Energy Vault Q4 revenue $153.3M, turns positive Adjusted EBITDA; FY revenue $203.7M, backlog $1.3B

Energy Vault Holdings, Inc.

Q4 2025 revenue $153.3M (up from $33.5M YoY); FY 2025 revenue $203.7M (+340% YoY).
Q4 2025 Adjusted EBITDA positive $9.8M (vs. loss of $13.4M prior year); FY loss improved to $21.2M.
Contract revenue backlog hits $1.3B, up 42% sequentially and +300% YoY.
Cash at Dec 31, 2025: $103.4M, up 67% sequentially and +300% YoY.
FY 2026 guidance: revenue $225-300M (+30% growth midpoint); gross margin 15-25%; cash target $150-200M.

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