Quarterly ResultMay 5, 2026, 04:19 PM
Energy Vault Q1 Revenue $21.9M; MW Under Mgmt 1.1 GW, Backlog $1.35B
AI Summary
Energy Vault Holdings, Inc. reported strong Q1 2026 financial results, with revenue increasing 156% year-over-year to $21.9 million. The company's global megawatts under management surged to 1.1 GW, and its year-to-date backlog reached $1.35 billion, up 108%. Energy Vault reaffirmed its full-year 2026 guidance and expanded its "Own & Operate" portfolio, including market entry into Japan and projects for AI data center infrastructure, signaling a strategic shift towards recurring, high-margin revenue streams.
Key Highlights
- Q1 2026 Revenue was $21.9 million, a 156% increase year-over-year.
- Global MW under management surged to 1.1 GW, up over 500% year-over-year.
- Year-to-date 2026 backlog reached $1.35 billion, an increase of 108% year-over-year.
- Q1 2026 Adjusted Gross Profit was $6.1 million, up 25% year-over-year.
- Cash and cash equivalents totaled $117 million as of March 31, 2026.
- Entered Japan market with proposed acquisition of an 850 MW battery energy storage portfolio.
- "Own & Operate" portfolio now exceeds 1 GW, expected to generate over $180 million in annual recurring EBITDA.
- Reaffirmed Full Year 2026 revenue guidance of $225–$300 million.