Energy Vault NYSE: NRGV reported second-quarter 2026 revenue of $17.4 million, up 104% from $8.5 million a year earlier, as progress on Australian projects supported results. The energy-storage and power-infrastructure company also raised its full-year revenue outlook, citing stronger commercial execution and improved visibility into contract timelines.
Chief Executive Officer Robert Piconi said the quarter reflected both operational delivery and the company’s effort to capture demand tied to AI computing infrastructure. He pointed to a $650 million sequential increase in backlog to roughly $2 billion, representing a 40% increase from the prior quarter and more than double the year-earlier level.
“The strategy we have been describing is now in full translation mode into some of the results we have just seen,” Piconi said, citing stronger growth, higher margins, increased cash and greater revenue visibility.
Margins Improve as Revenue Rises
GAAP gross profit rose 116% year over year to $5.4 million, while GAAP gross margin increased to 31% from the prior-year period. Adjusted gross margin, excluding depreciation and amortization related to owned and operated projects, increased by nearly 900 basis points year over year.
Chief Financial Officer Nitin Dahiya, who joined the company last month, said the margin performance showed that growth was not solely volume-driven. He attributed the results to project mix and execution.
Adjusted operating expenses increased to $23.7 million from $16.2 million a year ago, primarily due to commercial support, project development and legal expenses associated with expanding Energy Vault’s owned-and-operated assets and AI infrastructure platform.
GAAP net loss narrowed to $29.7 million, or 17 cents per share, from $34.9 million, or 22 cents per share, in the year-ago quarter. Adjusted EBITDA was a loss of $17 million, compared with a loss of $13.6 million a year earlier, as higher operating expenses partly offset the increase in gross profit.
Backlog Mix Supports Near-Term Delivery and Recurring Revenue
As of Aug. 10, Energy Vault’s backlog stood at approximately $2 billion. About 40% of the backlog, or roughly $700 million, relates to build-and-transfer projects intended to support revenue conversion over the next 12 to 18 months. The company also cited about $500 million of build-and-transfer projects in advanced contract negotiations.
The remaining 60% of backlog, or about $1.3 billion, is tied to build-own-operate projects. Piconi said these projects have revenue streams lasting roughly seven to 15 years and are expected to provide long-term recurring earnings. He said the company’s 1.1-gigawatt portfolio under its control is expected to translate into approximately $180 million of annualized EBITDA as projects come online.
The company said it expects year-end backlog to approach $3 billion, even after anticipated revenue recognition in the fourth quarter.
- Build-and-transfer backlog supports near-term project deliveries and cash generation.
- Build-own-operate backlog is intended to create longer-duration recurring revenue streams.
- Energy Vault said it remains selective in pursuing projects and customers, emphasizing larger opportunities and attractive returns on capital.
AI and Hyperscaler Opportunities
Piconi highlighted a recently announced 1.25-gigawatt agreement for an integrated power-generation and storage solution serving hyperscale data centers. He described the contract, valued at more than $500 million, as the company’s largest since its inception.
The agreement uses a behind-the-meter modular platform, with the initial deployment involving Caterpillar gas generation alongside energy storage and Energy Vault software for load optimization and power orchestration. Piconi said a portion of the associated revenue is expected in the fourth quarter of 2026, with the majority expected in 2027.
Energy Vault said the platform is intended to address “speed to power” needs for customers that cannot wait for grid upgrades and transmission investments. Piconi said the company sees opportunities to expand the platform with its current partner and in the broader market.
In response to a question regarding a data-center moratorium in Texas, Piconi said the company had accounted for the issue in its planning and guidance. He said the recently announced solution is behind the meter and does not rely on grid power for its core components.
Higher 2026 Outlook and Liquidity Position
Energy Vault raised its 2026 revenue guidance to $270 million to $310 million, from a previous range of $225 million to $300 million. The company narrowed its full-year GAAP gross-margin forecast to 20% to 25%, compared with its previous range of 15% to 25%.
Dahiya said quarterly revenue recognition may remain uneven because of project timing and milestone accounting, with a substantial majority of second-half revenue expected in the fourth quarter.
Total cash and cash equivalents, including restricted cash, were $148 million as of June 30, up approximately $31 million sequentially and $90 million from a year earlier. Energy Vault increased its year-end cash target to $160 million to $200 million, from $150 million to $200 million previously.
The CFO said the company intends to rely extensively on project-level financing, including tax equity, while using corporate capital selectively for projects meeting return thresholds. Piconi added that Energy Vault expects to close a remaining investment tax credit transaction of about $15 million by early September at the latest.
Looking toward 2027, Piconi said the company plans to provide additional expectations during its next earnings call in November, while continuing to focus on executing its backlog, financing projects efficiently and expanding in selected markets including the U.S., Australia and Japan.
About Energy Vault (NYSE:NRGV)
Energy Vault is a global energy storage technology company specializing in long-duration, gravity-based energy storage solutions. Founded in 2017 and headquartered in Lugano, Switzerland, the firm has developed a modular system that uses large composite blocks and a proprietary crane system to convert excess renewable energy into gravitational potential energy. When energy demand peaks, the system lowers the blocks to generate electricity through regenerative braking, offering a dispatchable, carbon-free alternative to traditional battery storage.
The company's flagship product line, EVx, integrates advanced materials science, software-driven controls and artificial intelligence to optimize charge and discharge cycles.
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