Energy Vault Holdings, Inc. (NRGV)
NYSE:NRGV
Earnings Data
Report Date
May 18, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.1Last Year’s EPS
-0.08Same Quarter Last Year
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and commercial progress: very large YoY revenue growth, sizable backlog expansion ($1.3B) and a rapid increase in contracted capacity to 540 MW, improved gross margins and a positive Q4 adjusted EBITDA and adjusted net income. The company also materially strengthened liquidity with a $300M preferred equity close and a $150M convertible note, and presented clear Asset Vault economics with potential for sizable recurring EBITDA. Key risks remain around earlier tariff-driven disruption, full-year GAAP profitability (still negative), project financing and regulatory timing for several large projects, and a wide margin guidance range for 2026. Overall, the positive growth, margin expansion, backlog and financing achievements materially outweigh the outstanding execution and timing risks.Company Guidance
Large Revenue Ramp and Strong Q4 Finish
Q4 revenue of $153.3M versus $33.5M in the prior year quarter (≈+358% YoY for the quarter); full-year 2025 revenue of $203.7M, representing over +340% YoY growth and within prior guidance.
Meaningful Backlog and Pipeline Growth
Revenue backlog of $1.3B as of Dec 31, 2025 (3x vs prior year) and +42% sequential growth QoQ; developed pipeline of opportunities valued at >$3B associated with ~1.8 GW of capacity.
Rapid Increase in Contracted Megawatts (Asset Vault)
Contracted megawatts grew to 540 MW (includes ~100 MW tied to AI Digital Infrastructure). Management highlighted a large expansion from early 2025 levels (from low double digits of contracted MW to 540 MW) supporting recurring high-margin long-term contracts.
Improved Gross Profit and Margins
Full-year GAAP gross profit reached $48M, nearly 8x prior year; full-year gross margin improved from 13.4% to 23.6% (+10 percentage points YoY). Q4 gross margin was 20.6% vs 7.8% in the prior year quarter.
Adjusted EBITDA & Adjusted Net Income Turn Positive in Q4
Q4 adjusted EBITDA turned positive to $9.8M (prior year quarter loss of $13.4M). Q4 adjusted net income was positive $3.7M versus a $25M loss in the prior year quarter. Full-year adjusted EBITDA loss improved to -$21.2M from -$58M in 2024.
Stronger Liquidity and Financing Milestones
Total cash of $103.4M as of Dec 31, 2025 (more than threefold vs prior year and +67% sequentially). Closed a $300M preferred equity fund (non-dilutive) in Oct 2025 to support Asset Vault and completed a $150M convertible senior notes offering (upsized from $125M) in Feb 2026, with partial proceeds used to repay $45M higher-cost debt.
Asset Vault Traction and Recurring EBITDA Potential
First Asset Vault assets (Calistoga and Cross Trails) are in service and expected to generate ~$10M annualized adjusted EBITDA on a stand-alone basis. Asset Vault Fund 1 is expected to contribute roughly $60M recurring adjusted EBITDA once currently identified projects reach operations, with potential to scale to $100M–$150M by year-end 2029.
AI Digital Infrastructure Wins (Powered Shell/Land)
Partnership with Crusoe includes a 25 MW Powered Shell agreement; management highlighted high per-megawatt EBITDA for Powered Shells ($1.5M–$2.0M per MW), indicating significant margin contribution from this segment as it scales.
Execution Resiliency and Unit Economics
Management emphasized execution capability (design-to-operation, digital twins, shortened commissioning) leading to best-in-class unit economics for an EPC/integration business; gross margins (~23.6%) were cited as ~2x typical market comps (5%–12%).
NRGV Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NRGV Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 17, 2026 | $3.50 | $3.59 | +2.57% |
Nov 10, 2025 | $3.55 | $4.29 | +20.85% |
Aug 07, 2025 | $1.40 | $1.45 | +3.57% |
May 12, 2025 | $1.07 | $1.09 | +1.87% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Energy Vault Holdings, Inc. (NRGV) report earnings?
Energy Vault Holdings, Inc. (NRGV) is schdueled to report earning on May 18, 2026, After Close (Confirmed).
What is Energy Vault Holdings, Inc. (NRGV) earnings time?
Energy Vault Holdings, Inc. (NRGV) earnings time is at May 18, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What is NRGV EPS forecast?
NRGV EPS forecast for the fiscal quarter 2026 (Q1) is -0.1.