NRGV (NRGV) financial statements
NRGV reported revenue of $204M in fiscal 2025, up 11.8% a year over 3 years.
Net income was -$104M.
Free cash flow was -$47M.
The diluted share count rose 1156% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NRGV's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $0 | $146M | $342M | $46M | $204M |
| Cost of revenue | $0 | $87M | $324M | $40M | $156M |
| Gross profit | $0 | $59M | $18M | $6M | $48M |
| Research and development | $8M | $43M | $37M | $26M | $15M |
| Selling, general and admin | $19M | $69M | $86M | $79M | $95M |
| Operating income | -$30M | -$63M | -$107M | -$130M | -$74M |
| Interest expense | $7,000 | $2,000 | $35,000 | $123,000 | $8M |
| Pre-tax income | -$31M | -$78M | -$99M | -$136M | -$96M |
| Income tax | $1,000 | $427,000 | -$349,000 | $67,000 | $8M |
| Net income | -$31M | -$78M | -$98M | -$136M | -$104M |
| EPS (diluted) | -$2.45 | -$0.64 | -$0.69 | -$0.91 | -$0.65 |
| Diluted shares | 13M | 123M | 143M | 150M | 161M |
| Gross margin | — | 40.6% | 5.1% | 13.4% | 23.6% |
| Operating margin | — | -43.2% | -31.3% | -281.4% | -36.5% |
| Net margin | — | -53.7% | -28.8% | -293.8% | -50.9% |
Balance sheet
Fiscal years, from NRGV's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $105M | $203M | $110M | $30M | $59M |
| Receivables | $0 | $37M | $27M | $15M | $26M |
| Inventory | $0 | $4M | $415,000 | $107,000 | $139,000 |
| Total current assets | $111M | $390M | $280M | $69M | $121M |
| Property, plant and equipment | $12M | $3M | $31M | $99M | $96M |
| Total assets | $125M | $417M | $341M | $184M | $313M |
| Total current liabilities | $7M | $125M | $112M | $55M | $165M |
| Long-term debt | — | — | — | $0 | $38M |
| Total liabilities | $11M | $129M | $117M | $58M | $224M |
| Shareholders' equity | -$69M | $288M | $224M | $126M | $67M |
| Net debt | -$105M | -$203M | -$110M | -$27M | $36M |
Cash flow
Fiscal years, from NRGV's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | -$22M | -$23M | -$93M | -$56M | -$6M |
| Capital spending | $170,000 | $2M | $30M | $59M | $41M |
| Free cash flow | -$22M | -$26M | -$123M | -$115M | -$47M |
| Stock-based compensation | $500,000 | $41M | $43M | $39M | $37M |
| Net borrowing | -$765,000 | $0 | — | $0 | $95M |
| Free cash flow margin | — | -17.6% | -36.0% | -248.3% | -22.9% |
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Open NRGV in InvestinglyQuestions
What was NRGV's revenue in 2025?
$204M in fiscal 2025, from its 10-K filing.
How much free cash flow does NRGV generate?
-$47M in fiscal 2025 (operating cash flow minus capital spending).
From NRGV's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.