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Energy Vault (NRGV) investor relations material
Energy Vault Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 revenue reached $33.3 million, a 27X year-over-year increase, driven by strong Australian project performance and initial Asset Vault contributions.
GAAP gross profit for Q3 2025 was $9.0 million, up nearly 18 times year-over-year, with a gross margin of 27.0%.
Adjusted EBITDA loss narrowed to $6.0 million from $14.7 million in the prior year-ago quarter, a 59% improvement.
Cash balance as of September 30, 2025, was $61.9 million, up 7% sequentially.
Major progress on Asset Vault, including a $300 million preferred equity agreement and acquisition of a 150 MW BESS project in Texas.
Financial highlights
Q3 2025 revenue was $33.3 million, up from $1.2 million in Q3 2024, driven by Australia and Asset Vault.
Revenue backlog as of September 30, 2025, was $920 million, up 112% year-to-date.
Adjusted operating expenses were $16.2 million, flat quarter-over-quarter.
Net loss for Q3 2025 was $26.8 million, compared to $26.6 million in Q3 2024.
Cash provided by operating activities for the nine months ended September 30, 2025, was $0.9 million, compared to a use of $21.0 million in the prior year period.
Outlook and guidance
Full year 2025 revenue is estimated at $200-$250 million, with gross margin guidance of 14%-16%.
Expected year-end cash is $75-$100 million, unchanged from previous guidance.
Asset Vault Fund 1 expected to contribute $100-$150 million in recurring adjusted EBITDA by year-end 2029 from 1.5 GW+ of projects.
Anticipates $40 million in investment tax credit proceeds in Q4.
Reaffirmed full year 2025 guidance across all key metrics.
Asset Vault Fund 1's 2029 EBITDA target
How new financing supports 2026+ growth
Strategic impact of Crusoe AI data center deal
Asset Vault's cash flow generation for parent
Drivers of the 8.7 GWh pipeline increase
EV's strategy for managing macro market volatility
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Next Energy Vault earnings date
Q4 202517 Mar, 2026
Next Energy Vault earnings date
Q4 202517 Mar, 2026
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Frequently asked questions
Energy Vault Holdings Inc. is a renewable energy company specializing in energy storage solutions. The company develops gravity-based energy storage systems designed to support grid reliability and integrate renewable energy sources such as wind and solar. Energy Vault serves utilities, independent power producers, and industrial customers seeking sustainable energy solutions. The company is headquartered in Westlake Village, California, and its shares are listed on the NYSE.
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