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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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NRGV

NRGV fundamentals

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