Energy Vault Q1 revenue $21.9M (+156% YoY); backlog $1.35B; MW under management surges to 1.1 GW

Energy Vault Holdings, Inc.

Revenue $21.9M (up 156% YoY), GAAP gross profit $4.8M; adjusted gross profit $6.1M (+25% YoY).
MW under management rose 140% sequentially to 1.1 GW; 1.35B backlog, 80%+ recurring IPP revenue.
Entered Japan with 850 MW BESS portfolio acquisition (350 MW advanced stage), expected Q2 2026 close.
Reaffirmed FY2026 guidance: revenue $225-$300M, cash target $150-$200M at year-end.
Own & Operate portfolio exceeds 1 GW, expected to generate $180M+ annual recurring EBITDA ahead of prior guidance.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Energy Vault Holdings, Inc. reported the quarter ended March 31, 2026 results: revenue $21.9 million, net income GAAP Net Loss of $32.5 million. Guidance reaffirmed.

Period: the quarter ended March 31, 2026
Revenue: $21.9 million
Net income: GAAP Net Loss of $32.5 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

and 140% sequentially Year to Date 2026 backlog reached $1.35 billion, up 108% year-over-year, of which 80%+ is recurring, high margin IPP revenue Q1 2026 Revenue of $21.9 million, up 156% year-over-year Q1 2026 GAAP Gross Profit of $4.8 million and Adjusted Gross Profit of $6.1 million (up 25% year-over-year) Achieved fifth consecutive quarterly increase

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Energy Vault Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001828536-26-000038

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