Energy Vault Holdings, Inc.

Revenue in Q2 2026 was $17.4 million versus $8.5 million in the prior-year period, up 104%. GAAP gross profit was $5.4 million versus $2.5 million a year ago, up 116%, and GAAP gross margin was 31%, up 140 basis points year over year. GAAP EPS was a loss of $0.17 versus a loss of $0.22 last year; GAAP net loss was $29.7 million versus $34.9 million. Adjusted EBITDA was a loss of $17 million versus a loss of $13.6 million. Cash and cash equivalents, including restricted cash, were $148 million at June 30. Backlog was about $2 billion as of August 10, more than doubling versus a year ago, with about 60% tied to owned-and-operated projects and 40% to third-party projects. For full-year 2026, revenue guidance was raised to $270 million-$310 million from $225 million-$300 million, GAAP gross margin was narrowed to 20%-25% from 15%-25%, and year-end cash is targeted at $160 million-$200 million. Management said a vast majority of second-half revenue should be recognized in Q4.

Robert Piconi framed the quarter as evidence that the company’s strategy is translating into stronger growth, higher margins, more cash, and better visibility. He emphasized execution across both build-and-transfer and build-own-operate models, especially around AI compute infrastructure and “speed to power” offerings. His tone was upbeat and confident, but he repeatedly stressed selectivity, disciplined capital allocation, and focus on the largest, most attractive opportunities.

Nitin Dahiya highlighted the quarter’s financial improvement, citing $17.4 million of revenue, $5.4 million of GAAP gross profit, 31% GAAP gross margin, and a $29.7 million GAAP net loss. He noted adjusted operating expenses of $23.7 million, reflecting commercial support, project development, and legal costs tied to scaling owned-and-operated and AI infrastructure platforms. He also pointed to $148 million of cash and restricted cash at June 30, said project-level financing and tax equity will be used extensively, and reiterated a disciplined approach to corporate capital. He raised 2026 revenue guidance to $270 million-$310 million, narrowed gross margin guidance to 20%-25%, and set year-end cash guidance at $160 million-$200 million.

Analysts focused on the 1.25 GW hyperscaler agreement, asking about the split of the expected $500 million-$600 million of revenue between 2026 and 2027, the margin profile, and how repeatable the platform is. Management said some revenue will land in Q4 2026 but the majority will be in 2027, and that margins should stay within the 20%-25% range. Questions also covered demand mix shifts, Texas data-center moratorium implications, financing for projects like Sosa and Stoney Creek, and liquidity; management said the Texas issue was already reflected in planning, financing is progressing on the named projects, and ITCs and AR facilities are being used as part of normal working-capital management.