Energy Vault Holdings, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated revenue of $17.4 million for the quarter, a substantial increase of 104% compared to $8.5 million in the same period last year. For the first half of 2026, revenue reached $39.2 million, up 130% from $17.0 million in the first half of 2025. The growth was primarily driven by a $7.0 million increase in sales of energy storage products and a $1.6 million rise in tolling and power purchase agreement (PPA) revenue, attributed to progress on Australian EPC projects.
Despite the revenue growth, Energy Vault reported a net loss of $29.7 million for the second quarter, an improvement from a net loss of $34.9 million in the same quarter of 2025. The loss for the first half of 2026 was $62.2 million, compared to $56.1 million in the prior year. The company’s operating expenses remained relatively stable at $30.0 million for the quarter, slightly down from $30.7 million in the previous year, with notable reductions in sales and marketing and research and development expenses. However, general and administrative expenses increased by $3.5 million, primarily due to higher legal and professional fees.
In terms of strategic developments, Energy Vault completed the acquisition of a portfolio of battery energy storage system projects in Japan from BayWa, enhancing its international presence. The company also reported a backlog of $1.5 billion as of June 30, 2026, which is expected to contribute to future revenue. The backlog reflects contracted but unrecognized revenue from third-party projects and services yet to be completed, indicating a strong pipeline for future growth.
Operationally, Energy Vault's total assets increased to $370.5 million as of June 30, 2026, up from $312.9 million at the end of 2025. The company’s cash and cash equivalents rose to $93.0 million, bolstered by financing activities that included $224.1 million from the issuance of senior convertible notes and the 2026 debentures. The company anticipates that its current cash position will be sufficient to fund operations for at least the next twelve months. Looking ahead, Energy Vault remains focused on expanding its energy storage solutions and navigating the evolving regulatory landscape, particularly in light of recent changes in U.S. energy storage legislation and tariffs.
About Energy Vault Holdings, Inc.
Energy Vault Holdings, Inc. develops and operates innovative energy storage solutions, including gravity, battery, and hydrogen-based systems, to support the global transition to renewable energy. Its core offerings include modular storage hardware and software for utilities, independent power producers, and industrial users. The company builds, owns, and sells storage projects, emphasizing sustainability, technological agility, and grid stability in diverse markets worldwide.
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