Energy Vault 2025 Q3 Earnings Revenue Surges 2678.9% Despite Net Loss Widening

Energy Vault (NRGV) reported Q3 2025 earnings on Nov 11, 2025, with total revenue surging 2678.9% year-over-year to $33.32 million, far exceeding 2024’s $1.20 million. The company reaffirmed its full-year 2025 guidance, projecting $200–$250 million in revenue, though quarterly earnings missed analyst estimates.

Revenue

Energy Vault’s Q3 revenue was driven by a 27-fold year-over-year increase, with $31.75 million from energy storage product sales forming the largest portion. Tolling and PPA revenue added $1.12 million, while operation and maintenance services contributed $302,000. Software licensing and intellectual property (IP) licensing generated $136,000 and $14,000, respectively. The diversified revenue streams underscore the company’s expanding market reach.

Earnings/Net Income

Despite narrowing the per-share loss to $0.16 from $0.18 in 2024, Energy Vault’s net loss widened to $26.82 million in Q3 2025, a 0.8% increase from the prior year. The company has sustained losses for five consecutive years, highlighting persistent financial challenges. The EPS improvement, while positive, was offset by the growing net loss, signaling ongoing operational inefficiencies.

Post-Earnings Price Action Review

Energy Vault’s stock price surged 3.87% during the latest trading day, 34.48% over the past week, and 28.44% month-to-date. The post-earnings rally reflects investor optimism amid the company’s reaffirmed guidance and strategic progress, including the $300 million non-dilutive investment and Texas BESS acquisition. However, the earnings miss and widening net loss may pressure long-term price stability.

CEO Commentary

CEO Robert Piconi highlighted operational milestones, including the $300 million investment from OIC and the Texas 150 MW BESS project. He emphasized partnerships with EU Green Energy and Crusoe, along with a $50 million financing facility. Piconi reiterated confidence in recurring revenue streams and 2026 growth, projecting $75–$100 million in cash by year-end.

Guidance

Energy Vault reaffirmed 2025 full-year guidance: $200–$250 million in revenue, 14–16% gross margin, and $75–$100 million in cash by year-end. The company expects $40 million in recurring Adjusted EBITDA from its first four Asset Vault projects and targets $100–$150 million by 2029.

Additional News

1. Strategic Expansion: Energy Vault and Jupiter Power announced a 100 MW/200 MWh BESS project in the ERCOT region, enhancing grid resiliency.

2. Capital Raise: A $300 million preferred equity investment from OIC supports the Asset Vault subsidiary, targeting 1.5 GW of storage capacity.

3. Institutional Investment: Y Intercept Hong Kong Ltd acquired 218,182 shares, valued at $156,000, becoming a 0.14% stakeholder.

Energy Vault’s Q3 results highlight a revenue surge but underscore the need for sustained profitability. The company’s strategic partnerships and capital raises position it for long-term growth, though investors must weigh the risks of ongoing losses and market volatility.