Energy Vault (NRGV) Q1 2026 earnings summary

Executive summary

• Megawatts under management more than doubled to over 1 GW, reaching 1,066 MW, up over 500% year-over-year, with global expansion into the U.S., Australia, and a major entry into Japan with an 850 MW portfolio.

• Backlog grew to $1.35 billion, up 108% year-over-year, with over 80% tied to recurring, high-margin IPP revenue.

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

• Strategic milestones include acquisition of a 175 MW/350 MWh BESS project in Texas and onboarding of a local development team in Japan.

• Reaffirmed 2026 financial outlook and continued focus on multi-asset class execution and expansion.

Financial highlights

• Q1 2026 revenue was $21.9 million, up 156% year-over-year, driven by energy storage project deliveries and Asset Vault contributions.

• Adjusted gross profit rose 25% year-over-year to $6.1 million, with an adjusted gross margin of 27.9%.

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

• Ended the quarter with $117.1 million in cash and cash equivalents, up 148% year-over-year.

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

Outlook and guidance

• Reaffirmed full-year 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.

• Annual recurring EBITDA run rate projected to exceed $180 million as assets move into operation, ahead of prior expectations.

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