Why it matters: Energy Vault's earnings release shows a company betting that most of this year's sales and a much bigger 2027 will come from energy storage and power projects for utilities and AI data centers, even as it posted a $28.2 million quarterly loss.
Energy Vault (NRGV), which builds and runs battery storage, power generation and other energy projects for utilities and data centers, said on Nov. 10, 2026 that third-quarter revenue fell 61% from a year earlier to $13.1 million, according to its earnings release filed with the SEC. A year earlier it reported $33.3 million. The company said the drop was in line with its plans for when projects would be delivered.
Energy Vault posted a net loss of $28.2 million, or 17 cents a share, compared with a loss of $26.8 million, or 16 cents a share, a year earlier. Gross profit was $9.3 million, helped by $4.3 million of tariff refunds. The company said its gross margin was 71.0%, or 37.9% without the refunds.
The company said its backlog of contracted and optioned work reached $2.3 billion as of Nov. 10, up 147% from a year earlier, made up of about $800 million of projects it builds and hands over to customers and $1.5 billion of projects it plans to own and operate. Cash, cash equivalents and restricted cash rose to $236 million at the end of September from $148 million three months earlier.
During the quarter, Energy Vault said, it bought 2.3 gigawatts of U.S. battery storage projects in development from Goshe Energy Storage, secured financing for 275 megawatts of Rolls-Royce engine generators, and won formal grid connection approval last week for its 125-megawatt Stoney Creek battery project in Australia. It said it also began deliveries in the fourth quarter to a 1.25-gigawatt power and storage project supporting AI computing in Texas.
"Our backlog reached $2.3 billion as of November 10th, third quarter total cash increased almost 3x year-over-year," CEO Robert Piconi said in the release.
Energy Vault said it still expects full-year 2026 revenue of $290 million to $310 million, which would require most of this year's sales to land in the fourth quarter, and gave preliminary 2027 guidance of $600 million to $700 million in revenue, according to the Form 8-K and its attached release.
Not investment advice.
Sources
- Energy Vault: third-quarter 2026 results, Form 8-K Exhibit 99.1, SEC EDGAR, Nov. 10, 2026
- Energy Vault: Form 8-K (Item 2.02), SEC EDGAR, Nov. 10, 2026
How we checked this: We read Energy Vault's third-quarter 2026 earnings release and the Form 8-K it was furnished with, both filed with the SEC on Nov. 10, 2026 and saved at about 5:26 PM ET on Nov. 11, and checked every figure against the release text and tables. The photo was checked against its Wikimedia Commons file page.
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