Energy Vault Q3 revenue $13.1M (-61% YoY), net loss $28.2M; backlog $2.3B, affirms 2026 revenue $290-310M

Energy Vault Holdings, Inc.

Q3 revenue $13.1M, down $20.3M or 61% YoY and in line with consensus; GAAP net loss $28.2M, EPS $(0.17); adjusted net loss $22.9M, $(0.14)/sh; adjusted EBITDA loss $14.7M vs $6.0M prior-year.
GAAP gross margin 71.0% and adjusted 81.1%, boosted by $4.3M tariff refunds; excluding refunds, margins were 37.9% and 48.0%, respectively.
Backlog $2.3B as of Nov 10, up 15% sequentially and 147% YoY, split ~$800M Build and Transfer and ~$1.5B Build, Own & Operate.
Cash $236M, up $88M QoQ and $174M YoY; corporate recourse debt fell $12M. FY2026 revenue affirmed $290–310M, gross margin 20–22%, year-end cash $170–200M.
Preliminary FY2027 revenue $600–700M, adjusted EBITDA $40–50M; closed Goshe 2.3GW BESS buy incl 350MW ready-to-build; Stoney Creek 125MW/1GWh grid approval; S2G $40M credit commitment.

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