What is the revenue and EPS growth rate for Energy Vault year over year?

What is Energy Vault's gross profit margin?

What factors drove the changes in Energy Vault's revenue and profit?

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Did Energy Vault beat or miss consensus estimates last quarter?

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What does Energy Vault do and what are its main business segments?

What were the key takeaways from Energy Vault's earnings call?

- **Revenue Surge**: 340% YoY growth to $203.7M, beating expectations with 23.6% gross margin. 
- **Asset Vault Expansion**: 540MW contracted, targeting 3GW+ by 2030 with $1.5B+ EBITDA. 
- **Financial Strength**: $103.4M cash, positive Q4 EBITDA, $150M convertible notes reducing debt. 
- **2026 Outlook**: $225-300M revenue, 15-25% gross margin, $60M+ EBITDA from Asset Vault. 
- **Execution Excellence**: 10-point margin expansion vs. market, 14-year project agreements. 


**【CEO Summary Section】**
- **Contract Backlog Growth**: Increased 4x over 5 quarters, reflecting strategic shift to Asset Vault. 
- **Revenue Performance**: Q4 revenue of $153.3M, full year $203.7M (340% YoY growth), within guidance. 
- **Gross Margin Expansion**: Improved to 23.6% (from 13.4%), driven by project execution efficiency. 
- **EBITDA Turnaround**: Q4 positive adjusted EBITDA of $9.8M, full year loss narrowed to $21.2M. 
- **Asset Vault Momentum**: 540MW contracted (including 100MW AI digital infrastructure), targeting 3GW+ by 2030 with $1.5B+ EBITDA. 
- **Execution Excellence**: 10-point gross margin improvement vs. market 5-12%, 14-year project agreements in Australia. 

**【CFO Financial Commentary】**
- **Financial Health**: $103.4M cash (3x YoY), $150M convertible notes reducing debt. 
- **2026 Guidance**: Revenue $225-300M (30% growth), gross margin 15-25%, targeting $150M+ recurring EBITDA from Asset Vault. 
- **Project Pipeline**: $3B+ pipeline with 1.8GW capacity, including 150MW SOSA project. 
- **Margin Synergies**: 15% cash margin on $75-100M project integration work. 

**【Q&A Highlights】**
- **Software Strategy**: EMS platform optimized for hybrid systems, AI data centers (e.g., 25MW Crusoe partnership). 
- **Project Financing**: SOSA ($125-150M capex, 40% ITC), Stoney Creek (AUD 350M, 50% leverage). 
- **Revenue Mix**: 2025 <10% from Asset Vault, 2026+ growth from third-party projects. 
- **Backlog Visibility**: $1.3B includes recent projects, 70-80% gross margin from long-term contracts. 


Energy Vault Holdings, Inc.(NRGV)-20260318-2025 Q4 Earnings call transcript

- **Revenue Growth**: Q3 revenue $33.3M (27x YoY), driven by Australia projects and Asset Vault contributions. 
- **Profitability**: 27% gross margin, narrowing EBITDA loss to $6M. 
- **Asset Vault Scale**: 1.5 GW pipeline targeting $40M+ EBITDA by 2027. 
- **ESG Excellence**: Top 98th percentile ESG score, reinforcing sustainable growth strategy.

**【CEO Summary Section】**
- **Asset Vault Platform Launch**: Q3 marked the operational debut of the 150 MW Texas project and the 125 MW Stoney Creek project in Australia, contributing $40M annual EBITDA. 
- **Backlog Growth**: Revenue backlog expanded to $920M (up 112% YTD), including new deals with Consumers Energy and EU Green. 
- **ESG Leadership**: Ranked #1 in energy storage by S&P Global with 98th percentile ESG score, reflecting commitment to sustainability.
- **Financial Momentum**: 27% gross margin, $33M Q3 revenue (27x YoY), and $61.9M cash balance as of Q3 end.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP gross profit $9M (18x YoY), adjusted EBITDA loss $6M, and $75-100M cash target by year-end. 
- **Asset Vault Pipeline**: 1.5 GW Fund 1 with $40M EBITDA by 2027 and $100-150M EBITDA by 2029. 
- **Project Financing**: $300M preferred equity close with OIC, enabling $1.1B CapEx deployment.

**【Q&A Highlights】**
- **Market Resilience**: 90%+ battery price decline hedged risk, with only 10% backlog exposure to U.S. tariffs. 
- **Pipeline Expansion**: Development pipeline grew to 8.7 GWh ($2.1B) with new Albania project pending legislative approval. 
- **Cost Management**: Sequential R&D expense decline reflects focus shift to Asset Vault execution.

Energy Vault Holdings, Inc. (NRGV) Q3 2025 Earnings Call Transcript

- **$300M Preferred Equity Injection**: Nondilutive funding to accelerate 1.5 GW of owned storage projects, targeting $100M+ annual EBITDA by 2027.
- **Q2 Financial Momentum**: 126% YoY revenue growth to $8.5M, 47% QoQ backlog expansion to $954M, and 29.6% gross margin.
- **Asset Vault Synergies**: Parent company to benefit from EPC margins ($6.5M annualized cost savings) and recurring EBITDA streams.
- **Project Execution Confidence**: 100% availability for Cross Trails, $17.8M project financing closed, and Stoney Creek DA approval on track for Q4 2025.

**【CEO Summary Section】**
- Announced $300 million preferred equity investment to fund Asset Vault projects, enabling $1 billion+ CapEx for 1.5 GW of projects in the U.S., Australia, and Europe.
- Q2 revenue grew 126% YoY to $8.5 million, driven by Australian projects and Cross Trails in Texas; backlog rose 47% QoQ to $954 million.
- Gross margin improved to 29.6%, narrowing adjusted EBITDA loss to $13.7 million vs. $15.4 million YoY.
- $58.1 million cash at quarter-end, up 23% QoQ, with $17.8 million project financing and $27 million ITC proceeds in July/September.
- Asset Vault projects expected to generate $100 million+ annual EBITDA by 2027, complementing Energy Storage Solutions business.

**【CFO Financial Commentary】**
- $300 million preferred equity will cover 30-40% of project equity needs, with remaining capital from project financings and ITCs.
- Cross Trails and Calistoga projects placed in service, generating $10 million+ annual EBITDA; Stoney Creek (125 MW) expected to add $20 million EBITDA upon completion in 2027.
- Cost-saving initiatives reduced operating expenses by $6.5 million annualized, offset by strategic investments in Australia.
- Full-year 2025 revenue guidance maintained at $200-250 million, with cash expected to remain stable at $60-75 million through Q3.

**【Q&A Highlights】**
- Preferred equity return structure and milestones will be detailed at upcoming Virtual Investor Day post-closing.
- Project pipeline includes 1.5 GW in mid-to-late-stage development, with 1.4 GWh under management by 2027.
- Asset Vault contracts with parent company for EPC services and monitoring, generating incremental margins and cash flows.
- Stoney Creek project in Australia targeting Q1 2026 construction start, with DA approval expected by end-2025.
- Infrastructure fund partner selected for alignment on execution capabilities and nondilutive capital structure.

Energy Vault Holdings, Inc. (NRGV) Q2 2025 Earnings Call Transcript

- **Revenue Beat**: Q1 2025 revenue up 10% YoY to $8.5M, driven by Australia and India deals.
- **Margin Surge**: Gross margin jumps to 57.1% (vs. 26.7% YoY) due to high-margin India license.
- **Cash Growth**: $47.2M cash (+57% QoQ), with $26M invested in owned projects.
- **Project Momentum**: 2.6 GWh contracted in Australia; first owned asset operational ahead of schedule.
- **Tariff Resilience**: 90% of backlog unaffected by U.S.-China tariffs; $200M+ paused projects could restart.
- **Recurring EBITDA**: $30M annual EBITDA from first 3 owned projects over 15+ years.
- **Cost Efficiency**: OpEx down 4% YoY; targeting 40% reduction from 2023 levels.


**【CEO Summary Section】**
- **Revenue Growth**: Q1 2025 revenue of $8.5 million, up 10% YoY, driven by Australia projects and a new IP license in India.
- **Gross Margin Expansion**: GAAP gross margin of 57.1% (vs. 26.7% YoY), fueled by high-margin India license agreement.
- **Cash Position**: Q1 cash increased 57% QoQ to $47.2 million, with $26 million in property and equipment investments.
- **Project Pipeline**: 2.6 GWh contracted in Australia, plus 8.8 GWh pipeline; first owned asset (Cross Trails, TX) operational ahead of schedule.
- **Tariff Impact**: 90% of backlog unaffected by U.S.-China tariffs; potential upside from paused U.S. projects if tariffs remain paused.

**【CFO Financial Commentary】**
- **Backlog Strength**: $648 million backlog (+49% YoY), including 2 U.S. projects, Switzerland deal, and 125 MW/1 GWh Australia project.
- **Cost Efficiency**: Q1 OpEx $16.2 million (-4% YoY); targeting $12-14M quarterly run rate, 40% reduction from 2023 levels.
- **Project Financing**: Q1 project financing ($45M+) and ITC sales ($13M) drove cash growth; Q2-Q3 expected to add $40M from ITC sales.
- **Recurring EBITDA**: First 3 owned projects (Calistoga, Cross Trails, Stoney Creek) to generate $30M annual EBITDA over 15+ years.

**【Q&A Key Points】**
- **U.S. Market Recovery**: Tariff pause may unlock $200-250M paused projects; 80%+ of 2025 guidance already contracted.
- **India Licensing**: Differentiated by flexible hardware/software stack, rapid execution track record, and cost efficiency.
- **Project Financing**: Conventional tech + long-term offtakes (e.g., PG&E 10.5-year agreement) enable bankable deals; ITC monetization provides liquidity certainty.
- **Tariff Risk Management**: Secured 2 GWh alternative supply chain for 2026; 90% of backlog not exposed to U.S. tariffs.


Energy Vault (NRGV)-12 May 25-2025 Q1 Earnings call transcript

- **Booking Surge**: 90% QoQ growth to $660 million, driven by Australian and U.S. projects.
- **Stoney Creek LTESA**: 14-year contract with $20M+ annual revenue guarantee, targeting $200M+ EBITDA.
- **Build-Own-Operate Portfolio**: 840 MW pipeline valued at $2-2.5B over 10-15 years.
- **2025 Revenue Guide**: $200-300M (midpoint $250M), with margin expansion to ~20% from 13.5%.
- **Tariff Risk Mitigation**: 2.5 GWh Australian projects avoid U.S. tariffs; U.S. projects must be completed by end-2025.

**【CEO Opening Remarks】**
- 2024 was a foundational year with a 90% QoQ increase in contract bookings, reaching $660 million, up from $350 million in Q3. Key drivers were projects in Australia and the U.S., including the 1 GWh Stoney Creek BESS in New South Wales.
- Announced a 14-year Long-Term Energy Service Agreement (LTESA) for the Stoney Creek project, guaranteeing $20 million annual revenue with potential upside through merchant operations. The project is expected to generate $200 million in EBITDA over its lifecycle.
- Transitioned to a build-own-operate model, with a portfolio of 840 MW across six projects, targeting $2-2.5 billion in revenue over 10-15 years.

**【CFO Financial Review】**
- Q4 2024 revenue: $33.5 million (Jupiter St Gall equipment delivery). Full-year 2024 revenue: $46.2 million, below guidance due to delayed project financings and $100 million in retained assets.
- Gross margin improved to 13.5% (vs. 5% in 2023), driven by higher-margin O&M and SaaS services. Q4 gross margin was 7.7% due to lower-margin equipment deliveries.
- Adjusted operating expenses: $64.5 million (19% YoY decline). Cash balance: $30 million (excluding $28 million project financing pending closure).
- 2025 revenue guidance: $200-300 million (midpoint $250 million), reflecting retained assets and lower lithium-ion prices. Projected EBITDA margin expansion from 13.5% to ~20%.

**【Q&A Highlights】**
- **Calistoga Resiliency Center**: Mechanically complete, expected to commission in Q2 2025. Project financing of $28 million to close in April, with ITC monetization underway.
- **Tariff Impact**: U.S. projects must be completed by end-2025 to avoid 25% tariffs. Australia projects (2.5 GWh pipeline) avoid tariffs, providing diversification.
- **Snyder Project**: No further CapEx planned; $13-15 million IRA tax credit pending monetization.
- **Cross Trails Project**: Actively seeking project financing with a government offtaker; expected to close in 2025.
- **2025 Margin Outlook**: Higher-margin owned assets and lower lithium-ion prices to drive gross margin expansion to ~20% from 13.5% in 2024.

Actual	-0.25	-0.05	-0.21	-0.17	-0.22	-0.18	-0.13	-0.15	-0.14	-0.18	-0.18	-0.43	-0.0764	-0.1147	-0.1	0.02
Forecast	-0.04	-0.0925	-0.136	-0.118	-0.2083	-0.1867	-0.12	-0.1147	-0.1332	-0.1147	-0.1294	-0.12	-0.1214	-0.075	-0.0767	-0.0533
Surprise	-525.00%	+45.95%	-54.41%	-44.07%	-5.62%	+3.59%	-8.33%	-30.78%	-5.11%	-56.93%	-39.10%	-258.33%	+37.07%	-52.93%	-30.38%	+137.52%

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NRGV Q4 2025 Earnings

Earnings Call

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NRGV

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Earnings Call

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NRGV Earnings Call Summary for Q4/20244:30 PM on Mar 17, 2025

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