Energy Vault Holdings, Inc. reported significant financial growth in its latest quarterly filing, with revenues reaching $33.3 million for the three months ended September 30, 2025, a substantial increase from $1.2 million in the same period last year. For the nine months ending September 30, 2025, total revenue was $50.4 million, compared to $12.7 million for the same period in 2024. The increase in revenue was primarily driven by a $30.9 million rise in sales of energy storage products, reflecting the ramp-up of the company's engineering, procurement, and construction (EPC) projects in Australia. The company also reported a gross profit of $9.0 million for the quarter, up from $0.5 million a year earlier.
Despite the revenue growth, Energy Vault recorded a net loss of $26.8 million for the third quarter of 2025, slightly higher than the $26.6 million loss reported in the same quarter of 2024. For the nine-month period, the net loss was $82.9 million, compared to $73.9 million in the prior year. The increase in losses was attributed to higher operating expenses, particularly in general and administrative costs, which rose by $4.4 million in the third quarter due to expanded headcount and increased legal fees.
Operationally, Energy Vault has made strategic moves to enhance its market position, including the acquisition of Stoney Creek, which provides project rights for a 125 MW/1,000 MWh battery energy storage system in Australia. The company also established a joint venture with OIC Structured Equity Fund to develop and operate energy storage assets globally, which is expected to generate significant future revenue. As of September 30, 2025, Energy Vault's backlog stood at $919.7 million, indicating strong future revenue potential.
The company has also seen a notable increase in its cash position, with cash and cash equivalents totaling $32.7 million as of September 30, 2025, compared to $27.1 million at the end of 2024. This increase is attributed to successful financing activities, including $117.2 million raised through debt financing and $6.8 million from equity sales. However, Energy Vault continues to face challenges, including the impact of tariffs on imported materials and the need to navigate a competitive and rapidly changing energy storage market. Looking ahead, the company remains focused on expanding its energy storage solutions and leveraging its technology to meet growing demand in the renewable energy sector.
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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