NYSE$NRGV
Energy Vault Holdings Inc · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Energy Vault reported Q4 2025 revenue of $153.3M with positive adjusted EBITDA of $9.8M.
Q4 revenue surged to $153.3M from $33.5M on Australia/U.S. project execution and initial Asset Vault contributions. GAAP gross margin was 20.6%; GAAP net loss improved to $20.7M from $61.8M. Adjusted EBITDA turned positive at $9.8M and adjusted net income was $3.7M. Contract backlog reached $1.3B (+42% sequentially). Cash totaled $103.4M (+67% vs Q3).
- Q4 revenue $153.3M; FY2025 revenue $203.7M (+340% YoY).
- Q4 adjusted EBITDA $9.8M vs -$13.4M prior year.
- Contract backlog $1.3B (+42% QoQ, +300% YoY).
- 540 MW contracted/in construction vs 65 MW a year ago.
- Cash $103.4M; $150M convertible notes closed Feb 2026.
Headline financials
Revenue & EPS history
Energy Vault · Revenue · Quarterly
$153M
Revenue by segment
Energy Vault · $21.9M total across 5 segments · Q1 2026
- Sale of Energy Storage Products$19.7M—90.1%
- Tolling and PPA Revenue$1.53M—7.0%
- Operation and Maintenance Services$444K—2.0%
- Software Licensing$182K—0.8%
- IP Licensing$15K—0.1%
Forward guidance
For 2026, Energy Vault guides revenue of $225–300M, gross margin 15–25%, year-end cash $150–200M, plus $75–100M internal Asset Vault integration work (cash margin ~15%, not in GAAP revenue).
Tailwinds
- 2026 revenue guide $225–300M (~30% growth at midpoint).
- Asset Vault path to $100–150M recurring Adj. EBITDA by 2029.
- AI digital infrastructure partnerships (Crusoe, Peak Energy).
- Q4 adjusted net income turned positive.
Headwinds
- GAAP net loss still $20.7M in Q4.
- Lower 2026 gross margin guide vs 23.6% in FY2025.
- Project timing and financing execution risks.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2025
+1.0%
Avg return
Earnings day
-4.2%
Avg return
5 days after
-1.7%
Avg return
30 days after
59%
13 / 22 earnings
Positive
+25.5%
Q4 2021
Best reaction
-30.6%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -14.4% | -13.7% | -30.7% | |
| Q4 2025 | +7.7% | -2.0% | +2.9% | |
| Q3 2025 | +20.6% | -12.7% | +52.7% | |
| Q2 2025 | +2.9% | +4.3% | +47.9% | |
| Q1 2025 | +7.0% | -16.9% | -15.9% | |
| Q4 2024 | -21.0% | -16.4% | -42.6% | |
| Q3 2024 | -30.6% | -29.1% | -7.8% | |
| Q2 2024 | -17.1% | -21.9% | -13.0% | |
| Q1 2024 | -13.7% | -20.1% | -17.3% | |
| Q4 2023 | -3.1% | -16.3% | -35.7% | |
| Q3 2023 | +24.7% | -1.7% | +1.3% | |
| Q2 2023 | +3.6% | +2.3% | -7.1% | |
| Q1 2023 | +9.3% | +13.4% | +59.3% | |
| Q4 2022 | -6.6% | -14.6% | -44.0% | |
| Q3 2022 | +23.9% | +18.9% | -3.1% | |
| Q2 2022 | +0.4% | +12.8% | +0.7% | |
| Q1 2022 | +1.4% | +11.2% | -11.3% | |
| Q4 2021 | +25.5% | +7.9% | +23.4% | |
| Q3 2021 | -0.1% | -0.1% | -0.9% | |
| Q2 2021 | -0.2% | -0.1% | +2.0% | |
| Q4 2020 | +0.5% | +0.5% | +1.6% | |
| Q1 2021 | +0.9% | +1.0% | +1.0% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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