Energy Vault (NRGV) Q1 2026 earnings summary

Executive summary

• Megawatts under management exceeded 1 GW, up over 500% year-over-year, with a backlog of $1.35 billion, more than doubling year-over-year and over 80% tied to recurring, high-margin IPP revenue streams.

• Q1 2026 revenue surged 156% year-over-year to $21.9 million, with adjusted gross profit of $6.1 million, up 25% year-over-year.

• Cash and equivalents ended at $117.1 million, up 148% year-over-year, marking the fifth consecutive quarterly increase.

• Strategic milestones included entry into Japan with an 850 MW BESS IPP portfolio (350 MW advanced-stage), and expansion in the U.S., Australia, Switzerland, and the Balkans.

• Strong demand in AI compute infrastructure is accelerating growth, with significant expansion in powered land and powered shell projects.

Financial highlights

• Q1 2026 revenue was $21.9 million, up from $8.5 million in Q1 2025, with adjusted gross profit of $6.1 million and adjusted gross margin of 27.9%.

• Adjusted EBITDA loss was $13.6 million, reflecting ongoing investment in the own-and-operate strategy.

• GAAP net loss was $32.5 million, or $(0.20) per share; adjusted net loss was $20.0 million.

• Cash and equivalents at quarter-end were $117.1 million after debt repayment and portfolio investments.

• Backlog increased to $1.35 billion, up 108% year-over-year, with over 80% from own-and-operate assets.

Outlook and guidance

• Reaffirmed 2026 guidance: revenue of $225–$300 million, gross margin of 15%–25%, and year-end cash of $150–$200 million.

• Expecting $75–$100 million in internal Asset Vault project builds for 2026.

• Recurring EBITDA run rate projected to exceed $180 million as assets come online, with significant contributions from powered land and shell.

• Project activity for 2026 expected at $300–$400 million.