Energy Vault Affirms 2026 Revenue Outlook After Cash Rises

The Tip Desk · November 11, 2026 · 2 min read

Third-quarter revenue was $13.1 million as the company kept 2026 sales guidance at $290 million to $310 million and issued preliminary 2027 revenue of $600 million to $700 million.

Energy Vault Holdings, Inc. (NRGV), a global energy infrastructure company, reported third-quarter 2026 revenue of $13.1 million, down $20.3 million, or 61%, from a year earlier, in line with planned project deliveries.

The company affirmed full-year 2026 revenue of $290 million to $310 million, at the top half of its prior range, citing expected fourth-quarter project deliveries. It provided preliminary full-year 2027 revenue guidance of $600 million to $700 million and adjusted EBITDA of $40 million to $50 million.

GAAP gross margin was 71.0%, versus 27.0% a year earlier. Excluding $4.3 million of tariff refunds, GAAP gross margin was 37.9%. Adjusted gross margin was 81.1%; excluding those refunds it would have been 48.0%. GAAP gross profit was about $9.3 million.

GAAP operating expenses were $33.9 million, up 27% year-over-year. Adjusted operating expenses were $25.2 million. GAAP net loss was approximately $28.2 million, or $(0.17) a share. Adjusted EBITDA was a loss of $14.7 million.

Total cash and cash equivalents, including restricted cash, was $236 million as of September 30, 2026, up $88 million sequentially. Corporate-level recourse debt declined $12 million sequentially.

Contract backlog reached $2.3 billion as of November 10, 2026, comprising about $800 million of Build and Transfer backlog and $1.5 billion of Build, Own & Operate backlog.

The company completed a second 2026 portfolio acquisition from Goshe Energy Storage, taking 2.3 GW of U.S. battery-energy-storage development projects, including 350 MW ready to build, and paid 100% of the cash purchase price in the quarter. It secured a credit facility commitment of up to $40 million from S2G Investments.

Energy Vault received formal grid interconnection approval for its 125 MW / 1 GWh Stoney Creek project in Australia, completed acquisition of project land, and secured New South Wales Development Approval. It secured non-recourse financing for 275 MW of Rolls-Royce MTU reciprocating engine generation capacity, received Italian designation of pre-eminent national strategic interest for Digital Vault Sulcis, and started construction of the Snyder AI modular data center project. Multiple project financings in the U.S. and Australia were underway.

During the fourth quarter, the company said it began deliveries to a 1.25 GW hybrid generation and storage project supporting AI compute infrastructure in Texas.

The company expects 2026 gross margin of 20% to 22% and $170 million to $200 million in total cash at year-end 2026, with a reduction in corporate-level recourse debt versus the third quarter.