Energy Vault (NRGV) Q4 2025 earnings summary

Executive summary

• 2025 revenue reached $203.7 million, representing over 340% year-over-year growth, driven by strong project execution in Australia and the U.S. and initial Asset Vault contributions.

• Q4 2025 adjusted EBITDA turned positive at $9.8 million, a $23.2 million improvement year-over-year, and adjusted net income was $3.7 million.

• Contract revenue backlog hit a record $1.3 billion, up 42% sequentially and over 300% year-over-year.

• Cash balance at year-end 2025 was $103.4 million, up more than three-fold year-over-year.

• Total contracted megawatts grew from 65 MW to 540 MW, accelerating the path to $150 million in annualized EBITDA.

Financial highlights

• Q4 2025 revenue was $153.3 million (vs. $33.5 million prior year); full year: $203.7 million (340%+ growth).

• Q4 2025 GAAP gross profit: $31.6 million (20.6% margin); full year: $48 million (23.6% margin, up 10 points).

• Q4 2025 adjusted EBITDA: $9.8 million (vs. -$13.4 million prior year); full year adjusted EBITDA: -$21.2 million (vs. -$58 million prior year).

• Adjusted operating expenses for 2025 were $71.6 million, up $7.1 million year-over-year.

• Year-end cash: $103.4 million, up 243% from the prior year.

Outlook and guidance

• 2026 revenue guidance: $225–300 million, with an additional $75–100 million in internal Asset Vault project builds.

• 2026 gross margin expected in the 15–25% range.

• Targeting $150–200 million in cash by end of 2026, supported by recent financings and project execution.

• Asset Vault Fund 1 expected to contribute $60 million recurring adjusted EBITDA when current projects are operational, scaling to $100–150 million by 2029.

• Project financing for the 150 MW SOSA and 125 MW Stoney Creek projects expected to close in 2026.