Energy Vault (NRGV) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose 104% year-over-year to $17.4 million, driven by energy storage product sales and AI/data center project wins.

• Backlog reached a record $2 billion, up 107% year-over-year, supported by major contracts including a 1.25 GW hyperscale data center deal valued at $500–$600 million.

• Completed acquisition of an 850 MW BESS portfolio in Japan, expanding international presence and pipeline.

• Strengthened leadership with new CFO and President of Asset Vault to enhance capital markets and project finance expertise.

• Cash position increased to $148 million, marking the sixth consecutive quarterly increase.

Financial highlights

• Q2 2026 GAAP gross profit was $5.4 million (31% margin), up 114% year-over-year; adjusted gross margin reached 38.6%.

• Adjusted operating expenses were $23.7 million; GAAP net loss was $29.7 million (EPS $(0.17)), improved from $34.9 million in Q2 2025.

• Adjusted EBITDA loss was $17.0 million, compared to a loss of $13.7 million in the prior year.

• Cash and equivalents at quarter-end were $148 million, up $31 million sequentially and $90 million year-over-year.

• Bookings for the first half of 2026 totaled $248.6 million, with a developed pipeline at $4.3 billion.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $270–$310 million (from $225–$300 million); GAAP gross margin guidance narrowed to 20%–25%.

• Year-end cash targeted at $140–$200 million, supported by financing and disciplined capital allocation.

• ~40% of backlog expected to convert to revenue within 12–18 months at attractive margins.

• Majority of second-half revenue expected in Q4 due to project timing.

• Management believes current liquidity is sufficient to fund operations and obligations for at least the next twelve months.