Business Wire·Nov 10, 2026, 4:05 PM ET

Energy Vault Reports Third Quarter 2026 Financial Results, Affirms Recently Raised Full-Year 2026 Revenue Guidance and Provides Preliminary 2027 Financial Guidance

NRGV

Contract backlog reached $2.3 billion as of November 10, 2026, representing a 15% sequential increase & a 147% year-over-year rise, comprised of $800 million in Build & Transfer backlog & $1.5 billion in Build, Own & Operate backlog.
Third quarter 2026 revenue totaled $13.1 million, aligning with consensus estimates despite a 61% year-over-year decline due to planned delivery timing.
GAAP gross margin for Q3 2026 was 71.0% & adjusted gross margin was 81.1%; excluding tariff refunds, these margins were 37.9% & 48.0%, respectively.
Total cash & cash equivalents increased 59% sequentially & 281% year-over-year to $236 million, while corporate recourse debt declined $12 million sequentially.
Energy Vault completed its second 2026 portfolio acquisition, purchasing 2.3 GW of U.S. BESS development projects from Goshe Energy Storage, including 350 MW ready to build, with the full cash purchase price paid in Q3.
The company received formal grid interconnection approval for the 125 MW/1 GWh Stoney Creek project in Australia & secured non-recourse financing for 275 MW of Rolls-Royce MTU engine capacity.
Full-year 2026 revenue guidance was affirmed at $290–$310 million, positioned at the top half of the prior range, with expected Q4 project deliveries supporting this outlook.
Preliminary guidance for full-year 2027 includes revenue of $600–$700 million & adjusted EBITDA of $40–$50 million.
Q3 2026 GAAP net loss was approximately $28.2 million, while adjusted EBITDA resulted in a loss of $14.7 million.
Strategic developments included designating the Digital Vault Sulcis project in Italy as a national strategic interest & advancing construction on the Snyder AI modular data center project.