Energy Vault Q2 Earnings Call Highlights

Revenue and backlog surged: Second-quarter revenue more than doubled year over year to $17.4 million, while backlog increased to approximately $2 billion. Energy Vault expects year-end backlog to approach $3 billion.

2026 outlook was raised: The company increased its full-year revenue guidance to $270 million–$310 million and lifted its year-end cash target to $160 million–$200 million.

AI infrastructure is becoming a major growth driver: Energy Vault announced a more-than-$500 million, 1.25-gigawatt behind-the-meter power and storage agreement for hyperscale data centers, with most revenue expected in 2027.

Energy Vault NYSE: NRGV reported second-quarter 2026 revenue of $17.4 million, up 104% from $8.5 million a year earlier, as progress on Australian projects supported results. The energy-storage and power-infrastructure company also raised its full-year revenue outlook, citing stronger commercial execution and improved visibility into contract timelines. Chief Executive Officer Robert Piconi said the quarter reflected both operational delivery and the company’s effort to capture demand tied to AI computing infrastructure. He pointed to a $650 million sequential increase in backlog to roughly $2 billion, representing a 40% increase from the prior quarter and more than double the year-earlier level.

“The strategy we have been describing is now in full translation mode into some of the results we have just seen,” Piconi said, citing stronger growth, higher margins, increased cash and greater revenue visibility.

GAAP gross profit rose 116% year over year to $5.4 million, while GAAP gross margin increased to 31% from the prior-year period. Adjusted gross margin, excluding depreciation and amortization related to owned and operated projects, increased by nearly 900 basis points year over year.

Chief Financial Officer Nitin Dahiya, who joined the company last month, said the margin performance showed that growth was not solely volume-driven. He attributed the results to project mix and execution. Adjusted operating expenses increased to $23.7 million from $16.2 million a year ago, primarily due to commercial support, project development and legal expenses associated with expanding Energy Vault’s owned-and-operated assets and AI infrastructure platform. GAAP net loss narrowed to $29.7 million, or 17 cents per share, from $34.9 million, or 22 cents per share, in the year-ago quarter. Adjusted EBITDA was a loss of $17 million, compared with a loss of $13.6 million a year earlier, as higher operating expenses partly offset the increase in gross profit.

As of Aug. 10, Energy Vault’s backlog stood at approximately $2 billion. About 40% of the backlog, or roughly $700 million, relates to build-and-transfer projects intended to support revenue conversion over the next 12 to 18 months. The company also cited about $500 million of build-and-transfer projects in advanced contract negotiations. The remaining 60% of backlog, or about $1.3 billion, is tied to build-own-operate projects. Piconi said these projects have revenue streams lasting roughly seven to 15 years and are expected to provide long-term recurring earnings. He said the company’s 1.1-gigawatt portfolio under its control is expected to translate into approximately $180 million of annualized EBITDA as projects come online. The company said it expects year-end backlog to approach $3 billion, even after anticip...