Energy Vault Q1 revenue up 10% to $8.5M; backlog hits $648M

Energy Vault Holdings, Inc.

2025-Q1 EPS reported -$0.14 revenue$8,534,000

GAAP gross margin more than doubled to 57.1% from 26.7% YoY, driven by India license revenue.
Net loss flat at $21.1M; Adjusted EBITDA loss improved 22% to $11.3M from $14.5M.
Cash rose 57% QoQ to $47.2M, aided by Calistoga project financing.
Contract backlog reached $648M, up 49% YTD; Cross Trails project generating revenue ahead of commercial ops.

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