NRGVEnergy Vault Holdings, Inc.

Miscellaneous Electrical Machinery, Equipment & Supplies

Revenue: $204M; 341% YoY
Operating margin: -36.5%; 87% YoY
EBITDA: −$71M; 45% YoY
Market cap: $556M
Employees: 142; $1M revenue each
Net debt / EBITDA: —; $95M net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
18% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 88th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 47th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$556M market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$18M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$0	$146M	$342M	$46M	$204M	341%
Operating income	−$30M	−$63M	−$107M	−$130M	−$74M	43%
Net income	−$31M	−$78M	−$98M	−$136M	−$104M	24%
Operating cash flow	−$22M	−$23M	−$93M	−$56M	−$6M	90%
Capex	$170K	$2M	$30M	$59M	$41M	30%
Stock-based comp	$500K	$41M	$43M	$39M	$37M	5.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 2, 2026	Piconi Robert	SCHEDULE 13D/A	13.4%	Active
Feb 7, 2023	Sloss Dakin	SC 13D/A	4.5%	Passive
Sep 2, 2022	Sloss Dakin	SC 13D	5.5%	Passive
Aug 18, 2022	Helena Special Investments LLC	SC 13D/A	2.5%	Passive
Jul 27, 2022	Helena Special Investments LLC	SC 13D/A	5.1%	Passive
May 17, 2022	Idealab Studio, LLC	SC 13D	1.3%	Passive
Feb 22, 2022	Piconi Robert	SC 13D	11.1%	Passive
Feb 16, 2022	Helena Special Investments LLC	SC 13D	7.3%	Passive

Insider trading

Open-market buys, 12 mo: $585K · 11
Open-market sells, 12 mo: $18M · 5
Net: −$18M

Pay vs performance

No pay-versus-performance disclosure yet.