Why Is Energy Vault Stock Falling Thursday?

Energy Vault Holdings, Inc. (NYSE:NRGV) stock fell Thursday following the company’s upsized convertible notes offering that raised dilution concerns. The pullback comes despite strength in the broader market, suggesting the move is largely driven by deal-specific factors.

Upsized Convertible Notes Offering Weighs On Shares

The company priced $140 million of 5.25% convertible senior notes due 2031 in a private placement, upsized from $125 million, with an option for purchasers to buy an additional $20 million.

While the offering strengthens the company’s liquidity, shares are under pressure as convertible debt offerings can raise concerns about future dilution. Such deals can also create short-term selling pressure related to hedging activity by note purchasers.

Net proceeds are expected to be approximately $135.5 million, or up to $154.8 million if the option is fully exercised. The company said it plans to use the proceeds for capped call transactions, debt repayment, and general corporate purposes.

Preliminary Q4 Revenue Outlook Improves Sharply

The company issued preliminary guidance for both the fourth quarter and the full fiscal year 2025.

The company now expects fourth quarter sales of $150 million to $155 million, above the Street estimate of $140.86 million. This compares with $33.47 million in revenue a year ago, reflecting a sharp year-over-year increase.

For the full year, Energy Vault sees fiscal 2025 sales of $200 million to $205 million, topping analyst expectations of $191.24 million.

Energy Vault also highlighted its footprint across the United States, China and other regions, with the majority of revenue generated domestically. The company continues positioning itself to benefit from the growing demand for renewable energy storage solutions.

Crusoe Deal Expands Into AI Data Center Infrastructure

Energy Vault also entered a multi-year strategic framework agreement with Crusoe to deploy up to 25 MW of Crusoe Spark modular AI data center units at its Snyder, Texas, technology center beginning in 2026, marking an expansion into AI infrastructure and energy-powered data center solutions.

The broader market rose on the previous trading day, with the S&P 500 rising 0.35% and the Nasdaq gaining 0.35%. Energy Vault’s decline contrasts with this positive market sentiment, indicating that specific challenges may be weighing on investor confidence.

Technical Analysis

The stock is currently trading 33.3% below its 20-day simple moving average (SMA) and 18.8% below its 100-day SMA, indicating a bearish trend in the short- to medium-term. Over the past 12 months, shares have increased by 161.94%, reflecting strong longer-term performance, and are currently positioned closer to their 52-week highs than lows.

The RSI is at 38.22, which is considered neutral territory, while the MACD is below its signal line, indicating bearish pressure on the stock. The combination of neutral RSI and bearish MACD suggests mixed momentum.

• Key Resistance: $3.50
• Key Support: $3.00.

This positioning is particularly relevant given the recent financial estimates, as the company seeks to enhance its market share in the renewable energy sector. As the demand for sustainable energy solutions continues to grow, Energy Vault’s innovative approach to energy storage could play a significant role in shaping the future of energy infrastructure.

Earnings & Analyst Outlook

Energy Vault Holdings, Inc. is slated to provide its next financial update on March 17, 2026.

• EPS Estimate: Loss of 4 cents (Up from Loss of 43 cents YoY)
• Revenue Estimate: $136.68 million (Up from $33.47 million YoY)

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $5.39. Recent analyst moves include:

• Goldman Sachs: Sell (Raises Target to $2.00) (Nov. 12, 2025)
• Goldman Sachs: Sell (Raises Target to $1.50) (Oct. 8, 2025)

Benzinga Edge Rankings

Below is the Benzinga Edge scorecard for Energy Vault Holdings, highlighting its strengths and weaknesses compared to the broader market:

• Momentum: Strong (Score: 98.19) — Stock is outperforming the broader market.

The Verdict: Energy Vault Holdings’ Benzinga Edge signal reveals a strong momentum score, indicating that the stock is currently outperforming the broader market. However, investors should remain cautious given the recent financial outlook and potential challenges ahead.

Top ETF Exposure

• Invesco WilderHill Clean Energy ETF (NYSE:PBW): 1.72% Weight
• Proshares S&P Kensho Cleantech ETF (NYSE:CTEX): 4.50% Weight

Significance: Because NRGV carries significant weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock.

NRGV Price Action: Energy Vault Holdings shares were down 20.69% at $3.22 at the time of publication on Thursday, according to Benzinga Pro data.

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