Energy Vault Reports 156% Revenue Growth to $21.9 Million, Net Loss Widens to $32.5 Million

Energy Vault Holdings, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2026. The company generated revenue of $21.9 million, a substantial increase of 156% compared to $8.5 million in the same period last year. This growth was primarily driven by a $14.8 million rise in sales of energy storage products, attributed to progress on Australian engineering, procurement, and construction (EPC) projects, alongside a $1.5 million increase in tolling and power purchase agreement (PPA) revenue. However, the company experienced a decrease in intellectual property licensing revenue, which fell by $3.2 million.

Despite the revenue increase, Energy Vault reported a net loss of $32.5 million for the quarter, widening from a loss of $21.2 million in the prior year. The loss was influenced by rising operating expenses, which totaled $29.0 million, up from $25.8 million a year earlier. Notably, general and administrative expenses surged by $3.7 million, reflecting higher legal and professional fees, project development costs, and other operational expenses. The gross profit margin also declined to 21.9% from 57.1% year-over-year, primarily due to the lower contribution from high-margin IP licensing.

Operationally, Energy Vault's backlog stood at $1.3 billion as of March 31, 2026, with a developed pipeline valued at $3.5 billion, indicating a robust future revenue potential. The company continues to focus on expanding its geographic footprint and enhancing its project portfolio, including the acquisition of rights to the McMurtre Battery Energy Storage System project in Texas and a binding agreement to acquire a development portfolio in Japan. These strategic moves are part of Energy Vault's broader strategy to build, own, and operate energy storage assets.

The company’s cash position showed improvement, with cash, cash equivalents, and restricted cash totaling $117.1 million, up from $103.4 million at the end of 2025. This increase was bolstered by $150 million in gross proceeds from the issuance of Senior Convertible Notes, although it was partially offset by significant debt repayments. Energy Vault's management believes that its current cash reserves will be sufficient to fund operations and meet obligations for at least the next twelve months, despite ongoing operating losses. Looking ahead, the company remains focused on leveraging its backlog and pipeline to drive future growth while navigating the challenges posed by market conditions and regulatory changes.