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- Covenant Violation (new) — Company failed to meet debt service coverage ratio covenant on Cross Trails Senior Note for Q1 2026; working with lender to remedy before June 29 reporting deadline.
- Delisting (removed) — Baseline disclosed NYSE non-compliance notice (stock price below $1.00) and delisting risk; current filing removes this disclosure entirely.
Energy Vault misses debt covenant, bookings collapse 94% as tariffs disrupt battery projects
Filed May 19, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~2 min read
Key Changes
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Cross Trails BESS project failed to meet debt service coverage ratio covenant for Q1 2026 due to underperformance in ERCOT market since May 2025 launch; company reclassified $42M debt to current and is negotiating waivers or repayment before June 29 deadline.
MD&A: Cross Trails Covenant verify on EDGAR → -
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Q1 2026 contracted bookings plunged to $14.5M (25 MWh) from $225.7M (1,004 MWh) in Q1 2025, driven by project delays and cancellations after U.S. tariffs on China-sourced battery components increased costs and disrupted supply chains.
MD&A: Net Bookings verify on EDGAR → -
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Company raised $150M via 5.25% convertible notes in February 2026 and secured $75M senior secured convertible debentures (7.5% interest, 18% upon default) in May 2026, both to fund operations and project development amid cash burn acceleration.
MD&A: Debt Financings verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · May 26, 2026 · How we verify