Energy Vaults Earnings Surge, But Profit Remains Elusive

Energy Vault (NRGV) reported Q4 2025 earnings on March 18, 2026, with a 358% revenue surge to $153.31 million and a 66.5% reduction in net losses. The company missed EPS estimates by $0.06 but beat revenue expectations slightly. Management raised 2026 guidance to $225M–$300M, reflecting confidence in its asset-based model and expanding backlog.

Revenue

The total revenue of Energy Vault surged by 358.0% to $153.31 million in 2025 Q4, up from $33.47 million in 2024 Q4. This dramatic increase underscores the company’s progress in scaling its asset-based storage solutions and securing contracts.

Earnings/Net Income

Energy Vault narrowed losses to $0.12 per share in 2025 Q4 from $0.40 per share in 2024 Q4, a 69.6% improvement. The net loss also decreased to $-20.73 million, down 66.5% from $-61.86 million in the prior year. While the reduction in losses signals operational efficiency, the company remains unprofitable after five consecutive years of quarterly losses. The EPS improvement reflects progress, though the company remains unprofitable.

Price Action

The stock price of Energy Vault edged down 0.28% during the latest trading day but surged 8.46% during the most recent full trading week and 12.54% month-to-date.

Post-Earnings Price Action Review

The strategy of buying Energy Vault shares after its revenue growth quarter-over-quarter on the financial report release date and holding for 30 days yielded no return over the past three years. With a CAGR of 0.00% and an excess return of -48.57%, the approach underperformed the benchmark by 48.57%. Despite a risk-averse profile (maximum drawdown and volatility of 0.00%), it failed to capitalize on broader market gains.

CEO Commentary

Robert Piconi highlighted $150M in Q4 revenue and $200M for the full year, driven by a 42% sequential contract backlog increase and a shift to the Asset Vault model. Gross margins improved from 13.4% to 23.6%, with positive adjusted EBITDA. Piconi emphasized strategic priorities: scaling 540 MW of contracted capacity and leveraging AI partnerships, while projecting 2026 funding of $300M in preferred equity and $150M convertible notes to support a $1.3B backlog.

Guidance

CFO Michael Beer outlined 2026 revenue guidance of $225M–$300M (30% growth at midpoint), gross margin of 15–25%, and $150M–$200M in cash by year-end. Asset Vault projects like SOSA and Stoney Creek are expected to generate $60M–$100M in recurring EBITDA by 2029, with project financing leveraging 40–50% debt.

Additional News

Insider activity included CFO Michael Beer selling 50,000 shares for $245,500, reducing his holdings by 4.16%. Major shareholder Vision Fund (Softbank) sold 3 million shares for $16.95 million, cutting its position by 16.19%. Conversely, insiders purchased 16,950 shares valued at $55,062, signaling cautious optimism amid market volatility.

Energy Vault’s Q4 results highlight a significant revenue leap and improved profitability metrics, though ongoing losses persist. The company’s focus on asset-based models and strategic financing positions it for 2026 growth, despite mixed investor sentiment and insider share sales.