Energy Vault (NRGV) Q1 2026 earnings summary

Executive summary

• Global megawatts under management rose to over 1 GW, up more than 500% year-over-year, with backlog reaching $1.35 billion, up 108% year-over-year and over 80% tied to recurring, high-margin IPP revenue.

• Q1 2026 revenue was $21.9 million, up 156% year-over-year, driven by energy storage project deliveries, AI infrastructure demand, and Asset Vault contributions.

• Strategic milestones included entry into Japan with an 850 MW BESS portfolio, acquisition of a 175 MW BESS project in Texas, and expansion in the U.S. and Australia.

• Cash and cash equivalents at quarter-end were $117.1 million, up 148% year-over-year and marking the fifth consecutive quarterly increase.

• Reaffirmed 2026 financial outlook and continued focus on multi-asset class execution and global expansion.

Financial highlights

• Q1 2026 revenue was $21.9 million, up from $8.5 million in Q1 2025.

• Adjusted gross profit was $6.1 million (27.9% margin), GAAP gross profit was $4.8 million (21.9% margin), both up year-over-year.

• Adjusted EBITDA loss was $13.6 million, reflecting ongoing investments in the own and operate strategy.

• Net loss attributable to shareholders was $32.5 million, or $(0.20) per share GAAP; adjusted net loss was $20.0 million.

• Cash and cash equivalents at quarter-end were $117.1 million after debt repayment and portfolio investments.

Outlook and guidance

• Reaffirmed full-year 2026 guidance: revenue of $225–$300 million, gross margin of 15%–25%, and year-end cash of $150–$200 million.

• Expecting $75–$100 million in internal Asset Vault project builds for 2026.

• Annual recurring EBITDA run rate projected to exceed $180 million as assets move into operation, ahead of prior expectations.

• Project activity for 2026 expected at $300–$400 million.

• Cash on hand expected to fund operations and obligations for at least the next twelve months.