are dependent on the lessee's net market revenue. Pursuant to the agreement, if cumulative lease payments for the contract year are less than the aggregate Effective Monthly Floors earned, the lessee is required to pay the shortfall to the Company in an annual true-up following the end of each contract year in May.

Software Licensing: The Company licenses its energy management software solutions to customers. Software licensing customers do not receive legal title or ownership of the software. Customers receive access to the software platform and related support services as part of a software licensing contract. We consider these obligations to be a series of distinct services that comprise a single performance obligation because they are substantially the same and have the same pattern of transfer. Revenue is recognized over time on a straight-line basis over the term of the contract. The Company believes using a time-based method to measure progress is appropriate as the performance obligation is satisfied evenly over the term of the services.

Operation and Maintenance Services: The Company enters into long-term service arrangements to provide operation and maintenance services to customer-owned energy storage systems. The Company accounts for this service as a separate performance obligation from the sale of energy storage products. Revenue is recognized over time on a straight-line basis over the term of the contract. The Company believes using a time-based method to measure progress is appropriate as the performance obligation is satisfied evenly over the term of the services.

Licensing of intellectual property (“IP”): The Company enters into licensing agreements for its IP that are within the scope of ASC 606. The terms of such licensing agreements include licenses of functional IP, as the functionality of the IP is not expected to change substantially as a result of the licensor’s ongoing activities. The transaction price allocated to the licensing of IP is recognized as revenue at a point in time when the licensed IP is made available for the customer’s use and benefit. Certain licensing agreements include requirements to provide the customer with updates or enhancements to the IP as they become available. The requirement to provide IP updates is treated as a separate performance obligation and revenue is recognized over time on a straight-line basis over the term of the contract. The Company believes using a time-based method to measure progress is appropriate as the performance obligation is satisfied evenly over the term of the services.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less to be cash equivalents. At December 31, 2025, the Company maintained investments in money market accounts totaling $24.6 million, including $24.3 million in U.S. government money market funds. At December 31, 2024, the Company maintained money market funds totaling $9.9 million, including $9.5 million in U.S. government money market funds.

Restricted Cash

Restricted cash primarily consists of cash deposits held in segregated accounts as collateral for certain debt financing requirements and for guarantees and bonds issued in connection with our projects. Under the terms of our senior notes, cash proceeds are restricted until pre-agreed milestones are achieved.

Additionally, our contractual arrangements with customers often require us to issue letters of credit, bank guarantees, and performance and payment bonds to secure our performance under those contracts. To collateralize these instruments, we deposit cash in restricted accounts that cannot be used for general corporate purposes until the underlying obligations are settled or the guarantees expire.

The following table summarizes restricted cash balances (amounts in thousands):


	December 31,
	2025		2024
Restricted cash, current portion	$	4,717	$	990
Restricted cash, long-term portion	40,466		1,992
Total restricted cash	$	45,183	$	2,982

Restricted cash related to debt financing	$	9,489	$	—
Restricted cash related to projects	33,002		2,982
Other	2,692		—
Total restricted cash	$	45,183	$	2,982

Accounts Receivable

Accounts receivable represents amounts that have an unconditional right to consideration, have been billed to customers, and do not bear interest. Receivables are carried at the original invoiced amount, less an allowance for any potential uncollectible amounts.

Inventory

Inventory consists of raw materials and components, including battery modules, inverters, transformers, and spare parts, to be used in battery energy storage projects under customer contracts.

Customer Financing Receivable

Customer financing receivable represents amounts due from a customer under a licensing arrangement with extended payment terms that includes a significant financing component. The customer financing receivable is carried at amortized cost, net of an allowance for credit losses.

Effective December 31, 2024, the Company placed the customer financing receivable on non-accrual status and discontinued accruing interest income because the customer did not make its first two installment payments. The Company is continuing to pursue collection efforts, but has not yet received any payments from this customer. The Company has an allowance for credit losses of $11.5 million and $6.0 million as of December 31, 2025 and 2024, respectively. The Company recognized a provision for credit losses of $5.5 million and $4.7 million related to the customer financing receivable for the years ended December 31, 2025 and 2024, respectively. The amortized cost basis for the Company’s customer financing receivable was $11.5 million as of December 31, 2025 and 2024.

Allowance for Credit Losses

The Company estimates expected uncollectible amounts related to its accounts receivable, customer financing receivable, and contract asset balances as of the end of each reporting period, and presents those financial asset balances net of an allowance for expected credit losses in the consolidated balance sheets. Due to the Company’s limited operating history, the Company generally utilizes a probability-of-default (“PD”) and loss-given-default (“LGD”) methodology to calculate the allowance for credit losses for each customer by type of financial asset. The Company derives its PD and LGD rates using historical rates for corporate bonds as published by Moody’s. The Company uses PD and LGD rates that correspond to the customer’s credit rating and period of time in which the financial asset is expected to remain outstanding.

For significantly past due receivables, contract assets, or the customer financing receivable, the Company determines specific allowances for these assets.

Property and Equipment, Net

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Maintenance and repairs are charged to expense as incurred. When assets are retired or sold, the cost and related accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is reflected in operating expenses in the period realized.

Investment Tax Credits (“ITCs”)

The Company accounts for nonrefundable, transferable ITCs in accordance with ASC 740, Income Taxes (“ASC 740”) and has elected the deferral method to recognize the benefit of those credits. Under this method, an ITC is generated when the qualified asset is placed in service, which is the date on which the qualified asset is ready and available for its intended use.

Upon generation of the ITC, the Company reduces the carrying amount of the related asset and records a deferred tax asset for the full statutory credit amount. The deferred tax asset is evaluated for realizability and an offsetting valuation allowance is recorded as necessary to reduce the deferred tax asset to its expected realizable value.

The deferred benefit from the ITC is recognized as a reduction to depreciation expense over the related asset’s useful life. Subsequent changes in the estimated realizable value of the ITCs, or changes in deferred tax assets or liabilities related to those credits, are recorded in income tax expense in the period of change.

The Company expects to monetize its nonrefundable, transferable ITCs through one or more sales to third-party buyers. Upon a sale, any difference between the proceeds of such sale and the carrying amount of the deferred tax asset is recorded in income tax expense.

Impairment of Long-Lived Assets

The Company reviews long-lived assets, primarily comprised of property and equipment, intangible assets, and operating right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount to the future undiscounted net cash flows which the assets are expected to generate. If the carrying value of the assets exceeds the sum of the estimated future cash flows, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceed their fair value.

Intangible Assets

The Company’s intangible assets consist of software development costs related to software to be sold or leased externally and acquired contracts with favorable terms. Software development costs are capitalized upon the establishment of technological feasibility for a product in accordance with ASC 985-20, Software - Costs of Software to be Sold, Leased, or Marketed. Amortization of capitalized software costs begins at the time that each software product becomes available for general release to customers. Once a software application is available for general release and is placed in service, the Company amortizes the capitalized costs on a product basis by the greater of the straight-line method over the estimated economic life of the product, or the ratio that current gross revenues for a product bear to the total current and anticipated future gross revenues for that product. The useful life of our external-use software development costs is generally expected to be 5 years.

Investment in Equity Securities

During 2022 and 2023, the Company made a strategic investment and purchased equity securities in KORE, a U.S. manufacturer of battery cells and modules. The Company’s ownership in KORE does not provide the Company with the ability to exercise significant influence. These equity securities do not have a readily determinable fair value and are recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the same or similar securities, with unrealized gains and losses included in earnings.

Leases (Lessee Accounting)

The Company determines if a contract contains a lease at its inception based on whether or not the Company has the right to control the asset during the contract period and other facts and circumstances. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

ROU assets are classified as either operating or finance leases. Upon commencement of the lease, a ROU asset and corresponding lease liability are recognized for all operating and finance leases. The Company has elected the short-term lease exemption, which does not require a ROU asset or lease liability to be recognized when the lease term is 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

Upon commencement of the lease, ROU assets are recognized based on the initial measurement of the lease liability and adjusted for any lease payments made before commencement date of the lease, less any lease incentives and including any initial direct costs incurred. Lease liabilities are initially measured at the present value of future minimum lease payments over the lease term.

The discount rate used to determine the present value is the rate implicit in the lease unless that rate cannot be determined, in which case Company’s incremental borrowing rate is used, which is based on the estimated interest rate for collateralized borrowing over a similar term of the lease at commencement date.

Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Factors used to assess reasonable certainty of rights to extend or terminate a lease include current and forecasted lease improvement plans, anticipated changes in development strategies, historical practice in extending similar contracts and current market conditions.

Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease ROU assets are amortized on a straight-line basis over the lesser of the lease term or the estimated useful life of the leased asset. Amortization of finance lease ROU assets is included in depreciation and amortization.

Operating lease ROU assets are recognized on the consolidated balance sheets in the line item, operating lease right-of-use assets, and finance lease ROU assets are recognized on the consolidated balance sheets within the line item, property and equipment, net.

Defined Benefit Pension Obligation

The Company’s wholly owned subsidiary in Switzerland has a defined benefit pension obligation covering retirement and other long-term benefits of the local employees. Accrued pension costs are developed using actuarial principles and assumptions which consider a number of factors, including estimates for the discount rate, expected long-term rate of return on assets and mortality. Changes in these estimates would impact the amounts that the Company records in the consolidated financial statements.

Warrants

The Company accounts for warrants for shares of the Company’s common stock that are not indexed to its own stock as liabilities at fair value on the consolidated balance sheets. The warrants are subject to remeasurement at each balance sheet date and any change in fair value is recognized in the Company’s consolidated statements of operations and comprehensive loss. For issued warrants that meet all of the criteria for equity classification, the fair value of the warrants are recorded as a component of additional paid-in-capital.

Convertible Debentures

The Company accounted for a financing arrangement, as described in Note 9, Debt, under the fair value option election pursuant to ASC 825, Financial Instruments (“ASC 825”). ASC 825 provides for the fair value option election, to the extent not otherwise prohibited by ASC 825, to be afforded to financial instruments, wherein bifurcation of an embedded derivative is not necessary, and the financial instrument is initially measured at its issue-date estimated fair value and then subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. Period-to-period changes in fair value are recognized in the consolidated statements of operations and comprehensive loss. Direct issuance costs and fees related to debt measured at fair value are expensed as incurred in the consolidated statements of operations and comprehensive loss and are not deferred.

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development costs consist of salaries and other personnel related expenses, engineering expenses, product development costs, and facility costs.

Advertising Costs

Advertising costs are expensed as incurred and are reflected in the line item, sales and marketing, in the consolidated statements of operations and comprehensive loss. Advertising expenses were $0.1 million and $0.2 million for the years ended December 31, 2025 and 2024, respectively.

Stock-Based Compensation

The Company issues stock-based compensation awards to employees, directors, and non-employees in the form of stock options and restricted stock units (“RSUs”). The Company measures and recognizes compensation expense for stock-based awards based on the award’s fair value on the date of the grant. The Company accounts for forfeitures of stock-based awards when they occur. The fair value of RSUs that vest based on service conditions is measured using the fair value of the Company’s common stock on the date of the grant. The fair value of RSUs that vest based on market conditions is measured using a Monte Carlo simulation model on the date of the grant. The fair value of stock options that vest based on service conditions is measured using the Black-Scholes option pricing model on the date of the grant. The Monte Carlo simulation model and the Black-Scholes option pricing model require the input of highly subjective assumptions, including the fair value of the Company’s common stock, the expected term of the award, the expected volatility of the Company’s common stock, risk-free interest rates, and the expected dividend yield of the Company’s common stock. This assumption used to determine the fair value of the awards represent management’s best estimates. These estimates involve inherit uncertainties and the application of management’s judgment.

The fair value of awards is recognized on a straight-line basis over the requisite service period. The fair value of the market-based RSUs is recognized over the requisite service period regardless of whether or not the RSUs ultimately vest and convert to common stock.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740. ASC 740 prescribes the use of the liability method, whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse.

Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent the Company believes they will not be realized.

The Company’s policy is to recognize interest and penalties related to uncertain tax positions, if any, in the income tax provision.

Net Loss Per Share

Basic net loss per share of common stock is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Net loss attributable to common stockholders reflects deductions for dividend-like accretion on redeemable non-controlling interests and is presented after allocation of income (loss) attributable to non-controlling interests.

Diluted net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for the effect of potentially dilutive common shares. Potentially dilutive common shares include, as applicable, stock options, RSUs, warrants, and shares issuable upon conversion of convertible instruments, using the treasury stock method or the if-converted method, as appropriate.

Because the Company reported a net loss for all periods presented, all potentially dilutive common shares were anti-dilutive and therefore excluded from the computation of diluted net loss per share. As a result, diluted net loss per share is the same as basic net loss per share for all periods presented.

Non-Controlling Interest

In May 2024, the Company’s consolidated subsidiary, Cetus Energy, Inc. (“Cetus”), issued a share-based payment award to an employee of Cetus, representing a non-controlling interest. A non-controlling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. The Company includes non-controlling interest as a component of stockholders’ equity on the Company’s consolidated balance sheets.

During the second quarter of 2025, the Cetus employee that received a share-based payment award was terminated, and the employee forfeited their unvested shares.

Variable Interest Entities

The Company evaluates at the inception of each arrangement whether an entity in which it has an investment or other variable interests is a variable interest entity (“VIE”). The Company consolidates a VIE when it is the primary beneficiary. The Company is considered the primary beneficiary of a VIE when it has (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. If the Company is not the primary beneficiary of a VIE, it accounts for its interests in the VIE in accordance with applicable GAAP.

Asset Vault is a majority-owned subsidiary of the Company formed in 2025 to develop, build, own, finance, and operate energy storage system projects. The Company holds all of the common units of Asset Vault, which provide voting control and rights to the residual interests in Asset Vault after satisfaction of the preferred return to the non-controlling interest holder. The Company has determined that Asset Vault is a VIE under ASC 810, Consolidation.

Asset Vault is a VIE for which the Company is the primary beneficiary because the Company has (i) the power to direct the activities that most significantly affect Asset Vault’s economic performance (including project development, financing, and operational decisions) and (ii) the obligation to absorb losses and the right to receive benefits that could potentially be significant to Asset Vault, through its ownership of the common units and related guarantees and support arrangements. Accordingly, Asset Vault is consolidated in the Company’s consolidated financial statements.

The following table presents, on an aggregated basis, the carrying amounts and classification of the consolidated assets and liabilities of Asset Vault in the Company’s consolidated balance sheets (in thousands). The table excludes intercompany balances between Asset Vault and other consolidated subsidiaries of the Company, which are eliminated in consolidation.


	December 31, 2025
Assets
Cash and cash equivalents	$	8,512
Accounts receivable, net	234
Contract assets	820
Advances to suppliers	577
Prepaid expenses and other current assets	1,462
Property and equipment, net	64,786
Intangible assets, net	1,626
Operating lease right-of-use assets	703
Restricted cash, long-term portion	22,377
Deferred income taxes	27,176
Total assets of Asset Vault	$	128,273
Liabilities
Accounts payable	$	2,050
Accrued expenses	5,861
Debt, current portion	3,490
Other current liabilities	50
Long-term debt	21,543
Other long-term liabilities	3,145
Total liabilities of Asset Vault	$	36,139

Asset Vault is financed in part by redeemable preferred equity units classified in mezzanine equity of $21.2 million as of December 31, 2025. This balance is not included in the assets and liabilities table above because it is not a liability under GAAP.

Creditors of Asset Vault do not have recourse to the general credit of Energy Vault Holdings, Inc. or its other subsidiaries. The assets of Asset Vault are not available to settle the obligations of the Company’s other subsidiaries. Certain of Asset Vault’s debt obligations are secured by substantially all of the assets of Asset Vault and its project subsidiaries, including project-level cash flows, and are subject to customary covenants and restrictions on distributions.

Redeemable Non-Controlling Interest

The Company classifies certain equity instruments outside of permanent equity, in “mezzanine” or “temporary” equity, when the instrument is redeemable upon the occurrence of an event that is not solely within the control of the Company.

Redeemable equity instruments are initially recorded at the amount of proceeds received, net of direct issuance costs. When redemption is deemed probable, the Company accretes the carrying value of the redeemable instrument up to its redemption value over the period from the date of issuance to the earliest redemption date using the effective interest method. If redemption is not deemed probable, the Company does not accrete to the redemption value until such time as redemption becomes probable or occurs, at which point any difference between the carrying amount and the redemption value is recorded as an adjustment to the carrying amount.

Periodic accretion and any other adjustments to redemption value are recorded as adjustments to retained earnings (or, in the absence of retained earnings, additional paid-in capital) and are treated as a reduction of income available to common stockholders.

Dividends or distributions, if any, declared on redeemable preferred equity are recorded as a reduction of retained earnings (or, in the absence of retained earnings, additional paid-in capital) when declared. Upon redemption or extinguishment of a redeemable equity instrument, the Company removes the carrying amount from mezzanine equity, with any difference

between the carrying amount and the cash or other consideration paid recorded within additional paid-in capital as an equity transaction.

As of December 31, 2025, the balance presented in mezzanine equity and captioned “Redeemable non-controlling interest” in the consolidated balance sheet consists of the Series A Preferred Units of Asset Vault. These units represent a redeemable non-controlling interest and are classified as redeemable preferred equity because they are subject to redemption upon the occurrence of events that are not solely within the Company’s control.

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topics 740): Improvements to Income Tax Disclosures to expand the disclosure requirements for income taxes. We adopted the standard effective for the 2025 annual period with retrospective application to all prior periods presented in the consolidated financial statements, which resulted in the required additional disclosures included in Note 20, Income Taxes. The adoption of this standard requires the Company to disclose additional specified categories in the rate reconciliation in both percentage and dollar amounts. We are also required to disclose the amount of income taxes paid disaggregated by jurisdiction, among other disclosure requirements. The adoption of this standard did not have any impact on the Company’s consolidated balance sheets, results of operations and comprehensive loss, or cash flows.

Recent Accounting Standards Issued, But Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)—Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information about specific costs and expense categories in the notes to the consolidated financial statements. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact this ASU would have on our consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU addresses the complexity and cost associated with estimating expected credit losses for current accounts receivable and current contract assets that arise from revenue contracts under ASC 606. The main provision applicable to all entities is a new practical expedient which, if elected, permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2025, and interim periods within those years. Early adoption is permitted. The guidance is to be applied prospectively upon adoption. We are currently evaluating the impact that electing the practical expedient in this ASU would have on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 updates the accounting for internal use software by removing the existing project stage framework and requiring capitalization of qualifying software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform its intended function. The amendments also apply to website development costs currently accounted for under Subtopic 350-50. The standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendments may be adopted on a prospective, modified transition, or retrospective basis. The Company is currently evaluating the effect that adoption of ASU 2025-06 will have on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow -Scope Improvements, which is intended to improve navigability of the guidance in Topic 270, Interim Reporting, and clarify when it applies. The ASU also addresses the form and content of such financial statements and interim disclosure requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact that ASU 2025-11 will have on its consolidated financial statements and related disclosures.

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

The Company recognized revenue for the product and service categories as follows for the years ended December 31, 2025 and 2024 (amounts in thousands):


	Year Ended December 31,
		2025		2024
Sale of energy storage products (1)		$	196,198	$	44,592
Tolling and PPA revenue (2)		2,337		—
Operation and maintenance services		1,284		1,090
Software licensing		540		402
Intellectual property (“IP”) licensing		3,312		115
Total revenue		$	203,671	$	46,199

__________________

(1) The Company recognized revenue of $47.2 million and $32.4 million for the years ended December 31, 2025 and 2024, respectively, for products transferred to customers under bill-and-hold arrangements.

(2) Revenue from the arrangement accounted for as an operating lease was $1.0 million for the year ended December 31, 2025.

For the year ended December 31, 2025, approximately 64% of the Company’s revenue was recognized over time and approximately 36% was recognized at a point in time. For the year ended December 31, 2024, approximately 29% of the Company’s revenue was recognized over time and approximately 71% was recognized at a point in time.

The following table summarizes the Company’s revenue disaggregated by geographic region, which is determined based on the customer’s location, for the years ended December 31, 2025 and 2024 (amounts in thousands):


	Year Ended December 31,
	2025		2024
United States	$	74,219	$	44,423
Australia	124,273		992

Other	5,179		784
Total revenue	$	203,671	$	46,199

Remaining Performance Obligations

Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed. As of December 31, 2025, the amount of the Company’s remaining performance obligations was $145.3 million. The Company expects to recognize approximately 60% of the remaining performance obligations as revenue over the next 12 months and the remainder more than 12 months from December 31, 2025.

Contract Balances

The following table provides information about contract assets and contract liabilities from contracts with customers (amounts in thousands):


	December 31,
	2025		2024		2023
Refundable contribution	$	25,000	$	25,000	$	25
Unbilled receivables	20,732		6,828		55,241
Retainage	—		—		5,745
Less allowance for credit losses	(25,101)		(25,030)		(1,113)
Contract assets, net of allowance for credit losses	$	20,631	$	6,798	$	59,898

Contract liabilities	$	6,610	$	8,938	$	6,423

Contract assets consist of a refundable contribution and unbilled receivables. The refundable contribution was initially payable to the Company upon the customer’s first gravity energy storage system achieving substantial completion, subject to potential downward adjustment for liquidated damages if specified performance metrics were not met. In 2024, the customer agreed to remove the substantial completion condition and committed to repay the refundable contribution in the second half of 2024. However, the customer did not remit payment, and during 2024 the Company increased its allowance for credit losses to fully reserve this receivable. The Company is continuing to engage with the customer and is actively pursuing collection efforts.

Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time.

Contract liabilities consist of deferred revenue. Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work. In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue. Deferred revenue is not considered to be a significant financing component because it is generally used to meet working capital demands that can be higher in the early stages of a contract. For the years ended December 31, 2025 and 2024, the Company recognized revenue of $8.4 million and $1.1 million, respectively, related to amounts that were included in the deferred revenue balance as of the beginning of each period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

INVESTMENTS

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

The following table provides a reconciliation of investments to the Company’s consolidated balance sheets (amounts in thousands):


	December 31, 2025				December 31, 2024
	Current (2)		Long-Term		Current (2)		Long-Term
Investment in equity securities	$	—	$	3,270	$	—	$	3,270
Convertible note receivable (1)	—		—		2,622		—
Other	325		96		311		—
	$	325	$	3,366	$	2,933	$	3,270

__________________

(1) The balance is shown net of allowance for credit losses. Refer to Note 5, Allowance for credit losses, for further information.

(2) Presented within prepaid and other current assets on the consolidated balance sheets.

Investment in Equity Securities

In 2022 and 2023, the Company purchased equity securities in KORE Power, Inc. (“KORE”), a U.S. manufacturer of battery cells and modules. These equity securities do not have a readily determinable fair value and are recorded at cost, less any impairment, plus or minus adjustments for observable price changes in orderly transactions for the same or similar

securities, with unrealized gains and losses recognized in earnings. The cost basis of the KORE equity securities is $15.0 million, and cumulative impairment recorded as of December 31, 2025 and December 31, 2024 was $11.7 million.

Convertible Note Receivable

In October 2021, the Company entered into a convertible promissory note purchase agreement with DG Fuels, LLC (“DG Fuels”) and purchased a promissory note with a principal balance of $1.0 million (“DG Fuels Tranche 1 Note”). In April 2022, the Company purchased an additional promissory note from DG Fuels with a principal balance of $2.0 million. (“DG Fuels Tranche 2 Note”) (collectively, the “Convertible Note Receivable”).

The maturity date of the Convertible Note Receivable was the earlier of (i) 30 days after a demand for payment is made by the Company at any time after the two year anniversary of the date of issuance of the note; (ii) the four year anniversary of the date of issuance of the note; (iii) five days following a Financial Close (“Financial Close” means a project finance style closing by DG Fuels or its subsidiary of debt and equity capital to finance the construction of that certain biofuel facility currently under development by DG Fuels), or (iv) upon an event of default determined at the discretion of the Company. The Convertible Note Receivable has an annual interest rate of 10.0%. Per the conversion terms, the Company can convert the principal balance and unpaid accrued interest into equity securities of DG Fuels at a 20% discount.

In June 2025, the maturity date for the Convertible Note Receivable was amended to the earlier of (i) 30 days after demand for payment is made by the Company at any time after June 1, 2027, (ii) five days following a Financial Close, or (iii) upon an event of default determined at the discretion of the Company.

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

ALLOWANCE FOR CREDIT LOSSES

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

ALLOWANCE FOR CREDIT LOSSES

Activity in the allowance for credit losses was as follows for the years ended December 31, 2025 and 2024 (amounts in thousands):


	Accounts Receivable		Contract Assets		Customer Financing Receivable		Convertible Note Receivable		Total
Balance at December 31, 2023	$	69	$	1,113	$	1,332	$	—	$	2,514
Provision for credit losses	1,142		24,173		4,665		—		29,980
Write-offs	—		(256)		—		—		(256)
Balance at December 31, 2024	1,211		25,030		5,997		—		32,238
Provision for credit losses	25		71		5,477		3,836		9,409
Balance at December 31, 2025	$	1,236	$	25,101	$	11,474	$	3,836	$	41,647

For the year ended December 31, 2025, the Company fully reserved the remaining receivable balance for the customer financing receivable due to continued non-collection. The Company is continuing to pursue collection from the customer.

For the year ended December 31, 2025, the Company recorded a $3.8 million allowance for credit losses on its Convertible Note Receivable and related accrued interest from DG Fuels due to financial difficulties being experienced by DG Fuels.

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSDuring the years ended December 31, 2025 and 2024, the Company paid $0.8 million and $1.1 million, respectively, in marketing and sales costs to a company owned by an immediate family member of an officer of the Company. At December 31, 2025 and 2024, the Company had $0.1 million and $0.1 million, respectively, in payables due to this related party.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

As of December 31, 2025 and 2024, property and equipment, net consisted of the following (amounts in thousands):


	December 31,
	2025		2024
Land	$	302	$	302
Buildings	774		774
Energy storage systems (1) (2)	50,354		—
Snyder CDU (3)	32,075		—
Machinery and equipment	12,086		11,584
Finance lease right-of-use assets – vehicles	200		185
Furniture and IT equipment	1,477		1,259
Leasehold improvements	127		71
Construction in progress	8,187		88,669
Total property and equipment	105,582		102,844
Less: accumulated depreciation and amortization	(9,518)		(3,351)
Property and equipment, net	$	96,064	$	99,493

__________________

(1) Consists of two energy storage systems with estimated useful lives of 10 and 20 years, respectively. One energy storage system is subject to an operating lease where the Company is the lessor. The Company has not estimated its salvage value as the Company intends to use the energy storage system for its entire useful life.

(2) The gross cost has been reduced by the estimated aggregate value of the statutory ITCs generated of $32.0 million.

(3) The CDU has an estimated useful life of five years and the gross cost has been reduced by the estimated value of the statutory ITC generated of $15.7 million.

During the year ended December 31, 2025, the Company placed the battery energy storage system (“BESS”) in Snyder, Texas (“Cross Trails BESS”), the hybrid energy storage system in Calistoga, California (“CRC HESS”), and the commercial demonstration unit in Snyder, Texas (“Snyder CDU”) into service. The Company reclassified their carrying values from construction in progress to energy storage systems and Snyder CDU in the preceding table. The reclassified carrying values are presented net of ITCs recorded under the deferral method.

Depreciation and amortization expense related to property and equipment was $4.8 million for the year ended December 31, 2025, of which $1.8 million was included in cost of revenue and the remaining $3.0 million was included in depreciation, amortization, and accretion in the consolidated statement of operations. Depreciation and amortization expense related to property and equipment was $0.7 million for the year ended December 31, 2024, all of which was included in depreciation, amortization, and accretion in the consolidated statement of operations.

The increase in depreciation and amortization expense related to property and equipment primarily reflects depreciation recognized after the Company placed its owned energy storage systems and the Snyder CDU into service during 2025.

The following table shows property and equipment, net by geographical location as of December 31, 2025 and 2024 (amounts in thousands):


	December 31,
	2025		2024
United States	$	92,145	$	98,784
Foreign	3,919		709
Property and equipment, net	$	96,064	$	99,493

Stoney Creek Acquisition

From October 2024 through June 2025, the Company loaned AUD 3.9 million (approximately $2.7 million) to Stoney Creek BESS Pty Ltd (“Stoney Creek Pty”) to fund its development costs for a BESS project to be located in Narrabri, New South Wales, Australia.

On March 17, 2025, the Company entered into a share purchase agreement to acquire all of the outstanding shares of Stoney Creek Pty from Enervest Utility Pty Ltd (“Enervest”) to expand the Company’s portfolio of BESS projects in Australia. The acquisition closed on August 5, 2025, at which time the outstanding note receivable from Stoney Creek Pty, including accrued interest, was settled and applied against the purchase price. The transaction was accounted for as an asset acquisition because the BESS development assets acquired do not constitute a business.

In an asset acquisition, total consideration includes transaction costs and is allocated to the acquired assets based on relative fair values. Total consideration was AUD 4.3 million (approximately $2.9 million), comprised of (i) the settlement of the Company’s note receivable and accrued interest due from Stoney Creek and (ii) transaction costs incurred to effect the acquisition. The Company acquired BESS development assets and note receivable due from from Enervest. AUD 3.8 million (approximately $2.5 million) of the purchase price was allocated to the BESS development assets and recognized within construction in progress in property and equipment, net, and AUD 0.5 million (approximately $0.3 million) was recognized as a loan receivable in prepaid and other current assets on the consolidated balance sheet.

SOSA Acquisition

On October 23, 2025, the Company acquired all of the membership interests in SOSA Energy Center, LLC (“SOSA”) from Savion, LLC (“Savion”) pursuant to a membership interest purchase agreement. The acquisition provides the Company with development rights to a 150 MW / 300 MWh BESS (“SOSA BESS”) to be located in Madison County, Texas. The transaction was accounted for as an asset acquisition because the BESS development assets acquired do not constitute a business.

The purchase price for the membership interests consists of both upfront and contingent components. The Company paid $4.7 million at closing. In addition, the member interest purchase agreement provides for a contingent consideration payment due within 30 days of the SOSA BESS reaching commercial operations. Under the membership interest purchase agreement, the total purchase price is $6.3 million if the SOSA BESS reaches commercial operations before June 1, 2026, or $5.7 million if it reaches commercial operations after June 1, 2026. The Company currently expects the SOSA BESS to reach commercial operations in the second quarter of 2027 and therefore expects the final purchase price to be $5.7 million. As of the acquisition date, the Company determined the resulting additional payment of $1.0 million is expected in the second quarter of 2027. Because the expected contingent payment is due more than 12 months from the acquisition date, the Company recorded a contingent consideration liability at its present value of approximately $0.9 million, which is included in other long-term liabilities in the consolidated balance sheet.

As part of the acquisition of SOSA, the Company acquired rights under a ground lease for the BESS site. Concurrently with the acquisition, the Company entered into equipment purchase agreements with Savion Solar Equipment, LLC to acquire certain long lead BESS equipment under existing supply arrangements. Control of the equipment is not expected to transfer until a future period and, accordingly, the Company did not recognize the equipment at the acquisition date. The Company evaluated the related executory purchase commitments and the project ground lease terms together with the membership interest purchase agreement to determine whether any identifiable contract based assets were acquired at closing. Based on this evaluation, the Company recognized (i) an intangible asset for favorable pricing terms related to a transformer equipment purchase agreement and (ii) an intangible asset for favorable terms in the project ground lease.

Total consideration was $5.6 million, comprised of (i) $4.7 million paid at closing and (ii) the present value of the expected contingent consideration liability of approximately $0.9 million. The Company allocated total consideration based on relative fair values as follows: (i) $3.9 million was allocated to the SOSA BESS development stage project rights and recorded within construction in progress in property and equipment, net, (ii) $1.4 million was allocated to the favorable transformer purchase contract and recorded as an intangible asset, and (iii) $0.2 million was allocated to the favorable ground lease terms and recorded as an intangible asset.

The contingent consideration liability will be accreted to the expected contractual payment amount through interest cost, which will be capitalized to construction in progress during the construction period. Upon delivery of the transformer, the Company will capitalize the invoiced purchase price to construction in progress and reclassify the carrying amount of the favorable transformer purchase contract intangible to construction in progress as part of the transformer’s cost basis. At commencement of the project ground lease, the Company expects to reclassify the favorable lease terms intangible to the related right of use asset and recognize the amount through lease cost over the lease term.

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

Intangible assets are stated at amortized cost and consist of the following (amounts in thousands):


	December 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Capitalized software to be sold	$	7,942	$	(1,291)	$	6,651	$	4,901	$	(363)	$	4,538
Favorable acquired contracts	1,626		—		1,626		—		—		—
	$	9,568	$	(1,291)	$	8,277	$	4,901	$	(363)	$	4,538

Once a software application is available for general release and is placed in service, the Company amortizes the capitalized costs on a product basis by the greater of the straight-line method over the estimated economic life of the product, or the ratio that current gross revenues for a product bear to the total current and anticipated future gross revenues for that product. The useful life for our external-use software development costs is five years. For the favorable acquired assets, their carrying values will be reclassified to property and equipment, net and ROU assets when the respective assets are acquired or the related ground lease commences.

Amortization expense related to intangible assets was $0.9 million for the year ended December 31, 2025, of which $0.5 million was included in cost of revenue and the remaining $0.4 million was included in depreciation, amortization, and accretion in the consolidated statement of operations and comprehensive loss. Amortization expense related to intangible assets was $0.4 million for the year ended December 31, 2024, all of which was included in depreciation, amortization, and accretion in the consolidated statement of operations and comprehensive loss.

Future amortization expense for capitalized software is estimated as follows (amounts in thousands):


	Amount
2026	$	1,103
2027	1,103
2028	1,103
2029	741
2030	175
Thereafter	—
Subtotal	4,225
Software projects in process	2,426
Total	$	6,651

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

A summary of the Company’s debt is as follows (amounts in thousands):


	December 31,
	2025		2024
CRC Senior Notes	$	14,919	$	—
Cross Trails Senior Note	17,806		—
Sale of future receipts	3,058		—
Convertible Debentures	63,800		—
Total outstanding principal	99,583		—
Unamortized discount and issuance costs	(7,862)		—
Fair value adjustment for Convertible Debentures	2,877		—
Debt, current portion	(56,628)		—
Long-term debt	$	37,970	$	—

Interest Expense

The line item, interest expense, on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024, consists of the following (amounts in thousands):


	Year Ended December 31,
		2025		2024
Contractual interest expense on debt		$	5,268	$	110
Amortization of debt issuance costs		1,717		—
Amortization of debt discount		1,468		—
Interest expense on finance leases		11		13
Total		$	8,464	$	123

CRC Bridge Loan

On March 31, 2025, Calistoga Resiliency Center, LLC (“CRC”), a wholly-owned subsidiary of the Company, entered into a $27.8 million credit agreement (“CRC Bridge Loan”) with Jefferies Finance LLC, as administrative agent, collateral agent, and lender. The CRC Bridge Loan was intended to provide interim financing until long-term debt could be arranged. The CRC Bridge Loan carried a 9.5% annual interest rate and had a scheduled maturity date of April 23, 2025. After deducting closing fees, gross proceeds totaled $26.8 million.

On April 4, 2025, the Company refinanced the full outstanding balance of the CRC Bridge Loan through the issuance of $27.8 million in CRC Senior Notes (as described below). The Company recognized a loss on early debt extinguishment of $1.4 million, primarily reflecting the write-off of unamortized discount and debt issuance costs, which is included in the line item, other income (expense), net, in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025.

CRC Senior Notes

On April 4, 2025, CRC issued $27.8 million of senior notes (“CRC Senior Notes”), with Eagle Point Credit as lender and Jefferies serving as agent for the transaction. The CRC Senior Notes were priced at 99.25% of par, resulting in gross proceeds of $27.6 million. After deducting debt issuance costs, net proceeds totaled $23.2 million.

The CRC Senior Notes bear interest at 12.5% per annum until the earlier of (i) the Company’s receipt of any tax credit transfer proceeds and (ii) December 31, 2025, and thereafter at a rate of 9.5% per annum. The effective annual interest rate on the CRC Senior Notes, which includes the impact of the original issue discount and debt issuance costs, is 20.2%. The CRC Senior Notes are senior secured obligations of CRC, backed by a first-priority pledge of all CRC assets and equity interests. As of December 31, 2025, assets pledged as collateral for the CRC Senior Notes had an aggregate carrying amount of approximately $52.9 million, including $29.8 million of property and equipment, net.

The CRC Senior Notes include customary affirmative and negative covenants, including minimum cash reserves and a minimum debt service coverage ratio. Principal and interest are payable semi-annually, with installments due each February 28 and August 31.

The Company may, at its option, redeem all or a portion of the CRC Senior Notes prior to maturity, subject to specified call protection provisions and any prepayment premiums set forth in the agreement. In the event of a change of control, the Company may be required to offer to repurchase the notes at a specified price.

Cross Trails Bridge Loan

On May 12, 2025, the Company entered into a secured bridge loan (“Cross Trails Bridge Loan”) with Crescent Cove Opportunity Lending, LLC (“Crescent Cove”) for $10.0 million, bearing interest at 24.0% per annum and with a maturity date of July 14, 2025. The loan was issued net of a 5.0% original issue discount and a structuring fee of $0.2 million, for net proceeds of $9.3 million. Total interest expense on the loan of $0.4 million was deducted from the loan proceeds. On July 14, 2025, the Company repaid $5.0 million of principal and simultaneously amended the loan to extend the maturity of the remaining $5.0 million to July 21, 2025. In connection with the extension, the Company paid a $0.2 million amendment fee, which was recorded as additional interest expense. The remaining principal and additional interest for the extension were paid on July 18, 2025.

Cross Trails Senior Note

On July 23, 2025, Cross Trails Energy Storage Project, LLC (“Cross Trails”), a wholly-owned subsidiary of the Company (the “Cross Trails Borrower”), entered into a credit agreement (the “Cross Trails Senior Note”) with Wilmington Trust, National Association, as administrative agent and collateral agent, and Jefferies Capital Services, LLC, as initial lender.

The Cross Trails Senior Note provides for a senior secured term loan facility in an aggregate principal amount of approximately $17.8 million. After origination costs were deducted from the loan proceeds by the lender, net proceeds from the Cross Trails Senior Note were $17.6 million. The Cross Trails Senior Note is structured as a single-draw term loan, with the full amount funded on July 23, 2025. The borrowing bears interest, at the Company’s election, at (i) the alternate base rate (“ABR”) plus 5.0% or (ii) the term secured overnight financing rate (“SOFR”) plus 6.0%. As of December 31, 2025, the Company is utilizing the SOFR option, and SOFR was 4.2% on that date, resulting in an interest rate of 10.2%. The effective annual interest rate on the Cross Trails Senior Note, which includes the impact of the original issue discount and debt issuance costs, is 21.0%. Principal and interest are payable semi-annually, with installments due each February 28 and August 31, beginning on February 28, 2026. The Cross Trails Senior Note matures on July 23, 2032.

The Cross Trails Senior Note may be repaid at any time, subject to payment of accrued interest, breakage costs and a repayment premium. Mandatory prepayments are required upon the occurrence of certain customary events, including the receipt of insurance or condemnation proceeds (subject to customary reinvestment rights), asset sales above specified thresholds, the incurrence of additional non-permitted indebtedness, or the non-permitted issuance of new equity interests by the borrower, and are subject to the payment of accrued interest, breakage costs and a repayment premium.

The obligations under the Cross Trails Senior Note are secured by a first priority security interest in substantially all of the assets of the Cross Trails Borrower, including the project assets, accounts, and related collateral, as well as the membership interests in the Cross Trails Borrower. As of December 31, 2025, assets pledged as collateral for the Cross Trails Senior Note had an aggregate carrying amount of approximately $48.0 million, including $26.8 million of property and equipment, net.

The Cross Trails Senior Note contains customary affirmative and negative covenants for a project financing of this type, including limitations on additional indebtedness, liens, asset sales, investments, affiliate transactions, and distributions. The Cross Trails Borrower is also required to maintain certain financial ratios, including a minimum debt service coverage ratio of 1.10:1.00, and to maintain insurance, deliver certain financial and other reports, and comply with applicable laws and permits. The Cross Trails Senior Note also includes customary representations and warranties, indemnification provisions and requirements for the maintenance of insurance and compliance with applicable laws and permits.

Sale of Future Receipts

On August 29, 2025, the Company, together with Energy Vault, Inc., its wholly-owned subsidiary (collectively with the Company, the “Sellers”) entered into an agreement of sale of future receipts (the “Cedar Arrangement”) with Cedar Advance LLC (“Cedar”). Cedar paid a purchase price of $5.0 million, from which $0.5 million of origination fees were deducted, resulting in net proceeds of $4.5 million. Under the agreement, the Sellers remit to Cedar $0.2 million per week, or approximately 27.0% of future receivables collections, until Cedar has received an aggregate amount equal to (i)

$5.1 million if fully repaid within 30 days of funding, (ii) $5.2 million if fully repaid after 30 days but within 60 days of funding, or (iii) $6.3 million if not fully repaid within 60 days of funding.

The Company did not fully repay the Cedar Arrangement within 60 days of funding, therefore the applicable aggregate amount to be remitted to Cedar will be $6.3 million. Through December 31, 2025, the Company had remitted $2.8 million to Cedar, with $3.5 million remaining. The effective annual interest rate for the Cedar Arrangement is 141.0%.

On September 2, 2025, the Sellers entered into an agreement of sale of future receipts (the “UFS Arrangement”) with UFS West LLC (“UFS”). UFS paid a purchase price of $1.0 million, from which $0.1 million of origination fees were deducted, resulting in net proceeds of $0.9 million. Under the agreement, the Sellers remit to UFS $35 thousand per week, or approximately 4.9% of future receivables collections, until UFS has received an aggregate amount equal to (i) $1.0 million if fully repaid within 30 days of funding, (ii) $1.0 million if fully repaid after 30 days but within 60 days of funding, or (iii) $1.3 million if not fully repaid within 60 days of funding.

The Company fully repaid the UFS Arrangement on November 4, 2025, which was within 60 days of funding, therefore the applicable aggregate amount remitted was $1.0 million.

On September 4, 2025, the Sellers entered into an agreement of sale of future receipts (the “Reliance Arrangement”) with Reliance Financial FL LLC (“Reliance”). Reliance paid a purchase price of $1.5 million, from which $0.2 million of origination fees were deducted, resulting in net proceeds of $1.3 million. Under the agreement, the Sellers remit to Reliance $0.1 million per week, or approximately 1.0% of future receivables collections, until Reliance has received an aggregate amount equal to (i) $1.5 million if fully repaid within 30 days of funding, (ii) $1.6 million if fully repaid after 30 days but within 60 days of funding, or (iii) $1.9 million if not fully repaid within 60 days of funding.

The Company fully repaid the Reliance Arrangement on November 4, 2025, which was within 60 days of funding, therefore the applicable aggregate amount remitted was $1.6 million.

Convertible Debentures

On September 22, 2025, the Company entered into a Securities Purchase Agreement with YA II PN, Ltd. (the “Investor”), pursuant to which the Company agreed to issue senior unsecured convertible debentures in multiple tranches with an aggregate principal amount of up to $50.0 million. On December 30, 2025, the Securities Purchase Agreement was amended to increase the aggregate principal amount to $65.0 million (collectively, the “Convertible Debentures”).

The initial tranche of $30.0 million (“Tranche 1”) was funded on September 22, 2025 at 97% of par, resulting in net proceeds of $29.1 million. The second tranche of $20.0 million (“Tranche 2”) was funded on December 16, 2025 at 97% of par, resulting in net proceeds of $19.4 million. The third tranche of $15.0 million (“Tranche 3”) was funded on December 30, 2025 at 98% of par, resulting in net proceeds of $14.7 million.

Tranches 1 and 2 mature on March 22, 2027 and Tranche 3 matures on August 30, 2027. All three tranches bear interest at 7.0% per annum (18.0% upon an uncured event of default). Installment payments of principal and interest are due monthly (each, a “Payment Date,” beginning on the applicable payment commencement date). For each installment, the Company may (i) pay cash plus a payment premium equal to 7.0% (Tranches 1 and 2) or 4.0% (Tranche 3) of the principal portion paid (“Payment Premium”) (10.0% while an Amortization Event is in effect, as defined below), (ii) elect to allow the Investor to convert the unpaid installment at a price equal to the lower of (A) the Applicable Fixed Price (defined below) or (B) 97% of the lowest daily VWAP during the four trading days immediately preceding the conversion date, but not below the Floor Price (equal to $0.60 per share), or (iii) satisfy the installment through a combination of cash and conversion.

The fixed conversion price is $4.50 per share for Tranche 1, $7.53 per share for Tranche 2, and $7.41 per share for Tranche 3. For purposes of the redemption and conversion provisions described below, the “Applicable Fixed Price” means the fixed conversion price for the applicable tranche.

On any Payment Date when the Company’s daily Bloomberg volume weighted average price (“VWAP”) has equaled or exceeded 115% of the Applicable Fixed Price for each of the five prior trading days, no cash installment payment is due on such Payment Date and the related installment is deferred, with the principal remaining outstanding until maturity.

Investor conversions are subject to a beneficial ownership limit of 4.99% of the Company’s common stock and to a limit of 19.99% of the Company’s outstanding common stock as of closing unless stockholder approval to exceed such cap is obtained in accordance with the rules and regulations of the New York Stock Exchange (the “Exchange Cap”). An “Amortization Event” includes, among other things, (i) the Company’s common stock trading below the Floor Price for 5 of 7 consecutive trading days, (ii) issuance of more than 99% of the shares available under the Exchange Cap without

stockholder approval, or (iii) beginning 60 days after issuance, the resale registration statement being unusable for 10 consecutive trading days. While an Amortization Event is in effect, the monthly installment must be paid in cash, the applicable payment premium is 10.0%, and the installment amount may increase to the greater of the scheduled amount and 20.0% of then-outstanding principal.

Outside the monthly payment schedule, the Company may optionally redeem the Convertible Debentures upon advance notice for cash when the VWAP is below the Applicable Fixed Price (with the applicable Payment Premium). Upon a change of control, the Company may redeem all outstanding Convertible Debentures at 110% of principal.

In connection with the Securities Purchase Agreement, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) with the Investor, pursuant to which the Company agreed to file a registration statement covering the resale of the Common Stock issuable upon conversion of the Convertible Debentures within 10 business days after closing and to use commercially reasonable efforts to obtain effectiveness within 60 days. The Securities Purchase Agreement includes customary covenants and restrictions, including a prohibition on variable-rate transactions while amounts may be or are outstanding, limitations on additional indebtedness and liens subject to agreed exceptions (including specified project-level indebtedness for subsidiaries such as Calistoga and Cross Trails and certain refinancings), and limitations on the Company’s use of existing equity lines without Investor consent. The Company may utilize its at-the-market equity (“ATM”) program only if specified conditions are satisfied, applying 25.0% of gross ATM proceeds to reduce the Convertible Debentures principal on the back end of the schedule, and observing a cooling-off period of three trading days after an Investor market-price conversion; if the ATM is used in any calendar month, the next scheduled amortization payment will be convertible at the Investor’s election. Any subsidiary that directly receives Convertible Debenture proceeds must guarantee the Company’s obligations. The Investor agreed not to engage in short sales of the Company’s equity, but may sell shares corresponding to submitted conversions.

The Convertible Debentures and the shares of common stock issuable upon conversion thereof have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and were offered and sold in a private placement in reliance on Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D thereunder. The Investor represented that it is an accredited investor.

The Company elected the fair value option afforded by ASC 825 with respect to the Convertible Debentures because they include features that meet the definition of embedded derivatives. The Company initially recognized the Convertible Debentures at fair value and subsequently remeasures them at fair value, with changes in fair value recognized in the consolidated statements of operations and comprehensive loss. The Convertible Debentures are measured at fair value on a recurring basis and are classified within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs.

Issuances at fair value represent the initial fair value recorded at issuance, which approximates the net proceeds received. The following table presents a rollforward of the fair value of the Convertible Debentures for the periods presented, including issuances, cash settlements, and the components of earnings that impacted the fair value during the period.


	Year Ended December 31, 2025
Convertible Debentures, beginning balance	$	—
Issuances at fair value	63,200
Change in fair value (1)	4,390
Interest expense (stated interest rate) (2)	625
Loss on partial debt extinguishment (3)	120
Cash settlements (inclusive of accrued interest and cash payment premium)	(1,658)
Convertible Debentures, ending balance	$	66,677

__________________

(1) Recognized within the line item, change in fair value of financial instruments carried at fair value, in the consolidated statement of operations and comprehensive loss.

(2) Recognized within the line item, interest expense, in the consolidated statement of operations and comprehensive loss.

(3) Recognized within the line item, other income (expense), net, in the consolidated statement of operations and comprehensive loss.

Debt Maturity

The following table summarizes the cash maturities of the Company’s debt instruments as of December 31, 2025 (amounts in thousands):


	2026		2027		2028		2029		2030		Thereafter		Total
CRC Senior Notes	$	669	$	917	$	1,074	$	1,261	$	1,428	$	9,570	$	14,919
Cross Trails Senior Note	2,821		2,941		1,541		1,967		1,698		6,838		17,806
Sale of future receipts	3,058		—		—		—		—		—		3,058
Convertible Debentures (1)	47,829		15,971		—		—		—		—		63,800
	$	54,377	$	19,829	$	2,615	$	3,228	$	3,126	$	16,408	$	99,583

__________________

(1) Assumes scheduled amortization of principal in accordance with the contractually required payment schedule and does not give effect to any elective conversions or optional redemptions.

The table above excludes insurance premium financings, which are presented within accrued expenses in the consolidated balance sheets and are discussed in the following section.

As of December 31, 2025, the Company and its subsidiaries were in compliance with all debt covenants under their debt agreements.

Insurance Premium Financings

In April 2024, the Company entered into two financing agreements related to premiums under certain insurance policies. For the first financing, the Company was obligated to repay the lender an aggregate sum of $1.4 million through ten equal monthly payments commencing on April 10, 2024. For the second financing, the Company was obligated to repay the lender an aggregate sum of $0.4 million through nine equal monthly payments commencing on May 10, 2024. Both financings had an annual interest rate of 7.4% and were fully repaid during the first quarter of 2025.

In June 2024, the Company entered into a financing agreement related to premiums under certain insurance policies. The Company is obligated to repay the lender an aggregate sum of AUD 0.3 million (or $0.2 million) through twelve equal monthly payments of AUD 22 thousand (or $15 thousand), at an annual interest rate of 4.4%, commencing on June 25, 2024. This financing was fully repaid in May 2025.

In July 2024, the Company entered into a financing agreement related to premiums under certain insurance policies. The Company is obligated to repay the lender an aggregate sum of $1.1 million through nine equal monthly payments, at an annual interest rate of 7.5%, commencing on August 15, 2024. This financing was fully repaid in April 2025.

In March 2025, the Company entered into a financing agreement related to premiums under certain insurance policies. The Company is obligated to repay the lender an aggregate sum of $1.5 million through nine equal monthly payments, at an annual interest rate of 5.8%, commencing on April 10, 2025.

In June 2025, the Company entered into a financing agreement related to premiums under certain insurance policies. The Company is obligated to repay the lender an aggregate sum of AUD 0.3 million (or $0.2 million) through ten equal monthly payments of AUD 31 thousand (or $21 thousand), at an annual interest rate of 8.7%, commencing on June 15, 2025.

In July 2025, the Company entered into a financing agreement related to premiums under certain insurance policies. The Company is obligated to repay the lender an aggregate sum of $0.9 million through ten equal monthly payments, at an annual interest rate of 7.1%, commencing on July 15, 2025.

As of December 31, 2025 and December 31, 2024, the carrying value of the Company’s insurance premium financings was $0.4 million and $0.7 million, respectively, and is included in the line item, accrued expenses, in the consolidated balance sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company primarily has operating leases for its corporate offices, field offices, and vehicles. The Company recognizes a ROU asset and lease liability for operating leases based on the net present value of future minimum lease payments.

Lease expense is recognized on a straight-line basis over the non-cancelable lease term and renewal periods that are considered reasonably certain.

The Company primarily has finance leases for vehicles. The Company recognizes a ROU asset and lease liability for finance leases based on the net present value of future minimum lease payments. Lease expense for the Company’s finance leases is comprised of the amortization of the right of use asset and interest expense recognized based on the effective interest method.

The components of lease expense for the years ended December 31, 2025 and 2024 are as follows (amounts in thousands):


	Year Ended December 31,
	2025		2024
Operating lease expense	$	831	$	738
Finance lease expense
Amortization of finance ROU assets	50		49
Interest on finance lease liabilities	11		13
Short-term lease expense	430		809
Variable lease expense	34		32
Capitalized lease costs	(352)		(396)
Sublease income	(29)		(27)
Total	$	975	$	1,218

Supplemental balance sheet information related to leases as of December 31, 2025 and 2024 is as follows:


	December 31,
	2025		2024
Weighted average remaining lease term (years)
Operating leases	4.6		6.1
Finance leases	2.8		3.0

Weighted average discount rate
Operating leases	9.8	%	10.3	%
Finance leases	9.1	%	9.5	%

Supplemental cash flow information related to leases for the years ended December 31, 2025 and 2024 is as follows (amounts in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	942	$	827
Operating cash flows used for finance leases	11		12
Financing cash flows used for finance leases	104		185
	$	1,057	$	1,024

ROU Assets obtained in Exchange for Lease Liabilities
Operating leases	$	1,615	$	160
Finance leases	87		60
	$	1,702	$	220

Future maturities of operating and finance lease liabilities as of December 31, 2025 are as follows (amounts in thousands):


	Operating Leases		Finance Leases
2026	$	685	$	50
2027	540		44
2028	449		31
2029	426		6
2030	115		—
Thereafter	354		—
Total undiscounted cash flows	2,569		131
Less imputed interest	(557)		(15)
Present value of lease liabilities	$	2,012	$	116

LEASES

The Company primarily has operating leases for its corporate offices, field offices, and vehicles. The Company recognizes a ROU asset and lease liability for operating leases based on the net present value of future minimum lease payments.

Lease expense is recognized on a straight-line basis over the non-cancelable lease term and renewal periods that are considered reasonably certain.

The Company primarily has finance leases for vehicles. The Company recognizes a ROU asset and lease liability for finance leases based on the net present value of future minimum lease payments. Lease expense for the Company’s finance leases is comprised of the amortization of the right of use asset and interest expense recognized based on the effective interest method.

The components of lease expense for the years ended December 31, 2025 and 2024 are as follows (amounts in thousands):


	Year Ended December 31,
	2025		2024
Operating lease expense	$	831	$	738
Finance lease expense
Amortization of finance ROU assets	50		49
Interest on finance lease liabilities	11		13
Short-term lease expense	430		809
Variable lease expense	34		32
Capitalized lease costs	(352)		(396)
Sublease income	(29)		(27)
Total	$	975	$	1,218

Supplemental balance sheet information related to leases as of December 31, 2025 and 2024 is as follows:


	December 31,
	2025		2024
Weighted average remaining lease term (years)
Operating leases	4.6		6.1
Finance leases	2.8		3.0

Weighted average discount rate
Operating leases	9.8	%	10.3	%
Finance leases	9.1	%	9.5	%

Supplemental cash flow information related to leases for the years ended December 31, 2025 and 2024 is as follows (amounts in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	942	$	827
Operating cash flows used for finance leases	11		12
Financing cash flows used for finance leases	104		185
	$	1,057	$	1,024

ROU Assets obtained in Exchange for Lease Liabilities
Operating leases	$	1,615	$	160
Finance leases	87		60
	$	1,702	$	220

Future maturities of operating and finance lease liabilities as of December 31, 2025 are as follows (amounts in thousands):


	Operating Leases		Finance Leases
2026	$	685	$	50
2027	540		44
2028	449		31
2029	426		6
2030	115		—
Thereafter	354		—
Total undiscounted cash flows	2,569		131
Less imputed interest	(557)		(15)
Present value of lease liabilities	$	2,012	$	116

RETIREMENT PLANS

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

RETIREMENT PLANS

The Company has a defined benefit pension plan for its employees in its wholly owned Switzerland subsidiary. The plan is a statutory requirement in accordance with local regulations. The Swiss pension plans are governed by the Swiss Federal Law on Occupational Retirements, Survivors’ and Disability Pension plans. The Company used third party providers to administer these plans. Benefits provided by the pension plan are based on years of service and employees’ remuneration over their employment period. The Company uses December 31 as the year end measurement date for this plan.

The Company’s policy is to fund its pension obligations in conformity with the funding requirements under applicable laws and governmental regulations. The pension plans maintain investment policies that, among other things, establish a portfolio asset allocation methodology with percentage allocation bands for individual asset classes. The investment policies provide that investments are reallocated between asset classes as balances exceed or fall below the appropriate allocation bands.

The assumption used for the expected long-term rate of return on plan asset is based on the long-term expected returns for the investment mix of assets currently in the portfolio. Historical return trends for the various asset classes in the class portfolio are combined with current and anticipated future market conditions to estimate the rate of return for each class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each class.

The accumulated benefit obligation represents the obligations of a pension plan for past service as of the measurement date, which is the present value of benefits earned to date based on current compensation levels.

Obligations and Funded Status

The following table presents the defined benefit plans’ funded status and amount recognized in the consolidated balance sheets as of December 31, 2025 and 2024 (amounts in thousands):


	Year Ended December 31,
	2025		2024
Change in Benefit Obligation
Benefit obligation at beginning of year	$	6,485	$	5,791
Service cost	377		300
Interest cost	74		96
Actuarial loss (gain)	(401)		694
Transfers in, net of benefits paid	(1,477)		(195)
Plan participant’s contributions	267		222
Plan amendments	—		10
Foreign currency translation adjustments	854		(433)
Benefit obligation at end of year	$	6,179	$	6,485
Change in Plan Assets
Fair value of plans assets at beginning of year	$	4,441	$	4,300
Actual return on plans’ assets	260		204
Employer contributions	262		222
Benefits paid	(1,477)		(195)
Plan participant’s contributions	267		222
Foreign currency translation adjustments	589		(312)
Fair value of plans assets at end of year	$	4,342	$	4,441
Funded Status at End of Year
Fair value of plan assets	$	4,342	$	4,441
Benefit obligation	(6,179)		(6,485)
Liability recognized at end of year	$	(1,837)	$	(2,044)

Components of Net Periodic Benefit Cost

The components of net periodic pension benefit cost for the Company’s defined benefit pension plan was as follows (amounts in thousands):


	Year Ended December 31,
		2025		2024
Employer service costs		$	377	$	300
Interest cost		74		96
Expected return on plan assets		(260)		(220)
Amortization of net prior service credit		40		37
Amortization of net loss		106		39
Curtailments and settlements		143		—
Net periodic benefit cost		$	480	$	252

Impact on Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss at December 31, 2025 and 2024 were as follows (amounts in thousands):


	December 31,
	2025		2024
Net prior service cost	$	(239)	$	(283)
Net loss	(898)		(1,520)
Accumulated other comprehensive loss	$	(1,137)	$	(1,803)

Changes in accumulated other comprehensive loss for the Company’s pension plan were as follows (amounts in thousands):


	Year Ended December 31,
	2025		2024
Accumulated other comprehensive loss at beginning of year	$	(1,803)	$	(1,164)
Change in net prior service credit	35		26
Change in net loss	577		(651)
Foreign currency translation adjustments	54		(14)
Accumulated other comprehensive loss at end of year	$	(1,137)	$	(1,803)

Assumptions

The assumptions used to measure the benefit obligation and net periodic benefit cost for the Company’s defined benefit pension plan were as follows:


	2025		2024
Discount rate	1.4	%	1.1	%
Expected long-term return on plan assets	4.7	%	5.1	%
Rate of compensation increase	1.3	%	1.3	%
Pension increase rate (in payment)	—	%	—	%

Investment Strategy

As is customary with Swiss pension plans, the plan assets are invested in a Swiss collective fund (Profond Pension Fund, contract number 208.155) with multiple employers. The Company does not have rights to the individual assets of the plans nor does the Company have investment authority over the assets of the plans. The collective fund maintains a variety of investment positions primarily in equity securities and highly rated debt securities. The valuation of the collective fund assets as a whole is a level 3 measurement; however the individual investments of the fund are generally level 1 (equity securities and cash), level 2 (fixed income) and level 3 (real estate and alternative) investments. The Company determines

the fair value of the plan assets based on information provided by the collective fund, through review of the collective fund’s annual financial statements, and the Company further considers whether there are other indicators that the investment balances reported by the fund could be impaired. The Company concluded that no such impairment indicators were present at December 31, 2025 and 2024.

The Swiss pension plans’ actual asset allocation as compared to the plan administrators’ target asset allocations for fiscal years 2025 and 2024 were as follows:


	2025		2024		Target
Equity instruments (Level 1)	46.6	%	52.4	%	47.0	%
Debt instruments (Level 2)	11.5	%	11.8	%	11.0	%
Real estate (Level 3)	21.6	%	24.4	%	22.0	%
Alternative investments (Level 3)	12.5	%	9.0	%	13.0	%
Infrastructure (Level 3)	—	%	—	%	5.0	%
Cash and equivalents (Level 1)	7.8	%	2.4	%	2.0	%
Total	100.0	%	100.0	%	100.0	%

Cash Flows

Estimated future benefit payments expected to be paid by the defined benefit pension plan at December 31, 2025 are as follows (amounts in thousands):


Year Ending December 31,	Future Benefits
2026	$	50
2027	51
2028	52
2029	52
2030	53
Thereafter	268
Total	$	526

The estimated employer contribution to the defined benefit pension plan in fiscal year 2026 is $0.3 million.

Defined Contribution Plan

The Company sponsors a defined contribution retirement plan for its United States employees and makes matching contributions up to a maximum of 3.5% of compensation. The Company made $0.7 million and $0.9 million in matching contributions for the years ended December 31, 2025 and 2024.

- Definition

The entire disclosure for defined benefit plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (r)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 715
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477317/912-715-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715-20/tableOfContent

+ Details

SUPPLEMENTAL BALANCE SHEETS DETAIL

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL BALANCE SHEETS DETAIL


	December 31,
(amounts in thousands)	2025		2024
Prepaid expenses and other current assets:
Prepaid expenses	$	3,918	$	3,423
Tax refund receivable	813		117
Investments, current	325		2,933
Other	11		55
Total	$	5,067	$	6,528

Other assets:
Interest receivable, net of allowance for credit losses of $1.0 million and — as of December 31, 2025 and 2024, respectively.	$	—	$	850
Other	883		306
Total	$	883	$	1,156

Accrued expenses:
Accrued project costs	$	49,889	$	8,165
Employee costs	12,321		4,019
Taxes payable	4,572		2,351
Professional fees	1,487		8,373
Accrued interest	1,445		—
Insurance premium financings	434		724
Warranty liabilities	241		1,336

Total	$	70,389	$	24,968

Other current liabilities:

Operating leases	$	511	$	461
Finance leases	41		38
Total	$	552	$	499

Other long-term liabilities:
Operating leases	$	1,501	$	785
Asset retirement obligation	1,035		11
Deferred SOSA acquisition payment	891		—
Derivative liability - Asset Vault	458		—
Finance leases	75		81
Unearned lease revenue - tolling arrangements	200		—
Warranty liabilities	226		55
Total	$	4,386	$	932

REDEEMABLE NON-CONTROLLING INTEREST

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

REDEEMABLE NON-CONTROLLING INTEREST

On October 9, 2025, Energy Vault, Inc. (“EV Inc.”), a wholly owned subsidiary of Company, entered into a Contribution and Purchase Agreement (“Asset Vault Purchase Agreement”) with OIC Structured Equity Fund I, L.P. and affiliated funds (collectively, “OIC”) and Asset Vault. Pursuant to this agreement, Asset Vault was capitalized with (i) 1.2 billion common units issued to EV Inc. in exchange for the contribution of equity interests in certain project holding entities and related development assets (the “EV Contribution”) and (ii) 300 million Series A preferred units (the "Series A Preferred Units") issued to OIC in exchange for an initial cash contribution of $35.0 million and OIC's commitment to provide additional capital contributions up to an aggregate of $300.0 million during the 24-month availability period, subject to the terms and conditions of the amended and restated limited liability company agreement of Asset Vault (the “A&R LLC Agreement”). Following the EV Contribution and OIC's initial investment, EV Inc. holds 100% of the common units of Asset Vault and OIC holds 100% of the issued and outstanding Series A Preferred Units. 1.2 billion common units and 300 million preferred units in Asset Vault were authorized, issued, and outstanding as of December 31, 2025.

Asset Vault is a VIE of which the Company is the primary beneficiary; therefore, Asset Vault is consolidated and OIC’s participation is presented as a redeemable non-controlling interest.

Warrants Issued to OIC and Allocation of Proceeds

In conjunction with OIC's acquisition of the Series A Preferred Units, the Company issued to OIC and its affiliated funds detachable warrants to purchase shares of the Company's common stock (the “OIC Warrants”). The OIC Warrants were classified as liabilities and were recorded at fair value on the issuance date. See Note 14, Warrants, for additional information regarding the terms, fair value measurement, and accounting treatment for the OIC Warrants.

For purposes of the Company's consolidated financial statements, the $35.0 million of gross proceeds were allocated first to the warrant liability based on its fair value at the issuance date of $11.3 million, with the residual $23.7 million initially allocated to the Series A Preferred Units prior to consideration of transaction costs. The amount allocated to the Series A Preferred Units was then further allocated between the bifurcated derivative liability and the host preferred instrument, resulting in the recognition of a $0.5 million derivative liability and $23.2 million attributable to the Series A Preferred Units before transaction costs. Total transaction costs, including the Structuring Premium (described below) of approximately $5.8 million, were allocated between the OIC Warrants and the Series A Preferred Units on the same relative allocation basis used for the gross proceeds. Of those costs, approximately $1.9 million allocated to the warrants were recognized immediately in earnings, while approximately $4.0 million allocated to the Series A Preferred Units reduced the initial carrying amount of the redeemable non-controlling interest. As a result, the redeemable non-controlling interest was initially recorded at approximately $19.3 million in mezzanine equity.

Structuring Premium

Under the A&R LLC Agreement, OIC is entitled to a structuring premium equal to 2.0% of funded capital contributions (the “Structuring Premium”), which is effectively withheld from or paid out of the gross proceeds contributed by OIC at each funding date. On the initial funding of $35.0 million, the Structuring Premium was $0.7 million. For purposes of calculating the redemption value of the Series A Preferred Units, capital contributions are measured at their gross amount (i.e., $35.0 million for the initial funding) prior to any deductions for structuring premiums or other offsets, as specified in the A&R LLC Agreement.

Classification as Redeemable Non-Controlling Interest

The Series A Preferred Units are entitled to priority distributions and a preference in liquidation ahead of the common units, as defined in the A&R LLC Agreement. The A&R LLC Agreement also provides OIC with contractual exit rights that are not solely within the Company's control, including: (i) beginning on the sixth anniversary of the initial closing date (October 9, 2031), the right to require a redemption or sale transaction (a “forced sale” mechanism) designed to provide OIC with the contractual redemption amount for its Series A Preferred Units; and (ii) if such redemption or sale has not occurred within specified timeframes, certain “springing” governance rights that allow OIC to direct a sale of Asset Vault or its assets to satisfy its redemption rights.

Because the Series A Preferred Units are not mandatorily redeemable on a fixed date, but are redeemable upon the occurrence of events that are not solely within the control of the Company, OIC's interest in Asset Vault is classified as a redeemable non-controlling interest in the mezzanine section of the consolidated balance sheets (between liabilities and stockholders' equity) in accordance with ASC 480-10-S99-3A and related guidance.

Priority Distributions

The Series A Preferred Units are entitled to cumulative priority distributions at a rate of 12.0% per annum, accruing daily on the sum of the par amount and any accumulated paid-in-kind amounts. During the first three years following the Series A Original Issue Date (the “Optional PIK Period”), such distributions may be paid entirely in kind at the election of the Company's Board of Directors. Following the Optional PIK Period, at least two-thirds of accrued distributions must be paid in cash, with no more than one-third payable in kind. Priority distributions are payable quarterly on March 31, June 30, September 30, and December 31 of each year. Paid-in-kind distributions increase the par amount of the Series A Preferred Units and, accordingly, increase the Accrued Preference Amount and Base Return components of the redemption value. Paid-in-kind amounts compound automatically on each distribution payment date.

Redemption Value and Subsequent Measurement

The A&R LLC Agreement defines the redemption price for the Series A Preferred Units as the greater of: (a) the “Accrued Preference Amount,” which equals the par amount of such Series A Preferred Unit plus any accumulated paid-in-kind amounts plus accrued but unpaid priority distributions; and (b) the “Base Return” amount, which equals the greater of a 1.65x multiple of invested capital (“MOIC”) and a 12.0% internal rate of return (“IRR”), in each case computed in accordance with the A&R LLC Agreement and taking into account prior cash distributions and structuring premium payments.

The redeemable non-controlling interest was initially recorded based on the proceeds allocated to the Preferred Units after first measuring the warrant liability at fair value, then allocating the residual proceeds between the bifurcated derivative liability and the host preferred instrument, and allocating the applicable issuance costs to the Preferred Units. In subsequent periods, the carrying amount of the redeemable non-controlling interest is adjusted for: (i) OIC's share of Asset Vault's net income (loss), measured using a hypothetical liquidation at book value (“HLBV”) methodology that reflects the contractual distribution and liquidation waterfall in the A&R LLC Agreement, (ii) cash or in-kind distributions declared or paid on the Series A Preferred Units, and (iii) accretion of the carrying amount of the redeemable non-controlling interest up to its redemption value, to the extent the estimated redemption value exceeds the current carrying amount and redemption is considered probable. Any accretion to redemption value is recorded as an adjustment to mezzanine equity with an offset to additional paid-in-capital and is not included in the HLBV income allocation.

As of the October 9, 2025 issuance date, management concluded that it is probable that the Series A Preferred Units will become redeemable within the meaning of ASC 480-10-S99-3A. Accordingly, the Company accretes the carrying amount of the redeemable non-controlling interest from its initial measurement to its estimated redemption value using the effective interest method over the period from issuance to the earliest redemption date. Management initially determined the earliest redemption date to be two years and nine months from issuance, based on the accelerated forced sale feature tied to the October 9, 2027 tranche funding requirement. If, in a future period, changes in facts and circumstances modify the estimated redemption value or the earliest redemption date, including upon future tranche funding, the Company will update its estimate of the redemption value and adjust the pattern of accretion prospectively so that the carrying amount equals the revised redemption value at the revised earliest redemption date.

As of December 31, 2025, management considers redemption of the Series A Preferred Units to be probable. Accordingly, the Company has recognized accretion to the redemption value for the period from October 9, 2025 to December 31, 2025 using the effective interest method based on the then-estimated redemption value and earliest redemption date. The accretion for the period ended December 31, 2025 was $0.9 million. See the roll-forward table below for additional detail. As of December 31, 2025, the redemption amount on earliest redemption date is $57.8 million.

Contingent Adjustment Features

If a forced sale is not consummated within nine months following OIC's delivery of a forced sale notice (a “Failed Process”), the A&R LLC Agreement provides for the following automatic adjustments: (i) the preferred distribution rate increases by 3.0% (from 12.0% to 15.0%) and all distributions thereafter become payable entirely in cash; (ii) the MOIC floor in the Base Return calculation increases by 0.10x (from 1.65x to 1.75x); and (iii) OIC obtains the right to appoint a majority of the Board of Directors until the Series A Preferred Units are redeemed in full (the “Springing Governance Rights”). Management does not currently consider a Failed Process to be probable. Accordingly, no incremental adjustment to the redeemable non-controlling interest has been recorded for these contingent features as of December 31, 2025.

Warrant Exchange Provisions

Under the A&R LLC Agreement, OIC may elect to exchange all or a portion of the OIC Warrants for additional Series A Preferred Units if the Company has not achieved specified EBITDA thresholds. Upon any such exchange, the number of Series A Preferred Units held by OIC would increase by up to 15.0% of the exchanged amount, and the exchanged OIC Warrants would be cancelled.

Roll-forward of Redeemable Non-Controlling Interest

The following table presents a roll-forward of the redeemable non-controlling interest related to Asset Vault for the year ended December 31, 2025 (amounts in thousands):


Redeemable non-controlling interest, balance at beginning of period	$	—
Acquisition of redeemable non-controlling interest	19,332
Net income (loss) attributable to redeemable non-controlling interest (1)	—
PIK distributions to redeemable non-controlling interest holder	967
Accretion to redemption value (2)	857
Redeemable non-controlling interest, balance at end of period	$	21,156

__________________

(1) Net income (loss) attributable to redeemable non-controlling interest is determined using the HLBV methodology based on the contractual rights and priorities in the A&R LLC Agreement. Under HLBV, income is allocated based on the change in each party's claim on the net assets of Asset Vault under a hypothetical liquidation scenario at the beginning and end of each reporting period. This allocation may differ significantly from the non-controlling interest's nominal percentage of total units outstanding.

(2) Accretion represents the increase in the carrying amount of the redeemable non-controlling interest toward its estimated redemption value, calculated using the effective interest method over the period to the earliest probable redemption date (July 9, 2028). Accretion is recorded as an adjustment to additional paid-in-capital. Although accretion does not affect total net loss, it is treated as a deemed dividend and therefore as an adjustment to net loss attributable to common stockholders for purposes of computing net loss per share.

WARRANTS

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

WARRANTS

OIC Warrants

In connection with OIC's acquisition of the Series A Preferred Units of Asset Vault, the Company issued warrants to OIC. See Note 13, Redeemable Non-Controlling Interest, for additional information regarding the Asset Vault transaction.

The OIC Warrants are exercisable for an aggregate of approximately 5.6 million shares of the Company's common stock at an exercise price of $4.24 per share. The OIC Warrants expire on October 9, 2030 and may be exercised in whole or in part at any time prior to expiration. The OIC Warrants include a cashless exercise feature that allows the holders to receive a net number of shares based on the difference between the fair market value of the Company's common stock and the exercise price at the time of exercise.

The warrant agreement provides for standard anti-dilution adjustments to the exercise price and number of warrant shares in the event of stock dividends, stock splits, combinations, or similar recapitalization events. In addition, the warrant agreement includes provisions for adjustments in connection with certain extraordinary transactions, such as mergers, consolidations, or sales of substantially all of the Company's assets.

The warrant Agreement includes a provision (the "Convertible Adjustment") that reduces the number of warrant shares issuable upon exercise if the Company's Convertible Debentures issued to YA II PN, Ltd. are ultimately satisfied with fewer than 7.1 million shares of the Company's common stock. If triggered, the reduction is calculated proportionally based on the ratio of (i) the actual number of shares issued in satisfaction of the Convertible Debentures to (ii) 7.1 million shares. The maximum potential reduction to the OIC Warrants is approximately 0.2 million shares. As of December 31, 2025, the Convertible Debentures remain outstanding and the Convertible Adjustment has not been triggered.

Under ASC 815-40, Derivatives and Hedging—Contracts in Entity's Own Equity, an equity-linked instrument is considered "indexed to the entity's own stock" only if its settlement amount equals the difference between the fair value of a fixed number of shares and a fixed monetary amount (the "fixed-for-fixed" criterion). The OIC Warrants are accounted for as liabilities as they do not satisfy the indexed-to-own-stock criteria and therefore do not qualify for equity classification.

Novus Warrants

In 2022, Novus Capital Corporation II (“Novus”), a special purpose acquisition company, merged with Legacy Energy Vault and after the merger, Novus was immediately renamed to Energy Vault Holdings, Inc. As part of the merger, the

Company assumed approximately 5.2 million warrants (“Novus Warrants”). Each whole warrant entitles the holder to purchase one share of the Company’s common stock at an exercise price of $11.50 per share, subject to adjustments. The Novus Warrants are exercisable on a cash or cashless basis, at the warrant holders’ option, and are not redeemable by the Company, in each case so long as the warrants are still held by Novus or their permitted transferees. The private warrants are exercisable until February 11, 2027. The Novus Warrants are accounted for a liabilities as they do not satisfy the indexed-to-own-stock criteria and therefore do not qualify for equity classification.

Fair Value Measurement - Liability Classified Warrants

The Company measures the fair value of the OIC Warrants using a Monte-Carlo pricing model and measures the fair value of the Novus Warrants using a Black-Scholes option pricing model, both of which require the use of significant judgments and the use of unobservable inputs. As such, the Company’s warrant liabilities are classified within Level 3 of the fair value hierarchy. The key unobservable inputs used to value the OIC Warrants include the expected volatility and the Company’s estimated future EBITDA. The key unobservable input used to value the Novus Warrants include the expected volatility. A significant increase in the expected volatility in isolation would result in a significantly higher fair value measurement.

The following table provides the assumptions used to estimate the fair value of the OIC Warrants upon issuance:


	OIC Warrants
Exercise price	$	4.24
Expected term (in years)	5.00
Expected volatility	90.0		%
Risk-free interest rate	3.7		%
Expected dividend yield	—		%

The following table provides the assumptions used to estimate the fair value of the Company’s liability classified warrants as of December 31, 2025:


	OIC Warrants			Novus Warrants
Exercise price	$	4.24		$	11.50
Expected term (in years)	4.78			1.12
Expected volatility	80.0		%	70.0		%
Risk-free interest rate	3.7		%	3.7		%
Expected dividend yield	—		%	—		%

Roll-Forward of Warrant Liabilities

The following table presents a roll-forward of the Company’s warrant liabilities for the years ended December 31, 2025 and 2024 (amounts in thousands):


Warrant liabilities at December 31, 2023	$	2
Change in fair value (1)	—
Warrant liabilities at December 31, 2024	2
Issuance of warrants	11,250
Change in fair value (1)	3,798
Warrant liabilities at December 31, 2025	$	15,050

__________________

(1) Recognized within the line item, change in fair value of financial instruments carried at fair value, in the consolidated statements of operations and comprehensive loss.

Dorado Goose Warrants

On August 18, 2025, the Company completed the private issuance of an aggregate of 4.5 million warrants (the “Dorado Goose Warrants”) to purchase shares of the Company’s common stock to Dorado Goose, LLC in exchange for professional

services. The Dorado Goose Warrants are exercisable until August 18, 2027 and permit cashless exercise. The exercise price for the warrants range from $1.50 per share to $3.00 per share, and the number of shares issuable upon exercise are subject to customary anti-dilution adjustments for stock splits, stock dividends, and similar events. Until exercised, the Dorado Goose Warrants do not entitle the holder to voting or other stockholder rights.

The issuance of the Dorado Goose Warrants and the shares issuable upon exercise of those warrants have not been registered under the Securities Act or under any state securities law. The Company believes that the transaction is exempt from registration under Section 4(a)(2) of the Securities Act, and customary legends were affixed to the Dorado Goose Warrants and will be affixed to any shares issued upon exercise of the Dorado Goose Warrants.

The Dorado Goose Warrants are classified in equity because they are indexed to the Company’s own stock and accounted for under ASC 718, Compensation—Stock Compensation (“ASC 718”) as an equity-classified award to a non-employee service provider. Because the award is equity-classified, it was measured at grant date fair value and is not remeasured subsequently. The full fair value of the Dorado Goose Warrants was recognized as expense in the consolidated statement of operations within general and administrative expenses during the year ended December 31, 2025.

The grant date fair value of the award was $1.2 million and was estimated using a Black-Scholes option pricing model with the following assumptions:


Expected term (in years)	2.0
Expected volatility	75.9	%
Risk-free interest rate	3.7	%
Expected dividend yield	—

Roll-Forward of Warrants

The following table presents a roll-forward of the Company’s warrants for the years ended December 31, 2025 and 2024 (amounts in thousands):


	OIC Warrants	Novus Warrants	Dorado Goose Warrants	Total
Warrants outstanding at December 31, 2023	—	5,167	—	5,167
Issuance of warrants	—	—	—	—
Warrant liabilities at December 31, 2024	—	5,167	—	5,167
Issuance of warrants	5,572	—	4,500	10,072
Warrant liabilities at December 31, 2025	5,572	5,167	4,500	15,239

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurement (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date.

Carrying amounts of certain financial instruments, including cash, cash equivalents, restricted cash, accounts payable, and accrued expenses approximate their fair value due to their relatively short maturities and market interest rates, if applicable.

The Company categorizes assets and liabilities recorded or disclosed at fair value on the consolidated balance sheet based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows:

•Level 1—Inputs which included quoted prices in active markets for identical assets and liabilities.

•Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The Company’s financial assets and liabilities measured at fair value on a recurring basis are as follows (amounts in thousands):


		Fair Value at
	Fair Value Hierarchy	December 31, 2025		December 31, 2024
Assets (Liabilities):
Convertible Debentures (1)	Level 3	$	(66,677)	$	—
Warrant liabilities (2)	Level 3	(15,050)		(2)
Derivative liability - Asset Vault (3)	Level 3	(458)		—

__________________

(1) The Company has elected to measure the Convertible Debentures at fair value (see Note 9, Debt). The Company uses a Monte Carlo simulation to value the Convertible Debentures that models potential settlement outcomes under the contractual terms. The significant assumptions used in the model include the volatility of the Company’s common stock (100.0%) and discount rates derived from market yields for comparable CCC- rated debt ranging from 26.4% to 27.3%. The model also incorporates each instrument’s contractual term, redemption features, and conversion mechanics.

(2) The warrants are not publicly traded and the Company uses a Black-Scholes or Monte Carlo model to determine the fair value. See Note 14, Warrants, for additional information.

(3) The derivative liability relates to certain redemption and settlement features in the Contribution and Purchase Agreement with OIC. The Company utilized an income approach using a probability weighted expected present value method to value the derivative liability. Significant assumptions include a discount rate of 22.8% and estimated probabilities and timing associated with the occurrence of various mandatory redemption events.

The carrying amount and estimated fair value of the Company’s financial instruments not measured at fair value are as follows (amounts in thousands):


		December 31, 2025				December 31, 2024
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets (Liabilities):



Debt (1)	Level 3	$	(27,921)	$	(29,758)	$	—	$	—

__________________

(1) Includes short-term portion of long-term debt and excludes debt measured at fair value. The Company estimates the fair value using a discounted cash flow model which utilizes the Company’s incremental borrowing rate, which is estimated based on the Company’s assumptions.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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+ Details

STOCKHOLDERS’ EQUITY	12 Months Ended
STOCKHOLDERS’ EQUITY	Dec. 31, 2025
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Hudson Equity Purchase Agreement On March 31, 2025, the Company entered into an equity purchase agreement (the “Hudson Equity Purchase Agreement”) with Hudson Global Ventures, LLC, a Nevada limited liability company (“Hudson”). Pursuant to the Hudson Equity Purchase Agreement, the Company has the right, but not the obligation, to sell to Hudson, and Hudson is obligated to purchase, up to approximately $25.0 million of newly issued shares (the “Maximum Commitment”) of the Company’s common stock, from time to time during the term of the Hudson Equity Purchase Agreement, subject to certain limitations and conditions (the “Hudson Offering”). As consideration for Hudson’s commitment to purchase shares of common stock under the Hudson Equity Purchase Agreement, we paid Hudson a commitment fee of $0.2 million during the first quarter of 2025 and issued them 452,000 shares of common stock during the second quarter of 2025, valued at $0.4 million at the time of issuance, following the execution of the Hudson Equity Purchase Agreement (the “Commitment Shares”). The commitment fees were recorded within other income (expense), net in the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2025. The Hudson Equity Purchase Agreement initially precludes the Company from issuing and selling more than 30,833,163 shares of our common stock, including the Commitment Shares, which number equaled 19.99% of our common stock issued and outstanding as of March 31, 2025, unless the Company obtains stockholder approval to issue additional shares, or unless certain exceptions apply. In addition, a beneficial ownership limitation in the agreement initially limits the Company from directing Hudson to purchase shares of common stock if such purchases would result in Hudson beneficially owning more than 4.99% of the then-outstanding shares of our common stock. From and after the initial satisfaction of the conditions to commence sales to Hudson under the Hudson Equity Purchase Agreement (such event, the “Commencement,” and the date of initial satisfaction of all such conditions, the “Commencement Date”), the Company may direct Hudson to purchase shares of common stock at a purchase price per share equal to the lesser of (i) 88% of the closing price of the Company’s common stock on the Principal Market on the Trading Day immediately preceding the respective Put Date (as defined in the Hudson Equity Purchase Agreement) (the “Initial Purchase Price”), or (ii) 88% of the lowest closing price of the Company’s common stock on the Principal Market on any Trading Day during the period beginning on the Put Date and continuing through the date that is three Trading Days immediately following the Clearing Date associated with the applicable Put Notice (such three trading day period is the “Valuation Period”, and the price is the “Market Price”), on such date on which the Purchase Price is calculated in accordance with the terms of the Hudson Equity Purchase Agreement. The Company will control the timing and amount of any such sales of common stock to Hudson. Actual sales of shares of common stock to Hudson will depend on a variety of factors to be determined by the Company from time to time, including, among other things, market conditions, the trading price of our common stock, and determinations by us as to the appropriate sources of funding for the Company and our operations. Unless earlier terminated, the Hudson Equity Purchase Agreement will automatically terminate upon the earliest of (i) the expiration of the Commitment Period (as defined in the Hudson Equity Purchase Agreement), (ii) Hudson’s purchase or receipt of the Maximum Commitment worth of common stock, or (iii) the occurrence of certain other events set forth in the Hudson Equity Purchase Agreement. We have the right to terminate the Hudson Equity Purchase Agreement at any time after Commencement, at no cost or penalty, upon prior written notice to Hudson. The Company intends to use the net proceeds, if any, from the Hudson Offering for working capital and general corporate purposes, including sales and marketing activities, product development, and capital expenditures. The Company may also use a portion of the net proceeds to acquire or invest in complementary businesses, products, and technologies. The Hudson Equity Purchase Agreement contains customary representations, warranties, and agreements, as well as customary indemnification obligations of the Company. In connection with the Hudson Equity Purchase Agreement, the Company entered into a Registration Rights Agreement, pursuant to which the Company agreed to register the Commitment Shares and the shares issuable pursuant to the Hudson Equity Purchase Agreement. The securities to be offered pursuant to the Hudson Equity Purchase Agreement will be offered pursuant to our effective shelf registration statement on Form S-3/A shelf registration statement (File No. 333-273089), which was filed with the Securities and Exchange Commission (the “SEC”) on July 14, 2023 and declared effective on July 20, 2023. During the year ended December 31, 2025, the Company sold 6.2 million shares of common stock to Hudson for net proceeds of $6.8 million. Helena Equity Purchase Agreement On August 6, 2025, the Company entered into an equity purchase agreement (the “Helena Purchase Agreement”) with Helena Global Investment Opportunities I Ltd. (“Helena”). Pursuant to the Helena Purchase Agreement, the Company has the right, but not the obligation, to sell to Helena, and Helena is obligated to purchase, up to $25.0 million of newly issued shares of the Company’s common stock, from time to time over a 36-month term, subject to certain limitations and conditions. The obligations under the Helena Purchase Agreement are subject to a standstill period and will not commence until the later of (i) ninety days from the execution of the Helena Purchase Agreement, or (ii) the termination or expiration of the Company's existing Hudson Equity Purchase Agreement. As consideration for Helena’s commitment, the Company is obligated to issue commitment shares to Helena with an aggregate value of $0.2 million. The number of commitment fee shares is determined by dividing this value by the lowest one-day VWAP during the five trading days preceding the date of the agreement. The Helena Purchase Agreement initially precludes the Company from issuing and selling more than 19.99% of the Company’s common stock issued and outstanding as of the date of the Helena Purchase Agreement, including the commitment fee shares, unless the Company obtains stockholder approval to issue additional shares. In addition, a beneficial ownership limitation in the Helena Purchase agreement restricts the Company from directing Helena to purchase shares of common stock if such purchases would result in Helena beneficially owning more than 4.99% of the then-outstanding shares of our common stock. After the initial conditions are met, the Company may direct Helena to purchase shares of common stock through an advance notice. The purchase price for shares in such an advance will be equal to 95% of the lowest closing price during the three-day pricing period following the advance. The agreement also allows for a subsequent advance notice for a number of shares mutually agreed upon, with a purchase price equal to 100% of the lowest intraday sale price on the day the notice is received. The Company will control the timing and amount of any sales of common stock to Helena. Unless earlier terminated, the Helena Purchase Agreement will automatically terminate upon the earliest of (i) the expiration of the 36-month term, or (ii) Helena’s purchase of $25.0 million worth of common stock. The Company has the right to terminate the Helena Purchase Agreement at any time, at no cost or penalty, upon five trading days’ prior written notice to Helena. NYSE Notification On April 16, 2025, the Company was notified by the NYSE that it was not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company’s common stock was less than $1.00 over a consecutive 30 trading-day period. On September 3, 2025, the Company received written notice from the NYSE stating that the Company regained compliance with the minimum continued listing criteria set forth in Section 802.01C of the NYSE Listed Company Manual, based upon an average share price for the trailing 30-consecutive trading days above $1.00.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2022 Equity Incentive Plan

In 2022, the Company adopted its 2022 Equity Incentive Plan (the “2022 Incentive Plan”). The 2022 Incentive Plan provides for the granting of stock options, stock appreciation rights (“SARs”), restricted shares, RSUs, and other awards to employees, non-employee directors, and consultants of the Company. Shares of common stock underlying awards that expire or are forfeited or canceled will again be available for issuance under the 2022 Incentive Plan.

The initial number of shares of the Company’s common stock reserved for issuance under the 2022 Incentive Plan was approximately 15.5 million, plus up to approximately 8.3 million shares subject to awards granted under the 2017 Stock Incentive Plan and 2020 Stock Incentive Plan that may become available for issuance under the 2022 Incentive Plan to the extent such awards are forfeited, expired, unexercised, or are otherwise unsettled. Annually, beginning on March 1, 2022 and ending in (and including) March 1, 2031, the number of shares of the Company’s common stock that may be issued under the 2022 Incentive Plan automatically increases by a number of shares equal to the lesser of (i) 4.0% of the outstanding shares on the last day of the immediately preceding month or (ii) number of shares (including zero) determined by the Company’s Board.

2022 Inducement Plan

In 2022, the Board adopted the 2022 Inducement Award Plan (the “2022 Inducement Plan”), which provides for the granting of stock options, SARs, restricted shares, RSUs, and other awards to individuals who were not previously employees of Energy Vault, or following a bona fide period of non-employment, as inducement material to such individuals entering into employment with Energy Vault. Shares of common stock underlying awards that expire or are forfeited or canceled will again be available for issuance under the 2022 Inducement Plan. 8.0 million shares of the Company’s common stock are reserved for issuance under the 2022 Inducement Plan.

2025 Inducement Plan

In February 2025, the Board approved the Company’s 2025 Inducement Award Plan (the “2025 Inducement Plan”), which provides for the granting of stock options, SARs, restricted shares, RSUs, and other awards to individuals who were not previously employees of Energy Vault, or following a bona fide period of non-employment, as inducement material to such individuals entering into employment with Energy Vault. Shares of common stock underlying awards that expire or are forfeited or canceled will again be available for issuance under the 2025 Inducement Plan. 8.0 million shares of the Company’s common stock are reserved for issuance under the 2025 Inducement Plan.

Stock Option Activity

Stock option activity for year ended December 31, 2025 was as follows (amounts in thousands, except per share data):


	Options Outstanding
	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Balance as of December 31, 2024	6,429	$	1.62	6.0	$	4,248
Stock options granted	—	—		—	—
Stock options exercised	(518)	1.42		—	1,333
Stock options forfeited, canceled, or expired	(188)	0.96		—	—
Balance as of December 31, 2025	5,723	1.66		4.8	16,891

Options exercisable as of December 31, 2025	3,723	1.64		4.6	11,045
Options vested and expected to vest as of December 31, 2025	5,723	$	1.66	4.8	$	16,891

As of December 31, 2025, total unrecognized stock-based compensation expense related to unvested option awards that are expected to vest was $1.1 million. The weighted-average period over which such stock-based compensation expense will be recognized is approximately 1.1 years.

The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the closing stock price of the Company’s common stock on the NYSE as of December 31, 2025.

Restricted Stock Units

During the year ended December 31, 2025, pursuant to the 2022 Incentive Plan and 2025 Inducement Plan, the Company granted RSUs to employees that vest based on market-based conditions. These RSUs will vest and convert to common stock if the Company’s stock price reaches certain price targets for 20 days in any 30 day trading window. The fair value of the RSUs are recognized as expense over the requisite service period regardless of whether or not the RSUs ultimately vest and convert to common stock. The fair value of these market-based RSUs were measured on their grant date, using a Monte Carlo simulation model based on the following range and weighted-average assumptions:


Expected term (in years)			4.0
Expected volatility			95% to 100%
Risk-free interest rate			3.7% to 3.9%
Expected dividend yield			—

RSU activity for year ended December 31, 2025 was as follows (amounts in thousands, except per share data):


	Number of RSUs	Weighted Average Grant Date Fair Value per Share
Nonvested balance as of December 31, 2024	22,325	$	2.83
RSUs granted	10,427	0.97
RSUs forfeited	(1,934)	1.77
RSUs vested	(10,469)	3.44
Nonvested balance as of December 31, 2025	20,349	$	1.66

As of December 31, 2025, unrecognized stock-based compensation expense related to these RSUs was $18.5 million which is expected to be recognized over the remaining weighted-average vesting period of approximately 1.6 years.

Stock-Based Compensation Expense

Total stock-based compensation expense for the years ended December 31, 2025 and 2024 was as follows (amounts in thousands):


	Year Ended December 31,
		2025		2024
Sales and marketing		$	3,868	$	6,162
Research and development		5,284		8,693
General and administrative		27,561		23,854
Total stock-based compensation expense		$	36,713	$	38,709

REORGANIZATION EXPENSES

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

REORGANIZATION EXPENSES

Periodically, the Company implements cost savings measures and recognizes reorganization costs related to those measures. Reorganization expenses consist of personnel reduction costs.

During the years ended December 31, 2025 and 2024, the Company recognized $1.2 million and $1.6 million in reorganization costs, respectively. Currently, the Company does not expect to incur additional charges related to these cost reduction plans.

Total reorganization expenses for years ended December 31, 2025 and 2024 are as follows (amounts in thousands):


	Year Ended December 31,
		2025		2024
Sales and marketing		$	32	$	288
Research and development		318		523
General and administrative		812		748
Total reorganization expenses		$	1,162	$	1,559

A reconciliation of the beginning and ending liability balances for reorganization expenses included in the line item, accrued expenses, on the consolidated balance sheets is as follows (amounts in thousands):


	Year Ended December 31,
		2025		2024
Beginning of period		$	—	$	—
Costs charged to expense		1,162		1,559
Costs paid or settled		(1,162)		(1,577)
Foreign currency translation adjustments		—		18
End of period		$	—	$	—

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

As a single reportable segment entity, the Company’s CODM uses the profit measure of net loss to allocate resources and assess performance of our business by comparing actual results to historical results and previously forecasted financial information. The measure of segment assets is reported on the consolidated balance sheets as total assets.

See Note 3 for the Company’s revenue disaggregated by product line.

The following table presents revenue, significant segment expenses provided to the CODM, and net loss for our consolidated segment (amounts in thousands):


	Year Ended December 31,
		2025		2024
Revenue		$	203,671	$	46,199
Cost of revenue		155,681		40,012
Gross profit		47,990		6,187
Non-personnel operating costs (1)		32,228		32,251
Salaries and wages (2)		39,410		32,290
Stock-based compensation		36,713		38,709
Depreciation, amortization, and accretion (excluding amounts included in cost of revenue) (3)		3,435		1,058
Loss on impairment and sale of long-lived assets		—		336
Interest expense		8,464		123
Interest income		(1,100)		(5,537)
Provision for income taxes		7,763		67
Other segment items (4)		24,735		42,703
Net loss		$	(103,658)	$	(135,813)

__________________

(1) Represents sales and marketing, research and development, and general and administrative expenses, excluding personnel related costs and reorganization expenses.

(2) Represents the costs of employees’ salaries, benefits, and payroll taxes that are reported within sales and marketing, research and development, and general and administrative expenses in the consolidated statements of operations and comprehensive loss. This amount excludes stock-based compensation expense and reorganization expenses.

(3) $2.3 million of depreciation and amortization expense recognized within cost of revenue for year ended December 31, 2025.

(4) Represents certain other segment items that are not deemed significant segment expenses and primarily consists of provision for credit losses, loss on financial instruments carried at fair value, reorganization expenses, and other income/expense items.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of pre-tax loss are as follows for the years ended December 31, 2025 and 2024 (amounts in thousands):


	Year Ended December 31,
	2025		2024
United States	$	(82,925)	$	(123,143)
Switzerland	(8,890)		(8,151)
United Kingdom	(1,700)		(1,993)
Australia	(2,363)		(2,448)
China	(17)		(11)
Total loss before tax	$	(95,895)	$	(135,746)

The following table presents a reconciliation of the Company’s federal statutory income tax rate to the effective income tax rate (amounts in thousands):


	Year Ended December 31,
	2025				2024
	Amount		Percent		Amount		Percent
US federal statutory income tax rate	$	(20,138)	21.0	%	$	(28,493)	21.0	%
State and local income taxes, net of federal benefit (1)	503		(0.5)	%	225		(0.1)	%
Non-deductible expenses:
Stock-based compensation	5,549		(5.8)	%	6,691		(4.9)	%
Other	1,781		(1.9)	%	122		(0.1)	%
Credits:
Research and development	(433)		0.5	%	(621)		0.5	%
ITC	7,148		(7.5)	%	—		—	%
Foreign rate differential	3,341		(3.5)	%	2,647		(2.0)	%
Valuation allowance	10,049		(10.5)	%	19,520		(14.4)	%
Other	(37)		—	%	(24)		—	%
Effective income tax rate	$	7,763	(8.2)	%	$	67	—	%

__________________

(1) State taxes in Texas and Virginia made up the majority (greater than 50%) of the tax effect of this category.

The components of the provision (benefit) for income taxes are as follows (amounts in thousands):


	Year Ended December 31,
	2025		2024
Current
Federal	$	611	$	(20)
State	3		87
Foreign	—		—
Total current tax provision	614		67
Deferred
Federal	7,149		—
State	—		—
Foreign	—		—
Total deferred tax provision	7,149		—
Total provision for income taxes	$	7,763	$	67

Net income taxes paid (refunded) by jurisdiction consisted of the following (amounts in thousands):


	Year Ended December 31,
	2025		2024
U.S.
Federal	$	(7)	$	52
State	50		—
Total U.S.	43
Foreign:
India	600		—
Total	$	643	$	—

The components of the deferred tax asset are as follows (amounts in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	39,631	$	30,397
Stock-based compensation	1,868		1,763
Revenue	3,500		672
Accrued expenses	3,443		605
Capitalized research and development	1,662		3,701
Investment and research tax credits	51,016		2,778
Depreciation and amortization	329		—
Operating lease liabilities	310		156
Impairment of investment in equity securities	2,940		2,556
Allowance for credit losses	9,459		7,024
Interest expense	1,315		—
Other	2,150		—
Gross deferred tax assets	117,623		49,652
Less: valuation allowance	(76,778)		(48,107)
Net deferred tax assets	40,845		1,545
Deferred tax liabilities:
Depreciation and amortization	—		(1,287)
Right of use assets	(337)		(174)
Other	—		(84)
Gross deferred tax liabilities	(337)		(1,545)
Net deferred tax assets (liabilities)	$	40,508	$	—

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based upon the analysis of federal and state deferred tax balances, future tax projections and availability of taxable income in the carryback period, the Company recorded a valuation allowance against the federal, state, and international deferred tax assets of $76.8 million.

As of December 31, 2025, the Company had federal net operating losses of $155.6 million, state net operating losses of $58.9 million, and foreign net operating losses of $13.6 million. The federal net operating loss carryforwards do not expire, but are subject to a limitation on their use equal to 80% of the taxable income in the year of use. The state net operating loss carryforwards begin to expire in 2042. $10.6 million of the foreign net operating loss carryforwards do not expire. The remaining foreign net loss carryforwards began to expire in 2025.

At December 31, 2025, the Company had federal and state research tax credit carryforwards of $2.8 million and $0.7 million, respectively. The federal research tax credit carryforwards will begin to expire in 2042 and the state research tax credits do not expire.

At December 31, 2025 and 2024, the Company recorded $19.7 million, and $15.7 million, respectively, of unrecognized tax benefits. During the years ended December 31, 2025 and 2024, the Company recognized no interest and penalties related to uncertain tax positions. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of December 31, 2025 is zero, due to the valuation allowance that would otherwise be recorded on the deferred tax asset associated with the recognized position.

The following table summarizes the activity related to the Company’s unrecognized tax benefits (amounts in thousands):


	Year Ended December 31,
	2025		2024
Balance at beginning of year	$	15,668	$	1,399
Increase related to prior year tax positions	2,566		13,324
Decrease related to prior year tax positions	—		—
Increase related to current year tax positions	1,483		945
Balance at end of year	$	19,717	$	15,668

During 2024, the Company recorded an uncertain tax position for the historical and current Switzerland net operating loss, related to unrecorded transfer pricing charges between Switzerland and the United States.

The tax years ended December 31, 2022 through December 31, 2025 remain open to examination by the Internal Revenue Service and California Franchise Tax Board. In addition, the utilization of net operating loss carryforwards are subject to federal and state review for the periods in which those net losses were incurred. The Company is not under audit by any taxing jurisdictions at this time. The foreign entities have statute of limitations ranging between one and five years from the filing date of the tax return.

Utilization of the net operating losses and tax credit carryforwards may be subject to an annual limitation based on changes in ownership, as defined by Sections 382 and 383 of the Internal Revenue Code (“IRC”) of 1986, as amended. Based on the Company’s Section 382 analysis, which has been updated through December 31, 2025, the Company has determined that none of the net operating losses will be permanently impaired due to Section 382 limitations.

The Inflation Reduction Act (“IRA”) was enacted in August 2022, providing significant incentives for businesses to improve energy efficiency by extending, increasing, or expanding tax credits related to the production of clean energy and fuels, among other provisions. During 2025, the Company generated $47.7 million of ITCs. On March 28, 2025, the Company entered into a Tax Credit Transfer Commitment, on behalf of its majority and wholly-owned subsidiary companies, with a third-party purchaser pursuant to which the Company agreed to sell these ITCs at a price equal to 85% of the value of the credits. The ITCs are accounted for under ASC 740, and the Company has recorded a valuation allowance for the 15% discount to reflect the expected net sale proceeds.

On February 26, 2026, the Company collected $11.8 million in proceeds from the transfer of the Cross Trails ITC to the third-party purchaser. As of the date of the Annual Report, the sales of the eligible ITCs generated by the CRC HESS and Snyder CDU are expected to close following the satisfaction of certain customary closing conditions.

The Company has recorded a full valuation allowance against substantially all of the Company’s deferred tax assets, except for the deferred tax assets associated with the ITCs that the Company intends to sell. The Company provides for a valuation allowance when it is more likely than not that some portion of, or all of the Company’s deferred tax assets will not be realized. Due to the Company’s history of losses, the Company determined that it is not more likely than not to realize its deferred tax assets, with the exception of deferred tax assets associated with the ITCs that the Company intends to sell.

On July 4, 2025, Public Law No. 119-21, commonly referred to as the One Big Beautiful Bill Act (the “OBBBA”), was enacted. The OBBBA contains a broad range of changes to U.S. federal income tax laws. These changes include, among others, permanently restoring an EBITDA-based business interest deduction limitation, permanently restoring 100% bonus depreciation for certain property, permanently restoring immediate expensing for certain domestic research and experimental expenditures, and changes with respect to ITCs. The effects of changes in tax laws are recognized in the consolidated financial statements during the period of enactment. The effects of the OBBBA are not expected to have a material impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

NET LOSS PER SHARE OF COMMON STOCK

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE OF COMMON STOCK

Basic and diluted net loss per share attributable to common stockholders are calculated as follows (amounts in thousands, except per share amounts):


	Year Ended December 31,
		2025		2024
Net loss attributable to Energy Vault Holdings, Inc.		$	(103,611)	$	(135,750)
Less: accretion of redeemable non-controlling interest		857		—
Net loss attributable to common stockholders		(104,468)		(135,750)

Weighted-average shares outstanding – basic and diluted		160,533		149,846
Net loss per share attributable to common stockholders – basic and diluted		$	(0.65)	$	(0.91)

There were no common share equivalents that were dilutive for the years ended December 31, 2025 and 2024. Due to net losses during those periods, basic and diluted net loss per common share were the same, as the effect of potentially dilutive securities would have been anti-dilutive.

The following outstanding balances of common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the year ended December 31, 2025 and 2024 (amounts in thousands):


	Year Ended December 31,
	2025	2024
Warrants	15,239	5,167
Stock options	5,723	6,429
RSUs	20,349	22,325
Convertible Debentures	14,536	—
Total	55,847	33,921

In connection with merger with Novus in 2022, eligible Energy Vault stockholders immediately prior to the closing of the transaction obtained a contingent right to receive 9.0 million shares of the Company’s common stock (“Earn-Out Shares”) upon the Company’s common stock quoted on the NYSE equaling or exceeding certain specified prices for any 20 trading days within a 30 consecutive day trading period (“Earn-Out Triggering Event”). 9.0 million of common stock equivalents subject to the Earn-Out Shares are excluded from the anti-dilutive table above as of December 31, 2025 and 2024 as the Earn-Out Triggering Events for the underlying shares had not been satisfied. The contingent right for Earn-Out Shares expired on May 12, 2025.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Our principal commitments as of December 31, 2025 consisted primarily of obligations under operating leases, finance leases, a deferred pension, warranty liabilities, and issued purchase orders. Our non-cancelable purchase obligations as of December 31, 2025 totaled approximately $5.4 million, which is all expected to be paid in the next twelve months.

Loss Contingencies:

In the ordinary course of business, the Company is regularly subject to various legal proceedings. The Company has identified certain legal matters where the Company believes an unfavorable outcome is not probable and, therefore, no reserve has been established. Although the Company currently believes that resolving claims against the Company, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the Company’s business, financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and the Company’s view of these matters may change in the future.

Warranty Liabilities:

The Company provides a limited warranty to its BESS customers assuring that the BESSs are free from defects. The Company’s limited warranties are generally for a period of two or three years after the substantial completion date of a project. These warranties are considered assurance-type warranties which provide a guarantee of quality of the products.

For assurance-type warranties in engineering, procurement, and construction (“EPC”) contracts, the Company records an estimate of future warranty costs over the period of construction. For assurance-type warranties in engineered equipment (“EEQ”) contracts, the Company records an estimate of future warranty costs upon the transfer of the equipment to the customer. Warranty costs are recorded as a component of cost of revenue in the Company’s consolidated statements of operations and comprehensive loss.

As of December 31, 2025 and 2024, the Company accrued the below estimated warranty liabilities, respectively (amounts in thousands):


	Year Ended December 31,
		2025		2024
Warranty liabilities, balance at beginning of period		$	1,391	$	1,818
Accruals for warranties issued		926		—
Change in estimates		(891)		2,938
Costs paid or settled		(959)		(3,365)
Warranty liabilities, balance at end of period		$	467	$	1,391

The key inputs and assumptions used in calculating the estimated warranty liabilities are reviewed by management each reporting period. The Company may make additional adjustments to the estimated warranty liability based on a comparison of actual warranty results to expected results for significant differences or based on performance trends or other qualitative factors. If actual failure rates or replacement costs differ from our estimates in future periods, changes to these estimates may be required, resulting in increases or decreases in the estimated warranty liability, which may be material.

Letters of Credit and Bank Guarantees:

In the ordinary course of business and under certain contracts, the Company is required to post letters of credit or bank guarantees for its customers, for project performance, and for its vendors for payment guarantees. Such letters of credit or bank guarantees are generally issued by a bank or a similar financial institution. The letter of credit or bank guarantee commits the issuer to pay specified amounts to the holder of the letter of credit or bank guarantee under certain conditions. As of December 31, 2025, the Company had $15.4 million in outstanding letters of credit and $16.0 million in bank guarantees issued through the Company’s credit relationships. The Company is not aware of any material claims relating to its outstanding letters of credit or bank guarantees.

Performance and Payment Bonds:

In the ordinary course of business, Energy Vault is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of December 31, 2025, the Company had $102.3 million in outstanding performance and payment bonds.

Other Bonds:

In the ordinary course of business, Energy Vault is required to obtain other bonds, such as for insurance and government payments. These bonds provide a guarantee that the Company will post the necessary reserves as required by banks and tax or licensing authorities. Additionally, bonds are issued to banks as support for letters of credit provided by those banks. As of December 31, 2025, the Company had $12.5 million in outstanding other bonds.

Asset Retirement Obligation

In connection with the acquisition or development of energy storage systems, the Company may have the legal requirement to remove long-lived assets constructed on leased property and to restore the leased property to its condition prior to the construction of the long-lived asset. This legal requirement is referred to as an asset retirement obligation (“ARO”). If the Company determines that an ARO is necessary for a specific energy storage system, the Company records the present value of the estimated future liability when the energy storage system is placed in service as an ARO liability. The Company accretes the ARO liability to its future value over the energy storage system’s useful life in the consolidated statements of operations and comprehensive loss. The initial ARO is recorded as part of the carrying value of the related

long-lived asset and depreciated over the energy storage system’s useful life. CRC is the only energy storage system currently subject to an ARO. The initial ARO for CRC was $1.0 million.

The Company measured the ARO for CRC at fair value (level 3) using an expected present value technique. This approach estimates the cash flows a market participant would require to perform the retirement activities and discounts those cash flows using a credit-adjusted risk-free rate (10.8% at initial recognition).

As of December 31, 2025, the carrying value of the Company’s ARO was $1.0 million. For the year ended December 31, 2025, the Company recognized accretion expense of $43 thousand, which is recognized within depreciation, amortization, and accretion (excluding amounts included in cost of revenue) on the consolidated statement of operations and comprehensive loss.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Senior Convertible Notes On February 17, 2026, the Company completed a private offering of $140.0 million aggregate principal amount of 5.250% Senior Convertible Notes due 2031 (the “Senior Convertible Notes”). In addition, the Company issued an additional $10.0 million aggregate principal amount of Senior Convertible Notes pursuant to the initial purchasers’ option in a transaction that closed on February 27, 2026. The Senior Convertible Notes bear interest at 5.250% per annum, payable in cash semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2026, and mature on March 1, 2031, unless earlier converted, redeemed or repurchased. In connection with the offering, the Company entered into privately negotiated capped call transactions. After deducting the 3.25% initial purchaser’s discount and before the cost of the capped call transactions and offering expenses, the Company received $145.1 million in proceeds. The Company used approximately $20.5 million of the net proceeds to fund the capped call transactions and paid $3.8 million for advisory and placement agent fees, resulting in net proceeds of $120.8 million. The Company used a portion of the net proceeds from the Senior Convertible Notes to make aggregate cash payments of $49.7 million to YA II PN, Ltd. in connection with repayments of the Company’s Convertible Debentures, comprised of principal, accrued interest, and cash premium. Tranches 2 and 3 were fully repaid. After these payments, unpaid principal remaining outstanding under the Convertible Debentures was $7.9 million. In addition, $5.6 million of principal remained technically outstanding because the Company had delivered conversion notices to the Investor, but the Investor had not yet completed conversion. The Senior Convertible Notes have an initial conversion rate of 193.1807 shares of common stock per $1,000 principal amount, representing an initial conversion price of approximately $5.18 per share, which represents a conversion premium of approximately 27.5% above the $4.06 closing price of the Company's common stock on February 11, 2026. The capped call transactions have an initial strike price of approximately $5.18 per share, consistent with the initial conversion price of the Senior Convertible Notes, and an initial cap price of $8.12 per share, which represents a premium of 100% above the $4.06 closing price of the Company's common stock on February 11, 2026. The capped call transactions are expected to reduce potential dilution to the Company's common stock upon any conversion of the Senior Convertible Notes, and/or offset any cash payments the Company is required to make in excess of the principal amount upon conversion, with such reduction and/or offset subject to a cap based on the cap price.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael Beer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended December 31, 2025, Michael Beer, our Chief Financial Officer, entered into a pre-arranged stock trading plan on December 19, 2025. Mr. Beer’s plan provides for sale of up to 195,000 shares of the Company’s common stock between December 19, 2025 and December 31, 2026. The trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and the Company’s policies regarding transactions in the Company’s securities.
Name	Michael Beer
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 19, 2025
Expiration Date	December 31, 2026
Arrangement Duration	377 days
Aggregate Available	195,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels, and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes: •risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment; •a security team principally responsible for managing our (i) cybersecurity risk assessment processes, (ii) security controls, and (iii) response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; •cybersecurity awareness training of our employees, incident response personnel, and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for service providers, suppliers, and vendors who have access to our critical systems and information. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. For more information, see our risk factor titled “Cyberattacks and other security breaches could have an adverse effect on our business and operations, harm our reputation, and expose us to liability.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels, and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program. The Audit Committee receives regular reports from the Chief Information Officer (“CIO”) on our cybersecurity risks. In addition, the CIO updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from the CIO on our cyber risk management program. Board members receive presentations on cybersecurity topics from our CIO, internal security staff, or external experts as part of the Board’s continuing education on topics that impact public companies. Our management team, including the Chief Executive Officer (“CEO”), CIO, Chief Marketing Officer, and Chief Legal Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The CIO, in collaboration with the Audit Committee, has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Energy Vault’s CIO has more than 25 years of cybersecurity and risk management experience across multiple market verticals, including extensive experience overseeing critical and complex cybersecurity teams spanning multiple federal agencies and private industry. Further, the Audit Committee has a combined fifteen years of experience in organizational cybersecurity and risk management. Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives regular reports from the Chief Information Officer (“CIO”) on our cybersecurity risks. In addition, the CIO updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from the CIO on our cyber risk management program. Board members receive presentations on cybersecurity topics from our CIO, internal security staff, or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]	Our management team, including the Chief Executive Officer (“CEO”), CIO, Chief Marketing Officer, and Chief Legal Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The CIO, in collaboration with the Audit Committee, has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, including the Chief Executive Officer (“CEO”), CIO, Chief Marketing Officer, and Chief Legal Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The CIO, in collaboration with the Audit Committee, has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Energy Vault’s CIO has more than 25 years of cybersecurity and risk management experience across multiple market verticals, including extensive experience overseeing critical and complex cybersecurity teams spanning multiple federal agencies and private industry. Further, the Audit Committee has a combined fifteen years of experience in organizational cybersecurity and risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee receives regular reports from the Chief Information Officer (“CIO”) on our cybersecurity risks. In addition, the CIO updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from the CIO on our cyber risk management program. Board members receive presentations on cybersecurity topics from our CIO, internal security staff, or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared on an accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the SEC regarding financial reporting.
Principles of Consolidation and Non-Controlling Interest	Principles of Consolidation These consolidated financial statements include Energy Vault Holdings, Inc., its wholly owned subsidiaries, and majority owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Non-Controlling Interest In May 2024, the Company’s consolidated subsidiary, Cetus Energy, Inc. (“Cetus”), issued a share-based payment award to an employee of Cetus, representing a non-controlling interest. A non-controlling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. The Company includes non-controlling interest as a component of stockholders’ equity on the Company’s consolidated balance sheets. During the second quarter of 2025, the Cetus employee that received a share-based payment award was terminated, and the employee forfeited their unvested shares.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements, in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company evaluates its assumptions on an ongoing basis. The Company’s management believes that the estimates, judgment, and assumptions used are reasonable based upon information available at the time they are made. Estimates made by management include, among others, revenue recognition, debt measured at fair value, provision for credit losses, warranty accruals, and stock-based compensation. Due to the inherent uncertainty involved in making assumptions and estimates, changes in circumstances could result in actual results differing from those estimates, and such differences could be material to the Company’s consolidated financial condition and results of operations.
Segment Reporting	Segment Reporting The Company reports its operating results and financial information in one operating and reportable segment. Our chief operating decision maker (“CODM”), which is our chief executive officer, reviews our operating results on a consolidated basis and uses that consolidated financial information to make operating decisions, assess financial performance, and allocate resources.
Concentration of Credit and Other Risks	Concentration of Credit and Other Risks Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, and customer financings receivable. Risks associated with cash and cash equivalents and restricted cash are mitigated by banking with creditworthy institutions. Such balances with any one institution may, at times, be in excess of federally insured amounts.
Foreign Currency	Foreign Currency Assets and liabilities denominated in a foreign currency are translated into U.S dollars using the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the average exchange rates during the periods. The impact of exchange rate fluctuations from translation of assets and liabilities is included in accumulated other comprehensive loss, a component of stockholders’ equity. As of December 31, 2025, accumulated other comprehensive loss included $0.2 million of cumulative gains related to currency translation adjustments. As of December 31, 2024, accumulated other comprehensive loss included $0.1 million of cumulative losses related to currency translation adjustments. Gains and losses resulting from foreign currency transactions are included in other income (expense), net in the accompanying consolidated statements of operations and comprehensive loss.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from contracts with customers in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized when, or as, control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the goods and services transferred. The Company determines revenue recognition through the following steps: (1)Identification of the contract, or contracts, with a customer. (2)Identification of the performance obligations in the contract. (3)Determination of the transaction price. (4)Allocation of the transaction price to the performance obligations in the contract. (5)Recognition of revenue when, or as, a performance obligation is satisfied. Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The identification of material rights requires judgments related to the determination of the value of the underlying good or service relative to the option exercise price. The Company assesses whether each promised good or service is distinct for the purposes of identifying performance obligations in the contract. This assessment involves subjective determination and requires management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered to be distinct provided that: (i) the customer can benefit from the good or service either on its own or together with the other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). The Company also considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, an entity is required to combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. The transaction price is determined and allocated to the identified performance obligations in proportion to their stand-alone selling prices (“SSP”) on a relative SSP basis. SSP is determined at contract inception and is not updated to reflect changes between contract inception and when the performance obligations are satisfied. Determining the SSP for performance obligations requires significant judgment. In developing the SSP for a performance obligation, the Company considers applicable market conditions and relevant entity-specific factors, including the expected margin the Company would charge if it were to sell individual performance obligations on a standalone basis. In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. When a contract provides the customer with a significant benefit of financing, the Company recognizes a customer financing receivable and recognizes interest income separate from the revenue recognized on the contracts with customers. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment and the transfer of the promised goods or services will be one year or less. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time. Over time revenue recognition is based on the use of an output or input method. Sale of Energy Storage Products: The Company sells its energy storage products to utility companies and independent power producers. The Company enters into (i) engineering, procurement, and construction (“EPC”) contracts to design, construct, install, and transfer fully operational energy storage systems and (ii) engineered equipment (“EEQ”) contracts to design and deliver energy storage equipment. Each storage project is customized depending on the customer’s energy storage needs. Customer payments are due upon meeting certain milestones that are consistent with contract-specific phases of a project. The Company determines the transaction price based on the consideration expected to be received, which includes estimates of liquidated damages or other variable consideration. Generally, each EPC contract contains one performance obligation to design, construct, install, and deliver a fully operational energy storage system. Generally, each EEQ contract contains multiple performance obligations, including separate performance obligations (i) to supply equipment and (ii) to provide specialized technical services. EEQ contracts may also contain provisions for the Company to deliver the equipment to a storage location and hold the equipment on the customer’s behalf until the customer is ready for shipment to the project site. When the Company provides these custodial services to an EEQ customer, they are treated as a separate performance obligation. Multiple contracts entered into with the same customer and near the same time are combined in accordance with ASC 606. In these situations, the contract prices are aggregated and then allocated to each performance obligation based upon their relative stand-alone selling price. For EPC contracts, the Company recognizes revenue over time as a result of the continuous transfer of control of its products and services to the customer. The continuous transfer of control to the customer is supported by clauses in the contracts that provide enforceable rights to payment of the transaction price associated with work performed to date for products that do not have an alternative use to the Company and/or the project is built on the customer’s land that is under the customer’s control. For equipment sales in EEQ contracts, the Company recognizes revenue at a point in time, which corresponds to delivery of the equipment to the customer. For technical and custodial services provided in EEQ contracts, the Company recognizes revenue over time as the Company performs the required services. In certain contracts, the Company recognizes revenue under bill-and-hold arrangements with its customers. In these arrangements, the customer requests that the Company store the products because the project site is not ready to accept delivery and the customer does not have the ability to store the products. The products are separately identified as belonging to the customer, are physically segregated in a third-party warehouse, and are ready for immediate shipment to the customer project site upon the customer’s request. Legal title to the products has passed to the customer, the Company has a present right to payment, and the Company cannot use the products or direct them to another customer. Although the Company retains risk of loss while the products remain in storage, it has concluded that control of the products has transferred to the customer. Warehousing and custodial services provided after transfer of control are accounted for as a separate performance obligation, and revenue for those services is recognized over time. The Company uses subcontractors in its EPC and EEQ agreements. The Company has concluded that it is the principal in these arrangements because the Company controls the goods or services before they are transferred to the customer, has primary responsibility for fulfilling the contract, and has discretion in establishing prices. Revenue for performance obligations satisfied over time is recognized using the percentage of completion method based on costs incurred as a percentage of total estimated contract costs. Contract costs include all direct materials, direct labor, and subcontractor costs related to contract performance. Pre-contract costs with no future benefit are expensed in the period in which they are incurred. Since the revenue recognition of these contracts depends on estimates, which are assessed continually during the term of the contract, recognized revenues and profit are subject to revisions as the contract progresses to completion. The cumulative effects of revisions of estimated total contract costs and revenues, together with any contract reserves which may be deemed appropriate, are recorded in the period in which the facts and changes in circumstances become known. Due to uncertainties inherent in the estimation process, it is reasonably possible that these estimates will be revised in a different period. When a loss is forecasted for a contract, the full amount of the anticipated loss is recognized in the period in which it is determined that a loss will incur. The Company’s contracts generally provide customers the right to liquidated damages (“LDs”) against Energy Vault in the event specified milestones are not met on time, or certain performance metrics are not met upon the substantial completion date or during the performance guarantee period. LDs are accounted for as variable consideration, and the contract price is reduced by the expected LD amount when recognizing revenue. Variable consideration is included in the transaction price only to the extent that it is improbable that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty is resolved. Estimating variable consideration requires certain estimates and assumptions, including whether and by how much a project will be delayed and expected performance of the energy storage equipment during the performance guarantee period. The existence and measurement of liquidated damages may also be impacted by the Company’s judgment about the probability of favorable outcomes of customer disputes involving whether certain events qualify as force majeure or the reason for the events that caused project delays. Variable consideration for LDs is estimated using the expected value of the consideration to be received. If Energy Vault has a claim against the customer for an amount not specified in the contract, such claim is recognized as an increase to the contract price when it is legally enforceable, which is usually upon signing a respective change order or equivalent document confirming the claim acceptance by the customer. The Company offers limited warranties on its energy storage products which provide the customer assurance that the products will function as the parties intended because it complies with agreed-upon specifications and are free from defects. These assurance-type warranties are not treated as a separate revenue performance obligation and are accounted for as guarantees under GAAP. Tolling and Power Purchase Agreements (“PPA”): The Company generates revenue from the sale of energy, capacity, and related services from Company-owned energy storage systems through tolling arrangements and PPAs. Each arrangement is evaluated to determine whether it is accounted for as (i) a lease under ASC 842, Leases, (“ASC 842”) (when the counterparty obtains the right to control the use of an identified storage asset and substantially all of its economic benefits) or (ii) a customer contract under ASC 606 (when the Company retains control of the asset and provides energy, capacity, and/or market participation services to the customer). As of December 31, 2025, two energy storage systems were operating commercially: one accounted for as an operating lease under ASC 842 and one accounted for as a customer contract under ASC 606. For the arrangement accounted for under ASC 606, the Company’s performance obligation includes a stand-ready obligation to provide capacity/dispatch availability and, in some cases, delivery of energy and ancillary services. Stand-ready capacity services represent a single series of distinct services satisfied over time. Fixed consideration is recognized on a straight-line basis over the contract term, as this pattern depicts the transfer of the stand-ready service. Variable consideration is recognized in the period the underlying energy is delivered. Software Licensing: The Company licenses its energy management software solutions to customers. Software licensing customers do not receive legal title or ownership of the software. Customers receive access to the software platform and related support services as part of a software licensing contract. We consider these obligations to be a series of distinct services that comprise a single performance obligation because they are substantially the same and have the same pattern of transfer. Revenue is recognized over time on a straight-line basis over the term of the contract. The Company believes using a time-based method to measure progress is appropriate as the performance obligation is satisfied evenly over the term of the services. Operation and Maintenance Services: The Company enters into long-term service arrangements to provide operation and maintenance services to customer-owned energy storage systems. The Company accounts for this service as a separate performance obligation from the sale of energy storage products. Revenue is recognized over time on a straight-line basis over the term of the contract. The Company believes using a time-based method to measure progress is appropriate as the performance obligation is satisfied evenly over the term of the services. Licensing of intellectual property (“IP”): The Company enters into licensing agreements for its IP that are within the scope of ASC 606. The terms of such licensing agreements include licenses of functional IP, as the functionality of the IP is not expected to change substantially as a result of the licensor’s ongoing activities. The transaction price allocated to the licensing of IP is recognized as revenue at a point in time when the licensed IP is made available for the customer’s use and benefit. Certain licensing agreements include requirements to provide the customer with updates or enhancements to the IP as they become available. The requirement to provide IP updates is treated as a separate performance obligation and revenue is recognized over time on a straight-line basis over the term of the contract. The Company believes using a time-based method to measure progress is appropriate as the performance obligation is satisfied evenly over the term of the services.
Revenue Recognition, Leases	For the arrangement accounted for as a lease under ASC 842, fixed consideration is recognized as operating lease revenue on a straight-line basis over the lease term and variable lease payments are recognized in the period the underlying energy is delivered. The tolling agreement is accounted for as a lease because the customer (the “lessee”) has the right to obtain substantially all of the economic benefits from the use of the energy storage system and has the right to direct its use throughout the agreement's term. The lease term is ten years from the commercial operation date, which was May 31, 2025. The Company has elected the practical expedient in ASC 842-10-15-42A not to separate nonlease components from the associated lease component. The significant nonlease component combined with the lease component consists of operation and maintenance services for the energy storage system. Under the tolling agreement, the Company, as lessor, is entitled to receive monthly lease payments based on a contractual floor amount (the “Monthly Floor”), which is subject to reduction each month based on the availability and round-trip efficiency of the energy storage system (the “Effective Monthly Floor”). Lease income is recognized monthly based on a straight-line allocation of the Monthly Floor over the term of the contract, to the extent it represents fixed or in-substance fixed consideration. Any difference between the recognized lease income and the Effective Monthly Floor earned in a given period is recorded as an adjustment to lease income in that period. At the end of each contract year, if cumulative lease payments received during the year are less than the sum of the twelve Effective Monthly Floors, the lessee is required to make a true-up payment for the shortfall. The Company is also entitled to variable lease payments equal to a specified percentage of the net market revenue generated by the lessee that exceeds the cumulative Effective Monthly Floors for that contract year. The lease does not contain an option for the lessee to extend the term or purchase the asset. The agreement may be terminated early by either party under certain conditions, including for prolonged force majeure events, or by the non-defaulting party upon an event of default.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less to be cash equivalents. At December 31, 2025, the Company maintained investments in money market accounts totaling $24.6 million, including $24.3 million in U.S. government money market funds. At December 31, 2024, the Company maintained money market funds totaling $9.9 million, including $9.5 million in U.S. government money market funds.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash deposits held in segregated accounts as collateral for certain debt financing requirements and for guarantees and bonds issued in connection with our projects. Under the terms of our senior notes, cash proceeds are restricted until pre-agreed milestones are achieved. Additionally, our contractual arrangements with customers often require us to issue letters of credit, bank guarantees, and performance and payment bonds to secure our performance under those contracts. To collateralize these instruments, we deposit cash in restricted accounts that cannot be used for general corporate purposes until the underlying obligations are settled or the guarantees expire.
Accounts Receivable	Accounts Receivable Accounts receivable represents amounts that have an unconditional right to consideration, have been billed to customers, and do not bear interest. Receivables are carried at the original invoiced amount, less an allowance for any potential uncollectible amounts.
Inventory	Inventory Inventory consists of raw materials and components, including battery modules, inverters, transformers, and spare parts, to be used in battery energy storage projects under customer contracts.
Customer Financing Receivable	Customer Financing Receivable Customer financing receivable represents amounts due from a customer under a licensing arrangement with extended payment terms that includes a significant financing component. The customer financing receivable is carried at amortized cost, net of an allowance for credit losses.
Allowance for Credit Losses	Allowance for Credit Losses The Company estimates expected uncollectible amounts related to its accounts receivable, customer financing receivable, and contract asset balances as of the end of each reporting period, and presents those financial asset balances net of an allowance for expected credit losses in the consolidated balance sheets. Due to the Company’s limited operating history, the Company generally utilizes a probability-of-default (“PD”) and loss-given-default (“LGD”) methodology to calculate the allowance for credit losses for each customer by type of financial asset. The Company derives its PD and LGD rates using historical rates for corporate bonds as published by Moody’s. The Company uses PD and LGD rates that correspond to the customer’s credit rating and period of time in which the financial asset is expected to remain outstanding. For significantly past due receivables, contract assets, or the customer financing receivable, the Company determines specific allowances for these assets.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Maintenance and repairs are charged to expense as incurred. When assets are retired or sold, the cost and related accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is reflected in operating expenses in the period realized.
Investment Tax Credits ("ITCs")	Investment Tax Credits (“ITCs”) The Company accounts for nonrefundable, transferable ITCs in accordance with ASC 740, Income Taxes (“ASC 740”) and has elected the deferral method to recognize the benefit of those credits. Under this method, an ITC is generated when the qualified asset is placed in service, which is the date on which the qualified asset is ready and available for its intended use. Upon generation of the ITC, the Company reduces the carrying amount of the related asset and records a deferred tax asset for the full statutory credit amount. The deferred tax asset is evaluated for realizability and an offsetting valuation allowance is recorded as necessary to reduce the deferred tax asset to its expected realizable value. The deferred benefit from the ITC is recognized as a reduction to depreciation expense over the related asset’s useful life. Subsequent changes in the estimated realizable value of the ITCs, or changes in deferred tax assets or liabilities related to those credits, are recorded in income tax expense in the period of change. The Company expects to monetize its nonrefundable, transferable ITCs through one or more sales to third-party buyers. Upon a sale, any difference between the proceeds of such sale and the carrying amount of the deferred tax asset is recorded in income tax expense.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews long-lived assets, primarily comprised of property and equipment, intangible assets, and operating right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount to the future undiscounted net cash flows which the assets are expected to generate. If the carrying value of the assets exceeds the sum of the estimated future cash flows, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceed their fair value.
Intangible Assets	Intangible Assets The Company’s intangible assets consist of software development costs related to software to be sold or leased externally and acquired contracts with favorable terms. Software development costs are capitalized upon the establishment of technological feasibility for a product in accordance with ASC 985-20, Software - Costs of Software to be Sold, Leased, or Marketed. Amortization of capitalized software costs begins at the time that each software product becomes available for general release to customers. Once a software application is available for general release and is placed in service, the Company amortizes the capitalized costs on a product basis by the greater of the straight-line method over the estimated economic life of the product, or the ratio that current gross revenues for a product bear to the total current and anticipated future gross revenues for that product. The useful life of our external-use software development costs is generally expected to be 5 years.
Investment in Equity Securities	Investment in Equity Securities During 2022 and 2023, the Company made a strategic investment and purchased equity securities in KORE, a U.S. manufacturer of battery cells and modules. The Company’s ownership in KORE does not provide the Company with the ability to exercise significant influence. These equity securities do not have a readily determinable fair value and are recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the same or similar securities, with unrealized gains and losses included in earnings.
Leases (Lessee Accounting)	Leases (Lessee Accounting) The Company determines if a contract contains a lease at its inception based on whether or not the Company has the right to control the asset during the contract period and other facts and circumstances. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are classified as either operating or finance leases. Upon commencement of the lease, a ROU asset and corresponding lease liability are recognized for all operating and finance leases. The Company has elected the short-term lease exemption, which does not require a ROU asset or lease liability to be recognized when the lease term is 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Upon commencement of the lease, ROU assets are recognized based on the initial measurement of the lease liability and adjusted for any lease payments made before commencement date of the lease, less any lease incentives and including any initial direct costs incurred. Lease liabilities are initially measured at the present value of future minimum lease payments over the lease term. The discount rate used to determine the present value is the rate implicit in the lease unless that rate cannot be determined, in which case Company’s incremental borrowing rate is used, which is based on the estimated interest rate for collateralized borrowing over a similar term of the lease at commencement date. Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Factors used to assess reasonable certainty of rights to extend or terminate a lease include current and forecasted lease improvement plans, anticipated changes in development strategies, historical practice in extending similar contracts and current market conditions. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease ROU assets are amortized on a straight-line basis over the lesser of the lease term or the estimated useful life of the leased asset. Amortization of finance lease ROU assets is included in depreciation and amortization. Operating lease ROU assets are recognized on the consolidated balance sheets in the line item, operating lease right-of-use assets, and finance lease ROU assets are recognized on the consolidated balance sheets within the line item, property and equipment, net.
Defined Benefit Pension Obligation	Defined Benefit Pension Obligation The Company’s wholly owned subsidiary in Switzerland has a defined benefit pension obligation covering retirement and other long-term benefits of the local employees. Accrued pension costs are developed using actuarial principles and assumptions which consider a number of factors, including estimates for the discount rate, expected long-term rate of return on assets and mortality. Changes in these estimates would impact the amounts that the Company records in the consolidated financial statements.
Warrants	Warrants The Company accounts for warrants for shares of the Company’s common stock that are not indexed to its own stock as liabilities at fair value on the consolidated balance sheets. The warrants are subject to remeasurement at each balance sheet date and any change in fair value is recognized in the Company’s consolidated statements of operations and comprehensive loss. For issued warrants that meet all of the criteria for equity classification, the fair value of the warrants are recorded as a component of additional paid-in-capital.
Convertible Debentures	Convertible Debentures The Company accounted for a financing arrangement, as described in Note 9, Debt, under the fair value option election pursuant to ASC 825, Financial Instruments (“ASC 825”). ASC 825 provides for the fair value option election, to the extent not otherwise prohibited by ASC 825, to be afforded to financial instruments, wherein bifurcation of an embedded derivative is not necessary, and the financial instrument is initially measured at its issue-date estimated fair value and then subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. Period-to-period changes in fair value are recognized in the consolidated statements of operations and comprehensive loss. Direct issuance costs and fees related to debt measured at fair value are expensed as incurred in the consolidated statements of operations and comprehensive loss and are not deferred.
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed as incurred. Research and development costs consist of salaries and other personnel related expenses, engineering expenses, product development costs, and facility costs.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred and are reflected in the line item, sales and marketing, in the consolidated statements of operations and comprehensive loss.
Stock-Based Compensation	Stock-Based Compensation The Company issues stock-based compensation awards to employees, directors, and non-employees in the form of stock options and restricted stock units (“RSUs”). The Company measures and recognizes compensation expense for stock-based awards based on the award’s fair value on the date of the grant. The Company accounts for forfeitures of stock-based awards when they occur. The fair value of RSUs that vest based on service conditions is measured using the fair value of the Company’s common stock on the date of the grant. The fair value of RSUs that vest based on market conditions is measured using a Monte Carlo simulation model on the date of the grant. The fair value of stock options that vest based on service conditions is measured using the Black-Scholes option pricing model on the date of the grant. The Monte Carlo simulation model and the Black-Scholes option pricing model require the input of highly subjective assumptions, including the fair value of the Company’s common stock, the expected term of the award, the expected volatility of the Company’s common stock, risk-free interest rates, and the expected dividend yield of the Company’s common stock. This assumption used to determine the fair value of the awards represent management’s best estimates. These estimates involve inherit uncertainties and the application of management’s judgment. The fair value of awards is recognized on a straight-line basis over the requisite service period. The fair value of the market-based RSUs is recognized over the requisite service period regardless of whether or not the RSUs ultimately vest and convert to common stock.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with ASC 740. ASC 740 prescribes the use of the liability method, whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent the Company believes they will not be realized. The Company’s policy is to recognize interest and penalties related to uncertain tax positions, if any, in the income tax provision.
Net Loss Per Share	Net Loss Per Share Basic net loss per share of common stock is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Net loss attributable to common stockholders reflects deductions for dividend-like accretion on redeemable non-controlling interests and is presented after allocation of income (loss) attributable to non-controlling interests. Diluted net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for the effect of potentially dilutive common shares. Potentially dilutive common shares include, as applicable, stock options, RSUs, warrants, and shares issuable upon conversion of convertible instruments, using the treasury stock method or the if-converted method, as appropriate. Because the Company reported a net loss for all periods presented, all potentially dilutive common shares were anti-dilutive and therefore excluded from the computation of diluted net loss per share. As a result, diluted net loss per share is the same as basic net loss per share for all periods presented.
Variable Interest Entities	Variable Interest Entities The Company evaluates at the inception of each arrangement whether an entity in which it has an investment or other variable interests is a variable interest entity (“VIE”). The Company consolidates a VIE when it is the primary beneficiary. The Company is considered the primary beneficiary of a VIE when it has (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. If the Company is not the primary beneficiary of a VIE, it accounts for its interests in the VIE in accordance with applicable GAAP. Asset Vault is a majority-owned subsidiary of the Company formed in 2025 to develop, build, own, finance, and operate energy storage system projects. The Company holds all of the common units of Asset Vault, which provide voting control and rights to the residual interests in Asset Vault after satisfaction of the preferred return to the non-controlling interest holder. The Company has determined that Asset Vault is a VIE under ASC 810, Consolidation. Asset Vault is a VIE for which the Company is the primary beneficiary because the Company has (i) the power to direct the activities that most significantly affect Asset Vault’s economic performance (including project development, financing, and operational decisions) and (ii) the obligation to absorb losses and the right to receive benefits that could potentially be significant to Asset Vault, through its ownership of the common units and related guarantees and support arrangements. Accordingly, Asset Vault is consolidated in the Company’s consolidated financial statements.
Redeemable Non-Controlling Interest	Redeemable Non-Controlling Interest The Company classifies certain equity instruments outside of permanent equity, in “mezzanine” or “temporary” equity, when the instrument is redeemable upon the occurrence of an event that is not solely within the control of the Company. Redeemable equity instruments are initially recorded at the amount of proceeds received, net of direct issuance costs. When redemption is deemed probable, the Company accretes the carrying value of the redeemable instrument up to its redemption value over the period from the date of issuance to the earliest redemption date using the effective interest method. If redemption is not deemed probable, the Company does not accrete to the redemption value until such time as redemption becomes probable or occurs, at which point any difference between the carrying amount and the redemption value is recorded as an adjustment to the carrying amount. Periodic accretion and any other adjustments to redemption value are recorded as adjustments to retained earnings (or, in the absence of retained earnings, additional paid-in capital) and are treated as a reduction of income available to common stockholders. Dividends or distributions, if any, declared on redeemable preferred equity are recorded as a reduction of retained earnings (or, in the absence of retained earnings, additional paid-in capital) when declared. Upon redemption or extinguishment of a redeemable equity instrument, the Company removes the carrying amount from mezzanine equity, with any difference between the carrying amount and the cash or other consideration paid recorded within additional paid-in capital as an equity transaction. As of December 31, 2025, the balance presented in mezzanine equity and captioned “Redeemable non-controlling interest” in the consolidated balance sheet consists of the Series A Preferred Units of Asset Vault. These units represent a redeemable non-controlling interest and are classified as redeemable preferred equity because they are subject to redemption upon the occurrence of events that are not solely within the Company’s control.
Recently Adopted Accounting Standards and Recent Accounting Standards Issued, But Not Yet Adopted	Recently Adopted Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topics 740): Improvements to Income Tax Disclosures to expand the disclosure requirements for income taxes. We adopted the standard effective for the 2025 annual period with retrospective application to all prior periods presented in the consolidated financial statements, which resulted in the required additional disclosures included in Note 20, Income Taxes. The adoption of this standard requires the Company to disclose additional specified categories in the rate reconciliation in both percentage and dollar amounts. We are also required to disclose the amount of income taxes paid disaggregated by jurisdiction, among other disclosure requirements. The adoption of this standard did not have any impact on the Company’s consolidated balance sheets, results of operations and comprehensive loss, or cash flows. Recent Accounting Standards Issued, But Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)—Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information about specific costs and expense categories in the notes to the consolidated financial statements. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact this ASU would have on our consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU addresses the complexity and cost associated with estimating expected credit losses for current accounts receivable and current contract assets that arise from revenue contracts under ASC 606. The main provision applicable to all entities is a new practical expedient which, if elected, permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2025, and interim periods within those years. Early adoption is permitted. The guidance is to be applied prospectively upon adoption. We are currently evaluating the impact that electing the practical expedient in this ASU would have on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 updates the accounting for internal use software by removing the existing project stage framework and requiring capitalization of qualifying software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform its intended function. The amendments also apply to website development costs currently accounted for under Subtopic 350-50. The standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendments may be adopted on a prospective, modified transition, or retrospective basis. The Company is currently evaluating the effect that adoption of ASU 2025-06 will have on its consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow -Scope Improvements, which is intended to improve navigability of the guidance in Topic 270, Interim Reporting, and clarify when it applies. The ASU also addresses the form and content of such financial statements and interim disclosure requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact that ASU 2025-11 will have on its consolidated financial statements and related disclosures.
Fair Value Measurements	FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Carrying amounts of certain financial instruments, including cash, cash equivalents, restricted cash, accounts payable, and accrued expenses approximate their fair value due to their relatively short maturities and market interest rates, if applicable. The Company categorizes assets and liabilities recorded or disclosed at fair value on the consolidated balance sheet based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows: •Level 1—Inputs which included quoted prices in active markets for identical assets and liabilities. •Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Remaining Expected Revenue Floor Payments to be Received

The aggregate remaining Monthly Floor payments as of December 31, 2025 presented in the table below do not reflect potential reductions due to performance-based adjustments that may occur throughout the contract term (amounts in thousands) (1):


2026		2027		2028		2029		2030		Thereafter		Total
$	4,516	$	4,788	$	4,788	$	4,788	$	4,446	$	18,468	$	41,794

__________________

(1) The table reflects contractual Monthly Floor payments due under the lease agreement for each fiscal year. These amounts represent the stated floor amounts prior to any performance-based adjustments. Actual lease payments may be lower in any given period based on the lessee’s achievement of availability and round-trip efficiency thresholds. Additionally, the timing of cash receipts within a year may vary, as monthly payments are dependent on the lessee's net market revenue. Pursuant to the agreement, if cumulative lease payments for the contract year are less than the aggregate Effective Monthly Floors earned, the lessee is required to pay the shortfall to the Company in an annual true-up following the end of each contract year in May.

Schedule of Restricted Cash

The following table summarizes restricted cash balances (amounts in thousands):


	December 31,
	2025		2024
Restricted cash, current portion	$	4,717	$	990
Restricted cash, long-term portion	40,466		1,992
Total restricted cash	$	45,183	$	2,982

Restricted cash related to debt financing	$	9,489	$	—
Restricted cash related to projects	33,002		2,982
Other	2,692		—
Total restricted cash	$	45,183	$	2,982

Schedule of Consolidated Assets and Liabilities

The following table presents, on an aggregated basis, the carrying amounts and classification of the consolidated assets and liabilities of Asset Vault in the Company’s consolidated balance sheets (in thousands). The table excludes intercompany balances between Asset Vault and other consolidated subsidiaries of the Company, which are eliminated in consolidation.


	December 31, 2025
Assets
Cash and cash equivalents	$	8,512
Accounts receivable, net	234
Contract assets	820
Advances to suppliers	577
Prepaid expenses and other current assets	1,462
Property and equipment, net	64,786
Intangible assets, net	1,626
Operating lease right-of-use assets	703
Restricted cash, long-term portion	22,377
Deferred income taxes	27,176
Total assets of Asset Vault	$	128,273
Liabilities
Accounts payable	$	2,050
Accrued expenses	5,861
Debt, current portion	3,490
Other current liabilities	50
Long-term debt	21,543
Other long-term liabilities	3,145
Total liabilities of Asset Vault	$	36,139

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company recognized revenue for the product and service categories as follows for the years ended December 31, 2025 and 2024 (amounts in thousands):


	Year Ended December 31,
		2025		2024
Sale of energy storage products (1)		$	196,198	$	44,592
Tolling and PPA revenue (2)		2,337		—
Operation and maintenance services		1,284		1,090
Software licensing		540		402
Intellectual property (“IP”) licensing		3,312		115
Total revenue		$	203,671	$	46,199

__________________

(1) The Company recognized revenue of $47.2 million and $32.4 million for the years ended December 31, 2025 and 2024, respectively, for products transferred to customers under bill-and-hold arrangements.

(2) Revenue from the arrangement accounted for as an operating lease was $1.0 million for the year ended December 31, 2025.

The following table summarizes the Company’s revenue disaggregated by geographic region, which is determined based on the customer’s location, for the years ended December 31, 2025 and 2024 (amounts in thousands):


	Year Ended December 31,
	2025		2024
United States	$	74,219	$	44,423
Australia	124,273		992

Other	5,179		784
Total revenue	$	203,671	$	46,199

Schedule of Contract Assets and Contract Liabilities

The following table provides information about contract assets and contract liabilities from contracts with customers (amounts in thousands):


	December 31,
	2025		2024		2023
Refundable contribution	$	25,000	$	25,000	$	25
Unbilled receivables	20,732		6,828		55,241
Retainage	—		—		5,745
Less allowance for credit losses	(25,101)		(25,030)		(1,113)
Contract assets, net of allowance for credit losses	$	20,631	$	6,798	$	59,898

Contract liabilities	$	6,610	$	8,938	$	6,423

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following table provides a reconciliation of investments to the Company’s consolidated balance sheets (amounts in thousands):


	December 31, 2025				December 31, 2024
	Current (2)		Long-Term		Current (2)		Long-Term
Investment in equity securities	$	—	$	3,270	$	—	$	3,270
Convertible note receivable (1)	—		—		2,622		—
Other	325		96		311		—
	$	325	$	3,366	$	2,933	$	3,270

__________________

(1) The balance is shown net of allowance for credit losses. Refer to Note 5, Allowance for credit losses, for further information.

(2) Presented within prepaid and other current assets on the consolidated balance sheets.

ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Schedule of Activity in the Allowance for Credit Losses

Activity in the allowance for credit losses was as follows for the years ended December 31, 2025 and 2024 (amounts in thousands):


	Accounts Receivable		Contract Assets		Customer Financing Receivable		Convertible Note Receivable		Total
Balance at December 31, 2023	$	69	$	1,113	$	1,332	$	—	$	2,514
Provision for credit losses	1,142		24,173		4,665		—		29,980
Write-offs	—		(256)		—		—		(256)
Balance at December 31, 2024	1,211		25,030		5,997		—		32,238
Provision for credit losses	25		71		5,477		3,836		9,409
Balance at December 31, 2025	$	1,236	$	25,101	$	11,474	$	3,836	$	41,647

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

As of December 31, 2025 and 2024, property and equipment, net consisted of the following (amounts in thousands):


	December 31,
	2025		2024
Land	$	302	$	302
Buildings	774		774
Energy storage systems (1) (2)	50,354		—
Snyder CDU (3)	32,075		—
Machinery and equipment	12,086		11,584
Finance lease right-of-use assets – vehicles	200		185
Furniture and IT equipment	1,477		1,259
Leasehold improvements	127		71
Construction in progress	8,187		88,669
Total property and equipment	105,582		102,844
Less: accumulated depreciation and amortization	(9,518)		(3,351)
Property and equipment, net	$	96,064	$	99,493

__________________

(1) Consists of two energy storage systems with estimated useful lives of 10 and 20 years, respectively. One energy storage system is subject to an operating lease where the Company is the lessor. The Company has not estimated its salvage value as the Company intends to use the energy storage system for its entire useful life.

(2) The gross cost has been reduced by the estimated aggregate value of the statutory ITCs generated of $32.0 million.

(3) The CDU has an estimated useful life of five years and the gross cost has been reduced by the estimated value of the statutory ITC generated of $15.7 million.

The following table shows property and equipment, net by geographical location as of December 31, 2025 and 2024 (amounts in thousands):


	December 31,
	2025		2024
United States	$	92,145	$	98,784
Foreign	3,919		709
Property and equipment, net	$	96,064	$	99,493

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets are stated at amortized cost and consist of the following (amounts in thousands):


	December 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Capitalized software to be sold	$	7,942	$	(1,291)	$	6,651	$	4,901	$	(363)	$	4,538
Favorable acquired contracts	1,626		—		1,626		—		—		—
	$	9,568	$	(1,291)	$	8,277	$	4,901	$	(363)	$	4,538

Schedule of Future Amortization Expense for Capitalized Software

Future amortization expense for capitalized software is estimated as follows (amounts in thousands):


	Amount
2026	$	1,103
2027	1,103
2028	1,103
2029	741
2030	175
Thereafter	—
Subtotal	4,225
Software projects in process	2,426
Total	$	6,651

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

A summary of the Company’s debt is as follows (amounts in thousands):


	December 31,
	2025		2024
CRC Senior Notes	$	14,919	$	—
Cross Trails Senior Note	17,806		—
Sale of future receipts	3,058		—
Convertible Debentures	63,800		—
Total outstanding principal	99,583		—
Unamortized discount and issuance costs	(7,862)		—
Fair value adjustment for Convertible Debentures	2,877		—
Debt, current portion	(56,628)		—
Long-term debt	$	37,970	$	—

The following table presents a rollforward of the fair value of the Convertible Debentures for the periods presented, including issuances, cash settlements, and the components of earnings that impacted the fair value during the period.


	Year Ended December 31, 2025
Convertible Debentures, beginning balance	$	—
Issuances at fair value	63,200
Change in fair value (1)	4,390
Interest expense (stated interest rate) (2)	625
Loss on partial debt extinguishment (3)	120
Cash settlements (inclusive of accrued interest and cash payment premium)	(1,658)
Convertible Debentures, ending balance	$	66,677

__________________

(1) Recognized within the line item, change in fair value of financial instruments carried at fair value, in the consolidated statement of operations and comprehensive loss.

(2) Recognized within the line item, interest expense, in the consolidated statement of operations and comprehensive loss.

(3) Recognized within the line item, other income (expense), net, in the consolidated statement of operations and comprehensive loss.

Schedule of Interest Expense and Amortization Expense

The line item, interest expense, on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024, consists of the following (amounts in thousands):


	Year Ended December 31,
		2025		2024
Contractual interest expense on debt		$	5,268	$	110
Amortization of debt issuance costs		1,717		—
Amortization of debt discount		1,468		—
Interest expense on finance leases		11		13
Total		$	8,464	$	123

Schedule of Maturities of Short-Term and Long-Term Debt

The following table summarizes the cash maturities of the Company’s debt instruments as of December 31, 2025 (amounts in thousands):


	2026		2027		2028		2029		2030		Thereafter		Total
CRC Senior Notes	$	669	$	917	$	1,074	$	1,261	$	1,428	$	9,570	$	14,919
Cross Trails Senior Note	2,821		2,941		1,541		1,967		1,698		6,838		17,806
Sale of future receipts	3,058		—		—		—		—		—		3,058
Convertible Debentures (1)	47,829		15,971		—		—		—		—		63,800
	$	54,377	$	19,829	$	2,615	$	3,228	$	3,126	$	16,408	$	99,583

__________________

(1) Assumes scheduled amortization of principal in accordance with the contractually required payment schedule and does not give effect to any elective conversions or optional redemptions.

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Expense

The components of lease expense for the years ended December 31, 2025 and 2024 are as follows (amounts in thousands):


	Year Ended December 31,
	2025		2024
Operating lease expense	$	831	$	738
Finance lease expense
Amortization of finance ROU assets	50		49
Interest on finance lease liabilities	11		13
Short-term lease expense	430		809
Variable lease expense	34		32
Capitalized lease costs	(352)		(396)
Sublease income	(29)		(27)
Total	$	975	$	1,218

Supplemental balance sheet information related to leases as of December 31, 2025 and 2024 is as follows:


	December 31,
	2025		2024
Weighted average remaining lease term (years)
Operating leases	4.6		6.1
Finance leases	2.8		3.0

Weighted average discount rate
Operating leases	9.8	%	10.3	%
Finance leases	9.1	%	9.5	%

Supplemental cash flow information related to leases for the years ended December 31, 2025 and 2024 is as follows (amounts in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	942	$	827
Operating cash flows used for finance leases	11		12
Financing cash flows used for finance leases	104		185
	$	1,057	$	1,024

ROU Assets obtained in Exchange for Lease Liabilities
Operating leases	$	1,615	$	160
Finance leases	87		60
	$	1,702	$	220

Schedule of Future Maturities of Operating Leases

Future maturities of operating and finance lease liabilities as of December 31, 2025 are as follows (amounts in thousands):


	Operating Leases		Finance Leases
2026	$	685	$	50
2027	540		44
2028	449		31
2029	426		6
2030	115		—
Thereafter	354		—
Total undiscounted cash flows	2,569		131
Less imputed interest	(557)		(15)
Present value of lease liabilities	$	2,012	$	116

Schedule of Future Maturities of Finance Leases

Future maturities of operating and finance lease liabilities as of December 31, 2025 are as follows (amounts in thousands):


	Operating Leases		Finance Leases
2026	$	685	$	50
2027	540		44
2028	449		31
2029	426		6
2030	115		—
Thereafter	354		—
Total undiscounted cash flows	2,569		131
Less imputed interest	(557)		(15)
Present value of lease liabilities	$	2,012	$	116

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations and Funded Status of Plan

The following table presents the defined benefit plans’ funded status and amount recognized in the consolidated balance sheets as of December 31, 2025 and 2024 (amounts in thousands):


	Year Ended December 31,
	2025		2024
Change in Benefit Obligation
Benefit obligation at beginning of year	$	6,485	$	5,791
Service cost	377		300
Interest cost	74		96
Actuarial loss (gain)	(401)		694
Transfers in, net of benefits paid	(1,477)		(195)
Plan participant’s contributions	267		222
Plan amendments	—		10
Foreign currency translation adjustments	854		(433)
Benefit obligation at end of year	$	6,179	$	6,485
Change in Plan Assets
Fair value of plans assets at beginning of year	$	4,441	$	4,300
Actual return on plans’ assets	260		204
Employer contributions	262		222
Benefits paid	(1,477)		(195)
Plan participant’s contributions	267		222
Foreign currency translation adjustments	589		(312)
Fair value of plans assets at end of year	$	4,342	$	4,441
Funded Status at End of Year
Fair value of plan assets	$	4,342	$	4,441
Benefit obligation	(6,179)		(6,485)
Liability recognized at end of year	$	(1,837)	$	(2,044)

Schedule of Net Benefit Costs

The components of net periodic pension benefit cost for the Company’s defined benefit pension plan was as follows (amounts in thousands):


	Year Ended December 31,
		2025		2024
Employer service costs		$	377	$	300
Interest cost		74		96
Expected return on plan assets		(260)		(220)
Amortization of net prior service credit		40		37
Amortization of net loss		106		39
Curtailments and settlements		143		—
Net periodic benefit cost		$	480	$	252

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive loss at December 31, 2025 and 2024 were as follows (amounts in thousands):


	December 31,
	2025		2024
Net prior service cost	$	(239)	$	(283)
Net loss	(898)		(1,520)
Accumulated other comprehensive loss	$	(1,137)	$	(1,803)

Changes in accumulated other comprehensive loss for the Company’s pension plan were as follows (amounts in thousands):


	Year Ended December 31,
	2025		2024
Accumulated other comprehensive loss at beginning of year	$	(1,803)	$	(1,164)
Change in net prior service credit	35		26
Change in net loss	577		(651)
Foreign currency translation adjustments	54		(14)
Accumulated other comprehensive loss at end of year	$	(1,137)	$	(1,803)

Schedule of Defined Benefit Plan Assumptions

The assumptions used to measure the benefit obligation and net periodic benefit cost for the Company’s defined benefit pension plan were as follows:


	2025		2024
Discount rate	1.4	%	1.1	%
Expected long-term return on plan assets	4.7	%	5.1	%
Rate of compensation increase	1.3	%	1.3	%
Pension increase rate (in payment)	—	%	—	%

Schedule of Allocation of Plan Assets

The Swiss pension plans’ actual asset allocation as compared to the plan administrators’ target asset allocations for fiscal years 2025 and 2024 were as follows:


	2025		2024		Target
Equity instruments (Level 1)	46.6	%	52.4	%	47.0	%
Debt instruments (Level 2)	11.5	%	11.8	%	11.0	%
Real estate (Level 3)	21.6	%	24.4	%	22.0	%
Alternative investments (Level 3)	12.5	%	9.0	%	13.0	%
Infrastructure (Level 3)	—	%	—	%	5.0	%
Cash and equivalents (Level 1)	7.8	%	2.4	%	2.0	%
Total	100.0	%	100.0	%	100.0	%

Schedule of Expected Benefit Payments

Estimated future benefit payments expected to be paid by the defined benefit pension plan at December 31, 2025 are as follows (amounts in thousands):


Year Ending December 31,	Future Benefits
2026	$	50
2027	51
2028	52
2029	52
2030	53
Thereafter	268
Total	$	526

SUPPLEMENTAL BALANCE SHEETS DETAIL (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplemental Balance Sheets Detail


	December 31,
(amounts in thousands)	2025		2024
Prepaid expenses and other current assets:
Prepaid expenses	$	3,918	$	3,423
Tax refund receivable	813		117
Investments, current	325		2,933
Other	11		55
Total	$	5,067	$	6,528

Other assets:
Interest receivable, net of allowance for credit losses of $1.0 million and — as of December 31, 2025 and 2024, respectively.	$	—	$	850
Other	883		306
Total	$	883	$	1,156

Accrued expenses:
Accrued project costs	$	49,889	$	8,165
Employee costs	12,321		4,019
Taxes payable	4,572		2,351
Professional fees	1,487		8,373
Accrued interest	1,445		—
Insurance premium financings	434		724
Warranty liabilities	241		1,336

Total	$	70,389	$	24,968

Other current liabilities:

Operating leases	$	511	$	461
Finance leases	41		38
Total	$	552	$	499

Other long-term liabilities:
Operating leases	$	1,501	$	785
Asset retirement obligation	1,035		11
Deferred SOSA acquisition payment	891		—
Derivative liability - Asset Vault	458		—
Finance leases	75		81
Unearned lease revenue - tolling arrangements	200		—
Warranty liabilities	226		55
Total	$	4,386	$	932

REDEEMABLE NON-CONTROLLING INTEREST (Tables)

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Schedule of Redeemable Non-Controlling Interest

The following table presents a roll-forward of the redeemable non-controlling interest related to Asset Vault for the year ended December 31, 2025 (amounts in thousands):


Redeemable non-controlling interest, balance at beginning of period	$	—
Acquisition of redeemable non-controlling interest	19,332
Net income (loss) attributable to redeemable non-controlling interest (1)	—
PIK distributions to redeemable non-controlling interest holder	967
Accretion to redemption value (2)	857
Redeemable non-controlling interest, balance at end of period	$	21,156

__________________

(1) Net income (loss) attributable to redeemable non-controlling interest is determined using the HLBV methodology based on the contractual rights and priorities in the A&R LLC Agreement. Under HLBV, income is allocated based on the change in each party's claim on the net assets of Asset Vault under a hypothetical liquidation scenario at the beginning and end of each reporting period. This allocation may differ significantly from the non-controlling interest's nominal percentage of total units outstanding.

(2) Accretion represents the increase in the carrying amount of the redeemable non-controlling interest toward its estimated redemption value, calculated using the effective interest method over the period to the earliest probable redemption date (July 9, 2028). Accretion is recorded as an adjustment to additional paid-in-capital. Although accretion does not affect total net loss, it is treated as a deemed dividend and therefore as an adjustment to net loss attributable to common stockholders for purposes of computing net loss per share.

WARRANTS (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Estimate of Fair Value of Warrants

The following table provides the assumptions used to estimate the fair value of the OIC Warrants upon issuance:


	OIC Warrants
Exercise price	$	4.24
Expected term (in years)	5.00
Expected volatility	90.0		%
Risk-free interest rate	3.7		%
Expected dividend yield	—		%

The following table provides the assumptions used to estimate the fair value of the Company’s liability classified warrants as of December 31, 2025:


	OIC Warrants			Novus Warrants
Exercise price	$	4.24		$	11.50
Expected term (in years)	4.78			1.12
Expected volatility	80.0		%	70.0		%
Risk-free interest rate	3.7		%	3.7		%
Expected dividend yield	—		%	—		%

The grant date fair value of the award was $1.2 million and was estimated using a Black-Scholes option pricing model with the following assumptions:


Expected term (in years)	2.0
Expected volatility	75.9	%
Risk-free interest rate	3.7	%
Expected dividend yield	—

The fair value of these market-based RSUs were measured on their grant date, using a Monte Carlo simulation model based on the following range and weighted-average assumptions:


Expected term (in years)			4.0
Expected volatility			95% to 100%
Risk-free interest rate			3.7% to 3.9%
Expected dividend yield			—

Schedule of Warrant Liabilities

The following table presents a roll-forward of the Company’s warrant liabilities for the years ended December 31, 2025 and 2024 (amounts in thousands):


Warrant liabilities at December 31, 2023	$	2
Change in fair value (1)	—
Warrant liabilities at December 31, 2024	2
Issuance of warrants	11,250
Change in fair value (1)	3,798
Warrant liabilities at December 31, 2025	$	15,050

__________________

(1) Recognized within the line item, change in fair value of financial instruments carried at fair value, in the consolidated statements of operations and comprehensive loss.

The following table presents a roll-forward of the Company’s warrants for the years ended December 31, 2025 and 2024 (amounts in thousands):


	OIC Warrants	Novus Warrants	Dorado Goose Warrants	Total
Warrants outstanding at December 31, 2023	—	5,167	—	5,167
Issuance of warrants	—	—	—	—
Warrant liabilities at December 31, 2024	—	5,167	—	5,167
Issuance of warrants	5,572	—	4,500	10,072
Warrant liabilities at December 31, 2025	5,572	5,167	4,500	15,239

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities at Fair Value on a Recurring Basis

The Company’s financial assets and liabilities measured at fair value on a recurring basis are as follows (amounts in thousands):


		Fair Value at
	Fair Value Hierarchy	December 31, 2025		December 31, 2024
Assets (Liabilities):
Convertible Debentures (1)	Level 3	$	(66,677)	$	—
Warrant liabilities (2)	Level 3	(15,050)		(2)
Derivative liability - Asset Vault (3)	Level 3	(458)		—

__________________

(1) The Company has elected to measure the Convertible Debentures at fair value (see Note 9, Debt). The Company uses a Monte Carlo simulation to value the Convertible Debentures that models potential settlement outcomes under the contractual terms. The significant assumptions used in the model include the volatility of the Company’s common stock (100.0%) and discount rates derived from market yields for comparable CCC- rated debt ranging from 26.4% to 27.3%. The model also incorporates each instrument’s contractual term, redemption features, and conversion mechanics.

(2) The warrants are not publicly traded and the Company uses a Black-Scholes or Monte Carlo model to determine the fair value. See Note 14, Warrants, for additional information.

(3) The derivative liability relates to certain redemption and settlement features in the Contribution and Purchase Agreement with OIC. The Company utilized an income approach using a probability weighted expected present value method to value the derivative liability. Significant assumptions include a discount rate of 22.8% and estimated probabilities and timing associated with the occurrence of various mandatory redemption events.

Schedule of Liabilities Not Measured at Fair Value

The carrying amount and estimated fair value of the Company’s financial instruments not measured at fair value are as follows (amounts in thousands):


		December 31, 2025				December 31, 2024
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets (Liabilities):



Debt (1)	Level 3	$	(27,921)	$	(29,758)	$	—	$	—

__________________

(1) Includes short-term portion of long-term debt and excludes debt measured at fair value. The Company estimates the fair value using a discounted cash flow model which utilizes the Company’s incremental borrowing rate, which is estimated based on the Company’s assumptions.

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity for year ended December 31, 2025 was as follows (amounts in thousands, except per share data):


	Options Outstanding
	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Balance as of December 31, 2024	6,429	$	1.62	6.0	$	4,248
Stock options granted	—	—		—	—
Stock options exercised	(518)	1.42		—	1,333
Stock options forfeited, canceled, or expired	(188)	0.96		—	—
Balance as of December 31, 2025	5,723	1.66		4.8	16,891

Options exercisable as of December 31, 2025	3,723	1.64		4.6	11,045
Options vested and expected to vest as of December 31, 2025	5,723	$	1.66	4.8	$	16,891

Schedule Of Weighted-Average Assumptions

The following table provides the assumptions used to estimate the fair value of the OIC Warrants upon issuance:


	OIC Warrants
Exercise price	$	4.24
Expected term (in years)	5.00
Expected volatility	90.0		%
Risk-free interest rate	3.7		%
Expected dividend yield	—		%

The following table provides the assumptions used to estimate the fair value of the Company’s liability classified warrants as of December 31, 2025:


	OIC Warrants			Novus Warrants
Exercise price	$	4.24		$	11.50
Expected term (in years)	4.78			1.12
Expected volatility	80.0		%	70.0		%
Risk-free interest rate	3.7		%	3.7		%
Expected dividend yield	—		%	—		%

The grant date fair value of the award was $1.2 million and was estimated using a Black-Scholes option pricing model with the following assumptions:


Expected term (in years)	2.0
Expected volatility	75.9	%
Risk-free interest rate	3.7	%
Expected dividend yield	—

The fair value of these market-based RSUs were measured on their grant date, using a Monte Carlo simulation model based on the following range and weighted-average assumptions:


Expected term (in years)			4.0
Expected volatility			95% to 100%
Risk-free interest rate			3.7% to 3.9%
Expected dividend yield			—

Schedule of Restricted Stock Units Activity

RSU activity for year ended December 31, 2025 was as follows (amounts in thousands, except per share data):


	Number of RSUs	Weighted Average Grant Date Fair Value per Share
Nonvested balance as of December 31, 2024	22,325	$	2.83
RSUs granted	10,427	0.97
RSUs forfeited	(1,934)	1.77
RSUs vested	(10,469)	3.44
Nonvested balance as of December 31, 2025	20,349	$	1.66

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense for the years ended December 31, 2025 and 2024 was as follows (amounts in thousands):


	Year Ended December 31,
		2025		2024
Sales and marketing		$	3,868	$	6,162
Research and development		5,284		8,693
General and administrative		27,561		23,854
Total stock-based compensation expense		$	36,713	$	38,709

REORGANIZATION EXPENSES (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Reorganization Expenses and Reconciliation of Liability Balances

Total reorganization expenses for years ended December 31, 2025 and 2024 are as follows (amounts in thousands):


	Year Ended December 31,
		2025		2024
Sales and marketing		$	32	$	288
Research and development		318		523
General and administrative		812		748
Total reorganization expenses		$	1,162	$	1,559

A reconciliation of the beginning and ending liability balances for reorganization expenses included in the line item, accrued expenses, on the consolidated balance sheets is as follows (amounts in thousands):


	Year Ended December 31,
		2025		2024
Beginning of period		$	—	$	—
Costs charged to expense		1,162		1,559
Costs paid or settled		(1,162)		(1,577)
Foreign currency translation adjustments		—		18
End of period		$	—	$	—

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenue, Significant Segment Expenses

The following table presents revenue, significant segment expenses provided to the CODM, and net loss for our consolidated segment (amounts in thousands):


	Year Ended December 31,
		2025		2024
Revenue		$	203,671	$	46,199
Cost of revenue		155,681		40,012
Gross profit		47,990		6,187
Non-personnel operating costs (1)		32,228		32,251
Salaries and wages (2)		39,410		32,290
Stock-based compensation		36,713		38,709
Depreciation, amortization, and accretion (excluding amounts included in cost of revenue) (3)		3,435		1,058
Loss on impairment and sale of long-lived assets		—		336
Interest expense		8,464		123
Interest income		(1,100)		(5,537)
Provision for income taxes		7,763		67
Other segment items (4)		24,735		42,703
Net loss		$	(103,658)	$	(135,813)

__________________

(1) Represents sales and marketing, research and development, and general and administrative expenses, excluding personnel related costs and reorganization expenses.

(2) Represents the costs of employees’ salaries, benefits, and payroll taxes that are reported within sales and marketing, research and development, and general and administrative expenses in the consolidated statements of operations and comprehensive loss. This amount excludes stock-based compensation expense and reorganization expenses.

(3) $2.3 million of depreciation and amortization expense recognized within cost of revenue for year ended December 31, 2025.

(4) Represents certain other segment items that are not deemed significant segment expenses and primarily consists of provision for credit losses, loss on financial instruments carried at fair value, reorganization expenses, and other income/expense items.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Pre-tax Loss

The components of pre-tax loss are as follows for the years ended December 31, 2025 and 2024 (amounts in thousands):


	Year Ended December 31,
	2025		2024
United States	$	(82,925)	$	(123,143)
Switzerland	(8,890)		(8,151)
United Kingdom	(1,700)		(1,993)
Australia	(2,363)		(2,448)
China	(17)		(11)
Total loss before tax	$	(95,895)	$	(135,746)

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the Company’s federal statutory income tax rate to the effective income tax rate (amounts in thousands):


	Year Ended December 31,
	2025				2024
	Amount		Percent		Amount		Percent
US federal statutory income tax rate	$	(20,138)	21.0	%	$	(28,493)	21.0	%
State and local income taxes, net of federal benefit (1)	503		(0.5)	%	225		(0.1)	%
Non-deductible expenses:
Stock-based compensation	5,549		(5.8)	%	6,691		(4.9)	%
Other	1,781		(1.9)	%	122		(0.1)	%
Credits:
Research and development	(433)		0.5	%	(621)		0.5	%
ITC	7,148		(7.5)	%	—		—	%
Foreign rate differential	3,341		(3.5)	%	2,647		(2.0)	%
Valuation allowance	10,049		(10.5)	%	19,520		(14.4)	%
Other	(37)		—	%	(24)		—	%
Effective income tax rate	$	7,763	(8.2)	%	$	67	—	%

__________________

(1) State taxes in Texas and Virginia made up the majority (greater than 50%) of the tax effect of this category.

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision (benefit) for income taxes are as follows (amounts in thousands):


	Year Ended December 31,
	2025		2024
Current
Federal	$	611	$	(20)
State	3		87
Foreign	—		—
Total current tax provision	614		67
Deferred
Federal	7,149		—
State	—		—
Foreign	—		—
Total deferred tax provision	7,149		—
Total provision for income taxes	$	7,763	$	67

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred tax asset are as follows (amounts in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	39,631	$	30,397
Stock-based compensation	1,868		1,763
Revenue	3,500		672
Accrued expenses	3,443		605
Capitalized research and development	1,662		3,701
Investment and research tax credits	51,016		2,778
Depreciation and amortization	329		—
Operating lease liabilities	310		156
Impairment of investment in equity securities	2,940		2,556
Allowance for credit losses	9,459		7,024
Interest expense	1,315		—
Other	2,150		—
Gross deferred tax assets	117,623		49,652
Less: valuation allowance	(76,778)		(48,107)
Net deferred tax assets	40,845		1,545
Deferred tax liabilities:
Depreciation and amortization	—		(1,287)
Right of use assets	(337)		(174)
Other	—		(84)
Gross deferred tax liabilities	(337)		(1,545)
Net deferred tax assets (liabilities)	$	40,508	$	—

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (amounts in thousands):


	Year Ended December 31,
	2025		2024
Balance at beginning of year	$	15,668	$	1,399
Increase related to prior year tax positions	2,566		13,324
Decrease related to prior year tax positions	—		—
Increase related to current year tax positions	1,483		945
Balance at end of year	$	19,717	$	15,668

Schedule of Net Income Taxes Paid (Refunded) by Jurisdiction

Net income taxes paid (refunded) by jurisdiction consisted of the following (amounts in thousands):


	Year Ended December 31,
	2025		2024
U.S.
Federal	$	(7)	$	52
State	50		—
Total U.S.	43
Foreign:
India	600		—
Total	$	643	$	—

NET LOSS PER SHARE OF COMMON STOCK (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders are calculated as follows (amounts in thousands, except per share amounts):


	Year Ended December 31,
		2025		2024
Net loss attributable to Energy Vault Holdings, Inc.		$	(103,611)	$	(135,750)
Less: accretion of redeemable non-controlling interest		857		—
Net loss attributable to common stockholders		(104,468)		(135,750)

Weighted-average shares outstanding – basic and diluted		160,533		149,846
Net loss per share attributable to common stockholders – basic and diluted		$	(0.65)	$	(0.91)

Schedule of Common Share Equivalent Securities Excluded From Computation of Net Loss Per Share

The following outstanding balances of common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the year ended December 31, 2025 and 2024 (amounts in thousands):


	Year Ended December 31,
	2025	2024
Warrants	15,239	5,167
Stock options	5,723	6,429
RSUs	20,349	22,325
Convertible Debentures	14,536	—
Total	55,847	33,921

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Warranty Liability

As of December 31, 2025 and 2024, the Company accrued the below estimated warranty liabilities, respectively (amounts in thousands):


	Year Ended December 31,
		2025		2024
Warranty liabilities, balance at beginning of period		$	1,391	$	1,818
Accruals for warranties issued		926		—
Change in estimates		(891)		2,938
Costs paid or settled		(959)		(3,365)
Warranty liabilities, balance at end of period		$	467	$	1,391

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) energyStorageSystem segment effectiveMonthlyFloor	Dec. 31, 2024 USD ($) installment	May 31, 2025	Dec. 31, 2023 USD ($)
Business Combination [Line Items]
Accumulated deficit	$ (487,433)	$ (383,822)
Net loss attributable to Energy Vault Holdings, Inc.	$ (103,611)	(135,750)
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Accumulated other comprehensive loss, foreign currency translation adjustments gain (loss)	$ 200	(100)
Number of energy storage systems \| energyStorageSystem	2,000
Number of energy storage systems classified as leases \| energyStorageSystem	1,000
Number of energy storage systems classified as revenue from contract with customer \| energyStorageSystem	1,000
Lease term			10 years
Number of effective monthly floors \| effectiveMonthlyFloor	12
Money market accounts	$ 24,600	$ 9,900
Number of installments past due \| installment		2
Allowance for credit losses	11,474	$ 5,997		$ 1,332
Provision for credit losses	5,477	4,665
Financing receivable amortized cost	$ 11,500	11,500
Intangible asset useful life	5 years
Advertising expenses	$ 100	200
Redeemable preferred equity units classified in mezzanine equity	0	0
Variable Interest Entity, Primary Beneficiary
Business Combination [Line Items]
Redeemable preferred equity units classified in mezzanine equity	$ 21,200
Software Development
Business Combination [Line Items]
Intangible asset useful life	5 years
Money Market Funds
Business Combination [Line Items]
Money market accounts	$ 24,300	$ 9,500
Customer One \| Accounts Receivable \| Customer Concentration Risk
Business Combination [Line Items]
Concentration risk percentage	93.00%	100.00%
Customer One \| Contract with Customer Asset after Allowance for Credit Loss \| Customer Concentration Risk
Business Combination [Line Items]
Concentration risk percentage	100.00%	100.00%
Customer One \| Revenue Benchmark \| Customer Concentration Risk
Business Combination [Line Items]
Concentration risk percentage	56.00%	75.00%
Customer Two \| Revenue Benchmark \| Customer Concentration Risk
Business Combination [Line Items]
Concentration risk percentage	32.00%	19.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Remaining Expected Revenue Floor Payments to be Received (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Accounting Policies [Abstract]
2026	$ 4,516
2027	4,788
2028	4,788
2029	4,788
2030	4,446
Thereafter	18,468
Total	$ 41,794

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash, current portion	$ 4,717	$ 990
Restricted cash, long-term portion	40,466	1,992
Total restricted cash	45,183	2,982
Restricted cash related to debt financing
Restricted Cash and Cash Equivalent Item [Line Items]
Total restricted cash	9,489	0
Restricted cash related to projects
Restricted Cash and Cash Equivalent Item [Line Items]
Total restricted cash	33,002	2,982
Other
Restricted Cash and Cash Equivalent Item [Line Items]
Total restricted cash	$ 2,692	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Consolidated Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 58,260	$ 27,091
Accounts receivable, net	25,938	14,565
Contract assets	20,631	6,798	$ 59,898
Advances to suppliers	6,318	10,678
Prepaid expenses and other current assets	5,067	6,528
Property and equipment, net	96,064	99,493
Intangible assets, net	8,277	4,538
Operating lease right-of-use assets	2,242	1,206
Restricted cash, long-term portion	40,466	1,992
Deferred income taxes	40,508	0
Total Assets	312,876	183,889
Liabilities
Accounts payable	30,838	20,250
Accrued expenses	70,389	24,968
Debt, current portion	56,628	0
Other current liabilities	552	499
Long-term debt	37,970	0
Other long-term liabilities	4,386	932
Total liabilities	224,260	$ 57,633
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	8,512
Accounts receivable, net	234
Contract assets	820
Advances to suppliers	577
Prepaid expenses and other current assets	1,462
Property and equipment, net	64,786
Intangible assets, net	1,626
Operating lease right-of-use assets	703
Restricted cash, long-term portion	22,377
Deferred income taxes	27,176
Total Assets	128,273
Liabilities
Accounts payable	2,050
Accrued expenses	5,861
Debt, current portion	3,490
Other current liabilities	50
Long-term debt	21,543
Other long-term liabilities	3,145
Total liabilities	$ 36,139

REVENUE RECOGNITION - Schedule of Recognized Revenue for Product and Service Categories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 203,671	$ 46,199
Total revenue	203,671	46,199
Sale of energy storage products
Disaggregation of Revenue [Line Items]
Revenue	196,198	44,592
Tolling and PPA revenue
Disaggregation of Revenue [Line Items]
Tolling and PPA revenue	2,337	0
Operation and maintenance services
Disaggregation of Revenue [Line Items]
Revenue	1,284	1,090
Software licensing
Disaggregation of Revenue [Line Items]
Revenue	540	402
Intellectual property (“IP”) licensing
Disaggregation of Revenue [Line Items]
Revenue	3,312	115
Sale of Energy Storage Products to Customers Under Bill-and-Hold Arrangements
Disaggregation of Revenue [Line Items]
Revenue	47,200	$ 32,400
Tolling Revenue
Disaggregation of Revenue [Line Items]
Tolling and PPA revenue	$ 1,000

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Performance obligation and deferred transaction price	$ 145.3
Deferred revenue recognized in period	$ 8.4	$ 1.1
Transferred over Time
Disaggregation of Revenue [Line Items]
Percentage of revenue	64.00%	29.00%
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Percentage of revenue	36.00%	71.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	60.00%
Revenue, remaining performance obligation, period	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

REVENUE RECOGNITION - Schedule of Revenue Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 203,671	$ 46,199
United States
Disaggregation of Revenue [Line Items]
Total revenue	74,219	44,423
Australia
Disaggregation of Revenue [Line Items]
Total revenue	124,273	992
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 5,179	$ 784

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

REVENUE RECOGNITION - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Refundable contribution	$ 25,000	$ 25,000	$ 25
Unbilled receivables	20,732	6,828	55,241
Retainage	0	0	5,745
Less allowance for credit losses	(25,101)	(25,030)	(1,113)
Contract assets, net of allowance for credit losses	20,631	6,798	59,898
Contract liabilities	$ 6,610	$ 8,938	$ 6,423

INVESTMENTS - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investment in equity securities, current	$ 0	$ 0
Convertible note receivable, current	0	2,622
Other, current	325	311
Total investments, current	325	2,933
Investment in equity securities, long-term	3,270	3,270
Convertible note receivable, long-term	0	0
Other, long-term	96	0
Total investments, long-term	$ 3,366	$ 3,270

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2025	Oct. 31, 2021	Dec. 31, 2025	Dec. 31, 2024	Apr. 30, 2022
Convertible Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance of promissory note		$ 1.0			$ 2.0
Maturity date, number of days after demand for payment following two year anniversary		30 days
Demand for payment, anniversary threshold		2 years
Maturity date, four years after issuance		4 years
Maturity date, number of days after a Financial Close		5 days
Effective annual interest rate		10.00%
Note converted into equity securities at discount price		20.00%
Maturity date, number of days after demand for payment following june 1,2027	30 days
KORE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in equity securities			$ 15.0	$ 15.0
Equity securities without readily determinable fair value cumulative impairment			$ 11.7	$ 11.7

ALLOWANCE FOR CREDIT LOSSES - Schedule of Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable
Allowance for credit losses, beginning of period	$ 1,211	$ 69
Provision for credit losses	25	1,142
Write-offs		0
Allowance for credit losses, end of period	1,236	1,211
Contract Assets
Allowance for credit losses, beginning of period	25,030	1,113
Provision for credit losses	71	24,173
Write-offs		(256)
Allowance for credit losses, end of period	25,101	25,030
Customer Financing Receivable
Allowance for credit losses, beginning of period	5,997	1,332
Provision for credit losses	5,477	4,665
Write-offs		0
Allowance for credit losses, end of period	11,474	5,997
Convertible Note Receivable
Allowance for credit losses, beginning of period	0	0
Provision for credit losses	3,836	0
Write-offs		0
Allowance for credit losses, end of period	3,836	0
Total
Allowance for credit losses, beginning of period	32,238	2,514
Provision for credit losses	9,409	29,980
Write-offs		(256)
Allowance for credit losses, end of period	41,647	32,238
Allowance for credit loss	$ 41,647	$ 32,238

ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Credit Loss [Abstract]
Allowance for credit losses	$ 11,474	$ 5,997	$ 1,332

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Accounts payable	$ 30,838	$ 20,250
Related Party Marketing and Sales Costs \| Immediate Family Member of Officer
Related Party Transaction [Line Items]
Transaction amount	800	1,100
Accounts payable	$ 100	$ 100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Finance lease right-of-use assets – vehicles	$ 200	$ 185
Total property and equipment	105,582	102,844
Less: accumulated depreciation and amortization	(9,518)	(3,351)
Property and equipment, net	96,064	99,493
Investment tax credit	47,700
Land
Property, Plant and Equipment [Line Items]
Property and equipment	302	302
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment	774	774
Energy storage systems
Property, Plant and Equipment [Line Items]
Property and equipment	50,354	0
Investment tax credit	$ 32,000
Energy storage systems \| Minimum
Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	10 years
Energy storage systems \| Maximum
Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	20 years
Snyder CDU
Property, Plant and Equipment [Line Items]
Property and equipment	$ 32,075	0
Property plant and equipment, useful life	5 years
Investment tax credit	$ 15,700
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	12,086	11,584
Furniture and IT equipment
Property, Plant and Equipment [Line Items]
Property and equipment	1,477	1,259
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	127	71
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 8,187	$ 88,669

PROPERTY AND EQUIPMENT, NET - Narrative (Details) $ in Thousands, $ in Millions				12 Months Ended
	Oct. 23, 2025 USD ($)	Aug. 05, 2025 USD ($)	Aug. 05, 2025 AUD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2025 AUD ($)
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense related to property and equipment				$ 5,727	$ 1,058
Accounts receivable, net				25,938	14,565
Stoney Creek
Property, Plant and Equipment [Line Items]
Total consideration		$ 2,900	$ 4.3
Stoney Creek \| Property and Equipment, Net
Property, Plant and Equipment [Line Items]
Payments to acquire productive assets		2,500	3.8
Stoney Creek \| Prepaid Expenses and Other Current Assets
Property, Plant and Equipment [Line Items]
Payments to acquire productive assets		$ 300	$ 0.5
SOSA Energy Center, LLC
Property, Plant and Equipment [Line Items]
Total consideration	$ 5,600
Payments to acquire productive assets	$ 4,700
Contingent consideration payment due	30 days
Expected additional payment	$ 1,000
Expected contingent payment due	12 months
Contingent consideration liability of present value	$ 900
SOSA Energy Center, LLC \| Commercial Operations Before June 1, 2026
Property, Plant and Equipment [Line Items]
Payments to acquire productive assets	6,300
SOSA Energy Center, LLC \| Commercial Operations After June 1, 2026
Property, Plant and Equipment [Line Items]
Payments to acquire productive assets	5,700
SOSA Energy Center, LLC \| Property and Equipment, Net
Property, Plant and Equipment [Line Items]
Payments to acquire productive assets	3,900
SOSA Energy Center, LLC, Transformer Purchase Contract \| Intangible Assets, Net (Excluding Goodwill)
Property, Plant and Equipment [Line Items]
Payments to acquire productive assets	1,400
SOSA Energy Center, LLC, Ground Lease Terms \| Intangible Assets, Net (Excluding Goodwill)
Property, Plant and Equipment [Line Items]
Payments to acquire productive assets	$ 200
Stony Creek BESS Pty Ltd \| Accounts Receivable Tranche One
Property, Plant and Equipment [Line Items]
Accounts receivable, net						$ 2,700	$ 3.9
Property and Equipment, Net
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense related to property and equipment				4,800	$ 700
Property and Equipment, Net \| Cost of Sales
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense related to property and equipment				1,800
Property and Equipment, Net \| Depreciation, Depletion and Amortization
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense related to property and equipment				$ 3,000

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net by Geographical Location (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 96,064	$ 99,493
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	92,145	98,784
Foreign
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 3,919	$ 709

INTANGIBLE ASSETS, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,568	$ 4,901
Accumulated Amortization	(1,291)	(363)
Net Carrying Amount	8,277	4,538
Capitalized software to be sold
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,942	4,901
Accumulated Amortization	(1,291)	(363)
Net Carrying Amount	6,651	4,538
Favorable acquired contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,626	0
Accumulated Amortization	0	0
Net Carrying Amount	$ 1,626	$ 0

- Definition

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INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
External-use software development costs, useful life	5 years
Amortization expense	$ 0.9	$ 0.4
Cost of Sales
Finite-Lived Intangible Assets [Line Items]
Amortization expense	0.5
Depreciation, Depletion and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 0.4

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-Topic 985
-SubTopic 20
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-Topic 926
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+ Details

INTANGIBLE ASSETS, NET - Schedule of Future Amortization Expense for Capitalized Software (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 1,103
2027	1,103
2028	1,103
2029	741
2030	175
Thereafter	0
Subtotal	4,225
Software projects in process	2,426
Total	$ 6,651

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Short-Term Debt [Line Items]
Total outstanding principal	$ 99,583	$ 0
Unamortized discount and issuance costs	(7,862)	0
Fair value adjustment for Convertible Debentures	2,877	0
Debt, current portion	(56,628)	0
Long-term debt	37,970	0
CRC Senior Notes
Short-Term Debt [Line Items]
Total outstanding principal	14,919	0
Cross Trails Senior Note
Short-Term Debt [Line Items]
Total outstanding principal	17,806	0
Sale of future receipts
Short-Term Debt [Line Items]
Total outstanding principal	3,058	0
Convertible Debentures
Short-Term Debt [Line Items]
Total outstanding principal	$ 63,800	$ 0

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Contractual interest expense on debt	$ 5,268	$ 110
Amortization of debt issuance costs	1,717	0
Amortization of debt discount	1,468	0
Interest expense on finance leases	11	13
Total	$ 8,464	$ 123

DEBT - CRC Bridge Loan Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Apr. 04, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Proceeds from insurance premium financings			$ 2,586	$ 2,745
Loss on debt extinguishment			1,532	$ 0
CRC Bridge Loan \| Calistoga Resiliency Center, LLC
Debt Instrument [Line Items]
Debt instrument, face amount		$ 27,800
Stated annual interest rate		9.50%
Proceeds from insurance premium financings		$ 26,800
Loss on debt extinguishment			$ 1,400
CRC Senior Notes \| Calistoga Resiliency Center, LLC \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 27,800
Stated annual interest rate	12.50%		9.50%
Proceeds from insurance premium financings	$ 27,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

DEBT - CRC Senior Notes Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 04, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Proceeds from insurance premium financings		$ 2,586	$ 2,745
Assets		312,876	183,889
Property and equipment, net		$ 96,064	$ 99,493
CRC Senior Notes \| Senior Notes \| Calistoga Resiliency Center, LLC
Debt Instrument [Line Items]
Debt instrument, face amount	$ 27,800
Issuance purchase price, percentage of par value	99.25%
Proceeds from insurance premium financings	$ 27,600
Proceeds from long-term debt	$ 23,200
Stated annual interest rate	12.50%	9.50%
Effective annual interest rate		20.20%
CRC Senior Notes \| Senior Notes \| Calistoga Resiliency Center, LLC \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Assets		$ 52,900
Property and equipment, net		$ 29,800

DEBT - Cross Trails Bridge Loan Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Jul. 14, 2025	May 12, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 151,300	$ 0
Repayments of Debt			$ 56,457	$ 0
Cross Trails Bridge Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 10,000
Stated annual interest rate		24.00%
Original issue discount, rate		5.00%
Fee amount		$ 200
Proceeds from issuance of debt		9,300
Interest expense		$ 400
Repayments of Debt	$ 5,000
Short-term debt	5,000
Payments of debt	$ 200

DEBT - Cross Trails Senior Note Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Jul. 23, 2025	May 12, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 151,300	$ 0
Assets			312,876	183,889
Property and equipment, net			$ 96,064	$ 99,493
Cross Trails Senior Note
Debt Instrument [Line Items]
Debt instrument, face amount	$ 17,800
Proceeds from issuance of debt		$ 17,600
Effective interest rate	21.00%		10.20%
Minimum debt service coverage ratio	1.10
Cross Trails Senior Note \| Asset Pledged as Collateral \| Senior Notes
Debt Instrument [Line Items]
Assets			$ 48,000
Property and equipment, net			$ 26,800
Cross Trails Senior Note \| Alternate Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	5.00%
Cross Trails Senior Note \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	6.00%
Debt instrument, basis spread on variable rate, actual			4.20%

DEBT - Sale of Future Receipts Narrative (Details) - Sale of future receipts - USD ($) $ in Thousands	Nov. 04, 2025	Sep. 04, 2025	Sep. 02, 2025	Aug. 29, 2025	Dec. 31, 2025
Cedar Advance LLC
Debt Instrument [Line Items]
Proceeds from sale of future receivables, gross				$ 5,000
Sale of future receivables fees amount				500
Proceeds from sale of future receivables, net				4,500
Sale of future receipts, remitted amount per week				$ 200
Weekly remittance, percentage of future receivables collections				27.00%
Future receivables, aggregate amount, within 30 days				$ 5,100
Repayment term within 30 days				30 days
Future receivables, aggregate amount, after 30 days but within 60 days				$ 5,200
Future receivables, aggregate amount, within 60 days				$ 6,300
Repayment term within 60 days				60 days
Aggregate amount remitted				$ 6,300
Sale of future receipts, remitted amount, total					$ 2,800
Sale of future receipts, outstanding amount					$ 3,500
Effective annual interest rate					141.00%
Cedar Advance LLC \| Minimum
Debt Instrument [Line Items]
Repayment term after 30 days but within 60 days				30 days
Cedar Advance LLC \| Maximum
Debt Instrument [Line Items]
Repayment term after 30 days but within 60 days				60 days
UFS West LLC
Debt Instrument [Line Items]
Proceeds from sale of future receivables, gross			$ 1,000
Sale of future receivables fees amount			100
Proceeds from sale of future receivables, net			900
Sale of future receipts, remitted amount per week			$ 35
Weekly remittance, percentage of future receivables collections			4.90%
Future receivables, aggregate amount, within 30 days			$ 1,000
Repayment term within 30 days			30 days
Future receivables, aggregate amount, after 30 days but within 60 days			$ 1,000
Future receivables, aggregate amount, within 60 days			$ 1,300
Repayment term within 60 days	60 days		60 days
Sale of future receipts, remitted amount, total	$ 1,000
UFS West LLC \| Minimum
Debt Instrument [Line Items]
Repayment term after 30 days but within 60 days			30 days
UFS West LLC \| Maximum
Debt Instrument [Line Items]
Repayment term after 30 days but within 60 days			60 days
Reliance Financial FL LLC
Debt Instrument [Line Items]
Proceeds from sale of future receivables, gross		$ 1,500
Sale of future receivables fees amount		200
Proceeds from sale of future receivables, net		1,300
Sale of future receipts, remitted amount per week		$ 100
Weekly remittance, percentage of future receivables collections		1.00%
Future receivables, aggregate amount, within 30 days		$ 1,500
Repayment term within 30 days		30 days
Future receivables, aggregate amount, after 30 days but within 60 days		$ 1,600
Future receivables, aggregate amount, within 60 days		$ 1,900
Repayment term within 60 days	60 days	60 days
Sale of future receipts, remitted amount, total	$ 1,600
Reliance Financial FL LLC \| Minimum
Debt Instrument [Line Items]
Repayment term after 30 days but within 60 days		30 days
Reliance Financial FL LLC \| Maximum
Debt Instrument [Line Items]
Repayment term after 30 days but within 60 days		60 days

DEBT - Convertible Debentures Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 30, 2025	Dec. 16, 2025	Sep. 22, 2025
Convertible Debentures
Debt Instrument [Line Items]
Debt instrument, face amount	$ 65.0		$ 50.0
Daily VWAP, four prior trading days			97.00%
Number of trading days, daily VWAP			4 days
Floor price (in usd per share)			$ 0.60
Daily VWAP, five prior trading days, no cash installment			115.00%
Number of trading days, daily VWAP, no cash installment			5 days
Amortization event, shares issued threshold under exchange cap without stockholder approval, percentage			99.00%
Amortization event, number of days after issuance, unusable resale registration agreement			60 days
Amortization event, number of consecutive trading days, unusable resale registration agreement			10 days
Amortization event in effect, applicable payment premium, percentage			10.00%
Amortization event in effect, installment amount increase, percent of then-outstanding principal			20.00%
Redemption price (as percent)			110.00%
Business days after closing			10 days
Effective business days			60 days
Percentage of gross ATM proceeds for principal reduction			25.00%
Convertible Debentures \| Maximum
Debt Instrument [Line Items]
Amortization event, number of consecutive trading days, below floor price			7 days
Convertible Debentures \| Minimum
Debt Instrument [Line Items]
Amortization event, number of consecutive trading days, below floor price			5 days
Convertible Debentures, Tranche One
Debt Instrument [Line Items]
Proceeds from convertible debt, gross			$ 30.0
Issuance price percentage of par			97.00%
Proceeds from convertible debt			$ 29.1
Stated annual interest rate			7.00%
Payment premium (as percent)			7.00%
Payment premium amortization (as percent)			10.00%
Conversion price (in usd per share)			$ 4.50
Convertible Debentures, Tranche One \| Maximum
Debt Instrument [Line Items]
Stated annual interest rate			18.00%
Convertible Debentures, Tranche Two
Debt Instrument [Line Items]
Proceeds from convertible debt, gross		$ 20.0
Issuance price percentage of par		97.00%
Proceeds from convertible debt		$ 19.4
Stated annual interest rate		7.00%
Payment premium (as percent)		7.00%
Payment premium amortization (as percent)			10.00%
Conversion price (in usd per share)		$ 7.53
Convertible Debentures, Tranche Two \| Maximum
Debt Instrument [Line Items]
Stated annual interest rate		18.00%
Convertible Debentures, Tranche Three
Debt Instrument [Line Items]
Proceeds from convertible debt, gross	$ 15.0
Issuance price percentage of par	98.00%
Proceeds from convertible debt	$ 14.7
Stated annual interest rate	7.00%
Payment premium (as percent)	4.00%
Payment premium amortization (as percent)			10.00%
Conversion price (in usd per share)	$ 7.41
Convertible Debentures, Tranche Three \| Maximum
Debt Instrument [Line Items]
Stated annual interest rate	18.00%

DEBT - Schedule of Fair Value of Convertible Debentures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Convertible Debentures [Roll Forward]
Loss on partial debt extinguishment	$ 1,532	$ 0
Convertible Debentures
Convertible Debentures [Roll Forward]
Convertible Debentures, beginning balance	0
Issuances at fair value	63,200
Change in fair value	4,390
Interest expense (stated interest rate)	625
Loss on partial debt extinguishment	120
Cash settlements (inclusive of accrued interest and cash payment premium)	(1,658)
Convertible Debentures, ending balance	$ 66,677	$ 0

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

+ Details

DEBT - Schedule of Maturities of Short-Term and Long-Term Debt (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt, Long-Term and Short-Term, Maturity [Abstract]
2026	$ 54,377
2027	19,829
2028	2,615
2029	3,228
2030	3,126
Thereafter	16,408
Total	99,583
CRC Senior Notes
Long-Term Debt, Rolling Maturity [Abstract]
2026	669
2027	917
2028	1,074
2029	1,261
2030	1,428
Thereafter	9,570
Total	14,919
Cross Trails Senior Note
Short-Term Debt, Rolling Maturity [Abstract]
2026	2,821
2027	2,941
2028	1,541
2029	1,967
2030	1,698
Thereafter	6,838
Total	17,806
Sale of future receipts
Short-Term Debt, Rolling Maturity [Abstract]
2026	3,058
2027	0
2028	0
2029	0
2030	0
Thereafter	0
Total	3,058
Convertible Debentures
Long-Term Debt, Rolling Maturity [Abstract]
2026	47,829
2027	15,971
2028	0
2029	0
2030	0
Thereafter	0
Total	$ 63,800

DEBT - Insurance Premium Financings Narrative (Details) $ in Thousands, $ in Thousands	Jun. 15, 2025 USD ($) payment	Jun. 15, 2025 AUD ($)	Jun. 25, 2024 USD ($) payment	Jun. 25, 2024 AUD ($)	Dec. 31, 2025 USD ($)	Jul. 15, 2025 USD ($) payment	Jun. 15, 2025 AUD ($) payment	Apr. 10, 2025 USD ($) payment	Dec. 31, 2024 USD ($)	Aug. 15, 2024 USD ($) payment	Jun. 25, 2024 AUD ($) payment	May 10, 2024 USD ($) payment	Apr. 30, 2024 agreement	Apr. 10, 2024 USD ($) payment
Debt Instrument [Line Items]
Number of financing agreements \| agreement													2
April 2024 Premium Financing Agreement
Debt Instrument [Line Items]
Debt instrument, face amount \| $														$ 1,400
Number of equal monthly payments														10
Effective annual interest rate														7.40%
May 2024 Premium Financing Agreement
Debt Instrument [Line Items]
Debt instrument, face amount \| $												$ 400
Number of equal monthly payments												9
Effective annual interest rate												7.40%
June 2024 Premium Financing Agreement
Debt Instrument [Line Items]
Debt instrument, face amount			$ 200								$ 300
Number of equal monthly payments			12								12
Effective annual interest rate			4.40%								4.40%
Debt instrument, periodic payment			$ 15	$ 22
July 2024 Premium Financing Agreement
Debt Instrument [Line Items]
Debt instrument, face amount \| $										$ 1,100
Number of equal monthly payments										9
Effective annual interest rate										7.50%
March 2025 Premium Financing Agreement
Debt Instrument [Line Items]
Debt instrument, face amount \| $								$ 1,500
Number of equal monthly payments								9
Effective annual interest rate								5.80%
June 2025 Premium Financing Agreement
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200						$ 300
Number of equal monthly payments	10						10
Effective annual interest rate	8.70%						8.70%
Debt instrument, periodic payment	$ 21	$ 31
July 2025 Premium Financing Agreement
Debt Instrument [Line Items]
Debt instrument, face amount \| $						$ 900
Number of equal monthly payments						10
Effective annual interest rate						7.10%
Premiums Financing Agreement
Debt Instrument [Line Items]
Carrying value of insurance premium financings \| $					$ 400				$ 700

LEASES - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease expense	$ 831	$ 738
Finance lease expense
Amortization of finance ROU assets	50	49
Interest on finance lease liabilities	11	13
Short-term lease expense	430	809
Variable lease expense	34	32
Capitalized lease costs	(352)	(396)
Sublease income	(29)	(27)
Total	$ 975	$ 1,218

LEASES - Schedule of Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Weighted average remaining lease term (years)
Operating leases	4 years 7 months 6 days	6 years 1 month 6 days
Finance leases	2 years 9 months 18 days	3 years
Weighted average discount rate
Operating leases	9.80%	10.30%
Finance leases	9.10%	9.50%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$ 942	$ 827
Operating cash flows used for finance leases	11	12
Financing cash flows used for finance leases	104	185
Total payments for lease liabilities	1,057	1,024
ROU Assets obtained in Exchange for Lease Liabilities
Operating leases	1,615	160
Finance leases	87	60
Total ROU assets obtained in exchange for lease liabilities	$ 1,702	$ 220

LEASES - Schedule of Future Maturities of Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 685
2027	540
2028	449
2029	426
2030	115
Thereafter	354
Total undiscounted cash flows	2,569
Less imputed interest	(557)
Present value of lease liabilities	$ 2,012
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities, Lease Liability, Current
Finance Leases
2026	$ 50
2027	44
2028	31
2029	6
2030	0
Thereafter	0
Total undiscounted cash flows	131
Less imputed interest	(15)
Present value of lease liabilities	$ 116
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities, Lease Liability, Current

RETIREMENT PLANS - Schedule of Obligation Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Change in Benefit Obligation
Benefit obligation at beginning of year	$ 6,485	$ 5,791
Service cost	377	300
Interest cost	74	96
Actuarial loss (gain)	(401)	694
Transfers in, net of benefits paid	(1,477)	(195)
Plan participant’s contributions	267	222
Plan amendments	0	10
Foreign currency translation adjustments	854	(433)
Benefit obligation at end of year	6,179	6,485
Change in Plan Assets
Fair value of plans assets at beginning of year	4,441	4,300
Actual return on plans’ assets	260	204
Employer contributions	262	222
Benefits paid	(1,477)	(195)
Plan participant’s contributions	267	222
Foreign currency translation adjustments	589	(312)
Fair value of plans assets at end of year	4,342	4,441
Fair value of plan assets	4,342	4,441
Benefit obligation	(6,179)	(6,485)
Liability recognized at end of year	$ (1,837)	$ (2,044)
Interest cost	Interest cost	Interest cost
Actuarial loss (gain)	Actuarial loss (gain)	Actuarial loss (gain)

RETIREMENT PLANS - Schedule of Net Periodic Pension Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Employer service costs	$ 377	$ 300
Interest cost	74	96
Expected return on plan assets	(260)	(220)
Amortization of net prior service credit	40	37
Amortization of net loss	106	39
Curtailments and settlements	143	0
Net periodic benefit cost	$ 480	$ 252
Expected return on plan assets	Expected return on plan assets	Expected return on plan assets
Amortization of net prior service credit	Amortization of net prior service credit	Amortization of net prior service credit
Amortization of net loss	Amortization of net loss	Amortization of net loss
Curtailments and settlements	Curtailments and settlements	Curtailments and settlements

RETIREMENT PLANS - Schedule of Amounts Recognized in AOCI (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Net prior service cost	$ (239)	$ (283)
Net loss	(898)	(1,520)
Accumulated other comprehensive loss	$ (1,137)	$ (1,803)	$ (1,164)

RETIREMENT PLANS - Schedule of Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Change in AOCI
Accumulated other comprehensive loss at beginning of year	$ (1,803)	$ (1,164)
Change in net prior service credit	35	26
Change in net loss	577	(651)
Foreign currency translation adjustments	54	(14)
Accumulated other comprehensive loss at end of year	$ (1,137)	$ (1,803)

RETIREMENT PLANS - Schedule of Assumptions Used to Measure the Benefit Obligation (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Discount rate	1.40%	1.10%
Expected long-term return on plan assets	4.70%	5.10%
Rate of compensation increase	1.30%	1.30%
Pension increase rate (in payment)	0.00%	0.00%

RETIREMENT PLANS - Schedule of Actual Asset Allocation (Details)	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total	100.00%	100.00%
Target	100.00%
Equity instruments (Level 1) \| Level 1
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total	46.60%	52.40%
Equity instruments (Level 1) \| Minimum \| Level 1
Defined Benefit Plan, Plan Assets, Category [Line Items]
Target	47.00%
Debt instruments (Level 2) \| Level 2
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total	11.50%	11.80%
Debt instruments (Level 2) \| Minimum \| Level 2
Defined Benefit Plan, Plan Assets, Category [Line Items]
Target	11.00%
Real estate (Level 3) \| Level 3
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total	21.60%	24.40%
Real estate (Level 3) \| Minimum \| Level 3
Defined Benefit Plan, Plan Assets, Category [Line Items]
Target	22.00%
Alternative investments (Level 3) \| Level 3
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total	12.50%	9.00%
Alternative investments (Level 3) \| Minimum \| Level 3
Defined Benefit Plan, Plan Assets, Category [Line Items]
Target	13.00%
Infrastructure (Level 3) \| Level 3
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total	0.00%	0.00%
Infrastructure (Level 3) \| Minimum \| Level 3
Defined Benefit Plan, Plan Assets, Category [Line Items]
Target	5.00%
Cash and equivalents (Level 1) \| Level 1
Defined Benefit Plan, Plan Assets, Category [Line Items]
Total	7.80%	2.40%
Cash and equivalents (Level 1) \| Minimum \| Level 1
Defined Benefit Plan, Plan Assets, Category [Line Items]
Target	2.00%

RETIREMENT PLANS - Schedule of Estimated Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Retirement Benefits [Abstract]
2026	$ 50
2027	51
2028	52
2029	52
2030	53
Thereafter	268
Total	$ 526

RETIREMENT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Contribution Plan Disclosure [Line Items]
Estimated employer contribution	$ 0.3
Matching contributions	$ 0.7	$ 0.9
Maximum
Defined Contribution Plan Disclosure [Line Items]
Matching participants’ contributions (up to)	3.50%

SUPPLEMENTAL BALANCE SHEETS DETAIL (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepaid expenses and other current assets:
Prepaid expenses	$ 3,918	$ 3,423
Tax refund receivable	813	117
Investments, current	325	2,933
Other	11	55
Total	5,067	6,528
Other assets:
Interest receivable, net of allowance for credit losses of $1.0 million and — as of December 31, 2025 and 2024, respectively.	0	850
Allowance for credit loss	1,000	0
Other	883	306
Total	883	1,156
Accrued expenses:
Accrued project costs	49,889	8,165
Employee costs	12,321	4,019
Taxes payable	4,572	2,351
Professional fees	1,487	8,373
Accrued interest	1,445	0
Insurance premium financings	434	724
Warranty liabilities	241	1,336
Total	70,389	24,968
Other current liabilities:
Operating leases	$ 511	$ 461
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Finance leases	$ 41	$ 38
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Total	$ 552	$ 499
Other long-term liabilities:
Operating leases	$ 1,501	$ 785
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total
Asset retirement obligation	$ 1,035	$ 11
Deferred SOSA acquisition payment	891	0
Derivative liability - Asset Vault	458	0
Finance leases	$ 75	$ 81
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total
Unearned lease revenue - tolling arrangements	$ 200	$ 0
Warranty liabilities	226	55
Total	$ 4,386	$ 932

REDEEMABLE NON-CONTROLLING INTEREST - Narrative (Details) - USD ($) $ in Thousands, shares in Millions		12 Months Ended
	Oct. 09, 2025	Dec. 31, 2025	Dec. 31, 2024
Redeemable Noncontrolling Interest [Line Items]
Redeemable preferred equity units classified in mezzanine equity		$ 0	$ 0
Accretion to redemption value		857
Asset Vault, LLC \| Common Units
Redeemable Noncontrolling Interest [Line Items]
Shares issued per equity purchase agreement (in shares)	1,200
Ownership percentage contributed to third party	100.00%
OIC Structured Equity Funds
Redeemable Noncontrolling Interest [Line Items]
Accretion to redemption value		900
Redemption amount		$ 57,800
OIC Structured Equity Funds \| Asset Vault, LLC
Redeemable Noncontrolling Interest [Line Items]
Warrant liability transaction costs	$ 5,800
Redeemable preferred equity units classified in mezzanine equity	$ 19,300
OIC Structured Equity Funds \| Series A Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Ownership percentage contributed to third party	100.00%
Internal rate of return	12.00%
Increase in preferred distributions rate	3.00%
Base return increase of multiple on invested capital	10.00%
Increase in warrant exchange provisions percentage	15.00%
OIC Structured Equity Funds \| Series A Preferred Stock \| Minimum
Redeemable Noncontrolling Interest [Line Items]
Preferred distributions rate	12.00%
Multiple on invested capital	1.65
OIC Structured Equity Funds \| Series A Preferred Stock \| Maximum
Redeemable Noncontrolling Interest [Line Items]
Preferred distributions rate	15.00%
Multiple on invested capital	1.75
OIC Structured Equity Funds \| Series A Preferred Stock \| Asset Vault, LLC
Redeemable Noncontrolling Interest [Line Items]
Shares issued per equity purchase agreement (in shares)	300
Proceeds from issuance of preferred stock	$ 35,000
Commitment for proceeds from issuance of preferred stock and preference stock	300,000
Fair value of warrant liability	11,300
Fair value of warrant liability residual amount	23,700
Warrant liability transaction costs	$ 1,900
Percentage of funded capital contributions	2.00%
Initial funding structuring premium amount	$ 700
OIC Structured Equity Funds \| Series A Preferred Stock \| Asset Vault, LLC \| Embedded Derivative Financial Instruments
Redeemable Noncontrolling Interest [Line Items]
Proceeds from issuance of preferred stock	$ 500
OIC Structured Equity Funds \| Series A Preferred Units
Redeemable Noncontrolling Interest [Line Items]
Estimated period until redemption	2 years 9 months
OIC Structured Equity Funds \| Series A Preferred Units \| Asset Vault, LLC
Redeemable Noncontrolling Interest [Line Items]
Proceeds from issuance of preferred stock	$ 23,200
Warrant liability transaction costs	$ 4,000

REDEEMABLE NON-CONTROLLING INTEREST - Schedule of Redeemable Non-Controlling Interest (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Redeemable non-controlling interest, balance at beginning of period	$ 0
Acquisition of redeemable non-controlling interest	19,332
Net income (loss) attributable to redeemable non-controlling interest	0
PIK distributions to redeemable non-controlling interest holder	967
Accretion to redemption value	857
Redeemable non-controlling interest, balance at end of period	$ 21,156

WARRANTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Oct. 09, 2025	Aug. 18, 2025	Dec. 31, 2022
Novus Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price per share (in dollars per share)				$ 11.50
Warrants outstanding (in shares)				5,200,000
Number of shares per warrant (in shares)				1
Dorado Goose Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			4,500,000
Grant date fair value of award	$ 1.2
Dorado Goose Warrants \| Minimum
Class of Warrant or Right [Line Items]
Warrant exercise price per share (in dollars per share)			$ 1.50
Dorado Goose Warrants \| Maximum
Class of Warrant or Right [Line Items]
Warrant exercise price per share (in dollars per share)			$ 3.00
OIC Structured Equity Funds \| Common Stock
Class of Warrant or Right [Line Items]
Warrants exercisable, approximately (in shares)		5,600,000
Warrant exercise price per share (in dollars per share)		$ 4.24
OIC Structured Equity Funds \| Common Stock \| Convertible Debentures
Class of Warrant or Right [Line Items]
Warrants to purchase common stock (in shares)		7,100,000
Maximum potential reduction of warrants (in shares)		200,000

WARRANTS - Schedule of Estimate of Fair Value of Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2022
OIC Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 4,240	$ 4,240
Expected term (in years)	4 years 9 months 10 days	5 years
Expected volatility	80.00%	90.00%
Risk-free interest rate	3.70%	3.70%
Expected dividend yield	0.00%	0.00%
Novus Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 11,500
Expected term (in years)	1 year 1 month 13 days
Expected volatility	70.00%
Risk-free interest rate	3.70%
Expected dividend yield	0.00%
Dorado Goose Warrants
Class of Warrant or Right [Line Items]
Expected term (in years)	2 years
Expected volatility	75.90%
Risk-free interest rate	3.70%
Expected dividend yield	0.00%
Grant date fair value of award	$ 1.2

WARRANTS - Schedule of Warrant Liabilities (Details) - Warrants - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrants outstanding, Beginning balance	$ 15,050	$ 2	$ 2
Change in fair value	3,798	$ 0
Issuance of warrants	$ 11,250
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in fair value of financial instruments carried at fair value	Change in fair value of financial instruments carried at fair value

WARRANTS - Schedule of Number Of Warrants and Activity (Details) - warrant warrant in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrants outstanding, beginning balance	5,167	5,167
Issuance of warrants	10,072	0
Warrants outstanding, ending balance	15,239	5,167
OIC Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrants outstanding, beginning balance	0	0
Issuance of warrants	5,572	0
Warrants outstanding, ending balance	5,572	0
Novus Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrants outstanding, beginning balance	5,167	5,167
Issuance of warrants	0	0
Warrants outstanding, ending balance	5,167	5,167
Dorado Goose Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrants outstanding, beginning balance	0	0
Issuance of warrants	4,500	0
Warrants outstanding, ending balance	4,500	0

FAIR VALUE MEASUREMENTS (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt	$ (27,921)	$ 0
Convertible Debentures \| Measurement Input, Price Volatility
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, measurement input	1.000
Convertible Debentures \| Measurement Input, Discount Rate \| Minimum
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, measurement input	0.264
Convertible Debentures \| Measurement Input, Discount Rate \| Maximum
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, measurement input	0.273
Derivative liability - Asset Vault \| Measurement Input, Discount Rate
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, measurement input	0.228
Level 3
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Convertible Debentures	$ (66,677)	0
Warrant liabilities	(15,050)	(2)
Derivative liability - Asset Vault	(458)	0
Debt	$ (29,758)	$ 0

STOCKHOLDERS’ EQUITY (Details) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
STOCKHOLDERS’ EQUITY (Details) - USD ($) $ in Millions	Aug. 06, 2025	Mar. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025
Hudson Global Ventures, LLC \| Private Placement
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, consideration to be received on transaction		$ 25.0		$ 25.0
Number of shares issued in transaction (in shares)					6,200,000
Equity issuance limit (in shares)		30,833,163
Equity issuance limit percent of outstanding shares		19.99%
Ownership percentage limit		4.99%		4.99%
Equity offering share price, percent		88.00%
Consideration received on sale of stock					$ 6.8
Hudson Global Ventures, LLC \| Private Placement, Commitment Fees Shares
Subsidiary or Equity Method Investee [Line Items]
commitment fee				$ 0.2
Number of shares issued in transaction (in shares)			452,000
Noncash or part noncash transaction			$ 0.4
Helena Global Investment Opportunities \| Private Placement
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, consideration to be received on transaction	$ 25.0
Sale of stock agreement term	36 months
Sale of stock, standstill period	90 days
Value of commitment shares to be issued to counterparty	$ 0.2
Sale of stock, number of trading days, number of commitment fee shares determination	5 days
Common stock issuance and sale, threshold percentage of common stock issued and outstanding	19.99%
Beneficial ownership, threshold percentage	4.99%
Price discount for advance notice purchase	95.00%
Advance notice purchase, pricing period after advance for lowest price determination	3 days
Subsequent advance notice, percentage of lowest intraday sale price	100.00%
Automatic agreement termination, value of stock purchased threshold	$ 25.0
Termination right, number of days for written notice	5 days

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Feb. 28, 2025	Dec. 31, 2022
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense related to unvested	$ 1.1
Stock-based compensation expense expected recognized period	1 year 1 month 6 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense expected recognized period	1 year 7 months 6 days
Number of trading days to achieve target price	20 days
Number of trading days	30 days
Unrecognized stock-based compensation expense related to RSUs	$ 18.5
2022 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			15,500,000
Annual shares authorized increase, percent of outstanding shares			4.00%
2022 Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual shares authorized increase, board of directors decision (in shares)			0
2022 Equity Incentive Plan, Shares From Prior Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			8,300,000
2022 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved (in shares)			8,000,000.0
2025 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved (in shares)		8,000,000.0

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Number of options, beginning balance (in shares)	6,429
Number of options, stock options granted (in shares)	0
Number of options, stock options exercised (in shares)	(518)
Number of options, stock options forfeited, canceled, or expired (in shares)	(188)
Number of options, ending balance (in shares)	5,723	6,429
Number of options, options exercisable (in shares)	3,723
Number of options, options vested and expected to vest (in shares)	5,723
Weighted Average Exercise Price Per Share
Weighted average exercise price per share, beginning balance (in dollars per share)	$ 1.62
Weighted average exercise price per share, stock options granted (in dollars per share)	0
Weighted average exercise price per share, stock options exercised (in dollars per share)	1.42
Weighted average exercise price per share, stock options forfeited, canceled, or expired (in dollars per share)	0.96
Weighted average exercise price per share, ending balance (in dollars per share)	1.66	$ 1.62
Weighted average exercise price per share, options exercisable (in dollars per share)	1.64
Weighted average exercise price per share, options vested and expected to vest (in dollars per share)	$ 1.66
Weighted Average Remaining Contractual Term (in years)
Weighted average remaining contractual term (in years)	4 years 9 months 18 days	6 years
Weighted average remaining contractual term (in years), options exercisable	4 years 7 months 6 days
Weighted average remaining contractual term (in years), options vested and expected to vest	4 years 9 months 18 days
Aggregate Intrinsic Value
Aggregate intrinsic value, beginning balance	$ 4,248
Aggregate intrinsic value, exercised	1,333
Aggregate intrinsic value, ending balance	16,891	$ 4,248
Aggregate intrinsic value, options exercisable	11,045
Aggregate intrinsic value, options vested and expected to vest	$ 16,891

STOCK-BASED COMPENSATION - Schedule of Weighted-average Assumptions (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	4 years
Expected volatility, minimum	95.00%
Expected volatility, maximum	100.00%
Risk-free interest rate, minimum	3.70%
Risk-free interest rate, maximum	3.90%
Expected dividend yield	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	22,325
RSUs granted (in shares) \| shares	10,427
RSUs forfeited (in shares) \| shares	(1,934)
RSUs vested (in shares) \| shares	(10,469)
Ending balance (in shares) \| shares	20,349
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 2.83
RSUs granted (in dollars per share) \| $ / shares	0.97
RSUs forfeited (in dollars per share) \| $ / shares	1.77
RSUs vested (in dollars per share) \| $ / shares	3.44
Ending balance (in dollars per share) \| $ / shares	$ 1.66

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 36,713	$ 38,709
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,868	6,162
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5,284	8,693
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 27,561	$ 23,854

REORGANIZATION EXPENSES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Reorganization costs	$ 1,162	$ 1,559

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

REORGANIZATION EXPENSES - Schedule of Reorganization Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Total reorganization expenses	$ 1,162	$ 1,559
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	Total reorganization expenses	Total reorganization expenses
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total reorganization expenses	$ 32	$ 288
Research and development
Restructuring Cost and Reserve [Line Items]
Total reorganization expenses	318	523
General and administrative
Restructuring Cost and Reserve [Line Items]
Total reorganization expenses	$ 812	$ 748

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

REORGANIZATION EXPENSES - Schedule of Reconciliation of Liability Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Reserve [Roll Forward]
Beginning of period	$ 0	$ 0
Costs charged to expense	1,162	1,559
Costs paid or settled	(1,162)	(1,577)
Foreign currency translation adjustments	0	18
End of period	$ 0	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

SEGMENT REPORTING - Narrative (Details)	12 Months Ended
SEGMENT REPORTING - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

SEGMENT REPORTING - Schedule of Revenue, Significant Segment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 203,671	$ 46,199
Cost of revenue	155,681	40,012
Gross profit	47,990	6,187
Stock-based compensation	36,713	38,709
Depreciation, amortization, and accretion (excluding amounts included in cost of revenue)	3,435	1,058
Loss on impairment and sale of long-lived assets	0	336
Interest expense	8,464	123
Interest income	(1,100)	(5,537)
Provision for income taxes	7,763	67
Net loss attributable to Energy Vault Holdings, Inc.	(103,611)	(135,750)
Cost of revenue depreciation and amortization	2,300
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	203,671	46,199
Cost of revenue	155,681	40,012
Gross profit	47,990	6,187
Non-personnel operating costs	32,228	32,251
Salaries and wages	39,410	32,290
Stock-based compensation	36,713	38,709
Depreciation, amortization, and accretion (excluding amounts included in cost of revenue)	3,435	1,058
Loss on impairment and sale of long-lived assets	0	336
Interest expense	8,464	123
Interest income	(1,100)	(5,537)
Provision for income taxes	7,763	67
Other segment items	24,735	42,703
Net loss attributable to Energy Vault Holdings, Inc.	$ (103,658)	$ (135,813)

INCOME TAXES - Schedule of Pre-tax Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Loss before income taxes	$ (95,895)	$ (135,746)
United States
Operating Loss Carryforwards [Line Items]
United States	(82,925)	(123,143)
Switzerland
Operating Loss Carryforwards [Line Items]
Income (loss) from continuing operations before income taxes, foreign	(8,890)	(8,151)
United Kingdom
Operating Loss Carryforwards [Line Items]
Income (loss) from continuing operations before income taxes, foreign	(1,700)	(1,993)
Australia
Operating Loss Carryforwards [Line Items]
Income (loss) from continuing operations before income taxes, foreign	(2,363)	(2,448)
China
Operating Loss Carryforwards [Line Items]
Income (loss) from continuing operations before income taxes, foreign	$ (17)	$ (11)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
US federal statutory income tax rate	$ (20,138)	$ (28,493)
State and local income taxes, net of federal benefit	503	225
Non-deductible expenses:
Stock-based compensation	5,549	6,691
Other	1,781	122
Credits:
Research and development	(433)	(621)
ITC	7,148	0
Foreign rate differential	3,341	2,647
Valuation allowance	10,049	19,520
Other	(37)	(24)
Total provision for income taxes	$ 7,763	$ 67
Percent
US federal statutory income tax rate	21.00%	21.00%
State and local income taxes, net of federal benefit	(0.50%)	(0.10%)
Non-deductible expenses:
Stock-based compensation	(5.80%)	(4.90%)
Other	(1.90%)	(0.10%)
Credits:
Research and development	0.50%	0.50%
ITC	(7.50%)	0.00%
Foreign rate differential	(3.50%)	(2.00%)
Valuation allowance	(10.50%)	(14.40%)
Other	0.00%	0.00%
Effective income tax rate	(8.20%)	0.00%

INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current
Federal	$ 611	$ (20)
State	3	87
Foreign	0	0
Total current tax provision	614	67
Deferred
Federal	7,149	0
State	0	0
Foreign	0	0
Total deferred tax provision	7,149	0
Total provision for income taxes	$ 7,763	$ 67

INCOME TAXES - Schedule of Net Income Taxes Paid (Refunded) by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal	$ (7)	$ 52
State	50	0
Total U.S.	43
Foreign	600	0
Total	$ 643	$ 0

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 39,631	$ 30,397
Stock-based compensation	1,868	1,763
Revenue	3,500	672
Accrued expenses	3,443	605
Capitalized research and development	1,662	3,701
Investment and research tax credits	51,016	2,778
Depreciation and amortization	329	0
Operating lease liabilities	310	156
Impairment of investment in equity securities	2,940	2,556
Allowance for credit losses	9,459	7,024
Interest expense	1,315	0
Other	2,150	0
Gross deferred tax assets	117,623	49,652
Less: valuation allowance	(76,778)	(48,107)
Net deferred tax assets	40,845	1,545
Deferred tax liabilities:
Depreciation and amortization	0	(1,287)
Right of use assets	(337)	(174)
Other	0	(84)
Gross deferred tax liabilities	(337)	(1,545)
Net deferred tax assets (liabilities)	$ 40,508	$ 0

INCOME TAXES - Narrative (Details) - USD ($)			12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Feb. 26, 2026	Mar. 28, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Valuation allowance			$ 76,778,000	$ 48,107,000
Operating loss carryforwards, domestic			155,600,000
Operating loss carryforwards, state			58,900,000
Operating loss carryforwards, foreign			13,600,000
Net operating loss carryforwards			39,631,000	30,397,000
Unrecognized tax benefits			19,717,000	15,668,000	$ 1,399,000
Unrecognized tax benefits, income tax penalties and interest expense			0	$ 0
Unrecognized tax benefits that would impact effective tax rate			0
Investment tax credit			$ 47,700,000
Investment tax credits, discounted price, percentage of value		85.00%
Investment tax credits, valuation allowance, discounted price reflect expected net sale proceeds percentage			15.00%
Subsequent Event
Operating Loss Carryforwards [Line Items]
Proceeds from transfer of investment tax credits	$ 11,800,000
Foreign Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards			$ 10,600,000
United States
Operating Loss Carryforwards [Line Items]
Tax credit carryforward			2,800,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Tax credit carryforward			$ 700,000

INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 15,668	$ 1,399
Increase related to prior year tax positions	2,566	13,324
Decrease related to prior year tax positions	0	0
Increase related to current year tax positions	1,483	945
Balance at end of year	$ 19,717	$ 15,668

NET LOSS PER SHARE OF COMMON STOCK - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Net loss attributable to Energy Vault Holdings, Inc.	$ (103,611)	$ (135,750)
Less: accretion of redeemable non-controlling interest	857	0
Net loss attributable to common stockholders, basic	(104,468)	(135,750)
Net loss attributable to common stockholders, diluted	$ (104,468)	$ (135,750)
Weighted-average shares outstanding – basic (in shares)	160,533	149,846
Weighted-average shares outstanding – diluted (in shares)	160,533	149,846
Net loss per share attributable to common stockholders – basic (in dollars per share)	$ (0.65)	$ (0.91)
Net loss per share attributable to common stockholders – diluted (in dollars per share)	$ (0.65)	$ (0.91)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

NET LOSS PER SHARE OF COMMON STOCK - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of dilutive shares (in shares)	0	0
Antidilutive securities excluded from computation of earnings per share (in shares)	55,847,000	33,921,000
Earn Out Shares
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	9,000,000.0	9,000,000.0
Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of earn-out shares (in shares)			9,000,000.0
Contingent right, earn-out shares, threshold trading days			20 days
Contingent right, earn-out shares, threshold consecutive trading days			30 days

NET LOSS PER SHARE OF COMMON STOCK - Schedule of Common Share Equivalent Securities Excluded From Computation of Net Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	55,847	33,921
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	15,239	5,167
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,723	6,429
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	20,349	22,325
Convertible Debentures
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	14,536	0

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Product Liability Contingency [Line Items]
Purchase obligation	$ 5,400
Bank guarantees	16,000
Outstanding performance and payment bonds	102,300
Bonds outstanding, other	12,500
Asset retirement obligation	1,035	$ 11
Accretion expense	$ 43
Measurement Input, Discount Rate
Product Liability Contingency [Line Items]
ARO discount rate (as percent)	0.108
Letter of Credit
Product Liability Contingency [Line Items]
Letters of credit issued	$ 15,400
Minimum
Product Liability Contingency [Line Items]
Warranty liability term	2 years
Maximum
Product Liability Contingency [Line Items]
Warranty liability term	3 years

COMMITMENTS AND CONTINGENCIES - Schedule of Warranty Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, balance at beginning of period	$ 1,391	$ 1,818
Accruals for warranties issued	926	0
Change in estimates	(891)	2,938
Costs paid or settled	(959)	(3,365)
Warranty liabilities, balance at end of period	$ 467	$ 1,391

SUBSEQUENT EVENTS (Details)		12 Months Ended
SUBSEQUENT EVENTS (Details)	Feb. 17, 2026 USD ($) $ / shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Feb. 27, 2026 USD ($)	Feb. 18, 2026 USD ($)	Feb. 11, 2026 $ / shares	Dec. 30, 2025 USD ($)	Sep. 22, 2025 USD ($)
Subsequent Event [Line Items]
Repayments of debt		$ 56,457,000	$ 0
Convertible Debentures
Subsequent Event [Line Items]
Debt instrument, face amount							$ 65,000,000.0	$ 50,000,000.0
Total outstanding principal		$ 63,800,000
Subsequent Event
Subsequent Event [Line Items]
Share price (in usd per share) \| $ / shares						$ 4.06
Subsequent Event \| Senior Convertible Notes \| Senior Notes
Subsequent Event [Line Items]
Debt instrument, face amount	$ 140,000,000.0			$ 10,000,000.0
Stated annual interest rate	5.25%
Initial purchaser’s discount, rate	3.25%
Proceeds from debt	$ 145,100,000
Net proceeds to capped call transactions	20,500,000
Advisory and placement agent fee	3,800,000
Proceeds from long-term debt, net	$ 120,800,000
Debt instrument, convertible, conversion ratio	0.01931807
Conversion price (in usd per share) \| $ / shares	$ 5.18
Conversion premium percentage	27.50%
Subsequent Event \| Senior Convertible Notes \| Senior Notes \| Capped Calls
Subsequent Event [Line Items]
Conversion price (in usd per share) \| $ / shares	$ 5.18					$ 4.06
Initial cap price (in usd per share) \| $ / shares	$ 8.12
Debt instrument convertible premium percentage over closing price	100.00%
Subsequent Event \| Convertible Debentures
Subsequent Event [Line Items]
Repayments of debt	$ 49,700,000
Long term debt, due to pending conversion					$ 5,600,000
Total outstanding principal					$ 7,900,000