業績亮點（2026年第一季 vs 2025年第一季）

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 10-Q
___________________________________
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026
OR

o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________
Commission file number 001-39982
___________________________________
ENERGY VAULT HOLDINGS, INC.
___________________________________
(Exact name of registrant as specified in its charter)

Delaware
85-3230987

(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

4165 East Thousand Oaks Blvd., Suite 100
 Westlake Village, California
91362
(Address of Principal Executive Offices)
(Zip Code)

(805) 852-0000
Registrant’s telephone number, including area code
___________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareNRGVNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer¨
Accelerated filer
¨

Non-accelerated filer
x
Smaller reporting company
x

Emerging growth company
x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes o No x
The registrant had 178,246,198 shares of common stock, par value $0.0001 per share, outstanding as of May 15, 2026.

Table of Contents

TABLE OF CONTENTS

Page
Cautionary Note Regarding Forward-Looking Statements
3

Part I - Financial Information

Item 1. Financial Statements
5

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
33

Item 3. Quantitative and Qualitative Disclosures About Market Risk
50

Item 4. Controls and Procedures
51

Part II - Other Information
52

Item 1. Legal Proceedings
52

Item 1A. Risk Factors
52

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
53

Item 3. Defaults Upon Senior Securities
53

Item 4. Mine Safety Disclosures
53

Item 5. Other Information
53

Item 6. Exhibits
56

Signatures
58

2

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that are in some cases beyond our control and may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
•changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans;
•the implementation, market acceptance and success of our business model and growth strategy;
•our ability to develop and maintain our brand and reputation;
•developments and projections relating to our business, our competitors, and industry;
•the impact of macroeconomic uncertainty, including with respect to uncertainty about the future relationship between the United States and other countries with respect to trade policies and tariffs;
•changes in tax laws and government regulations and the impact of those changes on us, including as a result of the One Big Beautiful Bill Act and its changes to the Internal Revenue Code of 1986, as amended and the clean-energy tax credits established under the Inflation Reduction Act of 2022;
•investment in development projects that may not achieve commercial operations in our predicted timeframe or at all;
•our efforts to diversify our supply chain to lessen the impact of tariffs and global disruptions to maritime traffic;
•our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others;
•expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012;
•our future capital requirements and sources and uses of cash;
•the international nature of our operations and the impact of war or other hostilities on our business and global markets;
•our ability to obtain funding for our operations and future growth; and
•our business, expansion plans and opportunities, including our expansion into owned and operated projects.
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” in our 2025 Annual Report on Form 10-K and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. Additionally, our discussions of environmental, social, and governance (“ESG”) assessments, goals and relevant issues herein or in other locations, including our corporate website, are informed by various ESG standards and frameworks (including standards for the measurement of underlying data), and the interests of various stakeholders. References to “materiality” in the context of such discussions and any related assessment of ESG “materiality” may differ from the definition of “materiality” under the federal securities laws for SEC reporting purposes. Furthermore, much of this information is subject to assumptions, estimates or third-party information that is still evolving and subject to change. For example, we note that standards and expectations regarding greenhouse gas (“GHG”) accounting and the process for measuring and counting GHG emissions and GHG emissions 
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reductions are evolving, and it is possible that our approaches both to measuring our emissions and any reductions may be at some point, either currently or in the future, considered not in keeping with best practices. In addition, our disclosures based on any standards may change due to revisions in framework requirements, availability or quality of information, changes in our business or applicable government policies, or other factors, some of which may be beyond our control.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. Any forward-looking statements only speak as of the date of this document, and we undertake no obligation to update any forward-looking information or statements, whether written or oral, to reflect any change, except as required by law. All forward-looking statements attributable to us are expressly qualified by these cautionary statements. 
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Part I-Financial Information

Item 1. Financial Statements

ENERGY VAULT HOLDINGS, INC.
Condensed Consolidated Balance Sheets
(Unaudited) 
(In thousands except par value)

March 31,
2026
December 31,
2025

Assets
Current Assets
Cash and cash equivalents$55,243 $58,260 
Restricted cash, current portion13,505 4,717 
Accounts receivable, net of allowance for credit losses of $1,188 and $1,236 as of March 31, 2026 and December 31, 2025, respectively
4,941 25,938 
Contract assets, net of allowance for credit losses of $25,174 and $25,101 as of March 31, 2026 and December 31, 2025, respectively
18,073 20,631 
Inventory126 139 
Advances to suppliers3,819 6,318 
Prepaid expenses and other current assets8,081 5,067 
Total current assets103,788 121,070 
Property and equipment, net101,454 96,064 
Intangible assets, net7,057 8,277 
Operating lease right-of-use assets, net2,166 2,242 
Investments, long-term portion3,366 3,366 
Restricted cash, long-term portion48,379 40,466 
Deferred income taxes, net28,743 40,508 
Other assets3,084 883 
Total Assets$298,037 $312,876 
Liabilities and Stockholders’ Equity

Current Liabilities
Accounts payable$9,083 $30,838 
Accrued expenses25,820 70,389 
Debt, current portion (including $6,235 and $50,250 measured at fair value as of March 31, 2026 and December 31, 2025, respectively)
21,145 56,628 
Contract liabilities15,380 6,610 
Other current liabilities603 552 
Total current liabilities72,031 165,017 
Long-term debt (including $— and $16,427 measured at fair value as of March 31, 2026 and December 31, 2025, respectively)
150,531 37,970 
Warrant liabilities15,350 15,050 
Deferred pension obligation1,968 1,837 
Other long-term liabilities4,381 4,386 
Total liabilities244,261 224,260 
Commitments and contingencies
Mezzanine Equity
Redeemable non-controlling interest23,318 21,156 
Stockholders’ Equity 
   Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued
— — 
   Common stock, $0.0001 par value; 500,000 shares authorized, 174,147 and 168,969 issued and outstanding at March 31, 2026 and December 31, 2025, respectively
17 17 
Additional paid-in capital551,026 555,873 
Accumulated deficit(519,918)(487,433)
Accumulated other comprehensive loss(636)(966)
Non-controlling interest(31)(31)
Total stockholders’ equity 30,458 67,460 
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity$298,037 $312,876 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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ENERGY VAULT HOLDINGS, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands except per share data)

Three Months Ended March 31,
20262025
Revenue$21,879 $8,534 
Cost of revenue17,091 3,658 
Gross profit4,788 4,876 
Operating expenses:
Sales and marketing2,910 4,145 
Research and development2,590 3,824 
General and administrative21,241 17,506 
Provision for (benefit from) credit losses25 (11)
Depreciation, amortization, and accretion (excluding amounts included in cost of revenue)2,223 305 

Total operating expenses28,989 25,769 
Loss from operations(24,201)(20,893)
Other income (expense):
Interest expense(3,466)(95)
Interest income568 315 
Change in fair value of financial instruments carried at fair value(134)— 
Other expense, net(5,251)(118)
Loss before income taxes(32,484)(20,791)
Provision for income taxes1 383 
Net loss(32,485)(21,174)
Net loss attributable to non-controlling interest— (38)
Net loss attributable to Energy Vault Holdings, Inc.$(32,485)$(21,136)

Net loss per share attributable to common stockholders — basic and diluted$(0.20)$(0.14)
Weighted average shares outstanding — basic and diluted171,867 153,723 

Other comprehensive income (loss) — net of tax
Actuarial gain (loss) on pension$(116)$511 
Foreign currency translation gain446 20 
Total other comprehensive income attributable to Energy Vault Holdings, Inc.330 531 
Total comprehensive loss attributable to Energy Vault Holdings, Inc.$(32,155)$(20,605)

The accompanying notes are an integral part of these condensed consolidated financial statements.
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ENERGY VAULT HOLDINGS, INC.
Condensed Consolidated Statements of Stockholders’ Equity 
(Unaudited)
(In thousands)

Three Months Ended March 31, 2026
Common StockAdditional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Non-Controlling Interest
Total Stockholders’ Equity

SharesAmount
Balance at December 31, 2025
168,969 $17 $555,873 $(487,433)$(966)$(31)$67,460 
Exercise of stock options43 — 34 — — — 34 
Exercise of warrants340 — — — — — — 
Stock-based compensation
— — 7,053 — — — 7,053 
Vesting of restricted stock units (“RSUs”)2,141 — (1,749)— — — (1,749)
Shares issued per Convertible Debentures2,654 — 12,437 — — — 12,437 
Purchase of capped calls— — (20,460)— — — (20,460)
Paid-in-kind distributions (“PIK”) to redeemable non-controlling interest— — (1,076)— — — (1,076)
Accretion of redeemable non-controlling interest to redemption value— — (1,086)— — — (1,086)
Net loss— — — (32,485)— — (32,485)

Actuarial loss on pension— — — — (116)— (116)
Foreign currency translation gain
— — — — 446 — 446 

Balance at March 31, 2026
174,147 $17 $551,026 $(519,918)$(636)$(31)$30,458 

Three Months Ended March 31, 2025
Common StockAdditional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Non-Controlling Interest
Total Stockholders’ Equity

Shares Amount
Balance at December 31, 2024
153,206 $15 $512,022 $(383,822)$(1,896)$(63)$126,256 

Stock-based compensation
— — 9,276 — — — 9,276 
Vesting of RSUs1,037 — — — — — — 
Short-swing profit recovery— — 24 — — — 24 
Net loss— — — (21,136)— (38)(21,174)
Actuarial gain on pension— — — — 511 — 511 
Foreign currency translation gain
— — — — 20 — 20 
Balance at March 31, 2025
154,243 $15 $521,322 $(404,958)$(1,365)$(101)$114,913 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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ENERGY VAULT HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)

Three Months Ended March 31,

20262025
Cash Flows From Operating Activities
Net loss$(32,485)$(21,174)
Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation, amortization, and accretion3,546 305 
Non-cash debt and financing costs802 74 
Loss on debt extinguishment5,191 — 
Non-cash interest income— (178)
Stock-based compensation7,053 9,276 

Provision for (benefit from) credit losses25 (11)
Change in fair value of financial instruments carried at fair value134 — 

Foreign exchange losses61 133 
Change in operating assets and liabilities
Accounts receivable21,017 10,597 
Inventory14 — 
Contract assets2,902 (128)
Prepaid expenses and other current assets(2,987)(1,715)
Advances to suppliers2,668 (5,638)
Other assets(2,578)(501)
Accounts payable and accrued expenses(67,698)(9,936)
Contract liabilities8,594 1,596 
Customer deposit— 15,001 
Other long-term liabilities(56)(431)
Net cash used in operating activities(53,797)(2,730)
Cash Flows From Investing Activities
Purchase of property and equipment(7,058)(6,783)
Investment in note receivable— (530)
Investment tax credit proceeds11,765 — 

Net cash provided by (used in) investing activities4,707 (7,313)
Cash Flows From Financing Activities
Proceeds from issuance of debt150,000 26,826 
Repayment of debt(56,478)— 
Payment of debt issuance costs(9,835)(709)
Purchase of capped calls(20,460)— 
Proceeds from insurance premium financings— 1,473 
Repayment of insurance premium financings(343)(545)

Short-swing profit recovery— 24 
Proceeds from exercise of stock options34 — 

Payment of finance lease obligations(16)(9)
Payment of taxes related to net settlement of equity awards(1,749)— 
Net cash provided by financing activities61,153 27,060 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash1,621 65 
Net increase in cash, cash equivalents, and restricted cash13,684 17,082 
Cash, cash equivalents, and restricted cash  –  beginning of the period
103,443 30,073 
Cash, cash equivalents, and restricted cash –  end of the period
117,127 47,155 
Less: restricted cash at end of period61,884 29,333 
Cash and cash equivalents - end of period$55,243 $17,822 

ENERGY VAULT HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows (Continued)
(Unaudited)
(In thousands)

Three Months Ended March 31,

20262025
Supplemental Disclosures of Cash Flow Information:
Cash paid (refunded) for income taxes$(8)$— 
Cash paid for interest2,805 13 
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Actuarial gain (loss) on pension(116)511 
Property and equipment financed through accounts payable and accrued expenses— 10,530 
Assets acquired on finance lease1 — 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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ENERGY VAULT HOLDINGS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

 

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS
Energy Vault Holdings, Inc., which together with its subsidiaries is referred to herein as “Energy Vault” or the “Company,” is an integrated power infrastructure platform that builds, owns and operates flexible, reliable energy systems designed to accelerate time-to-power for utilities, independent power producers, industrial customers and the artificial intelligence and data center market. At the core of our platform is a technology-agnostic, software-enabled architecture that is designed to accelerate project delivery, optimize performance and drive faster time-to-revenue. Energy Vault’s integrated solutions combine energy storage, generation, and advanced energy management to deliver scalable infrastructure tailored to customer needs. Our portfolio spans short-, long-, and multi-day duration storage, engineered to enable reliability, flexibility and cost efficiency across applications. 
Through this integrated model, we offer utilities, independent power producers, and large energy users solutions that may include standalone energy storage, integrated generation and storage configurations, and related power infrastructure. We manage projects across the lifecycle, from sourcing and development through permitting and interconnection, engineering and construction management, commissioning, and operations, and we provide software enabled monitoring, controls, and services intended to support asset availability, operational efficiency, and lifecycle performance.

NOTE 2. 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, 2025. The condensed consolidated balance sheet as of December 31, 2025, 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 March 31, 2026 and results of operations and comprehensive loss, stockholders’ equity activities, and cash flows for the three months ended March 31, 2026. The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 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 majority owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
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 statements 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 and assumptions that affect the amounts reported in the unaudited interim condensed consolidated financial 
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ENERGY VAULT HOLDINGS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

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. Estimates made by management include, among others, revenue recognition, debt measured at fair value, provision for credit losses, warranty accruals, and stock-based compensation. Due to the inherent uncertainty involved 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.
Liquidity
The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and the satisfaction of liabilities and commitments in the normal course of business.
Since our inception in October 2017, we have incurred significant net losses and have used significant cash in our business. As of March 31, 2026 and December 31, 2025, we had accumulated deficits of $519.9 million and $487.4 million, respectively, and net losses of $32.5 million and $21.1 million, respectively, for the three months ended March 31, 2026 and 2025. We anticipate that we will incur net losses for the foreseeable future and there is no guarantee that we will achieve or maintain profitability.
Management believes that its cash, cash equivalents, and restricted cash on hand as of the filing date of this Quarterly Report will be sufficient to fund the Company’s operating activities and meet its obligations as they become due for at least the next twelve months. This assessment reflects the Company’s expected operating cash requirements and the subsequent payments and commitments described in Notes 19 and 20. The condensed consolidated financial statements do not reflect any adjustments that would be necessary if the Company becomes unable to continue as a going concern.
Restricted Cash
Restricted cash primarily consists of cash deposits held in segregated accounts as collateral for certain debt financing requirements and for guarantees and bonds issued in connection with our customer projects. Under the terms of our senior notes, cash proceeds are restricted until pre-agreed milestones are achieved. 
Additionally, our contractual arrangements with customers often require us to issue letters of credit, bank guarantees, and performance and payment bonds to secure our performance under those contracts. To collateralize these instruments, we deposit cash in restricted accounts that cannot be used for general corporate purposes until the underlying obligations are settled or the guarantees expire.
The following table summarizes restricted cash balances (amounts in thousands):

March 31,
2026December 31,
2025
Restricted cash, current portion$13,505 $4,717 
Restricted cash, long-term portion48,379 40,466 
Total restricted cash$61,884 $45,183 

Restricted cash related to debt financing$10,286 $9,489 
Restricted cash related to customer and owned projects49,147 33,002 
Other2,451 2,692 
Total restricted cash$61,884 $45,183 

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. 
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ENERGY VAULT HOLDINGS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

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 March 31, 2026, one customer accounted for 82% of accounts receivable. As of December 31, 2025, one customer accounted for 93% of accounts receivable. 
Revenue from one customer accounted for 81% of total revenue for the three months ended March 31, 2026 and revenue from two customers accounted for 55% and 38% of total revenue, respectively, for the three months ended March 31, 2025.
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 2025 Annual Report on Form 10-K filed with the SEC on March 18, 2026. There have not been any significant changes to these policies other than as described below during the three months ended March 31, 2026.
Capitalized Software Development Costs
Effective January 1, 2026, the Company changed its accounting policy for capitalized software development costs from Accounting Standards Codification (“ASC”) 985-20, Costs of Software to Be Sold, Leased, or Marketed (“ASC 985-20”), to ASC 350-40, Internal-Use Software (“ASC 350-40”) due to a change in facts and circumstances. The Company originally applied ASC 985-20 because it initially intended to allow customers to take possession of the software. The Company no longer offers the software in a manner that permits customers to take possession and instead uses the software solely in hosted software-as-a-service arrangements and in its own operations, including Company-owned energy storage systems. As a result, the Company concluded that ASC 350-40 is the appropriate accounting model beginning January 1, 2026 and applied the change prospectively. Immediately prior to the change, the Company performed an impairment assessment of its capitalized software costs as of December 31, 2025 under ASC 985-20 and determined that no impairment was required. The remaining carrying value was reclassified to internal-use software on January 1, 2026. The change in accounting policy had no impact on the Company’s condensed consolidated financial statements.
Recently Adopted Accounting Standards
In July 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU addresses the complexity and cost associated with estimating expected credit losses for current accounts receivable and current contract assets that arise from revenue contracts under ASC 606. The main provision applicable to all entities is a new practical expedient which, if elected, permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts. The Company elected the practical expedient on January 1, 2026 and the adoption of this standard did not have a material impact on the Company’s consolidated balance sheets, results of operations and comprehensive loss, or cash flows.
Recent Accounting Standards Issued, But Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)—Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information about specific costs and expense categories in the notes to the consolidated financial statements. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The standard should be applie