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Side-by-side financial comparison of Energy Vault Holdings, Inc. (NRGV) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Energy Vault Holdings, Inc. is the larger business by last-quarter revenue ($153.3M vs $140.6M, roughly 1.1× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — -0.2% vs -13.5%, a 13.3% gap on every dollar of revenue. On growth, Energy Vault Holdings, Inc. posted the faster year-over-year revenue change (231.8% vs 74.9%). Over the past eight quarters, Energy Vault Holdings, Inc.'s revenue compounded faster (344.5% CAGR vs 19.0%).
Energy Vault is a global energy storage company specializing in gravity and kinetic energy based, long-duration energy storage products. Energy Vault's primary product is a gravity battery to store energy by stacking heavy blocks made of composite material into a structure, capturing potential energy in the elevation gain of the blocks. When demand for electricity is high, these blocks are lowered with the motors functioning as generators and delivering electricity to the grid.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
NRGV vs SHLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $153.3M | $140.6M |
| Net Profit | $-20.7M | $-297.0K |
| Gross Margin | 20.6% | 29.2% |
| Operating Margin | 74.3% | 5.5% |
| Net Margin | -13.5% | -0.2% |
| Revenue YoY | 231.8% | 74.9% |
| Net Profit YoY | 66.5% | -5.3% |
| EPS (diluted) | $-0.13 | $0.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q2 26 | $153.3M | — | ||
| Q1 26 | — | $140.6M | ||
| Q4 25 | — | $148.3M | ||
| Q3 25 | $33.3M | $135.8M | ||
| Q2 25 | $8.5M | $110.8M | ||
| Q1 25 | $8.5M | $80.4M | ||
| Q4 24 | $33.5M | $107.0M | ||
| Q3 24 | $1.2M | $102.2M |
| Q2 26 | $-20.7M | — | ||
| Q1 26 | — | $-297.0K | ||
| Q4 25 | — | $8.1M | ||
| Q3 25 | $-26.8M | $11.9M | ||
| Q2 25 | $-34.9M | $13.9M | ||
| Q1 25 | $-21.1M | $-282.0K | ||
| Q4 24 | $-61.8M | $7.8M | ||
| Q3 24 | $-26.6M | $-267.0K |
| Q2 26 | 20.6% | — | ||
| Q1 26 | — | 29.2% | ||
| Q4 25 | — | 31.6% | ||
| Q3 25 | 27.0% | 37.0% | ||
| Q2 25 | 29.6% | 37.2% | ||
| Q1 25 | 57.1% | 35.0% | ||
| Q4 24 | 7.7% | 37.6% | ||
| Q3 24 | 40.3% | 24.8% |
| Q2 26 | 74.3% | — | ||
| Q1 26 | — | 5.5% | ||
| Q4 25 | — | 11.7% | ||
| Q3 25 | -52.8% | 13.7% | ||
| Q2 25 | -330.7% | 14.4% | ||
| Q1 25 | -244.8% | 5.4% | ||
| Q4 24 | -150.6% | 15.4% | ||
| Q3 24 | -2258.1% | 4.4% |
| Q2 26 | -13.5% | — | ||
| Q1 26 | — | -0.2% | ||
| Q4 25 | — | 5.5% | ||
| Q3 25 | -80.5% | 8.7% | ||
| Q2 25 | -410.3% | 12.5% | ||
| Q1 25 | -247.7% | -0.4% | ||
| Q4 24 | -184.7% | 7.3% | ||
| Q3 24 | -2217.9% | -0.3% |
| Q2 26 | $-0.13 | — | ||
| Q1 26 | — | $0.00 | ||
| Q4 25 | — | $0.05 | ||
| Q3 25 | $-0.16 | $0.07 | ||
| Q2 25 | $-0.22 | $0.08 | ||
| Q1 25 | $-0.14 | $0.00 | ||
| Q4 24 | $-0.41 | $0.04 | ||
| Q3 24 | $-0.18 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $58.3M | $1.9M |
| Total DebtLower is stronger | $38.0M | — |
| Stockholders' EquityBook value | $67.5M | $601.6M |
| Total Assets | $312.9M | $1.0B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $58.3M | — | ||
| Q1 26 | — | $1.9M | ||
| Q4 25 | — | $7.3M | ||
| Q3 25 | $32.7M | $8.6M | ||
| Q2 25 | $22.3M | $4.7M | ||
| Q1 25 | $21.2M | $35.6M | ||
| Q4 24 | $30.0M | $23.5M | ||
| Q3 24 | $51.1M | $11.1M |
| Q2 26 | $38.0M | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M |
| Q2 26 | $67.5M | — | ||
| Q1 26 | — | $601.6M | ||
| Q4 25 | — | $600.0M | ||
| Q3 25 | $80.5M | $589.6M | ||
| Q2 25 | $90.3M | $575.4M | ||
| Q1 25 | $114.9M | $558.9M | ||
| Q4 24 | $126.3M | $556.8M | ||
| Q3 24 | $179.1M | $545.2M |
| Q2 26 | $312.9M | — | ||
| Q1 26 | — | $1.0B | ||
| Q4 25 | — | $904.1M | ||
| Q3 25 | $281.9M | $851.8M | ||
| Q2 25 | $248.8M | $795.0M | ||
| Q1 25 | $217.4M | $788.4M | ||
| Q4 24 | $183.9M | $793.1M | ||
| Q3 24 | $252.9M | $801.3M |
| Q2 26 | 0.56× | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
