Earnings Releases·Nov 10, 2026, 4:30 PM ET

Energy Vault — Q3 2026 Earnings Summary

Q3 2026 revenue declined 61% year-over-year to $13.1 million, while GAAP gross margin expanded to 71.0% (37.9% excluding tariff refunds) and adjusted gross margin reached 81.1% (48.0% excluding tariff refunds).
Full-year 2026 revenue guidance was affirmed at $290–310 million, with preliminary 2027 guidance set at $600–700 million revenue and $40–50 million adjusted EBITDA.
Contract backlog surged 147% year-over-year to $2.3 billion, driven by the completed acquisition of 2.3 GW of U.S. BESS projects from Goshe Energy Storage and new AI infrastructure deliveries.
Cash and cash equivalents increased 281% year-over-year to $236 million, supporting a reduction in corporate recourse debt and funding for strategic acquisitions.