Energy Vault Holdings, Inc. (NRGV) Earnings
Energy Vault Holdings, Inc. is expected to report next earnings on November 9, 2026 (in NaN days), with a consensus EPS estimate of $-0.16. NRGV has beaten EPS estimates in 2 of its last 10 reported quarters (average surprise -102.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 11, 2026 | $-0.14 | $-0.17 | -17.8% | $17M | +22.0% |
| May 5, 2026 | $-0.15 | $-0.20 | -33.3% | $22M | +5.6% |
| Mar 17, 2026 | $-0.05 | $-0.13 | -143.8% | $153M | +322.4% |
| Aug 7, 2025 | $-0.07 | $-0.22 | -214.3% | $9M | -82.6% |
| Mar 17, 2025 | $-0.14 | $-0.35 | -150.0% | $33M | -21.3% |
| Mar 12, 2024 | $-0.10 | $-0.15 | -50.0% | $118M | -22.0% |
| Mar 7, 2023 | $-0.08 | $-0.17 | -112.5% | $100M | +368.1% |
| Nov 14, 2022 | $-0.10 | $-0.21 | -110.0% | $2M | -78.4% |
| May 16, 2022 | $0.02 | $0.15 | +749.9% | $43M | +230.5% |
| Feb 10, 2022 | $-11.55 | $-0.50 | +95.7% | — | — |
| Aug 13, 2021 | — | $0.12 | — | — | — |
| May 24, 2021 | — | $-0.22 | — | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 11, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Strategic Positioning & Backlog Growth - Total backlog grew 40% quarter-over-quarter to $2 billion, more than doubling year-over-year, with 40% of the backlog expected to convert to revenue over the next 12-18 months, providing strong visibility for 2026 and 2027. - The company has successfully captured growing demand from AI compute and hyperscale data center infrastructure, highlighted by the recently signed 1.25 gigawatt behind-the-meter integrated power generation and storage agreement, the largest contract in company history. ### Operational Execution & Financial Performance - Q2 2026 revenue hit $17.4 million, up 104% year-over-year, driven by strong execution on Australian projects. - GAAP gross margin reached 31% (up 140 bps YoY), while adjusted gross margin (excluding non-cash depreciation on owned assets) hit 38.6%, up 900 bps year-over-year, demonstrating profitable scalable growth. - Cash and cash equivalents (including restricted cash) grew 26% quarter-over-quarter to $148 million, marking the sixth consecutive quarter of increasing cash balances. ### Leadership & Capital Strategy Updates - Added experienced leadership to support scaling: Nitin Dahiya (new CFO from BlackRock) and Cory Magnuson (President of Asset Vault) bring deep capital markets, structured finance, and project finance expertise to optimize capital structure and reduce cost of capital. - The company prioritizes project-level financing (including tax equity) and only uses corporate capital for projects that meet clear return thresholds, maintaining a disciplined approach to capital allocation as the opportunity set expands. ### Key Active Project Updates - Calistoga Resiliency Center (California, U.S.) and CrossTrails are operating as planned, with >99% availability, meeting contractual obligations. - Construction is active on the 200 megawatt ASIN battery project in Australia, with final grid sign-off (R2 milestone) pending; Stony Creek (Australia) and the Snyder, Texas AI campus ( Crusoe Energy project, initial 8 megawatts expandable to 500 megawatts) are also active construction sites. - Mesa del Sol (New Mexico, U.S.) 75 megawatt first phase remains on track to start construction in Q1 2027, with long-term expansion rights to 1 gigawatt, and ongoing advanced discussions with hyperscaler offtakers.
Guidance
- Full year 2026 revenue guidance was increased to $270-$310 million, from the prior range of $225-$300 million, reflecting stronger commercial execution and improved contract timeline visibility; the vast majority of second half 2026 revenue is expected to be recognized in Q4 2026. - Full year 2026 GAAP gross margin guidance was narrowed and raised to 20-25%, from the prior range of 15-25%, reflecting stronger than expected margin performance in the first half of the year. - Full year 2026 year-end cash guidance was maintained and narrowed to the upper end of the prior range at $160-$200 million, from the prior range of $150-$200 million. - Management expects total backlog to grow to nearly $3 billion by the end of 2026 even after expected Q4 2026 revenue recognition, with an increasing share of backlog allocated to recurring revenue build-own-operate projects. - Management will provide formal 2027 guidance during the November 2026 earnings call.
Segment performance
Energy Vault reports two core business segments with the following performance: 1. Build and Transfer: This segment holds $800 million of the total $2 billion backlog, accounting for 40% of total backlog. It supports near-term revenue conversion and cash generation over the next 12-18 months, with gross margins within the 20-25% 2026 guided range. Q2 2026 revenue for the overall company doubled year-over-year to $17.4 million, with Build and Transfer projects (primarily in Australia) driving this growth. 2. Build, Own and Operate: This segment holds $1.2 billion of the total $2 billion backlog, accounting for 60% of total backlog. It generates long-term recurring revenue over 7-15 year contract terms, with gross margins of 70-80%. The current 1.1 gigawatt portfolio of operating/under construction/ready-to-build projects supports $180 million in annualized recurring EBITDA, with a long-term target of ~5 gigawatts online and $2 billion annualized recurring EBITDA by 2030.
Risks & headwinds
- Quarterly revenue recognition can be uneven due to project milestone accounting and timing, with most full year second half revenue concentrated in Q4 2026, creating potential for volatility if project completion is delayed. - Grid interconnection delays and infrastructure bottlenecks create near-term demand for behind-the-meter speed-to-power solutions, but broader macro and regulatory constraints on data center development (such as the Texas data center moratorium) could impact future project pipeline if similar restrictions are adopted in other key markets. - Scaling the build-own-operate portfolio requires significant capital, and failure to secure attractive project-level financing on terms that meet return thresholds could pressure corporate returns and balance sheet health. - All forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from guidance, as outlined in the company's SEC filings.
Analyst Q&A
Q: What is the 2026/2027 revenue split for the 1.25 gigawatt hyperscaler agreement, and what margin profile can be expected for this deal and future projects in advanced discussion? /
A: A portion of the total $500-$600 million contract revenue will be recognized in Q4 2026, while the majority of revenue will be recognized in 2027. The contract's margin profile is consistent with the 20-25% 2026 guided gross margin range, and management expects this margin profile to hold for this project into 2027, supporting the raised guidance range.
Q: Where does management expect the highest incremental recurring EBITDA growth and backlog expansion to come from over the next several years, among traditional energy storage assets, powered land projects, and AI infrastructure deployments? /
A: The core strategy of building, owning, and operating long-term recurring revenue assets remains unchanged. The largest incremental growth will come from powered land solutions and modular behind-the-meter AI data center solutions, which the company will own and operate. While near-term build and transfer activity has grown to support near-term cash flow, the long-term priority remains selectively investing in high-return recurring revenue projects aligned with market demand.
Q: How has the recent Texas data center moratorium impacted the 1.25 gigawatt project and Energy Vault's broader business, and what explains the shift in mix between powered land and other opportunity segments in the long-term outlook? /
A: The Texas moratorium has already been fully incorporated into existing project planning and guidance. The 1.25 gigawatt project is a behind-the-meter solution that does not rely on new grid interconnection, so it is unaffected by the moratorium. The mix shift between powered land and powered shell/modular data center opportunities reflects faster growing demand for smaller, modular, speed-to-power deployments rather than a reduction in total overall opportunity, with the shift also driven by growing demand for integrated battery storage solutions paired with generation for AI customers.
Q: What is the financing status of key near-term build-own-operate projects like SOSA and Stony Creek, and how are existing operating projects performing? /
A: Financing for both SOSA (U.S.) and Stony Creek (Australia) is well underway and progressing in line with expectations; Stony Creek already has a 14-year sovereign offtake agreement with the New South Wales government, and final financing for the project is in late stages. Existing operating projects (Calistoga Resiliency Center and CrossTrails) are both performing well, with availability above 99% year-to-date, meeting all contractual requirements.