
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss attributable to Energy Vault Holdings, Inc.	$	(29,692)	$	(34,927)	$	(62,177)	$	(56,063)
Less: accretion of redeemable non-controlling interest	1,337		—		2,423		—
Net loss attributable to common stockholders – basic	(31,029)		(34,927)		(64,600)		(56,063)
Less: Gain on change in fair value of OIC Warrant liability	1,620		—		1,220		—
Net loss attributable to common stockholders – diluted	(32,649)		(34,927)		(65,820)		(56,063)

Denominator:
Weighted-average shares outstanding – basic	178,103		156,911		175,002		155,326
Effect of dilutive securities:
OIC Warrants	291		—		145		—
Weighted-average shares outstanding – diluted	178,394		156,911		175,147		155,326

Net loss per share attributable to common stockholders – basic	$	(0.17)	$	(0.22)	$	(0.37)	$	(0.36)
Net loss per share attributable to common stockholders – diluted	$	(0.18)	$	(0.22)	$	(0.38)	$	(0.36)

There were no common share equivalents that were dilutive for the three and six months ended June 30, 2026 and 2025. Due to net losses during those periods, basic and diluted net loss per common share were the same, as the effect of potentially dilutive securities would have been anti-dilutive.

The following outstanding balances of common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):


	Three and Six Months Ended June 30,
	2026	2025
Warrants	8,167	5,167
Stock options	9,041	6,426
RSUs	19,949	24,199
Senior Convertible Notes	28,977	—
Convertible Debentures	21,773	—
Total	87,907	35,792