Energy Vault Holdings, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated revenue of $8.5 million for the quarter, a substantial increase of 124% compared to $3.8 million in the same period last year. For the first half of 2025, total revenue reached $17.0 million, up from $11.5 million in the prior year, driven primarily by increased sales of energy storage products and the commencement of tolling revenue from the Cross Trails Battery Energy Storage System (BESS), which began commercial operations in May 2025.
Despite the revenue growth, Energy Vault reported a net loss of $34.9 million for the second quarter, compared to a loss of $26.2 million in the same quarter of 2024. The increase in losses was attributed to higher operating expenses, which rose to $30.7 million from $28.9 million year-over-year. Notably, general and administrative expenses surged by $3.3 million, reflecting increased personnel costs and professional fees. The provision for credit losses also saw a significant rise, totaling $3.8 million, primarily due to increased allowances related to customer financing receivables.
In terms of strategic developments, Energy Vault has been transitioning its business model to include ownership interests in energy storage assets, moving away from a solely build-and-transfer model. The company completed the acquisition of Stoney Creek BESS Pty Ltd for approximately AUD 4.0 million, enhancing its portfolio of battery energy storage projects in Australia. Additionally, the company entered into a licensing agreement with an infrastructure development firm in India, aimed at accelerating the deployment of its B-Vault technology.
Operationally, Energy Vault reported a backlog of $682.2 million as of June 30, 2025, an increase from $433.9 million at the end of 2024, indicating a robust pipeline of future projects. The developed pipeline also grew to $2.4 billion, reflecting the company's ongoing efforts to secure new contracts. However, the company faces challenges, including the impact of tariffs on imported components, which have affected project timelines and costs. Energy Vault is actively exploring alternative sourcing options to mitigate these risks.
Looking ahead, Energy Vault anticipates continued revenue growth as it executes on its backlog and expands its market presence. The company expects its first two owned projects to begin generating revenue in 2025, contributing to its long-term financial stability. However, management cautioned that achieving profitability remains uncertain, given the ongoing investments in growth and the competitive landscape of the energy storage market.
About Energy Vault Holdings, Inc.
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