Energy Vault Reports Second Quarter 2026 Financial Results and Raises Full-Year 2026 Revenue and Gross Margin Guidance
Contract Backlog expanded
Revenue of
GAAP gross margins of
Global MW under operation, construction and RTB grew ~900 MW y/y to ~1.1 GW, up
Cash grew
Executed contract for 1.25 GW of integrated power, storage and software infrastructure to support hyperscaler contracts in
Raising full-year 2026 revenue guidance to
“The second quarter financial results reflect continued strong execution of our growth plans while achieving record contract bookings growth highlighted by a milestone signing of our largest single contract to date of over half a billion. As a result of the operational and commercial progress achieved in the first half of the year and resulting increase in forward revenue visibility across our backlog, we are raising our full-year 2026 revenue guidance to
We have also made significant progress across each of our strategic growth priorities. In AI infrastructure, we entered into a strategic agreement to deploy 1.25 GW for an AI data center in partnership with a leading power-generation EPC deploying Caterpillar gas engines. In
Underpinning our execution and results is building the financial and organizational capabilities required to support this next phase of growth. The appointments of Nitin Dahiya as Chief Financial Officer and Cory Magnuson as President of Asset Vault add significant capital markets, capital formation and IPP project-financing expertise as we scale our global asset portfolio, accelerate project development in key growth markets, and maintain disciplined capital allocation.
With approximately 1.1 GW now under operation, construction and control with many pending projects to be added, continued strengthening of our balance sheet and cash resources, approximately
Second Quarter 2026 Financial Highlights
-
Backlog reached
~ as of August 10, 2026, up ~$2 billion 107% year-over-year, of which ~40% is expected to convert to revenue over the next 12-18 months and ~60% is from owned and operated projects under operation and construction with long-term offtake agreements -
Q2 2026 revenue of
$17.4 million $8.9 million 104% , from$8.5 million Australia -based BESS projects -
Q2 2026 GAAP gross profit of
$5.4 million $2.9 million 114% , from$2.5 million 31.0% , an increase of approximately 140 basis points from29.6% in the prior-year period -
Q2 2026 adjusted gross margin (excluding non-cash depreciation and amortization for owned and operated projects) was
38.6% , an increase of approximately 900 bps year-over-year, representing a166% increase over Q2 2025 -
Q2 2026 GAAP net loss was
$29.7 million $34.9 million $(0.17) $(0.22) -
Q2 2026 adjusted EBITDA loss was
$17.0 million $13.6 million -
Q2 2026 adjusted net loss was
$24.6 million $18.4 million -
Total cash and cash equivalents, including restricted cash, was
$148 million $31 million $90 million -
Q2 2026 global MW under control of ~1.1 GW, up
476% year-over-year -
Subsequent to quarter-end, received
$15 million ~ YTD$27 million
Operating and Strategic Highlights
-
Announced strategic agreement to deploy 1.25 GW of integrated power infrastructure with a leading power generation EPC for hyperscaler AI data center. The agreement is expected to generate
$500 -600 million -
Broke ground on the
Snyder, Texas powered AI infrastructure campus for Crusoe. Phase 1 is designed to deliver an initial contracted 8 MW of powered shell capacity and is targeted for commercial operation in 1H 2027, with potential expansion to 25 MW in a second phase and planned site capacity expansion of up to 500 MW -
Completed the acquisition of an 850 MW BESS development portfolio in
Japan from a leading domestic energy storage developer in May 2026, including approximately 350 MW of advanced-stage projects expected to reach notice to proceed in the second half of 2027, with commercial operations expected to begin in mid-2028 and 500 MW of early-stage projects supporting longer-term growth -
Expanded commercial activity in
Switzerland through multiple commercial and industrial customer wins, establishing a repeatable platform for broader European power infrastructure growth - Appointed Nitin Dahiya as Chief Financial Officer, adding more than two decades of institutional investment, corporate finance and capital markets experience, including structured financing experience across energy, infrastructure, private credit and specialty finance at BlackRock
- Appointed Cory Magnuson as President of Asset Vault to oversee financing and capital formation across Energy Vault’s global infrastructure portfolio, further strengthening the Company’s IPP financing and project monetization capabilities
Business Outlook
-
Increasing full-year 2026 revenue guidance to
$270 -$310 million $225 -$300 million -
Narrowing full- year 2026 GAAP gross margin guidance to
20% -25% from15% -25% -
Targeting
$160 -$200 million -
Advancing own and operate strategy with global multi-asset class portfolio now ~1.1 GW, expected to generate approximately
$180 million
Conference Call Information
Energy Vault will host a conference call today, August 11, 2026, at 4:30 PM ET to discuss these results and business outlook, followed by a Q&A session. A live webcast of the call can be accessed at https://investors.energyvault.com/events-and-presentations/events. Participants may access the call at 1-877-704-4453, international callers may use 1-201-389-0920 and request to join the Energy Vault earnings call. A telephonic replay of the call will be available shortly after the conclusion of the call and until Tuesday, August 25, 2026. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13761663. An archived replay of the call will also be available on the investors portion of the Energy Vault website at https://investors.energyvault.com/.
About Energy Vault
Energy Vault® is an integrated power infrastructure platform that builds, owns and operates flexible, reliable energy systems to accelerate time-to-power for utilities, independent power producers, industrial customers and the AI and data center market. At the core of its platform is a technology-agnostic, software-enabled architecture that is designed to accelerate project delivery, optimize performance and drive faster time-to-revenue. Energy Vault’s integrated solutions combine energy storage, generation and advanced energy management to deliver scalable infrastructure tailored to customer needs. Its portfolio spans short-, long- and multi-day duration storage, enabling reliability, flexibility and cost efficiency across applications. For utilities and grid operators, Energy Vault provides firm, flexible capacity enhances grid stability and helps to ensure reliable power delivery. For industrial and data center customers, the platform enables resilient, cost-efficient power supply to support critical operations. Through its Build, Own & Operate model, Energy Vault generates long-term, recurring revenues while delivering project execution excellence across development, delivery and operations. By combining innovation with disciplined execution, Energy Vault is redefining how power infrastructure is developed and deployed – delivering reliability, flexibility and scale in a rapidly evolving global energy market. Please visit www.energyvault.com for additional information.
Non-GAAP measures
Energy Vault has provided a reconciliation of net loss to each of adjusted EBITDA and adjusted net loss, with GAAP net loss being the most directly comparable GAAP measure to both measures, for the historical periods in this press release. Energy Vault has also provided a reconciliation of reported gross profit to adjusted gross profit and a reconciliation of reported operating expenses to adjusted operating expenses for the historical periods in this press release. A reconciliation of projected non-GAAP measures has not been provided because certain information necessary to calculate such measures on a GAAP basis is not available without unreasonable efforts or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of the amount of future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort.
Contracted bookings are from customer contracts signed during the period. Contingent option bookings are from projects where the Company holds an enforceable exclusive purchase right and intends to exercise that right, even if the option has not been exercised as of period end.
Backlog represents (i) contracted but unrecognized revenue from third party projects and services yet to be completed, (ii) unrecognized revenue or other income from IP licensing agreements and (iii) unrecognized revenue from tolling arrangements for projects operated by Energy Vault or affiliates, in each case, that is associated with contracted bookings and contingent option bookings (as defined above). Backlog includes contracted backlog and contingent option backlog. Contracted backlog reflects unrecognized revenue associated with binding, fully executed agreements. Contingent option backlog reflects unrecognized revenue associated with projects where the Company holds an enforceable exclusive purchase right and intends to exercise that right, even if the option has not been exercised as of period end and is contingent on the Company exercising the applicable purchase right and subsequent project execution. If the Company does not exercise an option, or if the underlying terms or assumptions change such that inclusion is no longer appropriate, the related contingent option backlog is removed or updated in the period of change.
Backlog includes any potential future variable payments from tolling and offtake arrangements that the Company believes are probable of being realized. Probable future variable payments are forecasted by an independent third-party firm using simulation software that factors in current and projected energy market dynamics, historical and forecasted volatility and location specific data. The Company considers the low-end simulation results to be probable. Potential future IP royalties are not included in backlog. Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others.
Forward-Looking Statements
This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar expressions. We base these forward-looking statements or projections on our current expectations, plans and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, expected monetization of tax credits, expected financings, projected costs, prospects and plans; the uncertainty of our awards, bookings and backlog equating to future revenue; the lack of assurance that non-binding letters of intent and other indications of interest can result in binding financings, orders or sales; our ability to successfully provide AI power infrastructure and secure additional AI power infrastructure work; the possibility of our products or services to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors and industry; the impact of macroeconomic uncertainty, including with respect to uncertainty about the future relationship between
| ENERGY VAULT HOLDINGS, INC. | |||||||
Condensed Consolidated Balance Sheets |
|||||||
(Unaudited) |
|||||||
(In thousands except par value) |
|||||||
|
June 30,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
93,043 |
|
|
$ |
58,260 |
|
Restricted cash, current portion |
|
14,309 |
|
|
|
4,717 |
|
Accounts receivable, net |
|
7,235 |
|
|
|
25,938 |
|
Contract assets, net |
|
15,065 |
|
|
|
20,631 |
|
Inventory |
|
366 |
|
|
|
139 |
|
Advances to suppliers |
|
30,104 |
|
|
|
6,318 |
|
Property and equipment held for sale |
|
6,178 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
15,249 |
|
|
|
5,067 |
|
Total current assets |
|
181,549 |
|
|
|
121,070 |
|
Property and equipment, net |
|
96,133 |
|
|
|
96,064 |
|
Intangible assets, net |
|
7,195 |
|
|
|
8,277 |
|
Operating lease right-of-use assets, net |
|
2,024 |
|
|
|
2,242 |
|
Investments, long-term portion |
|
1,336 |
|
|
|
3,366 |
|
Restricted cash, long-term portion |
|
40,669 |
|
|
|
40,466 |
|
Deferred income taxes, net |
|
28,467 |
|
|
|
40,508 |
|
Other assets |
|
13,153 |
|
|
|
883 |
|
Total Assets |
$ |
370,526 |
|
|
$ |
312,876 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Accounts payable |
$ |
14,988 |
|
|
$ |
30,838 |
|
Accrued expenses |
|
27,824 |
|
|
|
70,389 |
|
Debt, current portion |
|
77,978 |
|
|
|
56,628 |
|
Contract liabilities |
|
29,726 |
|
|
|
6,610 |
|
Other current liabilities |
|
1,683 |
|
|
|
552 |
|
Total current liabilities |
|
152,199 |
|
|
|
165,017 |
|
Long-term debt |
|
165,036 |
|
|
|
37,970 |
|
Warrant liabilities |
|
13,500 |
|
|
|
15,050 |
|
Deferred pension obligation |
|
1,914 |
|
|
|
1,837 |
|
Other long-term liabilities |
|
5,269 |
|
|
|
4,386 |
|
Total liabilities |
|
337,918 |
|
|
|
224,260 |
|
Mezzanine Equity |
|
|
|
||||
Redeemable non-controlling interest |
|
25,751 |
|
|
|
21,156 |
|
Stockholders’ Equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
18 |
|
|
|
17 |
|
Additional paid-in capital |
|
557,315 |
|
|
|
555,873 |
|
Accumulated deficit |
|
(549,610 |
) |
|
|
(487,433 |
) |
Accumulated other comprehensive loss |
|
(835 |
) |
|
|
(966 |
) |
Non-controlling interest |
|
(31 |
) |
|
|
(31 |
) |
Total stockholders’ equity |
|
6,857 |
|
|
|
67,460 |
|
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity |
$ |
370,526 |
|
|
$ |
312,876 |
|
ENERGY VAULT HOLDINGS, INC. |
|||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Loss |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(In thousands except per share data) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Revenue |
$ |
17,369 |
|
|
$ |
8,512 |
|
|
$ |
39,248 |
|
|
$ |
17,046 |
|
Cost of revenue |
|
11,993 |
|
|
|
5,996 |
|
|
|
29,084 |
|
|
|
9,654 |
|
Gross profit |
|
5,376 |
|
|
|
2,516 |
|
|
|
10,164 |
|
|
|
7,392 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Sales and marketing |
|
2,865 |
|
|
|
3,161 |
|
|
|
5,775 |
|
|
|
7,306 |
|
Research and development |
|
2,546 |
|
|
|
4,074 |
|
|
|
5,136 |
|
|
|
7,898 |
|
General and administrative |
|
22,653 |
|
|
|
19,113 |
|
|
|
43,894 |
|
|
|
36,619 |
|
Provision for credit losses |
|
52 |
|
|
|
3,843 |
|
|
|
77 |
|
|
|
3,832 |
|
Depreciation, amortization, and accretion (excluding amounts included in cost of revenue) |
|
1,919 |
|
|
|
473 |
|
|
|
4,142 |
|
|
|
778 |
|
Total operating expenses |
|
30,035 |
|
|
|
30,664 |
|
|
|
59,024 |
|
|
|
56,433 |
|
Loss from operations |
|
(24,659 |
) |
|
|
(28,148 |
) |
|
|
(48,860 |
) |
|
|
(49,041 |
) |
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(4,192 |
) |
|
|
(2,516 |
) |
|
|
(7,658 |
) |
|
|
(2,611 |
) |
Interest income |
|
704 |
|
|
|
312 |
|
|
|
1,272 |
|
|
|
627 |
|
Change in fair value of financial instruments carried at fair value |
|
1,489 |
|
|
|
— |
|
|
|
1,355 |
|
|
|
— |
|
Other expense, net |
|
(2,179 |
) |
|
|
(2,507 |
) |
|
|
(7,430 |
) |
|
|
(2,625 |
) |
Loss before income taxes |
|
(28,837 |
) |
|
|
(32,859 |
) |
|
|
(61,321 |
) |
|
|
(53,650 |
) |
Provision for income taxes |
|
855 |
|
|
|
2,073 |
|
|
|
856 |
|
|
|
2,456 |
|
Net loss |
|
(29,692 |
) |
|
|
(34,932 |
) |
|
|
(62,177 |
) |
|
|
(56,106 |
) |
Net loss attributable to non-controlling interest |
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
(43 |
) |
Net loss attributable to Energy Vault Holdings, Inc. |
$ |
(29,692 |
) |
|
$ |
(34,927 |
) |
|
$ |
(62,177 |
) |
|
$ |
(56,063 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per share attributable to common stockholders — basic |
$ |
(0.17 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.36 |
) |
Net loss per share attributable to common stockholders — diluted |
$ |
(0.18 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.36 |
) |
Weighted average shares outstanding — basic |
|
178,103 |
|
|
|
156,911 |
|
|
|
175,002 |
|
|
|
155,326 |
|
Weighted average shares outstanding — diluted |
|
178,394 |
|
|
|
156,911 |
|
|
|
175,147 |
|
|
|
155,326 |
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss) — net of tax |
|
|
|
|
|
|
|
||||||||
Actuarial gain (loss) on pension |
$ |
62 |
|
|
$ |
(276 |
) |
|
$ |
(54 |
) |
|
$ |
235 |
|
Foreign currency translation gain (loss) |
|
(261 |
) |
|
|
(259 |
) |
|
|
185 |
|
|
|
(239 |
) |
Total other comprehensive income (loss) attributable to Energy Vault Holdings, Inc. |
|
(199 |
) |
|
|
(535 |
) |
|
|
131 |
|
|
|
(4 |
) |
Total comprehensive loss attributable to Energy Vault Holdings, Inc. |
$ |
(29,891 |
) |
|
$ |
(35,462 |
) |
|
$ |
(62,046 |
) |
|
$ |
(56,067 |
) |
ENERGY VAULT HOLDINGS, INC. |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(Unaudited) |
|||||||
(In thousands) |
|||||||
|
Six Months Ended June 30, |
||||||
|
2026 |
|
2025 |
||||
Cash Flows From Operating Activities |
|
|
|
||||
Net loss |
$ |
(62,177 |
) |
|
$ |
(56,106 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation, amortization, and accretion |
|
6,786 |
|
|
|
778 |
|
Non-cash debt and financing costs |
|
1,912 |
|
|
|
1,380 |
|
Loss on debt extinguishment |
|
5,370 |
|
|
|
1,412 |
|
Non-cash interest income |
|
— |
|
|
|
(364 |
) |
Stock-based compensation |
|
11,419 |
|
|
|
18,260 |
|
Provision for credit losses |
|
77 |
|
|
|
3,832 |
|
Loss on impairment and sale of long-lived assets |
|
— |
|
|
|
— |
|
Change in fair value of financial instruments carried at fair value |
|
(1,355 |
) |
|
|
— |
|
Impairment of equity securities |
|
2,030 |
|
|
|
— |
|
Non-cash expenses related to equity purchase agreement |
|
— |
|
|
|
667 |
|
Deferred income taxes |
|
276 |
|
|
|
— |
|
Foreign exchange losses (gains) |
|
(12 |
) |
|
|
349 |
|
Change in operating assets |
|
(14,867 |
) |
|
|
(10,072 |
) |
Change in operating liabilities |
|
(33,820 |
) |
|
|
52,493 |
|
Net cash provided by (used in) operating activities |
|
(84,361 |
) |
|
|
12,629 |
|
Cash Flows From Investing Activities |
|
|
|
||||
Purchase of property and equipment |
|
(16,206 |
) |
|
|
(15,194 |
) |
Investment in note receivable |
|
— |
|
|
|
(2,142 |
) |
Investment tax credit proceeds |
|
11,765 |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
(4,441 |
) |
|
|
(17,336 |
) |
Cash Flows From Financing Activities |
|
|
|
||||
Proceeds from issuance of debt |
|
224,093 |
|
|
|
63,794 |
|
Repayment of debt |
|
(59,565 |
) |
|
|
(27,826 |
) |
Payment of debt issuance costs |
|
(9,835 |
) |
|
|
(5,409 |
) |
Purchase of capped calls |
|
(20,460 |
) |
|
|
— |
|
Proceeds from insurance premium financings |
|
— |
|
|
|
1,665 |
|
Repayment of insurance premium financings |
|
(438 |
) |
|
|
(1,225 |
) |
Proceeds from issuance of stock |
|
3,923 |
|
|
|
1,199 |
|
Payment of equity issuance costs |
|
(123 |
) |
|
|
— |
|
Short-swing profit recovery |
|
— |
|
|
|
24 |
|
Proceeds from exercise of stock options |
|
976 |
|
|
|
2 |
|
Payment of finance lease obligations |
|
(26 |
) |
|
|
(84 |
) |
Payment of taxes related to net settlement of equity awards |
|
(3,421 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
135,124 |
|
|
|
32,140 |
|
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(1,744 |
) |
|
|
593 |
|
Net increase in cash, cash equivalents, and restricted cash |
|
44,578 |
|
|
|
28,026 |
|
Cash, cash equivalents, and restricted cash – beginning of the period |
|
103,443 |
|
|
|
30,073 |
|
Cash, cash equivalents, and restricted cash – end of the period |
|
148,021 |
|
|
|
58,099 |
|
Less: Restricted cash at end of period |
|
54,978 |
|
|
|
36,683 |
|
Cash and cash equivalents - end of period |
$ |
93,043 |
|
|
$ |
21,416 |
|
|
|
|
|
||||
ENERGY VAULT HOLDINGS, INC. |
|||||||
|
|
|
|
||||
Condensed Consolidated Statements of Cash Flows (Continued) |
|||||||
(Unaudited) |
|||||||
(In thousands) |
|||||||
|
|
|
|
||||
|
Six Months Ended June 30, |
||||||
|
2026 |
|
2025 |
||||
Supplemental Disclosures of Cash Flow Information: |
|
|
|
||||
Cash paid for income taxes |
$ |
42 |
|
|
$ |
396 |
|
Cash paid for interest |
|
3,310 |
|
|
|
476 |
|
Supplemental Disclosures of Non-Cash Investing and Financing Information: |
|
|
|
||||
Actuarial gain (loss) on pension |
|
(54 |
) |
|
|
235 |
|
Property and equipment financed through accounts payable and accrued expenses |
|
— |
|
|
|
11,493 |
|
Assets acquired on finance lease |
|
— |
|
|
|
87 |
|
Debt issuance costs incurred but unpaid |
|
842 |
|
|
|
— |
|
Non-GAAP Financial Measures
To complement our consolidated statements of operations and comprehensive loss, we use non-GAAP financial measures of adjusted gross profit, adjusted gross margin, adjusted operating expenses, adjusted net loss, and adjusted EBITDA. Management believes that these non-GAAP financial measures complement our GAAP amounts and such measures are useful to securities analysts and investors to evaluate our ongoing results of operations when considered alongside our GAAP measures. The presentation of these non-GAAP measures is not meant to be considered in isolation or as an alternative to other measures of financial performance calculated in accordance with GAAP. These non-GAAP measures and their reconciliation to GAAP financial measures are shown below.
The following table provides a reconciliation from GAAP gross profit to non-GAAP adjusted gross profit (amounts in thousands, unaudited):
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Revenue |
$ |
17,369 |
|
|
$ |
8,512 |
|
|
$ |
39,248 |
|
|
$ |
17,046 |
|
Cost of revenue |
|
11,993 |
|
|
|
5,996 |
|
|
|
29,084 |
|
|
|
9,654 |
|
Gross profit (GAAP) |
|
5,376 |
|
|
|
2,516 |
|
|
|
10,164 |
|
|
|
7,392 |
|
Gross margin (GAAP) |
|
31.0 |
% |
|
|
29.6 |
% |
|
|
25.9 |
% |
|
|
43.4 |
% |
Non-GAAP adjustment: |
|
|
|
|
|
|
|
||||||||
Add: depreciation and amortization |
|
1,321 |
|
|
|
— |
|
|
|
2,644 |
|
|
|
— |
|
Adjusted gross profit (non-GAAP) |
$ |
6,697 |
|
|
$ |
2,516 |
|
|
$ |
12,808 |
|
|
$ |
7,392 |
|
Adjusted gross margin (non-GAAP) |
|
38.6 |
% |
|
|
29.6 |
% |
|
|
32.6 |
% |
|
|
43.4 |
% |
The following table provides a reconciliation from GAAP operating expenses to non-GAAP operating expenses (amounts in thousands, unaudited):
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||
Operating expenses (GAAP) |
$ |
30,035 |
|
$ |
30,664 |
|
$ |
59,024 |
|
$ |
56,433 |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
||||
Less: depreciation, amortization, and accretion (excluding amounts included in cost of revenue) |
|
1,919 |
|
|
473 |
|
|
4,142 |
|
|
778 |
Less: stock-based compensation expense |
|
4,366 |
|
|
8,984 |
|
|
11,419 |
|
|
18,260 |
Less: reorganization expenses |
|
— |
|
|
1,162 |
|
|
— |
|
|
1,162 |
Less: provision for credit losses |
|
52 |
|
|
3,843 |
|
|
77 |
|
|
3,832 |
Adjusted operating expenses (non-GAAP) |
$ |
23,698 |
|
$ |
16,202 |
|
$ |
43,386 |
|
$ |
32,401 |
The following table provides a reconciliation from net loss attributable to Energy Vault Holdings, Inc and net loss per share attributable to Energy Vault Holdings, Inc - basic and diluted, to non-GAAP adjusted net loss and non-GAAP adjusted net loss per share attributable to Energy Vault Holdings, Inc - basic and diluted (amounts in thousands except per share data, unaudited):
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Net loss attributable to Energy Vault Holdings, Inc. (GAAP) |
$ |
(29,692 |
) |
|
$ |
(34,927 |
) |
|
$ |
(62,177 |
) |
|
$ |
(56,063 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
— |
|
|
|
||||||
Stock-based compensation expense |
|
4,366 |
|
|
|
8,984 |
|
|
|
11,419 |
|
|
|
18,260 |
|
Reorganization expenses |
|
— |
|
|
|
1,162 |
|
|
|
— |
|
|
|
1,162 |
|
Provision for credit losses |
|
52 |
|
|
|
3,843 |
|
|
|
77 |
|
|
|
3,832 |
|
Change in fair value of financial instruments carried at fair value |
|
(1,489 |
) |
|
|
— |
|
|
|
(1,355 |
) |
|
|
— |
|
Impairment of equity securities |
|
2,030 |
|
|
|
— |
|
|
|
2,030 |
|
|
|
— |
|
Loss on debt extinguishment |
|
179 |
|
|
|
1,412 |
|
|
|
5,370 |
|
|
|
1,412 |
|
Expenses related to equity purchase agreement |
|
— |
|
|
|
906 |
|
|
|
— |
|
|
|
906 |
|
Net loss attributable to non-controlling interest |
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
(43 |
) |
Foreign exchange losses (gains) |
|
(73 |
) |
|
|
216 |
|
|
|
(12 |
) |
|
|
349 |
|
Adjusted net loss (non-GAAP) |
$ |
(24,627 |
) |
|
$ |
(18,409 |
) |
|
$ |
(44,648 |
) |
|
$ |
(30,185 |
) |
Less: accretion of redeemable non-controlling interest |
|
1,337 |
|
|
|
— |
|
|
|
2,423 |
|
|
|
— |
|
Adjusted net loss attributable to common stockholders (non-GAAP) |
$ |
(25,964 |
) |
|
$ |
(18,409 |
) |
|
$ |
(47,071 |
) |
|
$ |
(30,185 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares: |
|
|
|
|
|
|
|
||||||||
Basic (GAAP and non-GAAP) |
|
178,103 |
|
|
|
156,911 |
|
|
|
175,002 |
|
|
|
155,326 |
|
Diluted (GAAP) (1) |
|
178,394 |
|
|
|
156,911 |
|
|
|
175,147 |
|
|
|
155,326 |
|
Diluted (non-GAAP) (2) |
|
178,103 |
|
|
|
156,911 |
|
|
|
175,002 |
|
|
|
155,326 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share — basic (GAAP) (1) |
$ |
(0.17 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.36 |
) |
Net loss per share — diluted (GAAP) (1) |
$ |
(0.18 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.36 |
) |
Adjusted net loss per share — basic and diluted (non-GAAP) (2) |
$ |
(0.15 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.19 |
) |
__________________ |
||
(1) |
|
GAAP basic and diluted net loss per share reflect accretion of redeemable non-controlling interest of |
(2) |
|
The weighted-average shares used to calculate adjusted net loss per share equal the basic weighted-average shares outstanding. Because the change in fair value of the OIC Warrant liability is excluded from adjusted net loss, the incremental shares associated with the OIC Warrants were excluded from the calculation of adjusted diluted net loss per share because their inclusion would have been antidilutive. |
The following table provides a reconciliation from net loss attributable to Energy Vault Holdings, Inc. to non-GAAP adjusted EBITDA, with net loss attributable to Energy Vault Holdings, Inc. being the most directly comparable GAAP measure (amounts in thousands, unaudited):
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Net loss attributable to Energy Vault Holdings, Inc. (GAAP) |
$ |
(29,692 |
) |
|
$ |
(34,927 |
) |
|
$ |
(62,177 |
) |
|
$ |
(56,063 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
— |
|
|
|
||||||
Interest expense |
|
4,192 |
|
|
|
2,516 |
|
|
|
7,658 |
|
|
|
2,611 |
|
Interest income |
|
(704 |
) |
|
|
(312 |
) |
|
|
(1,272 |
) |
|
|
(627 |
) |
Provision for income taxes |
|
855 |
|
|
|
2,073 |
|
|
|
856 |
|
|
|
2,456 |
|
Depreciation, amortization, and accretion |
|
3,240 |
|
|
|
473 |
|
|
|
6,786 |
|
|
|
778 |
|
Stock-based compensation expense |
|
4,366 |
|
|
|
8,984 |
|
|
|
11,419 |
|
|
|
18,260 |
|
Reorganization expenses |
|
— |
|
|
|
1,162 |
|
|
|
— |
|
|
|
1,162 |
|
Provision for credit losses |
|
52 |
|
|
|
3,843 |
|
|
|
77 |
|
|
|
3,832 |
|
Change in fair value of financial instruments carried at fair value |
|
(1,489 |
) |
|
|
— |
|
|
|
(1,355 |
) |
|
|
— |
|
Impairment of equity securities |
|
2,030 |
|
|
|
— |
|
|
|
2,030 |
|
|
|
— |
|
Loss on debt extinguishment |
|
179 |
|
|
|
1,412 |
|
|
|
5,370 |
|
|
|
1,412 |
|
Expenses related to equity purchase agreement |
|
— |
|
|
|
906 |
|
|
|
— |
|
|
|
906 |
|
Net loss attributable to non-controlling interest |
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
(43 |
) |
Foreign exchange losses (gains) |
|
(73 |
) |
|
|
216 |
|
|
|
(12 |
) |
|
|
349 |
|
Adjusted EBITDA (non-GAAP) |
$ |
(17,044 |
) |
|
$ |
(13,659 |
) |
|
$ |
(30,620 |
) |
|
$ |
(24,967 |
) |
We present adjusted EBITDA, which is net loss excluding adjustments that are outlined in the quantitative reconciliation provided above, as a supplemental measure of our performance and because we believe this measure is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. The items excluded from adjusted EBITDA are excluded in order to better reflect our continuing operations.
Adjusted EBITDA is presented on a consolidated basis. Because our reconciliation starts with net loss attributable to Energy Vault Holdings, Inc., we add back net loss attributable to non-controlling interests to arrive at consolidated Adjusted EBITDA. Non-controlling interest allocations may be significantly impacted by the hypothetical liquidation at book value method to allocate Asset Vault’s income (loss) between the Company and the redeemable non-controlling interest.
In evaluating adjusted EBITDA, one should be aware that in the future we may incur expenses similar to the adjustments noted above. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these types of adjustments. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net loss, operating loss, or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.
Our adjusted EBITDA measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
- it does not reflect our cash expenditures, future requirements for capital expenditures, or contractual commitments;
- it does not reflect changes in, or cash requirements for, our working capital needs;
- it does not reflect stock-based compensation, which is an ongoing expense;
- although depreciation, amortization, and accretion are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and our adjusted EBITDA measure does not reflect any cash requirements for such replacements;
- it is not adjusted for all non-cash income or expense items that are reflected in our condensed consolidated statements of cash flows;
- it does not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations;
- it does not reflect limitations on or costs related to transferring earnings from our subsidiaries to us; and
- other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.
Because of these limitations, adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to use to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using adjusted EBITDA only supplementally.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260811807521/en/
Investors:
energyvaultIR@icrinc.com
Media:
media@energyvault.com
Source: Energy Vault Holdings, Inc.