Energy Vault — Q3 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue was $13.1 million, a 61% decrease from $33.3 million in the prior-year period, in line with consensus estimates and planned project delivery timing.
• GAAP gross margin was 71.0% (vs. 27.0% prior year); excluding tariff refunds of $4.3 million, GAAP gross margin was 37.9%.
• Adjusted gross margin was 81.1% (vs. 30.6% prior year); excluding tariff refunds, adjusted gross margin was 48.0%.
• Q3 2026 GAAP net loss was $28.2 million ($0.17 per share), compared to $26.8 million ($0.16 per share) in the prior-year period.
• Q3 2026 adjusted EBITDA was a loss of $14.7 million, compared to a $6.0 million loss in the prior-year period.
• Q3 2026 adjusted net loss was $22.9 million ($0.14 per share).
• Operating expenses were $33.9 million, a 27% increase year-over-year; adjusted operating expenses were $25.2 million, a 56% increase year-over-year.
• Total cash and cash equivalents increased to $236 million, up 59% sequentially and 281% year-over-year.
• Corporate level recourse debt declined $12 million sequentially.

Guidance and Future Outlook:

• Affirmed full-year 2026 revenue guidance of $290–310 million, at the top half of the previous range, supported by expected Q4 project deliveries.
• Expects full-year 2026 gross margin of 20–22%.
• Expects total cash of $170–200 million at the end of 2026 and a reduction in corporate level recourse debt versus Q3 2026.
• Provided preliminary full-year 2027 revenue guidance of $600–700 million and adjusted EBITDA guidance of $40–50 million.

Business Segments and Product Lines:

• Contract backlog reached $2.3 billion as of November 10, 2026, up 147% year-over-year, comprising $800 million of Build and Transfer backlog and $1.5 billion of Build, Own & Operate backlog.
• Completed acquisition of 2.3 GW of U.S. BESS development projects from Goshe Energy Storage, including 350 MW ready to build; 100% of the cash purchase price was paid in Q3 2026.
• Secured a credit facility commitment of up to $40 million from S2G Investments to support the Goshe acquisition.
• Secured non-recourse financing for 275 MW of Rolls-Royce MTU reciprocating engine generation capacity for AI infrastructure.
• Received formal grid interconnection approval for the 125 MW/1 GWh Stoney Creek BESS project in Australia, with multiple project financings underway in the U.S. and Australia.
• Advanced the Digital Vault Sulcis development in Italy following its designation as a project of pre-eminent national strategic interest.
• Started construction of the Snyder AI modular data center project.
• Began deliveries in Q4 to a recently announced 1.25 GW hybrid generation and energy storage project supporting AI compute infrastructure in Texas.

Market and Competitive Landscape:

• The company is expanding its global development pipeline to support grid reliability and next-generation AI and high-performance computing infrastructure.
• Management highlighted the integrated Build, Own & Operate strategy as a driver for long-term growth and recurring EBITDA.

Risks and Challenges:

• Forward-looking statements note risks including changes in strategy, expansion plans, customer opportunities, and the ability to secure funding for operations and growth.
• Risks include the ability to successfully integrate acquired portfolios, develop and finance projects, and obtain necessary permits or interconnection approvals.
• Potential impacts from macroeconomic uncertainty, trade policies, tariffs, and changes in tax laws (including the One Big Beautiful Bill Act and Inflation Reduction Act) are cited.
• Risks also include the possibility that investment in development projects may not achieve commercial operations in predicted timeframes or at all.

Management Commentary and Tone:

• Robert Piconi, Chairman and CEO, stated the company continued advancing its integrated Build, Own & Operate strategy, expanding its pipeline, and strengthening its cash position.
• Management emphasized achieving important financing, acquisition, and development milestones supporting the long-term growth of the owned infrastructure platform.
• The tone reflects confidence in operational execution, capital discipline, and the progression of the development pipeline toward operating assets.

Other Key Points:

• The company completed its second portfolio acquisition of 2026, following a Q2 acquisition from Baywa Renewables.
• Total cash increased by $88 million sequentially and $174 million year-over-year.
• The company hosts a conference call on November 10, 2026, at 4:30 PM ET to discuss results and outlook.
• Non-GAAP financial measures (adjusted gross profit, adjusted operating expenses, adjusted net loss, adjusted EBITDA) are provided alongside GAAP measures, with reconciliations included in the press release.