Energy Vault Q3 revenue falls 61% on project delivery timings
NRGV•Energy Vault’s third-quarter revenue fell 61% year over year to $13.07 million, below the $13.29 million analyst estimate. The company affirmed 2026 revenue guidance of $290 million to $310 million and gave preliminary 2027 revenue guidance of $600 million to $700 million.
1. Quarterly results
Energy Vault said third-quarter revenue fell 61% year over year to $13.07 million, missing the $13.29 million analyst estimate, as planned project delivery timing reduced revenue. Its adjusted loss per share was $0.14, compared with an estimated $0.15, and net loss was $28.16 million.
2. Backlog and outlook
The company’s contract backlog rose 15% sequentially and 147% year over year to $2.3 billion. It completed the acquisition of 2.3 gigawatts of U.S. energy storage projects from Goshe Energy Storage. Energy Vault affirmed 2026 revenue guidance of $290 million to $310 million and gross margin guidance of 20% to 22%; it gave preliminary 2027 revenue guidance of $600 million to $700 million and adjusted EBITDA guidance of $40 million to $50 million.
3. Margin factors
Gross margin benefited from $4.3 million in tariff refunds during the quarter.
