Energy Vault (NYSE:NRGV) reported fourth-quarter and full-year 2025 results highlighting sharp year-over-year revenue growth, improved gross margins, and a return to positive adjusted EBITDA in the fourth quarter, as management emphasized progress in its “Asset Vault” strategy to own and operate energy storage assets. Executives also discussed expanding contracted capacity, strengthening liquidity through multiple financing actions, and early activity in modular AI data center infrastructure.
Backlog growth and contracted capacity expand
Chairman and CEO Robert Piconi said the company’s contract backlog rose 42% sequentially and has increased “4-5x” over the past four to five quarters, which he tied to the company’s shift toward owning and operating projects. CFO Michael Beer reported revenue backlog of $1.3 billion as of Dec. 31, 2025, representing 3x growth versus the prior year.
Q4 and full-year results: revenue surge, margin improvement, Q4 adjusted EBITDA turns positive
Beer reported Q4 revenue of $153.3 million, up from $33.5 million in the prior-year quarter, driven by project execution in Australia with ACEN and in the U.S. with Consumers Energy, along with initial contributions from the Asset Vault portfolio including projects in Calistoga and Cross Trails.
For the full year, Energy Vault posted 2025 revenue of $203.7 million, which Beer said represented over 340% growth year-over-year and landed within previously issued guidance. Beer attributed the increase primarily to the ramp in energy storage solutions in Australia and the U.S., plus the commencement of operations from the first Asset Vault assets.
Profitability metrics improved as well:
- Q4 GAAP gross profit: $31.6 million vs. $2.6 million prior year; gross margin: 20.6% vs. 7.8%.
- Full-year GAAP gross profit: $48.0 million, nearly eight-fold versus the prior year; gross margin: 23.6% vs. 13.4% in 2024.
- Q4 adjusted EBITDA: positive $9.8 million vs. a loss of $13.4 million.
- Full-year adjusted EBITDA: loss of $21.2 million vs. a loss of $58.0 million in 2024.
- Q4 adjusted net income: positive $3.7 million vs. a loss of $25.0 million.
Piconi said the company delivered improved unit economics, pointing to the gross margin increase and emphasizing execution, supply chain management, and cost discipline. He also noted the company reduced operating expenses in June amid market uncertainty.
Liquidity and financing: cash rises to $103.4 million, convertible notes and preferred equity support growth
Beer said total cash at Dec. 31, 2025 was $103.4 million, more than triple the prior year and up 67% sequentially from Q3, ending above prior guidance. Management described several steps taken to increase liquidity and support funding needs tied to the Asset Vault strategy.
In February 2026, the company completed a $150 million convertible senior notes offering, upsized from $125 million. Beer said a portion of proceeds was used to repay $45 million in higher-cost principal debt. The company also implemented a capped call with an implied conversion price of $8.12 per share.
Separately, the company previously closed a $300 million preferred equity agreement with OIC to support the Asset Vault own-and-operate platform. Piconi described the preferred equity as non-dilutive and said it enables approximately $1.0 billion to $1.2 billion of total CapEx to build projects the company plans to own and operate.
Asset Vault development pipeline and project updates
Beer said the company expanded its Asset Vault portfolio with the acquisition of the 150 MW SOSA Battery Storage project in Texas, calling it the fourth project in the platform. He added the company expects to complete project financing for SOSA in Q2 2026. In the Q&A, management cited $125 million to $150 million in total project cost for SOSA, and suggested assuming about 40% leverage at the project level, along with an anticipated 40% gross ITC in the U.S.
In Australia, Energy Vault’s development partner Bridge Energy was awarded a 14-year long-term energy service agreement for the Ebor battery project in New South Wales. Beer described Ebor as a 100 MW / 870 MWh project expected to provide eight hours of dispatchable capacity and to commence operations in 2028, subject to contractual and regulatory approvals. Beer said Energy Vault has an exclusive option to acquire and construct the project using its B-VAULT technology and energy management system, and to own and operate it within Asset Vault.
Management also referenced an agreement in the EU with EU Green Energy to deploy up to 1.8 GWh of battery storage over four years, including a 400 MWh project in Albania, subject to final legislative approval.
Beer said the company’s developed pipeline includes opportunities valued at more than $3 billion associated with 1.8 GW of capacity.
2026 outlook: revenue growth, gross margin range, and higher year-end cash target
For full-year 2026, Beer guided to revenue of $225 million to $300 million, reflecting timing of U.S. battery deliveries, third-party project timelines, full-year contributions from operating Asset Vault assets, and initial contributions from modular AI data center initiatives. The company expects 2026 gross margin of 15% to 25%, compared with 23.6% in 2025.
On liquidity, management is targeting $150 million to $200 million of total cash by the end of 2026, supported by the convertible notes, project-level financing, expected ITC proceeds of approximately $40 million, customer receivables, and project execution work.
In discussion of Asset Vault economics, Beer said Calistoga and Cross Trails are expected to generate $10 million in annualized adjusted EBITDA on a standalone basis. He added Asset Vault Fund 1 is expected to contribute roughly $60 million in recurring adjusted EBITDA once currently identified projects reach operation, with the potential to scale to $100 million to $150 million in recurring adjusted EBITDA by year-end 2029 as additional projects are developed and brought online.
About Energy Vault (NYSE:NRGV)
Energy Vault is a global energy storage technology company specializing in long-duration, gravity-based energy storage solutions. Founded in 2017 and headquartered in Lugano, Switzerland, the firm has developed a modular system that uses large composite blocks and a proprietary crane system to convert excess renewable energy into gravitational potential energy. When energy demand peaks, the system lowers the blocks to generate electricity through regenerative braking, offering a dispatchable, carbon-free alternative to traditional battery storage.
The company’s flagship product line, EVx, integrates advanced materials science, software-driven controls and artificial intelligence to optimize charge and discharge cycles.
