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of Contents](#i2c59b13d85d84ecea3cd0d86d9433d59_10)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n___________________________________\n\nFORM 10-Q\n\n___________________________________\n\n(Mark One)\n\nx\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\no\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _________ to _________\n\nCommission file number 001-39982\n\n___________________________________\n\nENERGY VAULT HOLDINGS, INC.\n\n___________________________________\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n85-3230987\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n4165 East Thousand Oaks Blvd., Suite 100\n\n Westlake Village, California\n91362\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n(805) 852-0000\n\nRegistrant’s telephone number, including area code\n\n___________________________________\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon Stock, par value $0.0001 per shareNRGVNew York Stock Exchange\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o\n\nIndicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):\n\nLarge accelerated filer\n¨\n\nAccelerated filer\n\n¨\n\nNon-accelerated filer\n\nx\n\nSmaller reporting company\n\nx\n\nEmerging growth company\n\nx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes o No x\n\nThe registrant had 178,246,198 shares of common stock, par value $0.0001 per share, outstanding as of May 15, 2026.\n\n[Table of Contents](#i2c59b13d85d84ecea3cd0d86d9433d59_10)\n\nTABLE OF CONTENTS\n\nPage\n\n[Cautionary Note Regarding Forward-Looking Statements](#i2c59b13d85d84ecea3cd0d86d9433d59_13)\n\n[3](#i2c59b13d85d84ecea3cd0d86d9433d59_13)\n\n[Part I - Financial Information](#i2c59b13d85d84ecea3cd0d86d9433d59_16)\n\n[Item 1. Financial Statements](#i2c59b13d85d84ecea3cd0d86d9433d59_19)\n\n[5](#i2c59b13d85d84ecea3cd0d86d9433d59_19)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i2c59b13d85d84ecea3cd0d86d9433d59_106)\n\n[33](#i2c59b13d85d84ecea3cd0d86d9433d59_106)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i2c59b13d85d84ecea3cd0d86d9433d59_145)\n\n[50](#i2c59b13d85d84ecea3cd0d86d9433d59_145)\n\n[Item 4. Controls and Procedures](#i2c59b13d85d84ecea3cd0d86d9433d59_148)\n\n[51](#i2c59b13d85d84ecea3cd0d86d9433d59_148)\n\n[Part II - Other Information](#i2c59b13d85d84ecea3cd0d86d9433d59_151)\n\n[52](#i2c59b13d85d84ecea3cd0d86d9433d59_151)\n\n[Item 1. Legal Proceedings](#i2c59b13d85d84ecea3cd0d86d9433d59_154)\n\n[52](#i2c59b13d85d84ecea3cd0d86d9433d59_154)\n\n[Item 1A. Risk Factors](#i2c59b13d85d84ecea3cd0d86d9433d59_157)\n\n[52](#i2c59b13d85d84ecea3cd0d86d9433d59_157)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i2c59b13d85d84ecea3cd0d86d9433d59_160)\n\n[53](#i2c59b13d85d84ecea3cd0d86d9433d59_160)\n\n[Item 3. Defaults Upon Senior Securities](#i2c59b13d85d84ecea3cd0d86d9433d59_163)\n\n[53](#i2c59b13d85d84ecea3cd0d86d9433d59_163)\n\n[Item 4. Mine Safety Disclosures](#i2c59b13d85d84ecea3cd0d86d9433d59_166)\n\n[53](#i2c59b13d85d84ecea3cd0d86d9433d59_166)\n\n[Item 5. Other Information](#i2c59b13d85d84ecea3cd0d86d9433d59_169)\n\n[53](#i2c59b13d85d84ecea3cd0d86d9433d59_169)\n\n[Item 6. Exhibits](#i2c59b13d85d84ecea3cd0d86d9433d59_172)\n\n[56](#i2c59b13d85d84ecea3cd0d86d9433d59_172)\n\n[Signatures](#i2c59b13d85d84ecea3cd0d86d9433d59_175)\n\n[58](#i2c59b13d85d84ecea3cd0d86d9433d59_175)\n\n2\n\n[Table of Contents](#i2c59b13d85d84ecea3cd0d86d9433d59_10)\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that are in some cases beyond our control and may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:\n\n•changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans;\n\n•the implementation, market acceptance and success of our business model and growth strategy;\n\n•our ability to develop and maintain our brand and reputation;\n\n•developments and projections relating to our business, our competitors, and industry;\n\n•the impact of macroeconomic uncertainty, including with respect to uncertainty about the future relationship between the United States and other countries with respect to trade policies and tariffs;\n\n•changes in tax laws and government regulations and the impact of those changes on us, including as a result of the One Big Beautiful Bill Act and its changes to the Internal Revenue Code of 1986, as amended and the clean-energy tax credits established under the Inflation Reduction Act of 2022;\n\n•investment in development projects that may not achieve commercial operations in our predicted timeframe or at all;\n\n•our efforts to diversify our supply chain to lessen the impact of tariffs and global disruptions to maritime traffic;\n\n•our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others;\n\n•expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012;\n\n•our future capital requirements and sources and uses of cash;\n\n•the international nature of our operations and the impact of war or other hostilities on our business and global markets;\n\n•our ability to obtain funding for our operations and future growth; and\n\n•our business, expansion plans and opportunities, including our expansion into owned and operated projects.\n\nYou should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” in our 2025 Annual Report on Form 10-K and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. Additionally, our discussions of environmental, social, and governance (“ESG”) assessments, goals and relevant issues herein or in other locations, including our corporate website, are informed by various ESG standards and frameworks (including standards for the measurement of underlying data), and the interests of various stakeholders. References to “materiality” in the context of such discussions and any related assessment of ESG “materiality” may differ from the definition of “materiality” under the federal securities laws for SEC reporting purposes. Furthermore, much of this information is subject to assumptions, estimates or third-party information that is still evolving and subject to change. For example, we note that standards and expectations regarding greenhouse gas (“GHG”) accounting and the process for measuring and counting GHG emissions and GHG emissions\n\n3\n\n[Table of Contents](#i2c59b13d85d84ecea3cd0d86d9433d59_10)\n\nreductions are evolving, and it is possible that our approaches both to measuring our emissions and any reductions may be at some point, either currently or in the future, considered not in keeping with best practices. In addition, our disclosures based on any standards may change due to revisions in framework requirements, availability or quality of information, changes in our business or applicable government policies, or other factors, some of which may be beyond our control.\n\nIn addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. Any forward-looking statements only speak as of the date of this document, and we undertake no obligation to update any forward-looking information or statements, whether written or oral, to reflect any change, except as required by law. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.\n\n4\n\n[Table of Contents](#i2c59b13d85d84ecea3cd0d86d9433d59_10)\n\nPart I-Financial Information"}