As of September 30, 2025, Energy Vault Holdings, Inc. (NRGV) had 9.67 million warrants and 6.37 million stock options outstanding. Additionally, the company had 23.76 million Restricted Stock Units (RSUs) and 10.26 million shares related to convertible debentures that could potentially convert into common stock.1
While these instruments represent a significant number of potential shares, they were considered anti-dilutive for the three and nine months ended September 30, 2025. This means that due to NRGV's reported net losses during these periods, including these securities in the diluted earnings per share calculation would have actually reduced the loss per share, and thus they were excluded from the diluted share count.1
However, looking at future dilution, if all these outstanding instruments were to be exercised or converted, they would add a substantial number of shares to the company's outstanding common stock. The total number of potentially dilutive securities, including warrants, stock options, RSUs, and convertible debentures, amounted to approximately 50.06 million shares as of September 30, 2025.1
Considering NRGV's weighted-average basic shares outstanding of approximately 163.33 million for the three months ended September 30, 2025, the full exercise and conversion of these instruments would increase the total share count to approximately 213.39 million shares.1 This represents a potential dilution of about 30.65% to existing shareholders if these instruments become in-the-money and are exercised in the future. Investors should monitor NRGV's future profitability and stock price performance, as these factors will determine if and when this potential dilution materializes.
