Energy Vault Holdings, Inc. reported revenue of $203.7 million for the fiscal year ended December 31, 2025, a significant increase of $157.5 million compared to $46.2 million in 2024. This growth was primarily driven by a $151.6 million increase in energy storage product sales due to the ramp-up of EPC projects in Australia and the completed delivery of equipment under an EEQ contract in the U.S. The company also saw a $3.2 million increase in IP licensing revenue following a B-VAULT licensing agreement and $2.3 million in tolling and PPA revenue from the Cross Trails and CRC projects, which both began commercial operations in 2025. Despite the revenue surge, the company experienced a net loss of $103.7 million, although this was an improvement of $32.1 million compared to the $135.8 million net loss in the previous year.
The company's cost of revenue also increased substantially, reaching $155.7 million in 2025, up from $40.0 million in 2024, reflecting the higher volume of energy storage product sales. Operating expenses decreased by $13.8 million, totaling $122.4 million in 2025 compared to $136.2 million in 2024, with notable reductions in research and development and sales and marketing expenses. However, general and administrative expenses increased by $18.2 million, primarily due to higher personnel-related costs and increased legal and professional fees associated with the company's strategic shift toward an Own & Operate business model. The provision for credit losses decreased by $20.6 million, reflecting specific provisions related to a customer financing receivable and a convertible note receivable from DG Fuels.
Strategic developments for Energy Vault in 2025 included the launch of Asset Vault, a majority-owned subsidiary dedicated to developing, building, owning, financing, and operating energy storage system projects, supported by a $300 million preferred equity commitment from Orion Infrastructure Capital. The company also acquired the SOSA Energy Center, a 150 MW / 300 MWh BESS project in Madison County, Texas, and advanced its "Own & Operate" strategy by placing the Cross Trails Battery Energy Storage System in Texas and the Calistoga Resiliency Center in California into commercial operation. In February 2026, Energy Vault and its Australian development partner were awarded a 14-year Long-Term Energy Service Agreement for the Ebor Battery Energy Storage System project in New South Wales, Australia.
Key operational developments included the execution of a definitive supply agreement with Peak Energy securing 1.5 gigawatt-hours of U.S. manufactured sodium-ion battery systems and a strategic framework agreement with Crusoe to pursue modular data center projects, with phased deployments expected to begin in 2026. As of December 31, 2025, the company employed 142 full-time and six part-time employees across six countries. The company's backlog totaled $1.3 billion, and its developed pipeline totaled $2.4 billion, indicating potential future revenue growth. The company's financial position included cash and cash equivalents of $58.3 million and restricted cash of $45.2 million. In February 2026, the company closed an upsized offering of $140.0 million of its 5.250% Senior Convertible Notes due 2031 in a private placement.
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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