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Energy Vault Reports First Quarter 2026 Financial Results and Reaffirms 2026 Guidance

NRGV
  • Q1 2026 global MW under management surged to 1.1 GW, a 500%+ year-over-year increase & 140% sequential rise
  • Year-to-date backlog reached $1.35 billion, up 108% year-over-year with over 80% being high-margin recurring IPP revenue
  • Q1 2026 revenue totaled $21.9 million, a 156% year-over-year increase
  • Q1 2026 GAAP gross profit was $4.8 million while adjusted gross profit rose 25% year-over-year to $6.1 million
  • Cash on balance sheet increased for the fifth consecutive quarter to $117 million
  • Added 100 MW of Powered Land & Powered Shell projects for AI data centers, expected to yield over $65 million in annual recurring EBITDA within 12-18 months
  • Entered Japan market via acquisition of an 850 MW BESS IPP portfolio, with 350 MW advanced-stage projects expected to close in Q2 2026
  • "Own & Operate" portfolio now exceeds 1 GW, expected to generate over $180 million in annual recurring run rate EBITDA
  • Reaffirmed full-year 2026 guidance targeting $225-$300 million revenue & $150-$200 million year-end cash
  • Completed $150 million Senior Convertible Notes offering in February 2026 to repay higher-cost debt & implement capped calls
  • Sold $12 million in investment tax credits from Cross Trails BESS, with ~$40 million total proceeds expected from three transfers
  • GAAP net loss widened to $32.5 million due to higher depreciation, interest expense, & non-recurring debt extinguishment costs
  • Adjusted EBITDA loss was $13.6 million, reflecting development expenses & new personnel for the AI power infrastructure strategy