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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A new investment platform, Asset Vault, is set to drive rapid growth in energy storage asset ownership, targeting $100–$150 million in recurring EBITDA by 2029. The company is leveraging a scalable, non-dilutive capital structure, expanding its project pipeline, and focusing on high-margin, long-term contracted revenues.
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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, gross margin more than doubled, and adjusted EBITDA loss narrowed 22% as bookings surged in Australia and the U.S. The company reiterated 2025 guidance, with over 80% of revenue already contracted and strong cash growth expected from project financings and ITC sales.
Fiscal Year 2024
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Revenue backlog surged 90% QoQ to $660M, with 2024 revenue at $46.2M and gross margin up to 13.4%. 2025 guidance is $200–$300M, driven by a shift to long-term contracts and margin expansion from lower battery costs.
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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 revenue declined year-over-year due to project timing, but gross margin rose to 27.8% and adjusted EBITDA improved 12%. The company reaffirmed full-year guidance, expanded into Italy and Brazil, and maintains a strong cash position with no debt.