Energy Vault Holdings Earnings Call Transcripts
Fiscal Year 2026
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The meeting confirmed a quorum and proceeded with the election of three directors and the ratification of the auditor. All proposals passed by the required majority, and no questions were raised by stockholders during the session.
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Backlog more than doubled to $1.35B with over 1 GW under management, driven by AI infrastructure and global expansion. Q1 revenue rose 156% year-over-year, and 2026 guidance was reaffirmed with strong recurring EBITDA growth expected as new assets come online.
Fiscal Year 2025
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Revenue grew over 340% year-over-year to $203.7M, with gross margin rising to 23.6% and positive Q4 adjusted EBITDA. Contracted backlog tripled to $1.3B, and the Asset Vault platform now has 540 MW contracted, supporting strong 2026 growth outlook.
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Q3 2025 saw a 27X revenue increase year-over-year, driven by strong project execution and the launch of Asset Vault. Backlog doubled to $920 million, with new financings and acquisitions supporting future growth. Full-year revenue is guided at $200–$250 million.
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Asset Vault was launched as a non-dilutive investment platform to accelerate energy storage asset ownership, targeting $100M–$150M recurring EBITDA by 2029. The company quadrupled its contract backlog to $1B, secured $375M in equity, and is leveraging partnerships and a robust pipeline to scale rapidly, focusing on high-margin, long-term contracted assets.
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Secured a $300 million preferred equity investment to fund over $1 billion in energy storage projects, boosting a 47% quarter-over-quarter backlog increase and setting up recurring EBITDA streams. Q2 revenue rose 126% year-over-year, with strong margin and cash improvements.
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Revenue grew 10% year-over-year to $8.5 million, with gross margin surging to 57.1% and adjusted EBITDA loss narrowing 22%. Strong backlog growth, successful project financings, and a robust owned asset pipeline support reiterated 2025 guidance and long-term recurring EBITDA targets.
Fiscal Year 2024
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2024 saw a strategic pivot to long-term asset ownership, driving a 90% increase in bookings and a $660M backlog, though revenue fell below guidance due to project timing and asset retention. Gross margin improved to 13.4%, and 2025 guidance is $200M–$300M, with margin expansion expected.
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Revenue backlog rose 33% to $350M, with a strategic shift to owning and operating storage assets for long-term, high-margin recurring revenue. Q3 gross margin hit 40.3% on lower revenue, and annual guidance was reaffirmed, with a strong Q4 ramp expected.
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Q2 2024 saw lower revenue but sharply higher gross margins and improved EBITDA, with a strong cash position and no debt. New project wins in Australia, Italy, and Brazil, plus a growing backlog and pipeline, support reaffirmed full-year guidance and a shift toward recurring revenue streams.