Energy Vault Targets Revenue of Up to $700 Million in 2027 and Positive Adjusted Earnings
Key Facts
On November 10, Energy Vault announced preliminary guidance for full-year 2027 revenue of $600 million to $700 million and adjusted EBITDA of $40 million to $50 million. The guidance sets an annual target for adjusted earnings in positive territory after the company recorded a loss on this measure in the third quarter. In its statement, the company said it was providing preliminary estimates for next year, without describing them as a guaranteed growth trajectory. The announcement came alongside quarterly results showing lower revenue, while near-term forecasts depend on expected project deliveries in the fourth quarter. The company also maintained its 2026 revenue guidance, saying it expects to reach the upper half of the previous range.
Energy Vault expects revenue of $290 million to $310 million in 2026 and said that range is in the upper half of its previous guidance. The company tied the estimate to current operational execution and expected project deliveries during the fourth quarter. Third-quarter revenue was $13.1 million, down 61% year over year, or $20.3 million from the same period. The company said the figure was in line with expectations based on the planned project delivery schedule. It attributed the quarter's performance to delivery timing it had previously discussed, and said its priorities include efficient project execution, capital discipline and advancing its development pipeline toward operating assets and recurring adjusted EBITDA revenue.
The company posted a generally accepted accounting principles net loss of about $28.2 million in the third quarter, compared with a loss of $26.8 million in the same period a year earlier. Loss per share was about $0.17. On an adjusted EBITDA basis, the loss was $14.7 million, compared with about $6 million a year earlier. These quarterly figures precede the 2027 target of $40 million to $50 million in adjusted EBITDA. The latest results therefore show a current loss on this measure alongside preliminary guidance targeting a positive annual figure next year.
Total cash and cash equivalents, including restricted cash, stood at $236 million on September 30, 2026. The balance increased by $88 million from the previous quarter and by $174 million year over year. The company described quarterly cash growth as about 60% from the previous quarter and about three times its level a year earlier. On execution, it said it began deliveries in the fourth quarter on a previously announced 1.25-gigawatt generation-and-storage project to support AI computing infrastructure in Texas. It also completed its acquisition in the third quarter of 2.3 gigawatts of U.S. battery storage projects from Goshe Energy Storage, including 350 megawatts that are ready for construction.
Energy Vault said it received formal grid-connection approval for the 125-megawatt Stoney Creek project in Australia, which has storage capacity of 1 gigawatt-hour. It added that financing for several projects in the United States and Australia is ongoing. On the earnings call, management said about 35% to 40% of its $2.3 billion project backlog is expected to convert over the following twelve to fifteen months. It also expected the backlog to rise to about $3 billion by the end of 2026. The company said these estimates reflect the role of project deliveries and financing in the timing of future revenue.
The company expects a gross margin of 20% to 22% for 2026 and total cash of $170 million to $200 million at year-end. It also expects a decline in corporate-level recourse debt compared with the third quarter. NRGV shares closed at $3.53 on November 10. Investing.com reported that the stock fell 2.49% during the regular session, then dropped 4.82% in after-hours trading to $3.36 following the results announcement. The move places the market reaction in the same session in which the company announced its preliminary 2027 guidance.