Energy Vault Holdings Earnings Call Transcripts
Fiscal Year 2026
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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.