Energy Vault Reports $0.17 Per-Share Loss as Third-Quarter Revenue Falls 61%
Key Facts
Energy Vault reported a GAAP diluted loss of $0.17 per share on November 10, 2026, for the quarter ended September 30, compared with $0.16 in the same period of 2025. Quarterly revenue was $13.1 million, down $20.3 million, or 61%, year over year. The company said the revenue decline reflected the timing of planned deliveries. Results also showed an adjusted EBITDA loss of $14.7 million, compared with a loss of about $6.0 million a year earlier. The figures reflect pressure on quarterly revenue and profitability, alongside the company’s reaffirmation of its full-year outlook and announcement of initial 2027 guidance.
GAAP gross margin was about 71.0% for the quarter, but the company said the figure was partly affected by $4.3 million in tariff refunds. Excluding the impact of those refunds, GAAP gross margin was about 37.9%. The difference between the two figures provides context for the reported margin improvement, as the higher figure includes the effect of the refunds. In its 2026 outlook, the company said it expects gross margin of 20% to 22%. It also forecast total liquidity of between $170 million and $200 million at year-end.
Cash and cash equivalents, including restricted cash, totaled $236 million on September 30, 2026. The company said the balance was up $88 million from the previous quarter and $174 million year over year. The liquidity level comes amid quarterly results that recorded an adjusted EBITDA loss of $14.7 million, compared with about $6.0 million in the year-earlier quarter. The company forecast total cash of between $170 million and $200 million at the end of 2026. The published year-end estimate is therefore below the September 30 balance, while remaining within the range set by management.
Energy Vault said its guidance backlog reached $2.3 billion on November 10, 2026, up about 147% year over year. The figure comprises about $800 million under the build-and-transfer model and $1.5 billion under the build-own-operate model. Backlog growth coincides with a 61% year-over-year decline in third-quarter revenue, which the company said reflected the timing of planned deliveries. The company also announced the completion of its purchase of a U.S. battery-storage project portfolio from Goshe Energy Storage with 2.3 gigawatts of capacity, including 350 megawatts ready for construction. In Australia, the Stoney Creek project received formal approval to connect to the grid; it has 125 megawatts of capacity and 1 gigawatt-hour of storage.
The company reaffirmed its fiscal 2026 revenue range of $290–310 million, saying expected fourth-quarter deliveries support the guidance. For the first time, it provided an initial 2027 revenue range of between $600 million and $700 million, with adjusted EBITDA of between $40 million and $50 million. The initial guidance for next year sets a revenue target above the annual range reaffirmed for 2026, while achieving the current-year outlook remains tied to expected fourth-quarter deliveries. In operational updates, the company said it secured non-recourse financing for 275 megawatts of generation capacity and began construction on the Snyder AI data center project. The updates combine future financial targets with projects the company said have entered financing or construction stages.
In trading, the company’s shares closed at $3.53 in the November 10 session, down 2.49% during regular trading. After the results were announced, the stock fell 4.82% in after-hours trading to $3.36. The move followed results showing lower quarterly revenue and an adjusted EBITDA loss larger than the loss in the year-earlier period. The stock had closed at $3.62 on November 9, according to EL7 data. The available data confirm only that day’s close in relation to the stock’s movement before the results announcement.