Energy Vault (NRGV) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	4360 Park Terrace Drive
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	91361
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		152,119,628
Entity Central Index Key	0001828536
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 51,124	$ 109,923
Restricted cash	26,560	35,632
Accounts receivable, net of allowance for credit losses of $371 and $69 as of September 30, 2024 and December 31, 2023, respectively	2,309	27,189
Contract assets, net of allowance for credit losses of $2,405 and $1,113 as of September 30, 2024 and December 31, 2023, respectively	26,445	84,873
Inventory	107	415
Customer financing receivable, current portion, net of allowance for credit losses of $258 and $375 as of September 30, 2024 and December 31, 2023, respectively	1,242	2,625
Advances to suppliers	19,021	8,294
Prepaid expenses and other current assets	4,860	4,520
Assets held for sale	0	6,111
Total current assets	131,668	279,582
Property and equipment, net	90,289	31,043
Intangible assets, net	3,824	1,786
Operating lease right-of-use assets	1,249	1,700
Customer financing receivable, long-term portion, net of allowance for credit losses of $1,438 and $957 as of September 30, 2024 and December 31, 2023, respectively	6,918	6,698
Investments	17,528	17,295
Other assets	1,382	2,649
Total Assets	252,858	340,753
Current Liabilities
Accounts payable	38,789	21,165
Accrued expenses	20,869	85,042
Contract liabilities, current portion	10,405	4,923
Lease liabilities, current portion	391	724
Total current liabilities	70,454	111,854
Deferred pension obligation	1,937	1,491
Contract liabilities, long-term portion	0	1,500
Other long-term liabilities	1,361	2,115
Total liabilities	73,752	116,960
Commitments and contingencies
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, 151,542 and 146,577 issued and outstanding at September 30, 2024 and December 31, 2023, respectively	15	15
Additional paid-in capital	502,707	473,271
Accumulated deficit	(321,992)	(248,072)
Accumulated other comprehensive loss	(1,590)	(1,421)
Non-controlling interest	(34)	0
Total stockholders’ equity	179,106	223,793
Total Liabilities and Stockholders’ Equity	$ 252,858	$ 340,753

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable allowance for credit loss	$ 371	$ 69
Contract assets allowance for credit loss	2,405	1,113
Customer financing receivable, current portion, allowance for credit loss	258	375
Customer financing receivable, long-term portion, allowance for credit loss	$ 1,438	$ 957
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)	151,542,000	146,577,000
Common stock outstanding (in shares)	151,542,000	146,577,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 1,199,000	$ 172,205,000	$ 12,728,000	$ 223,307,000
Cost of revenue	716,000	165,057,000	9,128,000	209,793,000
Gross profit	483,000	7,148,000	3,600,000	13,514,000
Operating expenses:
Sales and marketing	4,347,000	4,183,000	13,378,000	13,609,000
Research and development	5,704,000	8,156,000	19,621,000	29,552,000
General and administrative	17,270,000	15,810,000	48,812,000	52,222,000
Depreciation and amortization	251,000	235,000	825,000	670,000
Asset impairment and loss on sale of assets	(14,000)	0	551,000	0
Total operating expenses	27,558,000	28,384,000	83,187,000	96,053,000
Loss from operations	(27,075,000)	(21,236,000)	(79,587,000)	(82,539,000)
Other income (expense):
Interest expense	(43,000)	(18,000)	(89,000)	(19,000)
Interest income	1,439,000	1,919,000	5,011,000	6,149,000
Other income (expense), net	(937,000)	(8,000)	711,000	(259,000)
Loss before income taxes	(26,616,000)	(19,343,000)	(73,954,000)	(76,668,000)
Provision for income taxes	0	(401,000)	0	(397,000)
Net loss	(26,616,000)	(18,942,000)	(73,954,000)	(76,271,000)
Net loss attributable to non-controlling interest	(23,000)	0	(34,000)	0
Net loss attributable to Energy Vault Holdings, Inc.	$ (26,593,000)	$ (18,942,000)	$ (73,920,000)	$ (76,271,000)
Net loss per share attributable to Energy Vault Holdings, Inc. — basic (in dollars per share)	$ (0.18)	$ (0.13)	$ (0.50)	$ (0.54)
Net loss per share attributable to Energy Vault Holdings, Inc. — diluted (in dollars per share)	$ (0.18)	$ (0.13)	$ (0.50)	$ (0.54)
Weighted average shares outstanding — basic (in shares)	150,812	143,867	148,998	142,052
Weighted average shares outstanding — diluted (in shares)	150,812	143,867	148,998	142,052
Other comprehensive income (loss) — net of tax
Actuarial loss on pension	$ (187,000)	$ (130,000)	$ (415,000)	$ (184,000)
Foreign currency translation gain	109,000	42,000	246,000	208,000
Total other comprehensive (loss) income attributable to Energy Vault Holdings, Inc.	(78,000)	(88,000)	(169,000)	24,000
Total comprehensive loss attributable to Energy Vault Holdings, Inc.	$ (26,671,000)	$ (19,030,000)	$ (74,089,000)	$ (76,247,000)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2022			138,530
Beginning balance at Dec. 31, 2022	$ 287,713	$ (2,364)	$ 14	$ 435,852	$ (147,265)	$ (2,364)	$ (888)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			277
Exercise of stock options	223			223
Stock based compensation	34,523			34,523
Vesting of restricted stock units (“RSUs”), net of shares withheld for payroll taxes (in shares)			4,634
Vesting of restricted stock units (“RSUs”), net of shares withheld for payroll taxes	(5,560)			(5,560)
Net loss	(76,271)				(76,271)
Actuarial loss on pension	(184)						(184)
Foreign currency translation gain	208						208
Ending balance (in shares) at Sep. 30, 2023			143,441
Ending balance at Sep. 30, 2023	238,288		$ 14	465,038	(225,900)		(864)	0
Beginning balance (in shares) at Jun. 30, 2023			142,703
Beginning balance at Jun. 30, 2023	247,563		$ 14	455,283	(206,958)		(776)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			136
Exercise of stock options	110			110
Stock based compensation	10,714			10,714
Vesting of restricted stock units (“RSUs”), net of shares withheld for payroll taxes (in shares)			602
Vesting of restricted stock units (“RSUs”), net of shares withheld for payroll taxes	(1,069)			(1,069)
Net loss	(18,942)				(18,942)
Actuarial loss on pension	(130)						(130)
Foreign currency translation gain	42						42
Ending balance (in shares) at Sep. 30, 2023			143,441
Ending balance at Sep. 30, 2023	$ 238,288		$ 14	465,038	(225,900)		(864)	0
Beginning balance (in shares) at Dec. 31, 2023	146,577		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)	0
Stock based compensation	$ 29,436			29,436
Vesting of restricted stock units (“RSUs”), net of shares withheld for payroll taxes (in shares)			4,965
Vesting of restricted stock units (“RSUs”), net of shares withheld for payroll taxes	0
Net loss	(73,954)				(73,920)			(34)
Actuarial loss on pension	(415)						(415)
Foreign currency translation gain	$ 246						246
Ending balance (in shares) at Sep. 30, 2024	151,542		151,542
Ending balance at Sep. 30, 2024	$ 179,106		$ 15	502,707	(321,992)		(1,590)	(34)
Beginning balance (in shares) at Jun. 30, 2024			150,136
Beginning balance at Jun. 30, 2024	195,552		$ 15	492,459	(295,399)		(1,512)	(11)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	10,248			10,248
Vesting of restricted stock units (“RSUs”), net of shares withheld for payroll taxes (in shares)			1,406
Vesting of restricted stock units (“RSUs”), net of shares withheld for payroll taxes	0
Net loss	(26,616)				(26,593)			(23)
Actuarial loss on pension	(187)						(187)
Foreign currency translation gain	$ 109						109
Ending balance (in shares) at Sep. 30, 2024	151,542		151,542
Ending balance at Sep. 30, 2024	$ 179,106		$ 15	$ 502,707	$ (321,992)		$ (1,590)	$ (34)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities
Net loss	$ (73,954,000)	$ (76,271,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	825,000	670,000
Non-cash interest income	(1,159,000)	(1,039,000)
Stock based compensation	29,436,000	34,523,000
Asset impairment and loss on sale of assets	551,000	0
Change in derivative asset	820,000	0
Provision for credit losses	2,214,000	234,000
Foreign exchange losses	301,000	308,000
Change in operating assets	73,013,000	(2,938,000)
Change in operating liabilities	(53,087,000)	(71,537,000)
Net cash used in operating activities	(21,040,000)	(116,050,000)
Cash Flows From Investing Activities
Proceeds from sale of property and equipment	221,000	0
Purchase of property and equipment	(48,306,000)	(27,182,000)
Purchase of equity securities	0	(6,000,000)
Net cash used in investing activities	(48,085,000)	(33,182,000)
Cash Flows From Financing Activities
Proceeds from exercise of stock options	0	223,000
Proceeds from insurance premium financings	2,745,000	1,250,000
Repayment of insurance premium financings	(1,567,000)	(394,000)
Payment of taxes related to net settlement of equity awards	(408,000)	(5,703,000)
Payment of finance lease obligations	(205,000)	(31,000)
Net cash provided by (used in) financing activities	565,000	(4,655,000)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	689,000	(73,000)
Net decrease in cash, cash equivalents, and restricted cash	(67,871,000)	(153,960,000)
Cash, cash equivalents, and restricted cash  –  beginning of the period	145,555,000	286,182,000
Cash, cash equivalents, and restricted cash –  end of the period	77,684,000	132,222,000
Less: restricted cash at end of period	26,560,000	57,986,000
Cash and cash equivalents - end of period	51,124,000	74,236,000
Supplemental Disclosures of Cash Flow Information:
Income taxes paid	51,000	46,000
Cash paid for interest	89,000	19,000
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Actuarial loss on pension	(415,000)	(184,000)
Property and equipment financed through accounts payable and accrued expenses	7,946,000	3,595,000
Assets acquired on finance lease	$ 120,000	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2024
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”, develops and deploys utility-scale energy storage solutions designed to aid in the global transition to a clean energy future. The Company’s mission is to provide energy storage solutions to accelerate the global transition to renewable energy.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared on an accrual basis of accounting in accordance with United States Generally Accepted Accounting Principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2023. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the consolidated financial statements of the Company as of that date. These unaudited interim condensed consolidated financial statements, in the opinion of management, reflect all adjustments necessary to present fairly the Company’s financial position as of September 30, 2024, results of operations, comprehensive loss, and stockholders’ equity activities for the three and nine months ended September 30, 2024 and 2023, and the Company’s cash flows for the nine months ended September 30, 2024 and 2023. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any interim period or for any other future year. Principles of Consolidation These unaudited interim condensed consolidated financial statements include Energy Vault Holdings, Inc., its wholly owned subsidiaries, and a majority owned subsidiary. 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 condensed consolidated balance sheets. 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 statement 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 condensed consolidated financial statements, in conformity with GAAP requires management to make estimates an d assumptions that affect the amounts reported in the unaudited interim condensed 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. Significant estimates made by management include, among others, revenue recognition, warranty accruals, and stock-based compensation. Due to the inherent uncertainty invol ved 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 The Company reports its operating results and financial information in one operating and reportable segment. Our chief operating decision maker, 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 September 30, 2024, two customers accounted for 55% and 43% of accounts receivable. As of December 31, 2023, one customer accounted for 92% of accounts receivable. As of September 30, 2024 and December 31, 2023 , one custo mer accounted for 100% of the customer financing receivable. Revenue from two customers accounted for 51% and 35% of total revenue for the three months ended September 30, 2024 and revenue from two customers accounted for 67% and 18% of total revenue for the nine months ended September 30, 2024. Re venue from two customers accounted for 59% and 38% of total revenue for the three months ended September 30, 2023 and revenue from three customers accounted for 47%, 33%, and 20% of total revenue for the nine months ended September 30, 2023. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2 of the notes to the consolidated financial statements included in the Company’s 2023 Annual Report on Form 10-K filed with the SE C on March 13, 2024. The re have not been any significant changes to these policies during the nine months ended September 30, 2024.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company recognized revenue for the product and service categories as follows for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sale of energy storage products (1) $ 811 $ 172,139 $ 11,494 $ 222,943 Operation and maintenance services 273 — 818 — Software licensing 115 — 301 — Intellectual property licensing — — 115 — Other — 66 — 364 Total revenue $ 1,199 $ 172,205 $ 12,728 $ 223,307 __________________ (1) Includes revenue from the build and transfer of energy storage systems and from the sale of spare parts for energy storage systems. Revenue from the sale of spare parts was included within “Other” in prior periods. $0.3 million in revenue from the sale of spare parts reported within the “Other” line for the three months ended March 31, 2024 has been included within “Sale of energy storage products” for the nine months ended September 30, 2024. $0.2 million in revenue from the sale of spare parts for the three and nine months ended September 30, 2023 has been reclassified from “Other” to “Sale of energy storage projects.” 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 September 30, 2024, the amount of the Company’s remaining performance obligations was $47.0 million. The Company generally expects to recognize approximately 93% of the remaining performance obligations as revenue over the next 12 months and the remainder more than 12 months from September 30, 2024. Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers (amounts in thousands): September 30, December 31, Refundable contribution $ 25,000 $ 25,000 Unbilled receivables 3,700 55,241 Retainage 150 5,745 Less allowance for credit losses (2,405) (1,113) Contract assets, net of allowance for credit losses $ 26,445 $ 84,873 Contract liabilities, current portion $ 10,405 $ 4,923 Contract liabilities, long-term portion — 1,500 Total contract liabilities $ 10,405 $ 6,423 Contract assets consist of a refundable contribution, unbilled receivables, and retainage. Refundable contribution represents the contribution the Company made to a customer to be used during the construction of its first gravity energy storage system (“GESS”). The refundable contribution was to be refunded to the Company upon the customer’s first GESS obtaining substantial completion, subject to adjustment for potential liquidated damages if certain performance metrics were not met. During the second quarter of 2024, the Company signed a contract amendment with the customer removing the substantial completion condition for repayment. The Company expects to collect the $25.0 million refundable contribution in the fourth quarter of 2024. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement. Retainage is not considered to be a significant financing component because the intent is to protect the customer.

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	9 Months Ended
	Sep. 30, 2024
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	ALLOWANCE FOR CREDIT LOSSES Activity in the allowance for credit losses was as follows for the nine months ended September 30, 2024 and 2023 (amounts in thousands): Nine Months Ended September 30, 2024 Accounts Receivable Contract Assets Customer Financing Receivable Total Allowance for credit losses, beginning of period $ 69 $ 1,113 $ 1,332 $ 2,514 Provision for credit losses 302 1,548 364 2,214 Write-offs — (256) — (256) Allowance for credit losses, end of period $ 371 $ 2,405 $ 1,696 $ 4,472 Nine Months Ended September 30, 2023 Accounts Receivable Contract Assets Customer Financing Receivable Total Allowance for credit losses, beginning of period $ — $ — $ — $ — Addition due to adoption of ASU 2016-13 81 1,063 1,220 2,364 Provision (benefit) for credit losses (22) 174 82 234 Allowance for credit losses, end of period $ 59 $ 1,237 $ 1,302 $ 2,598 The Company utilizes a probability-of-default (“PD”) and loss-given-default (“LGD”) methodology to calculate the allowance for expected credit losses for each customer by type of financial asset. Due to the Company’s limited operating history and lack of loss history, the Company derived its PD and LGD rates using average 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.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Carrying amounts of certain financial instruments, including 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 were as follows as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Assets (Liabilities): Derivative asset —  conversion option (1) $ — $ — $ 205 $ 205 Warrant liabilities (2) — — (2) (2) December 31, 2023 Level 1 Level 2 Level 3 Total Assets (Liabilities): Derivative asset —  conversion option (1) $ — $ — $ 1,025 $ 1,025 Warrant liabilities (2) — — (2) (2) __________________ (1) Refer to Note 7 - Investments for further information. The Company determined the fair value of the derivative instrument as the difference between the expected settlement value upon conversion of the convertible note and the principal amount of the convertible note, adjusted for the probability of the Company choosing to exercise its conversion option.. (2)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In May 2019, the Company received a $1.5 million deposit for a gravity-based system from a customer that was owned by one of its primary shareholders. The deposit and order were received before the owner of the customer became one of the Company’s primary shareholders and the deposit was recognized in the line item, contract liabilities, long-term portion, in the condensed consolidated balance sheet as of December 31, 2023. During the nine months ended September 30, 2024, the Company concluded it was no longer obligated to provide a gravity-based system to the customer and that the deposit was nonrefundable. As a result, the Company derecognized the $1.5 million liability and recognized it as a gain within the line item, other income (expense), net, in the condensed consolidated statements of operations during the nine months ended September 30, 2024. During the three and nine months ended September 30, 2024, the Company paid $0.2 million and $0.8 million, respectively, in marketing and sales costs to a company owned by an immediate family member of an officer of the Company. During the three and nine months ended September 30, 2023, the Company paid $0.4 million and $1.2 million, respectively.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
INVESTMENTS	INVESTMENTS The following table provides a reconciliation of investments to the Company’s condensed consolidated balance sheets (amounts in thousands): September 30, December 31, Investment in equity securities $ 15,000 $ 15,000 Convertible note receivable 2,528 2,295 $ 17,528 $ 17,295 Investment in Equity Securities In November 2022, the Company purchased $9.0 million of equity securities in KORE Power, Inc. (“KORE”), a U.S. manufacturer of battery cells and modules. In February 2023, the Company purchased an additional $6.0 million of equity securities, increasing the Company’s total investment in KORE to $15.0 million. 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. As of September 30, 2024 and December 31, 2023, the carrying value of these equity securities was equal to its cost basis. 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 “DG Fuels Note”). The maturity date of the DG Fuels Note is 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 DG Fuels Note has an annual interest rate of 10.0%. Per the conversion terms, the Company could convert the principal balance and unpaid accrued interest into equity securities of DG Fuels at a 20% discount. The discounted conversion rate in the DG Fuels Note is considered a redemption feature that is an embedded derivative, which requires bifurcation and separate accounting at its estimated fair value under ASC 815 – Derivative and Hedging . The embedded derivative upon the purchase of the DG Fuels Tranche 1 Note was an asset of $0.4 million and the embedded derivative upon the purchase of the DG Fuels Tranche 2 note was an asset of $0.7 million. The estimated fair value of the derivative instruments was recognized as a derivative asset on the condensed consolidated balance sheets, with an offsetting discount to the DG Fuels Note. The Company amortizes the discount on the Note into interest income using the effective interest method. The Company recognized interest income from the DG Fuels Note of $0.2 million and $0.5 million for the three and nine months ended September 30, 2024, respectively, and $0.1 million and $0.4 million for the three and nine months ended September 30, 2023, respectively. Interest income related to the amortization of the debt discount was $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2023, respectively. The derivative financial instrument is recorded in other assets in the condensed consolidated balance sheets. At each reporting period, the Company remeasures this derivative financial instrument to its estimated fair value. The change in the estimated fair value is recorded in other income (expense), net in the consolidated statement of operations and comprehensive loss. For the three and nine months ended September 30, 2024 and 2023, ther e was no change in the fair value of th e embedded derivative. A reconciliation of the beginning and ending asset balance for the embedded derivative in the DG Fuels Note is as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Beginning of period $ 1,025 $ 1,025 $ 1,025 $ 1,025 Change in fair value (820) — (820) — End of period $ 205 $ 1,025 $ 205 $ 1,025

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET As of September 30, 2024 and December 31, 2023, property and equipment, net consisted of the following (amounts in thousands): September 30, December 31, Land $ 302 $ 226 Buildings 774 774 Machinery and equipment 11,733 9,330 Finance lease right-of-use assets – vehicles 198 187 Furniture and IT equipment 1,348 1,474 Leasehold improvements 289 702 Construction in progress 78,963 20,095 Total property and equipment 93,607 32,788 Less: accumulated depreciation and amortization (3,318) (1,745) Property and equipment, net $ 90,289 $ 31,043 For the three and nine months ended September 30, 2024, depreciation and amortization related to property and equipment was $0.2 million and $0.6 million, respectively, and for the three and nine months ended September 30, 2023, depreciation and amortization related to property and equipment was $0.2 million and $0.7 million , respe ctively. For the three months ended September 30, 2024, asset impairment and loss on sale of assets was nominal and for the nine months ended September 30, 2024 was a $0.6 million. For the nine months ended September 30, 2024, asset impairment and loss on sale of assets was comprised of $0.5 million in asset impairments and $0.1 million in loss on sale of assets. Asset impairment relates to the write-off of leasehold improvements in the Company’s Westlake Village office due to the Company relocating its corporate office. The loss on sale of assets relates to the sale of a cement plant at the Company’s R&D site in Switzerland. The Company did not recognize any impairments or loss on sale of assets during the three and nine months ended September 30, 2023. The increases in machinery and equipment and construction in progress primarily relate to a commercial demonstration unit being constructed in Snyder, Texas (“Snyder CDU”), a battery energy storage system (“BESS”) being constructed in Snyder Texas (“Cross Trails BESS”), and a hybrid energy storage system being constructed in Calistoga, California. In December 2023, the Company paid $6.3 million to acquire the land that the Snyder CDU will be located on and other related assets. At the time of the purchase, the Company intended to resell the land that would not be used for the Snyder CDU and all of the other related assets. As such, the Company recorded $6.1 million of the purchase price as assets held for sale in the condensed consolidated balance sheet as of December 31, 2023. In the second quarter of 2024, the Company decided it would keep the assets that were initially classified as held for sale and instead develop the Cross Trails BESS, a 56.9 MW/113.8 MWh BESS. As such, the Company reclassified the property and equipment from assets held for sale to construction in progress in June 2024.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	INTANGIBLE ASSETS, NET Intangible assets are stated at amortized cost and consist of the following (amounts in thousands): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software to be sold $ 4,088 $ (264) $ 3,824 $ 1,786 $ — $ 1,786 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. Amortization expense for the three and nine months ended September 30, 2024 was $0.1 million and $0.3 million, respectively. There was no amortization expense for the three and nine months ended September 30, 2023. Future amortization expense for intangible assets is estimated as follows (amounts in thousands): Amount Remainder of 2024 $ 99 2025 396 2026 396 2027 396 2028 396 Thereafter 34 Subtotal 1,717 Software projects in process 2,107 Total $ 3,824

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT In July 2023, the Company entered into a financing agreement related to premiums under certain insurance policies. The Company was obligated to repay the lender an aggregate sum of $1.1 million through nine equal monthly payments, at an annual interest rate of 7.0%, commencing on July 15, 2023. This financing was fully repaid during the first quarter of 2024. In September 2023, the Company entered into a financing agreement related to premiums under certain insurance policies. The Company was obligated to repay the lender an aggregate sum of $0.2 million through four equal monthly payments, at an annual interest rate of 7.0%, commencing on September 15, 2023. This financing was fully repaid during the first quarter of 2024. In April 2024, the Company entered into two financing agreements related to premiums under certain insurance policies. For the first financing, the Company is 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 is obligated to repay the lender an aggregate sum of $0.4 million through nine equal monthly payments commencing on May 10, 2024. Both financings have an annual interest rate of 7.4%. 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. 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.

SUPPLEMENTAL BALANCE SHEETS DET

SUPPLEMENTAL BALANCE SHEETS DETAIL	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL BALANCE SHEETS DETAIL	SUPPLEMENTAL BALANCE SHEETS DETAIL (amounts in thousands) September 30, December 31, Prepaid and other current assets: Prepaid expenses $ 4,231 $ 3,131 Tax refund receivable 108 1,359 Other 521 30 Total $ 4,860 $ 4,520 Other assets: Interest receivable $ 775 $ 550 Derivative asset —  conversion option 205 1,025 Other 402 1,074 Total $ 1,382 $ 2,649 Accrued expenses: Accrued purchases $ 6,865 $ 71,932 Professional fees 6,687 4,522 Employee costs 3,270 5,985 Warranty liabilities 2,348 894 Insurance premium financings 1,655 358 Taxes payable 44 733 Accrued project loss — 591 Other — 27 Total $ 20,869 $ 85,042 Lease liabilities, current portion: Operating leases $ 351 $ 697 Finance leases 40 27 Total $ 391 $ 724 Other long-term liabilities: Operating leases $ 935 $ 1,044 Warranty liabilities 221 924 Asset retirement obligation 105 52 Finance leases 98 93 Warrant liabilities 2 2 Total $ 1,361 $ 2,115

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2017 Stock Incentive Plan In 2017, the Company adopted its 2017 Stock Incentive Plan (the “2017 Plan”) which provided for the granting of stock options, restricted stock, and RSUs to employees, directors, and consultants of the Company. Options granted under the 2017 Plan were either Incentive Stock Options (“ISOs”) or Nonqualified Stock Options (“NSOs”). Awards under the 2017 Plan were granted for periods of up to ten years. Under the terms of the 2017 Plan, awards were granted at an exercise price not less than the estimated fair value of the shares on the date of grant, as determined by the Company’s Board of Directors. For employees holding more than 10% of the voting rights of all classes of stock, the exercise price of ISOs and NSOs was not less than 110% of the estimated fair value of the shares on the date of grant, as determined by the board of directors. Awards generally vested over one 2020 Stock Incentive Plan In 2020, the Company adopted its 2020 Stock Incentive Plan (the “2020 Plan”). The 2020 Plan provided for the granting of stock options, restricted stock, and RSUs to employees, directors, and consultants of the Company. Options granted under the 2020 Plan were either ISOs or NSOs. Awards under the 2020 Plan were granted for periods of up to ten years. Under the terms of the 2020 Plan, awards were granted at an exercise price not less than the estimated fair value of the shares on the date of grant, as determined by the Company’s Board of Directors. For employees holding more than 10% of the voting rights of all classes of stock, the exercise price of ISOs and NSOs was not less than 110% of the estimated fair value of the shares on the date of grant, as determined by the board of directors. Awards generally vested over one 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 stock, and RSUs 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 and 2020 Plans. Beginning on March 1, 2022 and ending on (and including) March 31, 2031, the number of shares of the Company’s common stock that may be issued under the 2022 Incentive Plan 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) such lesser number of shares (including zero) that the Company’s Board determines for the purposes of the annual increase for that fiscal year. 2022 Inducement Plan In 2022, the Company adopted its 2022 Inducement Plan, which provides for the granting of stock options, SARs, restricted stock, and RSUs 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. Stock Option Activity Stock option activity for the nine months ended September 30, 2024 was as follows (amounts in thousands, except per share data): Options Outstanding Number of Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance as of December 31, 2023 5,807 $ 1.71 6.37 $ 3,605 Stock options granted 1,050 1.12 — — Stock options exercised — — — — Stock options forfeited, canceled, or expired (34) 0.80 — — Balance as of September 30, 2024 6,823 1.62 6.27 215 Options exercisable as of September 30, 2024 2,359 1.52 5.67 211 Options vested and expected to vest as of September 30, 2024 6,823 $ 1.62 6.27 215 As of September 30, 2024, total unrecognized stock-based compensation expense related to unvested awards that are expected to vest was $4.7 million. The weighted-average period over which such stock-based compensation expense will be recognized is approximately 1.95 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 September 30, 2024. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. The following table summarizes the assumptions used for estimating the fair value of stock options granted during the nine months ended September 30, 2024. Expected term (in years) 6.25 Expected volatility 95% to 99% Risk-free interest rate 3.54% to 4.40% Expected dividend yield — The expected term is the period of time that granted options are expected to be outstanding. The Company uses SEC Staff Accounting Bulletin No. 107 simplified method for “plain vanilla” options with the following characteristics: (i) the share options are granted at market price on the grant date; (ii) exercisability is conditional on performing service through the vesting date; (iii) if an employee terminates service prior to vesting, the employee would forfeit the share options, (iv) if an employee terminates service after vesting, the employee would have 90 days to exercise the share options; and (v) the share options are nontransferable and non-hedgeable. The volatility assumption is based on the historical volatility of the Company and peer companies’ common stock. The risk-free interest rate is based on U.S. treasury rates with an equivalent remaining expected term. Restricted Stock Units RSU activity for the nine months ended September 30, 2024 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, 2023 19,029 $ 4.55 RSUs granted 10,768 1.50 RSUs forfeited (1,359) 3.68 RSUs vested (5,130) 4.98 Nonvested balance as of September 30, 2024 23,308 $ 3.10 As of September 30, 2024, unrecognized stock-based compensation expense related to these RSU s was $55.4 million which is expected to be recognized over the remaining weighted-average vesting period of approximately 1.72 years. The Company issues market-based RSUs that vest upon the Company’s stock reaching certain price targets. For these RSUs, the Company determines fair value by using a Monte Carlo simulation, which involves random iterations that take different future price paths over the RSU’s contractual life based on appropriate probability distributions (which are based on commonly applied Black-Scholes inputs). The fair value of each market-based RSU is determined by taking the average grant date fair value under each Monte Carlo simulation trial. Compensation expense is recognized on a straight-line basis over the derived service period and there is no ongoing adjustment or reversal based on actual achievement during the vesting period. The following table summarizes the assumptions used for estimating the fair value of market-based RSUs granted during the nine months ended September 30, 2024. Expected term (in years) 4.00 Expected volatility 90% to 95% Risk-free interest rate 3.40% to 4.49% Expected dividend yield — Stock-Based Compensation Expense Total stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 is as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales and marketing $ 1,794 $ 1,801 $ 5,291 $ 5,477 Research and development 2,241 2,898 6,527 8,832 General and administrative 6,213 6,015 17,618 20,214 Total stock-based compensation expense $ 10,248 $ 10,714 $ 29,436 $ 34,523

REORGANIZATION EXPENSES

REORGANIZATION EXPENSES	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
REORGANIZATION EXPENSES	REORGANIZATION EXPENSES In June 2024, the Company implemented a series of cost savings measures and recognized reorganization costs of $1.7 million for the nine months ended September 30, 2024. Reorganization expenses consist of personnel reduction costs related to these cost saving measures. The Company does not expect to incur additional charges related to these cost reduction measures and recognized a benefit to reorganization expenses of $23 thousand for the three months ended September 30, 2024. The Company did not recognize any reorganization expenses for the three and nine months ended September 30, 2023. Total reorganization expenses for the three and nine months ended September 30, 2024 and 2023 is as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales and marketing $ — $ — $ 288 $ — Research and development — — 503 — General and administrative (23) — 895 — Total reorganization expenses $ (23) $ — $ 1,686 $ — A reconciliation of the beginning and ending liability balances for reorganization expenses included in the line item, accrued expenses, on the condensed consolidated balance sheets is as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Beginning of period $ 1,709 $ — $ — $ — Costs charged to expense (23) — 1,686 — Costs paid or settled (1,190) — (1,190) — Foreign currency translation adjustments 18 18 End of period $ 514 $ — $ 514 $ —

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company did not recognize any tax provision for the three and nine months ended September 30, 2024 and recognized a tax provision of $0.4 million for the three and nine months ended September 30, 2023. The Company has recorded a valuation allowance against substantially all of the Company’s net deferred tax assets. 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.

NET LOSS PER SHARE OF COMMON ST

NET LOSS PER SHARE OF COMMON STOCK	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
NET LOSS PER SHARE OF COMMON STOCK	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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss attributable to Energy Vault Holdings, Inc. $ (26,593) $ (18,942) $ (73,920) $ (76,271) Weighted-average shares outstanding – basic and diluted 150,812 143,867 148,998 142,052 Net loss per share – basic and diluted attributable to Energy Vault Holdings, Inc. $ (0.18) $ (0.13) $ (0.50) $ (0.54) There were no common share equivalents that were dilutive for th e three and nine mo nths ended September 30, 2024 and 2023. 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 th e three and nine mo nths ended September 30, 2024 and 2023 (amounts in thousands): Three and Nine Months Ended September 30, 2024 2023 Private warrants 5,167 5,167 Stock options 6,823 5,983 RSUs 23,308 22,722 Total 35,298 33,872 In connection with the reverse recapitalization 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 September 30, 2024, as the underlying shares remain contingently issuable as the Earn-Out Triggering Events have not been satisfied.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Our principal commitments as of September 30, 2024 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 September 30, 2024 totaled approximately $2.0 million. 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 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, the Company records an estimate of future warranty costs over the period of construction. Warranty costs are recorded as a component of cost of revenue in the Company’s consolidated statements of operations. As of September 30, 2024 and 2023, the Company accrued the below estimated warranty liabilities, respectively (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Warranty liabilities, balance at beginning of period $ 2,784 $ — $ 1,817 $ — Accruals for warranties issued — 130 — 130 Change in estimates — — 1,532 — Costs paid or settled (215) — (780) — Warranty liabilities, balance at end of period $ 2,569 $ 130 $ 2,569 $ 130 The key inputs and assumptions used in calculating the estimated warranty liability 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: In the ordinary course of business and under certain contracts, the Company is required to post letters of credit for its customers, insurance carriers, and surety bond providers for project performance, and for its vendors for payment guarantees. Such letters of credit are generally issued by a bank or a similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. As of September 30, 2024, there was $31.0 million of letters of credit issued through the Company’s credit relationships. The Company is not aware of any material claims relating to its outstanding letters of credit. The Company’s restricted cash balance of $26.6 million as of September 30, 2024 primarily consists of cash held by banks as collateral for the Company’s letters of credit. 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 September 30, 2024, there were $43.7 million 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 September 30, 2024, there were $13.8 million of outstanding other bonds.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On October 9, 2024, the Company loaned AUD 0.5 million (or $0.3 million) to a potential Australian customer to assist them in purchasing a bond for a potential project with the Company. The loan has a stated interest rate of 8.0%. Principal and accrued interest are due on October 8, 2025, unless the potential project is cancelled, at which time principal and interest would immediately become due. On September 13, 2024, 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 consecut ive 30 trading-day period. The notice did not result in the immediate delisting of the Company’s Common Stock from the NYSE. On November 1, 2024, the Company received written notice from the NYSE informing the Company that it had regained compliance with the bid price rule as of October 31, 2024. On November 12, 2024, the Company entered into an open market sales agreement (the “Sales Agreement”) with Jefferies LLC, as sales agent (the “sales agent”), pursuant to which the Company may, from time to time, sell shares of its common stock, having an aggregate offering price of up to $50.0 million through the sales agent. The Company is not obligated to, and cannot provide any assurances that it will, make any sales of its shares under the Sales Agreement. Upon delivery of a placement notice and subject to the terms and conditions of the Sales Agreement, the sales agent may sell the shares by methods deemed to be an “at-the-market” offering as defined in Rule 415(a)(4) promulgated under the Securities Act. Subject to the terms and conditions of the Sales Agreement, the sales agent will use commercially reasonable efforts consistent with its normal trading and sales practices to sell the shares from time to time, based upon the Company’s instructions. The Sales Agreement contains customary representations, warranties and agreements, indemnification rights and obligations of the parties. The Company will pay the sales agent a commission for its services as sales agent of up to 3% of the gross sales price of the shares of the Company’s common stock sold through the sales agent pursuant to the Sales Agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (26,593)	$ (18,942)	$ (73,920)	$ (76,271)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited interim condensed consolidated financial statements have been prepared on an accrual basis of accounting in accordance with United States Generally Accepted Accounting Principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2023. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the consolidated financial statements of the Company as of that date. These unaudited interim condensed consolidated financial statements, in the opinion of management, reflect all adjustments necessary to present fairly the Company’s financial position as of September 30, 2024, results of operations, comprehensive loss, and stockholders’ equity activities for the three and nine months ended September 30, 2024 and 2023, and the Company’s cash flows for the nine months ended September 30, 2024 and 2023. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any interim period or for any other future year.
Principles of Consolidation and Non-controlling interest	These unaudited interim condensed consolidated financial statements include Energy Vault Holdings, Inc., its wholly owned subsidiaries, and a majority owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. Non-controlling interest
Use of Estimates	The preparation of the condensed consolidated financial statements, in conformity with GAAP requires management to make estimates an d assumptions that affect the amounts reported in the unaudited interim condensed 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. Significant estimates made by management include, among others, revenue recognition, warranty accruals, and stock-based compensation. Due to the inherent uncertainty invol ved 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	The Company reports its operating results and financial information in one operating and reportable segment. Our chief operating decision maker, 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.
Fair Value Measurements	Carrying amounts of certain financial instruments, including 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

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Recognized Revenue for Product and Service Categories	The Company recognized revenue for the product and service categories as follows for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sale of energy storage products (1) $ 811 $ 172,139 $ 11,494 $ 222,943 Operation and maintenance services 273 — 818 — Software licensing 115 — 301 — Intellectual property licensing — — 115 — Other — 66 — 364 Total revenue $ 1,199 $ 172,205 $ 12,728 $ 223,307 __________________ (1) Includes revenue from the build and transfer of energy storage systems and from the sale of spare parts for energy storage systems. Revenue from the sale of spare parts was included within “Other” in prior periods. $0.3 million in revenue from the sale of spare parts reported within the “Other” line for the three months ended March 31, 2024 has been included within “Sale of energy storage products” for the nine months ended September 30, 2024. $0.2 million in revenue from the sale of spare parts for the three and nine months ended September 30, 2023 has been reclassified from “Other” to “Sale of energy storage projects.”
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): September 30, December 31, Refundable contribution $ 25,000 $ 25,000 Unbilled receivables 3,700 55,241 Retainage 150 5,745 Less allowance for credit losses (2,405) (1,113) Contract assets, net of allowance for credit losses $ 26,445 $ 84,873 Contract liabilities, current portion $ 10,405 $ 4,923 Contract liabilities, long-term portion — 1,500 Total contract liabilities $ 10,405 $ 6,423

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	9 Months Ended
	Sep. 30, 2024
Credit Loss [Abstract]
Schedule of Activity in the Allowance for Credit Losses	Activity in the allowance for credit losses was as follows for the nine months ended September 30, 2024 and 2023 (amounts in thousands): Nine Months Ended September 30, 2024 Accounts Receivable Contract Assets Customer Financing Receivable Total Allowance for credit losses, beginning of period $ 69 $ 1,113 $ 1,332 $ 2,514 Provision for credit losses 302 1,548 364 2,214 Write-offs — (256) — (256) Allowance for credit losses, end of period $ 371 $ 2,405 $ 1,696 $ 4,472 Nine Months Ended September 30, 2023 Accounts Receivable Contract Assets Customer Financing Receivable Total Allowance for credit losses, beginning of period $ — $ — $ — $ — Addition due to adoption of ASU 2016-13 81 1,063 1,220 2,364 Provision (benefit) for credit losses (22) 174 82 234 Allowance for credit losses, end of period $ 59 $ 1,237 $ 1,302 $ 2,598

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
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 were as follows as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Assets (Liabilities): Derivative asset —  conversion option (1) $ — $ — $ 205 $ 205 Warrant liabilities (2) — — (2) (2) December 31, 2023 Level 1 Level 2 Level 3 Total Assets (Liabilities): Derivative asset —  conversion option (1) $ — $ — $ 1,025 $ 1,025 Warrant liabilities (2) — — (2) (2) __________________ (1) Refer to Note 7 - Investments for further information. The Company determined the fair value of the derivative instrument as the difference between the expected settlement value upon conversion of the convertible note and the principal amount of the convertible note, adjusted for the probability of the Company choosing to exercise its conversion option.. (2)

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Investments	The following table provides a reconciliation of investments to the Company’s condensed consolidated balance sheets (amounts in thousands): September 30, December 31, Investment in equity securities $ 15,000 $ 15,000 Convertible note receivable 2,528 2,295 $ 17,528 $ 17,295
Schedule of Reconciliation of Asset Balance for the Embedded Derivative	A reconciliation of the beginning and ending asset balance for the embedded derivative in the DG Fuels Note is as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Beginning of period $ 1,025 $ 1,025 $ 1,025 $ 1,025 Change in fair value (820) — (820) — End of period $ 205 $ 1,025 $ 205 $ 1,025

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	As of September 30, 2024 and December 31, 2023, property and equipment, net consisted of the following (amounts in thousands): September 30, December 31, Land $ 302 $ 226 Buildings 774 774 Machinery and equipment 11,733 9,330 Finance lease right-of-use assets – vehicles 198 187 Furniture and IT equipment 1,348 1,474 Leasehold improvements 289 702 Construction in progress 78,963 20,095 Total property and equipment 93,607 32,788 Less: accumulated depreciation and amortization (3,318) (1,745) Property and equipment, net $ 90,289 $ 31,043

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software to be sold $ 4,088 $ (264) $ 3,824 $ 1,786 $ — $ 1,786
Schedule of Future Amortization Expense for Intangible Assets	Future amortization expense for intangible assets is estimated as follows (amounts in thousands): Amount Remainder of 2024 $ 99 2025 396 2026 396 2027 396 2028 396 Thereafter 34 Subtotal 1,717 Software projects in process 2,107 Total $ 3,824

SUPPLEMENTAL BALANCE SHEETS D_2

SUPPLEMENTAL BALANCE SHEETS DETAIL (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Balance Sheets Detail	(amounts in thousands) September 30, December 31, Prepaid and other current assets: Prepaid expenses $ 4,231 $ 3,131 Tax refund receivable 108 1,359 Other 521 30 Total $ 4,860 $ 4,520 Other assets: Interest receivable $ 775 $ 550 Derivative asset —  conversion option 205 1,025 Other 402 1,074 Total $ 1,382 $ 2,649 Accrued expenses: Accrued purchases $ 6,865 $ 71,932 Professional fees 6,687 4,522 Employee costs 3,270 5,985 Warranty liabilities 2,348 894 Insurance premium financings 1,655 358 Taxes payable 44 733 Accrued project loss — 591 Other — 27 Total $ 20,869 $ 85,042 Lease liabilities, current portion: Operating leases $ 351 $ 697 Finance leases 40 27 Total $ 391 $ 724 Other long-term liabilities: Operating leases $ 935 $ 1,044 Warranty liabilities 221 924 Asset retirement obligation 105 52 Finance leases 98 93 Warrant liabilities 2 2 Total $ 1,361 $ 2,115

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	Stock option activity for the nine months ended September 30, 2024 was as follows (amounts in thousands, except per share data): Options Outstanding Number of Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance as of December 31, 2023 5,807 $ 1.71 6.37 $ 3,605 Stock options granted 1,050 1.12 — — Stock options exercised — — — — Stock options forfeited, canceled, or expired (34) 0.80 — — Balance as of September 30, 2024 6,823 1.62 6.27 215 Options exercisable as of September 30, 2024 2,359 1.52 5.67 211 Options vested and expected to vest as of September 30, 2024 6,823 $ 1.62 6.27 215
Schedule of Weighted-average Assumptions	The following table summarizes the assumptions used for estimating the fair value of stock options granted during the nine months ended September 30, 2024. Expected term (in years) 6.25 Expected volatility 95% to 99% Risk-free interest rate 3.54% to 4.40% Expected dividend yield — Expected term (in years) 4.00 Expected volatility 90% to 95% Risk-free interest rate 3.40% to 4.49% Expected dividend yield —
Schedule of Restricted Stock Units Activity	RSU activity for the nine months ended September 30, 2024 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, 2023 19,029 $ 4.55 RSUs granted 10,768 1.50 RSUs forfeited (1,359) 3.68 RSUs vested (5,130) 4.98 Nonvested balance as of September 30, 2024 23,308 $ 3.10
Schedule of Stock-Based Compensation Expense	Total stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 is as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales and marketing $ 1,794 $ 1,801 $ 5,291 $ 5,477 Research and development 2,241 2,898 6,527 8,832 General and administrative 6,213 6,015 17,618 20,214 Total stock-based compensation expense $ 10,248 $ 10,714 $ 29,436 $ 34,523

REORGANIZATION EXPENSES (Tables

REORGANIZATION EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Reorganization Expenses and Reconciliation of Liability Balances	Total reorganization expenses for the three and nine months ended September 30, 2024 and 2023 is as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales and marketing $ — $ — $ 288 $ — Research and development — — 503 — General and administrative (23) — 895 — Total reorganization expenses $ (23) $ — $ 1,686 $ — A reconciliation of the beginning and ending liability balances for reorganization expenses included in the line item, accrued expenses, on the condensed consolidated balance sheets is as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Beginning of period $ 1,709 $ — $ — $ — Costs charged to expense (23) — 1,686 — Costs paid or settled (1,190) — (1,190) — Foreign currency translation adjustments 18 18 End of period $ 514 $ — $ 514 $ —

NET LOSS PER SHARE OF COMMON _2

NET LOSS PER SHARE OF COMMON STOCK (Tables)	9 Months Ended
	Sep. 30, 2024
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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss attributable to Energy Vault Holdings, Inc. $ (26,593) $ (18,942) $ (73,920) $ (76,271) Weighted-average shares outstanding – basic and diluted 150,812 143,867 148,998 142,052 Net loss per share – basic and diluted attributable to Energy Vault Holdings, Inc. $ (0.18) $ (0.13) $ (0.50) $ (0.54)
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 th e three and nine mo nths ended September 30, 2024 and 2023 (amounts in thousands): Three and Nine Months Ended September 30, 2024 2023 Private warrants 5,167 5,167 Stock options 6,823 5,983 RSUs 23,308 22,722 Total 35,298 33,872

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Warranty Liability	As of September 30, 2024 and 2023, the Company accrued the below estimated warranty liabilities, respectively (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Warranty liabilities, balance at beginning of period $ 2,784 $ — $ 1,817 $ — Accruals for warranties issued — 130 — 130 Change in estimates — — 1,532 — Costs paid or settled (215) — (780) — Warranty liabilities, balance at end of period $ 2,569 $ 130 $ 2,569 $ 130

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - segment	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Number of operating segments			1
Number of reportable segments			1
Customer One | Accounts Receivable | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage			55%		92%
Customer One | Contract With Customer Asset After Allowance For Credit Loss | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage			100%		100%
Customer One | Revenue Benchmark | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage	51%	59%	67%	47%
Customer Two | Accounts Receivable | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage			43%
Customer Two | Revenue Benchmark | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage	35%	38%	18%	33%
Customer Three | Revenue Benchmark | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage				20%

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Recognized Revenue for Product and Service Categories (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 1,199	$ 172,205	$ 12,728	$ 223,307
Sale of energy storage products
Disaggregation of Revenue [Line Items]
Revenue	811	172,139	11,494	222,943
Operation and maintenance services
Disaggregation of Revenue [Line Items]
Revenue	273	0	818	0
Software licensing
Disaggregation of Revenue [Line Items]
Revenue	115	0	301	0
Intellectual property licensing
Disaggregation of Revenue [Line Items]
Revenue	0	0	115	0
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 0	66	0	364
Sale of Spare Parts
Disaggregation of Revenue [Line Items]
Revenue		$ 200	$ 300	$ 200

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Performance obligation and deferred transaction price	$ 47,000		$ 47,000
Refundable contribution	25,000		25,000		$ 25,000
Deferred revenue recognized in period	$ 40	$ 28,300	$ 1,100	$ 45,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	93%		93%
Revenue, remaining performance obligation, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, period

REVENUE RECOGNITION - Schedul_2

REVENUE RECOGNITION - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Refundable contribution	$ 25,000	$ 25,000
Unbilled receivables	3,700	55,241
Retainage	150	5,745
Less allowance for credit losses	(2,405)	(1,113)
Contract assets, net of allowance for credit losses	26,445	84,873
Contract with Customer, Liability [Abstract]
Contract liabilities, current portion	10,405	4,923
Contract liabilities, long-term portion	0	1,500
Total contract liabilities	$ 10,405	$ 6,423

ALLOWANCE FOR CREDIT LOSSES - S

ALLOWANCE FOR CREDIT LOSSES - Schedule of Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ 69	$ 0
Provision (benefit) for credit losses	302	(22)
Write-offs	0
Allowance for credit losses, end of period	371	59	$ 0
Allowance for credit losses, beginning of period	1,113	0
Provision (benefit) for credit losses	1,548	174
Write-offs	(256)
Allowance for credit losses, end of period	2,405	1,237	0
Allowance for credit losses, beginning of period	1,332	0
Provision (benefit) for credit losses	364	82
Write-offs	0
Allowance for credit losses, end of period	1,696	1,302	0
Allowance for credit losses, beginning of period	2,514	0
Provision (benefit) for credit losses	2,214	234
Write-offs	(256)
Allowance for credit losses, end of period	4,472	2,598	0
Allowance for credit loss	$ 4,472	2,598	$ 0
Accounting Standards Update [Extensible Enumeration]			Accounting Standards Update 2016-13
Accounting Standards Update 2016-13
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period		81
Allowance for credit losses, end of period			$ 81
Allowance for credit losses, beginning of period		1,063
Allowance for credit losses, end of period			1,063
Allowance for credit losses, beginning of period		1,220
Allowance for credit losses, end of period			1,220
Allowance for credit losses, beginning of period		$ 2,364
Allowance for credit losses, end of period			2,364
Allowance for credit loss			$ 2,364

ALLOWANCE FOR CREDIT LOSSES - N

ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Credit Loss [Abstract]
Financing receivable amortized cost	$ 9.9	$ 10.7

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Asset —  Conversion Option
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	$ 205	$ 1,025
Warrant Liabilities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(2)	(2)
Level 1 | Derivative Asset —  Conversion Option
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Level 1 | Warrant Liabilities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0	0
Level 2 | Derivative Asset —  Conversion Option
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Level 2 | Warrant Liabilities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0	0
Level 3 | Derivative Asset —  Conversion Option
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	205	1,025
Level 3 | Warrant Liabilities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	$ (2)	$ (2)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	May 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 29, 2024	Dec. 31, 2023	May 31, 2019
Related Party Transaction [Line Items]
Contract liabilities, long-term portion				$ 0		$ 0			$ 1,500
Other income				(937)	$ (8)	711	$ (259)
Deferred revenue				10,405		10,405			$ 6,423
Shareholder Lender
Related Party Transaction [Line Items]
Other income						1,500
Note Payable Agreement | Shareholder Lender
Related Party Transaction [Line Items]
Contract liabilities, long-term portion										$ 1,500
Related Party Marketing and Sales Costs | Director
Related Party Transaction [Line Items]
Transaction amount				$ 200	$ 400	$ 800	$ 1,200
Related Party Technology License Option Agreement | Customer Controlled By Board
Related Party Transaction [Line Items]
Transaction amount			$ 500
Deferred revenue								$ 300
Payment for customer refund		$ 300
Related Party Technology License Option Agreement | Customer Exercise Option
Related Party Transaction [Line Items]
Proceeds from related party	$ 500

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investment in equity securities	$ 15,000	$ 15,000
Convertible note receivable	2,528	2,295
Investments	$ 17,528	$ 17,295

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Feb. 28, 2023	Nov. 30, 2022	Oct. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase of equity securities						$ 0	$ 6,000
Convertible Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance of promissory note			$ 1,000					$ 2,000
Maturity date description			The maturity date of the DG Fuels Note is 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.
Maturity date, number of days after demand for payment following two year anniversary			30 days
Maturity date, four years after issuance			4 years
Maturity date, number of days after a Financial Close			5 days
Annual interest rate			10%
Note converted into equity securities at discount price						20%
Interest income				$ 200	$ 100	$ 500	400
Amortization of debt discount				$ 100	$ 100	$ 200	$ 200
Convertible Notes Receivable | DG Fuels Tranche 1 Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of embedded derivative asset			$ 400
Convertible Notes Receivable | DG Fuels Tranche 2 Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of embedded derivative asset			$ 700
KORE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase of equity securities	$ 6,000	$ 9,000
Equity securities	$ 15,000

INVESTMENTS - Schedule of Recon

INVESTMENTS - Schedule of Reconciliation of Asset Balance for the Embedded Derivative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at the beginning	$ 1,025	$ 1,025	$ 1,025	$ 1,025
Change in fair value	(820)	0	(820)	0
Balance at the end	$ 205	$ 1,025	$ 205	$ 1,025

PROPERTY AND EQUIPMENT, NET- Sc

PROPERTY AND EQUIPMENT, NET- Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Finance lease right-of-use assets – vehicles	$ 198	$ 187
Total property and equipment	93,607	32,788
Less: accumulated depreciation and amortization	(3,318)	(1,745)
Property and equipment, net	90,289	31,043
Land
Property, Plant and Equipment [Line Items]
Property and equipment	302	226
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment	774	774
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	11,733	9,330
Furniture and IT equipment
Property, Plant and Equipment [Line Items]
Property and equipment	1,348	1,474
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	289	702
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 78,963	$ 20,095

PROPERTY AND EQUIPMENT, NET- Na

PROPERTY AND EQUIPMENT, NET- Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation		$ 200,000	$ 200,000	$ 600,000	$ 700,000
Asset impairment and loss on sale of assets		(14,000)	$ 0	551,000	$ 0
Asset impairments				500,000
Loss on sale of assets				(100,000)
Consideration transferred	$ 6,300,000
Assets held for sale	$ 6,111,000	$ 0		$ 0

INTANGIBLE ASSETS, NET - Schedu

INTANGIBLE ASSETS, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 4,088	$ 1,786
Accumulated Amortization	(264)	0
Net Carrying Amount	$ 3,824	$ 1,786

INTANGIBLE ASSETS, NET - Narrat

INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
External-use software development costs, useful life	5 years		5 years
Amortization expense	$ 100,000	$ 0	$ 300,000	$ 0

INTANGIBLE ASSETS, NET - Sche_2

INTANGIBLE ASSETS, NET - Schedule of Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 99
2025	396
2026	396
2027	396
2028	396
Thereafter	34
Subtotal	1,717
Software projects in process	2,107
Total	$ 3,824

DEBT (Details)

DEBT (Details) $ in Thousands, $ in Thousands	Jun. 25, 2024 USD ($) integer	Jun. 25, 2024 AUD ($)	Sep. 30, 2024 USD ($)	Aug. 15, 2024 USD ($) integer	Jun. 25, 2024 AUD ($) integer	May 10, 2024 USD ($) integer	Apr. 30, 2024 financingAgreement	Apr. 10, 2024 USD ($) integer	Dec. 31, 2023 USD ($)	Sep. 15, 2023 USD ($) integer	Jul. 15, 2023 USD ($) integer
Short-Term Debt [Line Items]
Number of financing agreements | financingAgreement							2
Premiums Financing Agreement
Short-Term Debt [Line Items]
Insurance premium financing | $			$ 1,700						$ 400
July 2023 Premium Financing Agreement
Short-Term Debt [Line Items]
Debt instrument, face amount | $											$ 1,100
Number of equal monthly payments | integer											9
Annual interest rate											7%
September 2023 Premium Financing Agreement
Short-Term Debt [Line Items]
Debt instrument, face amount | $										$ 200
Number of equal monthly payments | integer										4
Annual interest rate										7%
April 2024 Premium Financing Agreement
Short-Term Debt [Line Items]
Debt instrument, face amount | $								$ 1,400
Number of equal monthly payments | integer								10
Annual interest rate								7.40%
May 2024 Premium Financing Agreement
Short-Term Debt [Line Items]
Debt instrument, face amount | $						$ 400
Number of equal monthly payments | integer						9
Annual interest rate						7.40%
June 2024 Premium Financing Agreement
Short-Term Debt [Line Items]
Debt instrument, face amount	$ 200				$ 300
Number of equal monthly payments | integer	12				12
Annual interest rate	4.40%				4.40%
Debt instrument, periodic payment	$ 15	$ 22
July 2024 Premium Financing Agreement
Short-Term Debt [Line Items]
Debt instrument, face amount | $				$ 1,100
Number of equal monthly payments | integer				9
Annual interest rate				7.50%

SUPPLEMENTAL BALANCE SHEETS D_3

SUPPLEMENTAL BALANCE SHEETS DETAIL (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid and other current assets:
Prepaid expenses	$ 4,231	$ 3,131
Tax refund receivable	108	1,359
Other	521	30
Total	4,860	4,520
Other assets:
Interest receivable	775	550
Derivative asset —  conversion option	205	1,025
Other	402	1,074
Total	1,382	2,649
Accrued expenses:
Accrued purchases	6,865	71,932
Professional fees	6,687	4,522
Employee costs	3,270	5,985
Warranty liabilities	2,348	894
Insurance premium financings	1,655	358
Taxes payable	44	733
Accrued project loss	0	591
Other	0	27
Total	20,869	85,042
Lease liabilities, current portion:
Operating leases	351	697
Finance leases	40	27
Total	$ 391	$ 724
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Other long-term liabilities:
Operating leases	$ 935	$ 1,044
Warranty liabilities	221	924
Asset retirement obligation	105	52
Finance leases	98	93
Warrant liabilities	2	2
Total	$ 1,361	$ 2,115
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2020	Dec. 31, 2017	Dec. 31, 2022
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense related to unvested	$ 4.7
Stock-based compensation expense expected recognized period	1 year 11 months 12 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense expected recognized period	1 year 8 months 19 days
Unrecognized stock-based compensation expense related to RSUs	$ 55.4
2017 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award grant period			10 years
Voting rights in percentage			10%
Minimum percentage of exercise price for options granted for employees who hold more than 10%			110%
2017 Stock Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
2017 Stock Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
2020 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award grant period		10 years
Voting rights in percentage		10%
Minimum percentage of exercise price for options granted for employees who hold more than 10%		110%
2020 Stock Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
2020 Stock Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
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%
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

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Options
Number of options, beginning balance (in shares)	5,807
Number of options, stock options granted (in shares)	1,050
Number of options, stock options exercised (in shares)	0
Number of options, stock options forfeited, canceled, or expired (in shares)	(34)
Number of options, ending balance (in shares)	6,823	5,807
Number of options, options exercisable (in shares)	2,359
Number of options, options vested and expected to vest (in shares)	6,823
Weighted Average Exercise Price Per Share
Weighted average exercise price per share, beginning balance (in dollars per share)	$ 1.71
Weighted average exercise price per share, stock options granted (in dollars per share)	1.12
Weighted average exercise price per share, stock options exercised (in dollars per share)	0
Weighted average exercise price per share, stock options forfeited, canceled, or expired (in dollars per share)	0.80
Weighted average exercise price per share, ending balance (in dollars per share)	1.62	$ 1.71
Weighted average exercise price per share, options exercisable (in dollars per share)	1.52
Weighted average exercise price per share, options vested and expected to vest (in dollars per share)	$ 1.62
Weighted Average Remaining Contractual Term (in years)
Weighted average remaining contractual term (in years)	6 years 3 months 7 days	6 years 4 months 13 days
Weighted average remaining contractual term (in years), options exercisable	5 years 8 months 1 day
Weighted average remaining contractual term (in years), options vested and expected to vest	6 years 3 months 7 days
Aggregate Intrinsic Value
Aggregate intrinsic value, beginning balance	$ 3,605
Aggregate intrinsic value, ending balance	215	$ 3,605
Aggregate intrinsic value, options exercisable	211
Aggregate intrinsic value, options vested and expected to vest	$ 215

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Weighted-average Assumptions (Details)	9 Months Ended
	Sep. 30, 2024
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 3 months
Expected volatility, minimum	95%
Expected volatility, maximum	99%
Risk-free interest rate, minimum	3.54%
Risk-free interest rate, maximum	440%
Expected dividend yield	0%
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	4 years
Expected volatility, minimum	90%
Expected volatility, maximum	95%
Risk-free interest rate, minimum	340%
Risk-free interest rate, maximum	449%
Expected dividend yield	0%

STOCK-BASED COMPENSATION - Sc_3

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of RSUs
Beginning balance (in shares) | shares	19,029
RSUs granted (in shares) | shares	10,768
RSUs forfeited (in shares) | shares	(1,359)
RSUs vested (in shares) | shares	(5,130)
Ending balance (in shares) | shares	23,308
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 4.55
RSUs granted (in dollars per share) | $ / shares	1.50
RSUs forfeited (in dollars per share) | $ / shares	3.68
RSUs vested (in dollars per share) | $ / shares	4.98
Ending balance (in dollars per share) | $ / shares	$ 3.10

STOCK-BASED COMPENSATION - Sc_4

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 10,248	$ 10,714	$ 29,436	$ 34,523
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,794	1,801	5,291	5,477
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,241	2,898	6,527	8,832
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 6,213	$ 6,015	$ 17,618	$ 20,214

REORGANIZATION EXPENSES - Narra

REORGANIZATION EXPENSES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Reorganization costs	$ (23,000)	$ 0	$ 1,686,000	$ 0
Reorganization costs, accrual adjustment	$ (23,000)

REORGANIZATION EXPENSES - Sched

REORGANIZATION EXPENSES - Schedule of Reorganization Expenses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Reorganization costs	$ (23,000)	$ 0	$ 1,686,000	$ 0
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Reorganization costs	0	0	288,000	0
Research and development
Restructuring Cost and Reserve [Line Items]
Reorganization costs	0	0	503,000	0
General and administrative
Restructuring Cost and Reserve [Line Items]
Reorganization costs	$ (23,000)	$ 0	$ 895,000	$ 0

REORGANIZATION EXPENSES - Sch_2

REORGANIZATION EXPENSES - Schedule of Reconciliation of Liability Balances (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning of period	$ 1,709,000	$ 0	$ 0	$ 0
Costs charged to expense	(23,000)	0	1,686,000	0
Costs paid or settled	(1,190,000)	0	(1,190,000)	0
Foreign currency translation adjustments	18,000		18,000
End of period	$ 514,000	$ 0	$ 514,000	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ (401,000)	$ 0	$ (397,000)

NET LOSS PER SHARE OF COMMON _3

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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss attributable to Energy Vault Holdings, Inc.	$ (26,593)	$ (18,942)	$ (73,920)	$ (76,271)
Net loss attributable to Energy Vault Holdings, Inc.	$ (26,593)	$ (18,942)	$ (73,920)	$ (76,271)
Weighted-average shares outstanding – basic (in shares)	150,812	143,867	148,998	142,052
Weighted average shares of outstanding — diluted (in shares)	150,812	143,867	148,998	142,052
Net loss per share – basic attributable to Energy Vault Holdings, Inc. (in dollars per share)	$ (0.18)	$ (0.13)	$ (0.50)	$ (0.54)
Net loss per share – diluted attributable to Energy Vault Holdings, Inc. (in dollars per share)	$ (0.18)	$ (0.13)	$ (0.50)	$ (0.54)

NET LOSS PER SHARE OF COMMON _4

NET LOSS PER SHARE OF COMMON STOCK - Narrative (Details) - Common Stock - shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of dilutive shares (in shares)	0	0	0	0
Number of earn-out shares (in shares)	9,000,000		9,000,000		9,000,000
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 _5

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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	35,298	33,872	35,298	33,872
Private warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,167	5,167	5,167	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)	6,823	5,983	6,823	5,983
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	23,308	22,722	23,308	22,722

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation	$ 2,000
Warranty liability term	2 years
Letters of credit issued	$ 31,000
Restricted cash	26,560	$ 35,632
Outstanding performance and payment bonds	43,700
Bonds outstanding, other	$ 13,800

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, balance at beginning of period	$ 2,784	$ 0	$ 1,817	$ 0
Accruals for warranties issued	0	130	0	130
Change in estimates	0	0	1,532	0
Costs paid or settled	(215)	0	(780)	0
Warranty liabilities, balance at end of period	$ 2,569	$ 130	$ 2,569	$ 130

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands, $ in Millions	Nov. 12, 2024 USD ($)	Sep. 13, 2024 $ / shares	Oct. 09, 2024 USD ($)	Oct. 09, 2024 AUD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Loan amount					$ 2,309	$ 27,189
Average company stock price, NYSE notification threshold, less than | $ / shares		$ 1
Average company stock price, NYSE notification threshold, consecutive trading days		30 days
Subsequent Event | At-The-Market Offering
Subsequent Event [Line Items]
Sale of stock, maximum aggregate offering price	$ 50,000
Sale of stock, sales agent commission percentage	3%
Subsequent Event | Potential Australian Customer
Subsequent Event [Line Items]
Loan amount			$ 300	$ 0.5
Stated interest rate (as a percent)			8%	8%