Energy Vault Holdings Stock Earnings Reports

Energy Vault reported strong operational progress in Q1 2026 as it accelerates its transition from an EPC/project provider to a vertically integrated build-own-operate (IPP) energy and AI infrastructure platform. Key investor takeaways: revenue of $21.9M (up 156% YoY) and adjusted gross margin of 27.9%; backlog grew to $1.35B (108% YoY) with over 80% tied to owned & operated assets; megawatts under control exceeded 1 GW (more than doubled sequentially) and the developed pipeline expanded to ~3.5 GW ($3.5B); management now expects an Asset Vault recurring EBITDA run-rate of >$180M (ahead of plan) driven in part by Powered Land/Powered Shell AI opportunities (~100 MW announced this quarter, ~$65M recurring EBITDA contribution expected as those assets come online); the company reaffirmed 2026 guidance: revenue $225M–$300M (including ~$75M–$100M of internal Asset Vault builds), gross margin 15%–25%, and year-end cash $150M–$200M. Liquidity was strengthened via an upsized $150M convertible senior notes offering (capped call, implied conversion $8.12) and partial monetization of ITCs (~$12M realized, ~$40M expected total to date). Management emphasized higher sustainable IPP-level margins (long-term target 60%–80% on owned assets) as assets commence operations, and noted near-term revenue upside from AI power packages and interim EPC work while larger-owned projects are constructed. Risks remain typical for the sector (execution, financing, market/regulatory changes) and forward-looking statements are subject to uncertainty.