Updated
The most significant concentration Energy Vault Holdings discloses is limited number of customers, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Energy Vault Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'We depend on a limited number of customers for the majority of our revenue, and the loss of any one of these customers could substantially reduce our revenue and impact our liquidity.'”
“10-K Item 1A: 'Changes in U.S. tariff policy applicable to China-origin lithium-ion batteries and related components increased volatility in the cost and availability of certain inputs used in our solutions'”
Energy Vault Holdings' concentration risks span both the demand and supply sides of the business. On the customer side, the company depends on a limited number of customers for the majority of its revenue, and states that losing any one of them could substantially reduce revenue and impact liquidity — a high, dependency-driven exposure that is idiosyncratic to specific counterparty relationships rather than a broad structural feature of the industry. On the supply side, the company sources China-origin lithium-ion batteries and related components, and changes in U.S. tariff policy applicable to those inputs have increased volatility in their cost and availability — a moderate dependency tied to trade-policy conditions outside the company's control. These two exposures are distinct in character: the customer concentration is a direct, idiosyncratic threat to near-term revenue and liquidity if a single relationship were lost, while the battery-sourcing exposure is a slower-moving, policy-driven cost and availability risk. Of the two, the customer concentration is the one more likely to move the verdict given its explicit linkage to both revenue and liquidity in the filing's own language, while the supply-chain tariff exposure is a secondary, macro-linked pressure on margins and input costs.
For the engine’s reasoning on NRGV’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CWEN | Clearway Energy, Inc. | 2 | 0 | 2 | 4 |
| XIFR | XPLR Infrastructure, LP | 2 | 0 | 2 | 4 |
| ORA | Ormat Technologies, Inc. | 1 | 1 | 2 | 4 |
| NRGV● | Energy Vault Holdings, Inc. | 1 | 1 | 0 | 2 |
| MWH | SOLV Energy, Inc. | 1 | 0 | 0 | 1 |
| FLNC | Fluence Energy, Inc. | 0 | 1 | 1 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.