NRGV

Image source: The Motley Fool. Tuesday, Aug. 11, 2026 at 4:30 p.m. ET Chief Financial Officer - Nitin Dahiya Chairman and Chief Executive Officer - Robert Piconi Operator: Greetings. And welcome to Energy Vault's Second Quarter 2026 Earnings Call. [Operator Instructions] Please note this conference is being recorded. I would now like to turn the conference over to Mr. Nitin Dahiya, CFO. Please proceed, sir. Nitin Dahiya: Thank you, Operator. Good afternoon, everyone -- for joining us today, and welcome to Energy Vault's Second Quarter 2026 Financial Results Call. Our earnings release and investor presentation are available on the Investor Relations section of our website, and we will refer to the presentation throughout today's call. Before we begin, I want to remind everyone that today's discussion contains forward-looking statements that are subject to risk and uncertainties. Actual results may vary materially from those expressed or implied by these statements. Please refer to our most recent SEC filings and the safe harbor language in today's earnings materials for a discussion of the factors that could cause actual results to differ. We undertake no obligation to update these statements except as required by law. We will also discuss certain non-GAAP financial measures. Reconciliation to the most directly comparable GAAP measures are included in our earnings materials. On a personal note, this is my first earnings call as Chief Financial Officer of Energy Vault. The combination of our differentiated power infrastructure platform, growing contracted asset base, strong execution, and disciplined approach to capital creates a compelling opportunity to build long-term shareholder value. I'm excited to join the team at this important inflection point in Energy Vault's journey. Joining me today is Robert Piconi, our Chairman and Chief Executive Officer. Robert will take us through the strategic and operational update, and then I will take you through the quarter, liquidity, backlog, and our increased full-year guidance. Robert, over to you. Robert Piconi: Great, Nitin. Thank you, and I'd like to welcome everyone to our Q2 earnings call. And also a friend, Nitin, pleasure to have you here. We're all very excited. Nitin just joined us just last month and excited for the contributions here and this very important phase in our company's growth profile. So welcome, Nitin. I also want to remind everyone that we have posted an investor deck out to the investor website. It would be helpful, I think, for those following through if you'd like to follow through that. I will be referring to some of those charts as we go through and before turning it back to Nitin on the results. Hopefully everyone's had a chance to take a brief read of our earnings announcement, and as I think the results reflect, I'd say two main things up front; I think number one, the execution of our strategy, and if you have been following us, that execution means delivering for customers, and that shows up in revenue. It shows up in profitable revenue and gross margins, and it shows up in the quality of the availability of the power solutions we provide. But secondly, I'd say it also reflects a commercial execution and capturing the demand being driven by AI compute infrastructure. This is something we've talked about strategically. If you go back the last 6 to 12 months, about positioning our company with our great expertise, with our strong execution capabilities with customers, that's not just here in the U.S., but that's globally as we've demonstrated, and very excited to see not only that begin to show up in the results this quarter, but as we'll talk about in our improved outlook, both for this year and for next. The strategy we've been describing is now in full translation mode into some of the results we've just seen. That means stronger growth, higher margins, increasing cash, a substantially larger backlog, and importantly, greater visibility into both near-term revenue and long-term recurring earnings. If you turn to Chart 3, which is the first page of the deck, three main messages there before I jump into some of the numbers. First, I think the '26 and '27 outlook has strengthened materially. As you've seen in the backlog, the backlog increased by about $650 million to roughly $2 billion. That's a strong 40% increase just quarter-over-quarter, let alone more than doubling that on a year-over-year basis, and what we see there is expectation also to convert that revenue over the next 12 to 18 months at attractive margins for about 40% of that backlog. This gives us substantial and greater visibility into the delivery ramp ahead of us, and that's both, I'd say, this year and into a very strong Q4 we're going to have, just as we did last year, but also as we look at 2027. Second, we're converting the AI data center and high compute platforms demand into real contracted wins. We've talked about the Crusoe win that was mentioned about six months ago as we began to enter the module data center space. But in addition, we recently announced a 1.25 gigawatt agreement, which is our largest contract in the history of the company, to support an integrated power generation and storage solution for hyperscale data centers. And then all of these efforts have given us substantially greater visibility into the delivery ramp ahead of us now. Third, we have strengthened the capital formation and the project financing capabilities. Now, the company mentioned Nitin's appointment here as our new CFO joining from BlackRock, where he had built a strong career also in the energy infrastructure in addition to other sectors. But also I've mentioned Cory Magnuson's appointment as President of Asset Vault in Q2. All of these things adding the deep capital markets, the structured finance, the IPP, and project finance expertise at exactly the point where the scale of opportunity is accelerating. And that matters because the next phase of growth is not simply about winning more projects. It's about financing the right projects efficiently, protecting our returns, bringing those assets online predictably and at the quality levels we've done to-date, and converting that execution into cash flow and long-term shareholder value. If you turn to Chart 4, we'll jump into just some of the numbers at a high level, Nitin will be covering them in more detail in a minute. I think you'll look at numbers we refer to immediately on the number of megawatts. We discussed the 1.1 gigawatt over the last three months as the last time we were together in May. That's important because those gigawatts are under our control. Some of them are operating, some of them are under construction, and some of them are now in a ready-to-build state. That 1.1 gigawatt is what's translating, and I'll share the chart and a few more charts here to look at the timeframes that they'll be coming online, but that will be translating into the $180 million of the recurring annualized EBITDA, which has been fundamental for our strategy the last two years. But importantly, if you shift to the right, the backlog, and we'll spend more time and we have a few charts here where we're actually going to share the composition of that backlog between what's the long-term recurring versus what's our more near-term revenue conversion opportunities. That's increased now to $2 billion, a large increase quarter-over-quarter, doubling on a year-over-year basis as you see, and gives us a lot of visibility. On the revenue side, we've doubled the revenue on a year-over-year basis. Again, a reflection of strong execution of the backlog we built last year in projects both in the U.S. and Australia. I think one of the most impressive performances as we looked at Q2 was our gross margin. Gross margin is fundamental because those are the dollars and the cash generated from the revenue to cover the operating expense as you go forward, and the fact that we've improved that both on a quarter-over-quarter basis and on a year-over-year basis from an adjusted gross profit up to 38.6%. And the reason we talk about adjusted gross profit, because it is the cash gross profit that does not include some of the non-cash depreciation elements associated with our build, own, and operate portfolio. But even the GAAP gross profit, even growing to 31% this quarter. Again, just a strong result. What that means is we are executing well. We are executing well in the field to avoid any issues that can come up when you're building large energy projects and doing it in a manner with high quality and with high safety. And I think ultimately here, this has to show up in cash and increasing our cash. I'm going to give you a look at what we've done the last six quarters now. So this is our sixth straight quarter of increasing cash. I think a great reflection of the focus and some of the discipline of the company to ensure that we are building that cash book, we're improving the balance sheet as we have a lot of attractive investments that we'd like to invest in. It was a 26% increase on a quarter-to-quarter basis and more than 150% on a year-over-year basis. I'd like to turn now to the backlog. If you turn to Charts 5 and 6, and we provided a little more detail here to give people some color into not only the existing backlog, but even how's that's going to evolve into the end of the year. As well as on Chart 6, we have broken down that backlog and characterized it between our build-and-transfer and our build and operate. And Slide 6, I think, is particularly important because it provides a more detailed composition showing how that 40% of that backlog is the build-and-transfer that supports more near-term revenue conversion and cash generation, while about 60% is the build, own, and operate component creates that long-term recurring revenue and earnings visibility. Standing at $2 billion today, that's roughly 3x where it stood at the end of 2024. But more important is that composition where we have about 60% of it tied to that long-term recurring revenue from our owned and operated assets, while 40% now, which has grown since last quarter, is supporting that near-term project delivery and revenue conversion over this next 12 to 18 months. And I'd say that's exactly what we wanted to see. While we're making this transition by building and transferring and operating some of these assets on the build, own, and operate strategy, that means we give up revenue as we do that. And that's where we wanted to see good conversion on our build-and-transfer business to continue to build that revenue and cash growth as we did that. And that's exactly what we're delivering and showing you today. Together, they give us a much more balanced, more predictable, and ultimately, a much more valuable earnings model. A little bit of time on Chart 6, because that is a new one. You're looking at our build-and-transfer breakdown of those megawatt hours. These are storage projects where we talk about them in megawatt hours instead of megawatts. You see there on the revenue side, the total in that backlog is about $700 million of that $2 billion backlog. But in particular, we are also showing the advanced contract negotiation, which represents about another $0.5 billion that we're expecting to execute and close on those. If you look at then the revenue for both this year and then into 2027, there's a total of about $1.2 billion that we have underway. So very excited about that. That's a reflection of some of the growth we're capturing in the execution on our commercial teams. And the other thing I point out there, if you look to the right, are the gross margins associated with that revenue. So as you saw in the earnings release, we'll be talking more in a minute, we are increasing our gross margin or lifting that to the upper end of the range. Again, this is driven by strong demand, but also speed. So you hear the term speed to power. If you can execute quickly in this market and -- with a high probability of strong execution and predictable execution, that's going to buy you not only winning contracts, but it's going to buy you the ability to also drive that growth and, in fact, profitable growth here with our margin profile. The second piece of this chart on Page 6 is the build, own, and operate side where we've segmented that. That represents the other $1.3 billion of the backlog. These are revenue streams that are going to be anywhere from 7 to 15 years. It's a substantial portion of the backlog, which you want to see that grow and you want to see that continuing to growing. That allows us to have a lot of visibility going forward. And remember, these are streams that are anywhere from 70% to 80% gross margins. So as we build these projects and they come online, we've mentioned $180 million annualized streams just EBITDA that you're going to see out of this, I think fundamental to our execution, to our longer-term strategy of owning and operating energy infrastructure. We'll continue to update this chart to give you that visibility, both in the near-term revenue on the build-and-transfer and as we execute on the build, own, and operate. If you go to Chart 7 then, and as you saw, I think, in the headline of our earnings release, we are increasing and raising the ranges of our guidance, starting with revenue, where we're increasing from the $225 million to $300 million to the upper end and even above the high end of the range, $270 million to $310 million. Just like last year, as we executed in Q4 in a very large way to over $150 million, last year in Q4, we're going to have another large ramp this year. That supply chain is secured. It includes batteries. It includes some of the other high voltage equipment driven off of some of the recent contract announcements. Expect to have that margin range then, also you see there we're raising to the higher end there and lifting that range up to the 20% to 25%. I think as you just saw in the Q2 results that I just reviewed, we're continuing to execute well. I would say that those numbers -- and if you look at our Q2, represent over 2x the market in terms as you're executing EPC contracts across the board. And if you look at any of the others in the space that are executing, we feel very good about that range and our ability to continue to execute to the upside of that range. And then very importantly, on the cash side, reiterating but narrowing to the higher end of the guidance. So we're lifting our guidance on cash there at $160 million to $200 million. And these near-term revenue contracts are going to be very helpful to that. We continue to manage that well. And I think the additions of Nitin and Cory, between the project financing and the broader capital formation expertise and network they bring to the table, will continue to keep us with a healthy and growing balance sheet. Turning to Chart 8 from the deck, we're reflecting both revenue here and its growth over the last three years, but also reflecting that backlog growth. And we are showing what we expect to be a backlog growth, even with some of the revenue recognition we're expecting in Q4 that's going to be approaching almost $3 billion. And again, that's a number we don't take lightly. We're executing with a lot of contracts underway that give us a lot of confidence, and that should give investors a lot of confidence, and that's both some of the near-term revenue for recognition, but more importantly, we're going to expect an increasing percentage of that backlog on those recurring revenue streams in our build, own, and operate portfolio. I'm going to jump everybody to Chart 11 because I want to spend a little time on our powered land portfolio. We summarized some of our existing powered land projects. One of them underway, our Calistoga Resiliency Center, that's the two-day, the 48-hour backup to the City of Calistoga, Napa. That is supporting Pacific Gas and Electric. So we have a 10.5-year agreement with them. That project is operating as planned and is there to secure the city in the event of wildfires or any other events where that would cause the grid to shut down. Shifting to the right there, an update on Snyder and our AI campus. We recently announced just two months ago an update on breaking ground with our Crusoe project. That's the module data center project. It's starting with 8 megawatts and heading up to 25 megawatts for the initial deployment and very excited. We also announced plans for an expansion of that site, up to 500 megawatts. So that's going to involve a series of both generation, renewable, as well as storage as we expand our new AI campus there. That is a wholly owned facility and excited as a showcase center as well with multiple storage technologies already operating there today. For Mesa del Sol and our New Mexico campus, we mentioned this powered land opportunity. We actually had a single page on this in the last deck where we got right up to the 75 megawatt, which is the next milestone. So we're starting with that as an update. I'm on track to start with that in our Q1 there in the state of New Mexico. We have a lot of expansion planned given our ownership rights on the surrounding land. We had mentioned we had acquired 225 megawatts of also -- of gas generation and reciprocating engines capability and also would complement that with storage and solar over time up to the 1 gigawatt in that area. We have multiple locations in and around that area as well that we're advancing and having multiple discussions with hyperscaler off-takers and expecting to be announcing some things here in the coming months as we get to the second half of the year. So excited about these larger opportunities. They do create the 15-year plus revenue streams. We're investing for them in the right infrastructure and the assets. And as we've seen with the 1.25 gigawatt announcement of power generation and storage together that's behind-the-meter work adequately and I think very, very quickly advancing our knowledge and our execution here in the space. Page 12 is a chart that we've also showed for the first time last time, that shows the details of the projects that make up the $180 million of annualized recurring EBITDA. So these are the 1.1 gigawatt of projects and essentially all operating within the same timeframes we outlined before. The first two there on the left are already operating there for the 2025. They went online. That's Calistoga and Cross Trails. We're expecting to hear more about Sosa here in the coming months. We have already talked about the Crusoe deployment, and then there's a set of other listed projects that's both in Australia, and in Japan, where we announced the acquisition that was closed in a more near-term, two projects in particular, the 350-megawatt there that you'll be expecting to hear more of in the coming months. And then our New Mexico powered land project here. So all within line, I think, with what we reported before and good execution of the team to stay on track in various phases of the planning, the construction, and a lot of the financing efforts underway there. We also provided on Page 13 a level of detail that walked through each of the years and how we expect those megawatts to come online. These are annualized numbers. So the way you can read this chart is looking at the number of megawatts and gigawatts we bring online and the associated EBITDA that's an annualized number as we bring them online. So that's where, in this illustration that we have here. We have the walk year by year that we expect to achieve, getting up to roughly in almost 5 gigawatts by 2030 and approaching a number of about $2 billion on an annualized basis of the EBITDA. Again, this is another one we'll continue to keep investors updated about, and I think important to continue to look at the megawatt ads as we announce new projects here for the second half of the year. Finally, and just to finish and wrap up, now before I turn it over to Nitin, we'll talk about some of the focus areas on Page 15 for the second half of the year. I think primarily, and as job #1 with us, as you continue to hear, it always starts with execution. And that's for the second half of the year, we've outlined some additional revenue growth and upside on that revenue and margin that we expect to deliver. That's going to come through how we always do things in a very disciplined way, a very passionate way in serving our customers. And we see even upside to some of the projections we have here that we're expecting to close on now in the next coming months, and we'll be sharing more as we give additional updates in November. I think converting on this owned and operate pipeline to the megawatts under control is another key one to watch. We have multiple projects to add to that 1.1 gigawatt. This is fundamental, I think, to continue to build and execute on our strategy to build a recurring annualized EBITDA streams. Thirdly, as you saw in the announcement and executing around the large behind-the-meter modular generation and storage platform that we announced, again, this deal was all about speed to power. Recently executing it has a large amount of revenue for both the second half, and in particular Q4 this year, but also for 2027 as we announced. We're hoping to expand this platform and this relationship into many parts of the U.S. given the demand we see, and in particular, given some of the wait lists and the waiting lines you have to power. So with this behind-the-meter solution, we believe we can get customers to power much more quickly. Fourth, we're working on the further optimization around the capital structure of the company and ,essentially, reducing our overall cost of capital. That involves not only strengthening the balance sheet, but we're also building our own team and a self-financing team as opposed to paying a lot of fees and costs to outside advisors. So that's fundamentally to some of the leadership announcements that we've announced in the last three months. And then finally, as we look globally, you can expect to see continued footprint expansion in these key growth markets. So we've been very focused on only the largest and, I think, the most attractive storage markets, most recently adding that acquisition in Japan, continuing to expand in Australia will be important, and right here home in the U.S. continuing to build and expand given the tremendous demand we see in the AI compute infrastructure. With that, I'm going to turn it back to Nitin to go over some of the details of our financial results. Nitin Dahiya: Thank you, Robert. I will cover the second quarter financial results, liquidity, and capital discipline, backlog, and then our updated full year outlook. Revenue for the second quarter was $17.4 million, compared with $8.5 million in the prior year period, an increase of 104%. This increase was driven by progress on our Australian projects. GAAP gross profit was $5.4 million compared to $2.5 million a year ago, an increase of 116%. GAAP Gross margin came in at 31%, up 140 basis points. Adjusted gross margin, which excludes depreciation and amortization associated with owned and operated projects, was up almost 900 basis points year-on-year. So the gross margin performance is important because it demonstrates that the growth we are seeing is not simply volume-driven. The gross margin was exceptionally strong this quarter and product mix -- a project mix and execution continues to support healthy economics as the business scales. Adjusted operating expenses were $23.7 million compared to $16.2 million a year ago. The increase primarily reflects commercial support, project development, and legal expenses associated with scaling the owned and operated and AI infrastructure platforms. We expect to see the benefit of this higher OpEx over the next 12 months in contract activity. As such, we remain focused on managing controllable OpEx while investing in growth where warranted. GAAP net loss for the quarter was $29.7 million from $34.9 million in the prior year period. And the GAAP EPS was a loss of $0.17 compared to $0.22 last year. Adjusted net loss was $24.6 million compared to $18.4 million a year ago. Coming to adjusted EBITDA, adjusted EBITDA was a loss of $17 million compared to a loss of $13.6 million in the prior year period, with higher operating expenses partly offset by higher gross profit. Turning now to liquidity. Total cash and cash equivalents, including restricted cash, were $148 million on June 30th. This was approximately $31 million higher sequentially and $90 million higher year-over-year. I want to emphasize here that we remain focused on ensuring adequate liquidity for the business as it grows. As the company moves towards a larger owned and operated portfolio, ensuring adequate parent liquidity and optimizing each project's capital structure are fundamental to creating value for shareholders. We intend to extensively use project-level financings, including tax equity, and use corporate capital where -- only where appropriate with clear return to thresholds and disciplined allocations. That discipline is especially important as the opportunity set expands. We intend to grow in a way that focuses capital on projects with more attractive risk-adjusted economics for the parent while ensuring a resilient capital stack. Backlog, as we talked about previously, as of August 10th was about $2 billion, more than doubling versus a year ago. About 60% is attributable to owned and operated projects, and 40% to third-party projects. The increase in third-party backlog materially improves near-term visibility across '26 and '27. And at the same time, the owned and operated component creates a growing base of contracted, longer-duration earnings as those assets reach commercial operations. And again, as we talked about previously, the additional disclosure on Slide 6 should give you a better sense of how each of these components is expected to drive future earnings mix for the company. Moving on to guidance, we are increasing our full year 2026 revenue guidance to $270 million to $310 million from a prior range of $225 million to $300 million. The increases in guidance reflects stronger commercial execution and stronger visibility in contract timelines. That sell -- sorry, that said, quarterly revenue recognition can be uneven because of project timing and milestone accounting. So, there, I would flag that a vast majority of second half revenue is expected to be recognized in the fourth quarter. We are narrowing our full year GAAP gross margin range to 20% to 25% from 15% to 25%. And year-end cash, we are currently targeting it to be $160 million to $200 million compared to $150 million to $200 million previously. Together the raised revenue outlook, revised gross margin, and strong liquidity demonstrate the increasing financial capacity of the platform as we continue to grow the owned asset portfolio. As we look to the second half, our priorities are straightforward. Execute the backlog, maintain margin discipline, ensure adequate liquidity, and deploy capital against the highest return opportunities. With that, I will hand the call back over to Robert for a few closing comments before Q&A. Robert Piconi: Great. Thank you very much. And again, I want to thank everyone for -- and in particular our employees for all their focus and execution as we delivered another solid and very strong quarter. I think it's a great precursor, and as we look at the second half, Nitin just mentioned some of those key priorities, and you can continue to expect from us a strong focus on our customers, but also a very, very strong focus on only the most attractive and largest growth opportunities. We referenced a big milestone, a landmark for the company in the signing of what is our largest contract since inception, a little over $0.5 billion. We liked, obviously, those types of relationships, not just for the size, but for the ability to grow that relationship over time. And that's why, generally, we've maintained being very selective with customer sets. We don't go out too far to really all customers really focus on ones that can be those partners that we build a lot of trust with, with initial projects, and then expand over time. And you can continue to expect to hear that from us as we look at this year. And in particular, very encouraged for what this is yielding for next year with the type of backlog now that we've grown, but in particular, the size of that backlog that's in the next 12 to 18 months, which makes us -- I think puts us in a very, very strong position as we look at 2027. I will mention that, at our next earnings in November, we'll be sharing more about what we see in 2027 and what can be expected at that time. And with that, operator, I'll turn it back over to you for the Q&A. Operator: [Operator Instructions] The first question comes from Justin Clare with ROTH Capital Partners. Justin Clare: I wanted to start out on the 1.25 gigawatt hyperscaler agreement and just wondering how we should think about the $500 million to $600 million of revenue in terms of the split between 2026 and 2027, if you can share. And then just wondering if the margin profile you anticipate there is consistent with that 20% to 25% that you had guided to for 2026 here. And also you indicated for the projects in advanced discussion. So, yes, if you can comment on the potential margins there. Robert Piconi: Sure. Yes, happy to, Justin. Regarding the split, you can assume on that split that there'll be a portion of that $500 million to $600 million into our Q4. So that's a recently announced deal that had been in the works, so for three to four months. So we are able to execute a portion of that delivery in Q4. And I think you can obviously assume that's not going to be the majority of it, but there will be a portion of that. And I'd say the majority of that revenue will be in 2027. As far as margins go, we feel very good, hence the raise there to the higher end of the range, of the 20% to 25%. You saw the results that we just delivered that began with a [ 3 ]. I think we feel very strong about not only the range we just gave, but I think to your question, for having that continue in that range we outlined into 2027. Justin Clare: Got it. Okay. That's helpful. And then just on the same, the 1.25 gigawatt agreement here, you described this as a repeatable platform. So I just wonder if you speak to, beyond the initial deployment, how would you characterize the opportunity pipeline? Maybe what storage use cases you're seeing emerge, like where you're seeing the most significant demand. And then just wondering if discussions have kind of move beyond the initial hyperscaler there, or are you more focused on the one customer at this stage? Robert Piconi: Sure. A few questions here. Let me just generally, and as we announced, we've developed a solution that's a modular platform, and this is with a partner that we have not named for confidentiality purposes yet, but it's a large power generation EPC. We mentioned in the release that this first portion, this 1.25 gigawatt, is associated with Caterpillar gas generation. But generally, it's a platform, and to be deployed, it's all about speed to power. And these are platforms that are behind-the-meter, meaning we don't have to rely on grid power for them. We deploy these and are planning to deploy them in 250 megawatt modular solutions. And so you can do the math on that into the 1.25. And we also see quite a large opportunity to take this platform, both with this partner, but also in the market, and expand that. You hear the term speed to power. You've heard me say that a few times. It's a -- there's a lot of opportunities where over the next 12, 24, 36 months, while grid investments are being made, while transmission lines have to be built, all the capacity upgrades now that are being executed, those things are going to take three, four, to five years. So the fact that we've created a platform now integrating energy storage, gas generation and, in particular, I'll mention the strength of our software and that plays, because that software is doing that load optimization and orchestrating how that power gets delivered for five nines quality. So that's not a small thing, as you know, given the expectations that the customers have. And it's something we are looking to, the second part of your question, that is something that we, can expand and deploy upon. And we're very excited about that. And as you can imagine, with the announcement we made and with some of the work we've done planning, in particular, as we look at next year and the customers we're having now, we see a lot of potential to deploy the solution. Operator: The next question comes from Julien Dumoulin-Smith with Jefferies. Please proceed. Unknown Analyst: This is [ Leonard ] on for Julien. Congratulations, again, on the great results. So the current 1.1 gigawatt portfolio underpins the roughly $180 million annualized EBITDA. But as you add new projects and potentially grow that backlog from roughly $2 billion today to towards $3 billion, where do you expect the highest incremental value to come from? Like traditional BESS assets, powered land projects, or AI infrastructure deployments? Where are you expecting the largest share of occurring EBITDA growth and like backlog expansion over the next several years? Robert Piconi: Yes, look, I'd say there's no change in our strategy of building, owning, and operating assets over time, we believe and still believe and have conviction that, that is the best use of our capital to build longer term recurring revenue streams. I think the segments we're looking at to deliver the most profit on that will have a lot to do now with our powered land solutions and what we call our powered shell or the module data center solutions. We will own and operate those. We also have delivery models of delivering sets of batteries. We actually call it our ESaaS model for battery delivery, where we can own and operate those batteries as a part of firming up grid power or firming up other types of generation to customers. So it's a very interesting segment where I think owning and operating those megawatts over time, we believe, will have the longest-term value for shareholders. And no change, of course, to -- as an example, the 1.25 gigawatt platform that we just announced. I mean, that is actually RevRec, so that is build-and-transfer. And I think that's, that may have been a little bit of a surprise that we were building out our backlog and also now increasing, let's say, the size of the backlog with more near-term deliveries and build-and-transfer. But that is the nature of this market because we built a very strong reputation for high-quality delivery and knowledge of the grid. We that see a lot of demand for customers that want to integrate different types of technologies and leverage our expertise as we've done that across multiple regions, multiple technologies, and in different business models. And the last thing I'll leave you with is we are being very selective in the projects that we take on and the customers we take on. We like to focus, as I said, on larger customers, one that share our culture, share our way of working and our focus on high quality, our focus on the longer-term path to sustainability that remains, I think, front and center here with us. And we're being very selective on the most attractive projects in terms of where we put our capital. Operator: The next question is from Noel Parks with Tuohy Brothers. Noel Parks: A couple things. So among your portfolio, just as a reference point, what's your sort of most active construction or installation site at the moment? Robert Piconi: Oh, we probably have, I guess, a few of them. There's in [ Sosa ] in Australia where we're building out and have our on a build, own, operate side, we have Stoney Creek that we've announced in our beginning some of the construction activity there. But in particular, on the build-and-transfer side in Australia, we have our first and our largest project in one of the larger projects in the country with a customer called ACEN. We are deploying 200 megawatt of a battery project there and already delivering 200 megawatts of power on that facility. So we're finalizing now the turnover and what's called in Australia the R2, meaning the R2 is the milestone where you've actually gotten the grid sign off formally. It's an important milestone for us there because having that now will enable us to actually bid on larger projects in the market. So that's I say remains very active right now in terms of the construction side. From a pure U.S. perspective, you can imagine with the ramp we have coming in the second half of this year. So if you look at our guidance and look at the revenue today, you'll see that we're looking at another $250 million to $270 million of revenue here in the second half of the year. So that involves some sites that we're sort of finalizing some of the deliveries and installations. Consumers Energy is one of those as an example from prior projects. But in addition, the work that's going on relative to what we just announced, that's been underway for the last three to five months, this -- the 1.25 gigawatt deal, there's a chunk of that revenue and things being delivered here for this year. And then in Snyder, Texas there's work going on, as we announced, the construction start on the civil activities and a lot of the high voltage upgrade and work with the utility there at Snyder for the module data center work with Crusoe. So I'd say those are -- those three areas are the most active right now for us globally. Noel Parks: Great, thanks. And you just mentioned that for the 1.25 gigawatt project, you've been active on it for, you said, three, four, five months. And is it -- well, I guess I'm curious about the project, assuming it's had some considerable lead time. Whether they have been proceeding along what had been an original plan for a behind-the-meter installation or whether it's the sort of thing that they started development and became aware of the intensity of grid limitations, the difficulties, of interconnects, and at some point along the way decide they need to sort of pivot in a direction that also embrace energy storage as well. Robert Piconi: Yes, I'll say a few comments there. This is a group -- the partner that we're working with is a partner that's one of the larger both distributors and EPC companies in the U.S. that deploys, for example, as announced, Caterpillar gas generation, but in addition, they do a lot of balance of plant design and final integration. So as you can imagine, they have a lot of customers, but in particular, they have a few very large customers. I think, historically, while they may have worked with different players, you can assume this is has been a relationship we've been building. It always starts with an initial, let's say a smaller project, where you get to know each other, sort of culture of the companies. We know when you're closing contracts and writing deals and working with attorneys, you develop a feel for each other. And that relationship just grew to the point where they felt very comfortable working with us and with their hyperscaler partner, on a very large solution. And one where I have to say that our software played a very, very important role in the decision and some of the differentiation it enables to, essentially, integrate across and with our power plant controller and other load optimization and orchestration capabilities, the fact that we can do that across not only the gas generation side, but in addition to our storage and really play a very important role to ensure delivery of five nines power and what we called in the announcement always on availability for the customer. So I'd say that relationship obviously doesn't, you don't just go sign one of these things overnight. So you can assume that, that was in some development stage starting smaller scale and then resulting in, as we announced, we announced this was a second of a framework agreement. So something that we intend to not only execute well here this year, but as we get into next year, and as I mentioned in the prior question, we do expect to grow this solution and grow with this partner given the tremendous demand in the market. Operator: The next question is from Sid Rajeev with Fundamental Research. Please proceed. Siddharth Rajeev: Congratulations on the progress. With multiple projects on the go, I was wondering how the financing status of some of the near-term projects are, like for Sosa, Stoney Creek, and those. Robert Piconi: Great. Well, from a financing perspective, and you mentioned two build, own, and operate projects that are on, there are two of the listed projects, one in Australia, Stoney Creek, and the other Sosa. So those -- the project financing with both those projects are well, well underway. And as we've listed them there and as we've continued to even acquire some of the equipment to safe harbor them for Sosa, for example, in the U.S., we had acquired some of the high voltage equipment already. So those financing efforts are both underway and both proceeding, let's say, in line with expectation given both locations that we've selected are attractive locations. I'll reference on Stoney Creek, we did win the LTESA in Australia. So that's the long-term energy service agreement that is a 14-year agreement with the New South Wales government. So that's sovereign offtake agreement that essentially enables us to have a floor every year, depending on how the project's performing. And we're also in some final stages for additional financing for that project as well. Siddharth Rajeev: Thank you. One more question if I may. How are Calistoga and Cross Trails operating? They are small projects but it gives us an idea how these are functioning. Are they running smoothly? Robert Piconi: They're both running well. Both of them well above 99% availability. With the CRC, so the Calistoga Resiliency Center, that is a standby system. It is utilized for some ancillary power and services as well, but all that's going well. And we're essentially at 99.4% availability on the Cross Trails system year-to-date this year. Operator: The next question comes from Brian Lee with Goldman Sachs. Tyler Bisset: This is Tyler Bisset on for Brian. Can you first discuss any implications from the recent data center moratorium in Texas on your business, including the potential timing of revenue recognition of the 1.25 gigawatt announcement? Robert Piconi: Sure. Yes. We have taken that into account essentially in all of our planning and all the planning and the guidance that we just gave. So if you look at the solution we've announced, in particular, the power solution we're announcing is a behind-the-meter solution, for example, that is made up of components that do not rely on the grid. So, we're from an execution perspective and what's contracted. This is all about execution as far as the second half of this year and into next year. It is something on -- that we continue to monitor. I think that is a theme in some parts of the country, and that something relative to what we just outlined and the backlog we've built and what we're going to be delivering this year and into next that would be, let's say, already taken into account. Tyler Bisset: Super helpful. And then on Slide 10, it looks like your powered land opportunity declined to about 1.5 gigawatt. I'm looking at 2030 and comparing this to last quarter. But it looks like powered land declined about 1.5 gigawatts from 1.8 gigawatts last quarter. The BESS opportunity almost doubled at 3 gigawatts from, I think, it was 1.9 gigawatts last quarter. Can you update us on the puts and takes of what changed? I imagine the increase on the BESS opportunity is mostly a function of the acquired assets, but any additional color would be helpful. Robert Piconi: Sure. By the way, it's a great question. And the first thing I'd say is there's a change in mix between also the powered shell and the powered land. And some of this -- it's a great strategic question as well, because what we are seeing is a lot of opportunity for the edge of the grid and in around the modular data center side. Hence, this shift and the increase on the powered shell as a balance between the powered land. Now, if you look at that on an additive basis, we see that's the same and if not more opportunity overall there. And I think an opportunity to move with a little more speed at points of interconnect that are smaller and overall megawatts, 50 to 100 megawatts, not requiring the 800 or 1 gigawatt or multi-gigawatt. There are a few of those out there, but I think if you look at the way that the sites are being deployed, the way that demand is being driven, and the economics, these powered shell and modular data center sites are becoming very attractive and potentially even higher in volume. And again, I'll say this. I think this is the fourth time on the call, this aspect of speed to power. I think if you look at deploying in smaller segments with modular data centers and look at the impact on the communities, which is front and center. And so if you can, I think, minimize some of the larger impacts and to deploy in smaller, more modular ways at multiple points of interconnect, it can be a more integrated and holistic solution and coexistence with a lot of the local communities in which we're deploying. The other thing that's happened there is the -- on the battery side as well that you referenced that on our battery standalone storage, but in addition, we have a lot of solutions evolving where we're providing owned batteries instead of turning them over, providing as part of an integrated power generation and storage solution to firm, whether that's firming the grid, but also firming up some of the other gas generation. We're providing and now looking to close here. You'll be hearing more about these opportunities of us providing owned battery solutions to complement other generation and grid. That's resulting in what you're seeing in that increase in what we're calling our battery energy storage standalone. But not the traditional, typical IPP standalone storage projects, but ones that are being provided as an integrated part of solutions, in particular for the neo cloud market segment. So, we'll be sharing that a little bit more and add a little more color on how that mix is evolving. Tyler Bisset: I appreciate that. And if I could just sneak in one more question. Appreciate the higher cash and improved outlook. I believe a lot of the uplift in the quarter was related to debt issuance. So curious how you are viewing your cash burn and other potential cash inflows such as ITCs for the balance of the year. And then it looks like you've only drawn about $25 million of the preferred equity from OIC. This was closed almost a year ago, so curious how you're currently thinking about leveraging this available capital and how we should expect this to trend in the coming quarters. Robert Piconi: Sure. So a few things there. On the ITCs, we closed one of them that did get into the quarter last quarter. So we had three of them that were outstanding. Two of them have now been closed. And the third remaining ITC, it'll be about $15 million. We're expecting to be closed here in the next month at the latest, just the early part of September. So that'll close out all the ITCs. The other thing to your question is on the cash and our -- I think we'd announced toward the end of the quarter because of the nature of that increase in backlog. So we -- I think even we're very transparent with the disclosure. We had the increase that now you see that was $650 million in June. And because the nature of that increase required deliveries for this second half of the year, including Q4, which is one of the reasons we've raised guidance, okay? Due to that, we did pool on an AR facility. That's a facility we've had in place over a year to manage all of the -- essentially some of the deposits that we have to pay into the supply base to be able to ensure we can get deliveries into this fourth quarter. And all of that, just to do the math and on the equation there, results in our ability to deliver higher revenue and hence the increase of our revenue range this year. So this is all standard in how we built our working capital and operating model for the business and what's, I think, very important about that is these things all are standard relative to debt facilities that you know that we will pull from time to time and then pay on schedules with our cash. And that's why also I'll reference with the increase in the activity, if you notice, we did narrow to the high end of our cash slightly for this year because of the nature of the turn in the cash accretion of the deal that we announced, the 1.25 gigawatt that we're going to begin deliveries on in Q4. So nothing, I think, unusual for the working capital management side, and hence, what you've seen with us raising guidance across revenue and gross margin and also even on the cash side for the end of the year. Operator: At this time, I would like to turn the floor back over to Robert Piconi for closing comments. Robert Piconi: Okay. Great. Operator, thank you. Just to close. One is we're obviously in a position of that we'd like to be in, in terms of executing now off of a very large increase in a backlog. Our team is built for that and executing well, and delivering on the higher end and relative to expectations. We're very focused on not only the second half of this year, but a lot of commercial activity. You would have seen that in the results and in terms of that growth and that backlog that comes through, getting through a lot of detail, customer contract negotiations, signing those contracts and getting those things, therefore put in motion for us to begin to execute. Looking forward to what the increase in backlog is going to mean for our 2027 as well. We're getting into the second half of the year into that planning process, but I think a lot of market activity. I will mention, again, we're being very selective in terms of not only which region we're focusing on -- are very focused on just the regions we've highlighted, not planning any other broader type of expansions from a geographic perspective. We're in the right markets, in the highest growth markets, and just so much activity and requiring a lot of, I think, innovation, speed to power, you'll continue to hear that theme. And I think our ability to deliver both creatively and with some of the innovation around our software across multiple solution sets, that's storage, that's generation, and to do that in predictable ways for our customers is resulting in them choosing us for their growth needs. Finally, as I mentioned just before the Q&A period, again, a thanks to our employees that have remained very focused, and vigilant, and passionate about delivering for our customers, building the culture that we create on the company. We've announced a few senior hires in reference in terms of building the talent base to deliver on some of the results that you've just seen, but in particular, some of the outlook that we have. I'm going to continue to thank them for their focus and execution here as a company. And with that, operator, we'll end the call. I'll turn it back to you. Operator: Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day. Before you buy stock in Energy Vault, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Energy Vault wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $409,970!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,040!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 18, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Energy Vault (NRGV) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Energy Vault Holdings, Inc.? Here are five stocks we like better. Revenue and backlog surged: Second-quarter revenue more than doubled year over year to $17.4 million, while backlog increased to approximately $2 billion. Energy Vault expects year-end backlog to approach $3 billion. 2026 outlook was raised: The company increased its full-year revenue guidance to $270 million–$310 million and lifted its year-end cash target to $160 million–$200 million. AI infrastructure is becoming a major growth driver: Energy Vault announced a more-than-$500 million, 1.25-gigawatt behind-the-meter power and storage agreement for hyperscale data centers, with most revenue expected in 2027. Energy Vault Electrifies Market With Accelerated Growth Energy Vault (NYSE:NRGV) reported second-quarter 2026 revenue of $17.4 million, up 104% from $8.5 million a year earlier, as progress on Australian projects supported results. The energy-storage and power-infrastructure company also raised its full-year revenue outlook, citing stronger commercial execution and improved visibility into contract timelines. Chief Executive Officer Robert Piconi said the quarter reflected both operational delivery and the company’s effort to capture demand tied to AI computing infrastructure. He pointed to a $650 million sequential increase in backlog to roughly $2 billion, representing a 40% increase from the prior quarter and more than double the year-earlier level. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Energy Vault Soars 100%: CEO Shares Why in MarketBeat Exclusive “The strategy we have been describing is now in full translation mode into some of the results we have just seen,” Piconi said, citing stronger growth, higher margins, increased cash and greater revenue visibility. GAAP gross profit rose 116% year over year to $5.4 million, while GAAP gross margin increased to 31% from the prior-year period. Adjusted gross margin, excluding depreciation and amortization related to owned and operated projects, increased by nearly 900 basis points year over year. → 3 Dividend Champion Utilities for a Market That Can't Sit Still Will Plug Power’s Deal With Energy Vault Move The Needle? Chief Financial Officer Nitin Dahiya, who joined the company last month, said the margin performance showed that growth was not solely volume-driven. He attributed the results to project mix and execution. Adjusted operating expenses increased to $23.7 million from $16.2 million a year ago, primarily due to commercial support, project development and legal expenses associated with expanding Energy Vault’s owned-and-operated assets and AI infrastructure platform. → Is Wingstop's Growth Story Losing Steam? GAAP net loss narrowed to $29.7 million, or 17 cents per share, from $34.9 million, or 22 cents per share, in the year-ago quarter. Adjusted EBITDA was a loss of $17 million, compared with a loss of $13.6 million a year earlier, as higher operating expenses partly offset the increase in gross profit. As of Aug. 10, Energy Vault’s backlog stood at approximately $2 billion. About 40% of the backlog, or roughly $700 million, relates to build-and-transfer projects intended to support revenue conversion over the next 12 to 18 months. The company also cited about $500 million of build-and-transfer projects in advanced contract negotiations. The remaining 60% of backlog, or about $1.3 billion, is tied to build-own-operate projects. Piconi said these projects have revenue streams lasting roughly seven to 15 years and are expected to provide long-term recurring earnings. He said the company’s 1.1-gigawatt portfolio under its control is expected to translate into approximately $180 million of annualized EBITDA as projects come online. The company said it expects year-end backlog to approach $3 billion, even after anticipated revenue recognition in the fourth quarter. Build-and-transfer backlog supports near-term project deliveries and cash generation. Build-own-operate backlog is intended to create longer-duration recurring revenue streams. Energy Vault said it remains selective in pursuing projects and customers, emphasizing larger opportunities and attractive returns on capital. Piconi highlighted a recently announced 1.25-gigawatt agreement for an integrated power-generation and storage solution serving hyperscale data centers. He described the contract, valued at more than $500 million, as the company’s largest since its inception. The agreement uses a behind-the-meter modular platform, with the initial deployment involving Caterpillar gas generation alongside energy storage and Energy Vault software for load optimization and power orchestration. Piconi said a portion of the associated revenue is expected in the fourth quarter of 2026, with the majority expected in 2027. Energy Vault said the platform is intended to address “speed to power” needs for customers that cannot wait for grid upgrades and transmission investments. Piconi said the company sees opportunities to expand the platform with its current partner and in the broader market. In response to a question regarding a data-center moratorium in Texas, Piconi said the company had accounted for the issue in its planning and guidance. He said the recently announced solution is behind the meter and does not rely on grid power for its core components. Energy Vault raised its 2026 revenue guidance to $270 million to $310 million, from a previous range of $225 million to $300 million. The company narrowed its full-year GAAP gross-margin forecast to 20% to 25%, compared with its previous range of 15% to 25%. Dahiya said quarterly revenue recognition may remain uneven because of project timing and milestone accounting, with a substantial majority of second-half revenue expected in the fourth quarter. Total cash and cash equivalents, including restricted cash, were $148 million as of June 30, up approximately $31 million sequentially and $90 million from a year earlier. Energy Vault increased its year-end cash target to $160 million to $200 million, from $150 million to $200 million previously. The CFO said the company intends to rely extensively on project-level financing, including tax equity, while using corporate capital selectively for projects meeting return thresholds. Piconi added that Energy Vault expects to close a remaining investment tax credit transaction of about $15 million by early September at the latest. Looking toward 2027, Piconi said the company plans to provide additional expectations during its next earnings call in November, while continuing to focus on executing its backlog, financing projects efficiently and expanding in selected markets including the U.S., Australia and Japan. Energy Vault is a global energy storage technology company specializing in long-duration, gravity-based energy storage solutions. Founded in 2017 and headquartered in Lugano, Switzerland, the firm has developed a modular system that uses large composite blocks and a proprietary crane system to convert excess renewable energy into gravitational potential energy. When energy demand peaks, the system lowers the blocks to generate electricity through regenerative braking, offering a dispatchable, carbon-free alternative to traditional battery storage. The company's flagship product line, EVx, integrates advanced materials science, software-driven controls and artificial intelligence to optimize charge and discharge cycles. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Energy Vault Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: $17.4 million in Q2 2026, up 104% year-over-year from $8.5 million, driven by progress on Australian projects. GAAP Gross Profit: $5.4 million, up 116% from $2.5 million a year ago. GAAP Gross Margin: 31%, up 140 basis points year-over-year. Adjusted Gross Margin: Up almost 900 basis points year-over-year, reaching 38.6% on an adjusted basis (excluding depreciation and amortization from owned and operated projects). Adjusted Operating Expenses: $23.7 million, up from $16.2 million a year ago, reflecting investments in commercial support, project development, and legal expenses. GAAP Net Loss: $29.7 million, improved from a loss of $34.9 million in the prior year period. GAAP EPS: Loss of $0.17 per share, compared to a loss of $0.22 per share last year. Adjusted Net Loss: $24.6 million, compared to a loss of $18.4 million a year ago. Adjusted EBITDA: Loss of $17 million, compared to a loss of $13.6 million in the prior year period. Cash and Cash Equivalents (including restricted cash): $148 million as of June 30, up approximately $31 million sequentially and $90 million year-over-year. Backlog: Approximately $2 billion as of August 10, more than doubling year-over-year, with 60% attributable to owned and operated projects and 40% to third-party projects. Full-Year 2026 Revenue Guidance: Increased to $270 million to $310 million, from a prior range of $225 million to $300 million. Full-Year 2026 GAAP Gross Margin Guidance: Narrowed to 20% to 25%, from 15% to 25%. Year-End Cash Guidance: Targeted at $160 million to $200 million, compared to $150 million to $200 million previously. Warning! GuruFocus has detected 6 Warning Signs with NRGV. Is NRGV fairly valued? Test your thesis with our free DCF calculator. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Backlog surged 40% quarter-over-quarter to roughly $2 billion, more than doubling year-over-year, providing strong near-term and long-term revenue visibility. Revenue doubled year-over-year in Q2 2026, driven by strong execution on Australian projects and increased commercial activity. Adjusted gross margin improved significantly to 38.6%, up nearly 900 basis points year-over-year, reflecting strong project mix and execution. Secured a landmark 1.25 gigawatt agreement, the largest contract in company history, to support hyperscale data centers with integrated power and storage solutions. Cash position increased for the sixth consecutive quarter, reaching $148 million, up 26% sequentially and over 150% year-over-year, strengthening the balance sheet. GAAP net loss widened to $29.7 million in Q2 2026, with adjusted net loss also increasing year-over-year, indicating ongoing profitability challenges. Adjusted EBITDA loss expanded to $17 million from $13.6 million in the prior year, driven by higher operating expenses. Adjusted operating expenses rose significantly to $23.7 million, up from $16.2 million year-over-year, reflecting increased investment in growth initiatives. Revenue recognition remains uneven, with the vast majority of second-half revenue expected to be recognized in Q4, creating potential volatility in quarterly results. The company drew on an AR facility to manage working capital for supply chain deposits, highlighting cash flow pressures despite overall cash growth. Q: Can you provide the revenue split between 2026 and 2027 for the 1.25 gigawatt hyperscaler agreement, and is the margin profile consistent with the 20% to 25% guidance? A: Robert Piconi (CEO): A portion of the $500 million to $600 million contract will be recognized in Q4 2026, but the majority will fall in 2027. We feel very good about the margins, which is why we raised guidance to the higher end of the 20% to 25% range. Our Q2 results began with a 3, so we are confident in maintaining this range into 2027. Q: Beyond the initial deployment, how would you characterize the opportunity pipeline for the 1.25 gigawatt platform, and have discussions moved beyond the initial hyperscaler? A: Robert Piconi (CEO): This is a modular, behind-the-meter platform designed for "speed to power," deployed in 250-megawatt modules. It integrates storage, gas generation, and our software for load optimization. We see a large opportunity to expand this platform with our current partner and in the broader market, as grid investments and transmission upgrades take years. We are already in discussions with other customers for 2027. Q: Where do you expect the highest incremental value to come from as you grow the backlog from $2 billion to $3 billiontraditional BESS assets, powered land projects, or AI infrastructure deployments? A: Robert Piconi (CEO): Our strategy remains focused on building, owning, and operating assets for long-term recurring revenue. The highest profit potential will come from our powered land solutions and modular data center solutions, which we will own and operate. We also see value in owning batteries as part of integrated solutions. The 1.25-gigawatt platform is a build-and-transfer deal, which is a testament to our reputation, but we are being selective to focus on projects with the best long-term shareholder value. Q: What are the implications of the recent data center moratorium in Texas on your business and the timing of revenue recognition for the 1.25 gigawatt announcement? A: Robert Piconi (CEO): We have taken this into account in all our planning and guidance. The solution we announced is a behind-the-meter solution that does not rely on the grid, so our execution and contracted revenue for the second half of this year and into next year are unaffected. We continue to monitor the situation, but it is already factored into our outlook. Q: Can you update us on the financing status of near-term build-own-operate projects like Stony Creek and SOSA? A: Robert Piconi (CEO): Project financing for both is well underway and proceeding in line with expectations. For Stony Creek, we won the LTESA (Long-Term Energy Service Agreement) in Australia, a 14-year sovereign off-take agreement with the New South Wales government, and we are in final stages for additional financing. For SOSA, we have already acquired some high-voltage equipment to safe harbor the project. Q: How are the Calistoga and Cross Trails projects operating? A: Robert Piconi (CEO): Both are running well, with availability well above 99%. The Calistoga Resiliency Center is operating as a standby system and is performing as planned. Cross Trails is at 99.4% availability year-to-date. Q: On Slide 10, the powered land opportunity declined to 1.5 gigawatts from 1.8 gigawatts, while the best opportunity almost doubled to 3 gigawatts. What changed? A: Robert Piconi (CEO): There has been a shift in mix between Powered Shell and Powered Land. We are seeing more opportunity for modular data centers at the edge of the grid, which allows for faster deployment at smaller points of interconnect (50-100 MW). This approach is more integrated with local communities. Additionally, we are seeing growth in owned battery solutions as part of integrated power generation and storage offerings, particularly for the AI cloud market segment. Q: How are you viewing cash burn and other cash inflows like ITCs, and how are you thinking about leveraging the preferred equity from OIC? A: Robert Piconi (CEO): We closed one ITC in the quarter, leaving one remaining for about $15 million, expected to close by early September. The increase in cash was partly due to pulling on an AR facility to manage deposits for supply chain deliveries in Q4, which is standard working capital management. We narrowed our cash guidance to the high end ($160 million to $200 million) due to the cash accretion of the 1.25-gigawatt deal. We will use project-level financings, including tax equity, and deploy corporate capital only where appropriate with clear return thresholds. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by the successful execution of Australian projects and a strategic pivot to capture demand from AI compute infrastructure. Backlog increased 40% quarter-over-quarter to $2 billion, driven by a landmark 1.25 gigawatt agreement for hyperscale data center power and storage. Management attributes the 38.6% adjusted gross margin to high-quality field execution and the ability to command premium pricing for 'speed to power' solutions. The company is shifting toward a balanced model where 60% of the backlog is tied to build, own, and operate (BOO) assets for long-term recurring revenue. Strategic positioning now focuses on behind-the-meter modular generation and storage to bypass grid interconnection delays for hyperscale customers. Operational focus has shifted toward financing efficiency, including the appointment of a new CFO from BlackRock to optimize project-level capital structures. Full-year 2026 revenue guidance was raised to $270 million to $310 million, assuming a significant ramp in fourth-quarter deliveries supported by a secured supply chain. Management expects to convert approximately 40% of the current $2 billion backlog into revenue over the next 12 to 18 months. The long-term target is to reach nearly 5 gigawatts of controlled assets by 2030, generating approximately $2 billion in annualized recurring EBITDA. Guidance for 2027 assumes the majority of the revenue from the new 1.25 gigawatt hyperscaler contract will be recognized during that fiscal year. Cash guidance was narrowed to the high end ($160 million to $200 million) based on expected cash accretion from near-term revenue contracts and final ITC closures. The company utilized an accounts receivable (AR) facility to manage working capital and supply base deposits required for the Q4 delivery ramp. Management flagged that quarterly revenue recognition will remain uneven due to project timing and specific milestone accounting requirements. Two of three outstanding Investment Tax Credits (ITCs) have closed, with the final $15 million expected to close in early September. Operating expenses increased to $23.7 million to support the scaling of the owned and operated platform and AI infrastructure commercial teams. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed a portion of the $500 million to $600 million revenue will hit in Q4 2026, but the majority is slated for 2027. Anticipated margins for this deal are consistent with the raised 20% to 25% range, supported by the premium placed on rapid deployment. Management stated the moratorium is already factored into guidance and noted their behind-the-meter solutions do not rely on the grid, mitigating interconnection risks. The opportunity mix shifted toward 'powered shells' (modular data centers) because they allow for faster deployment at smaller points of interconnect (50-100 MW). This strategy addresses community impact concerns and meets the 'speed to power' requirements of neo-cloud customers more effectively than multi-gigawatt sites. Project financing for Sosa and Stoney Creek is well underway; Stoney Creek is supported by a 14-year sovereign offtake agreement (LTESA) in Australia. The company is increasingly using project-level financing and tax equity to protect parent liquidity while scaling the asset base.

Contract Backlog expanded $650 million to $2 billion sequentially, up 47% q/q and 107% y/y driven by strong demand from the AI Compute Infrastructure segment Revenue of $17.4 million, up 104% y/y, above consensus GAAP gross margins of 31% to $5.4 million, up 114% y/y expanding 140 bps; Adjusted Gross Margin of 38.6% to $6.7 million, up 166% y/y expanding 900 bps Global MW under operation, construction and RTB grew ~900 MW y/y to ~1.1 GW, up 476%, on track to deliver initial $180 million of recurring, annual EBITDA over the next 18-36 months Cash grew 26% q/q to $148 million, the 6th consecutive quarterly increase, a 155% y/y or ~$90 million Executed contract for 1.25 GW of integrated power, storage and software infrastructure to support hyperscaler contracts in Texas, expected to generate near-term revenue of $500-$600 million in 2H 2026 and 2027 Raising full-year 2026 revenue guidance to $270-$310 million and lifting GAAP gross margin guidance to 20%-25% to the high end of the range WESTLAKE VILLAGE, Calif., August 11, 2026--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or "the Company"), a global leader in sustainable, grid-scale energy storage and AI compute infrastructure solutions, today announced financial results for the quarter ended June 30, 2026. "The second quarter financial results reflect continued strong execution of our growth plans while achieving record contract bookings growth highlighted by a milestone signing of our largest single contract to date of over half a billion. As a result of the operational and commercial progress achieved in the first half of the year and resulting increase in forward revenue visibility across our backlog, we are raising our full-year 2026 revenue guidance to $270-$310 million and lifting our GAAP gross margin guidance to 20%-25% at the high end of the range," said Robert Piconi, Chairman of the Board and Chief Executive Officer. "Our second quarter results reinforce our confidence in our outlook, with revenue more than doubling year-over-year, gross margin expanding significantly and backlog soaring to record levels of ~$2 billion. Importantly ~60% of our $2 billion backlog represents long-term, annual recurring revenue from our owned energy infrastructure assets while ~40% represents more near-term revenue conversion and deliveries over the next 12-18 months at strong gross margins as our most recent Q2 results demonstrate. At the same time, the significant expansion of our overall backlog demonstrates the strength of our broader energy infrastructure platform and provides greater visibility into near-term revenue and future growth. We have also made significant progress across each of our strategic growth priorities. In AI infrastructure, we entered into a strategic agreement to deploy 1.25 GW for an AI data center in partnership with a leading power-generation EPC deploying Caterpillar gas engines. In Texas, we broke ground at our Snyder, Texas AI Campus and commenced construction of the initial phase of the contracted powered-shell deployment for Crusoe, translating our speed-to-power strategy into a modular and repeatable infrastructure model designed to scale with rapidly growing AI power demand. In Japan, we completed the acquisition of an 850 MW BESS development portfolio and integrated the local team, establishing an immediate operating platform for the first 350 MW in near-term projects in one of the world’s most attractive and high growth energy storage markets. Underpinning our execution and results is building the financial and organizational capabilities required to support this next phase of growth. The appointments of Nitin Dahiya as Chief Financial Officer and Cory Magnuson as President of Asset Vault add significant capital markets, capital formation and IPP project-financing expertise as we scale our global asset portfolio, accelerate project development in key growth markets, and maintain disciplined capital allocation. With approximately 1.1 GW now under operation, construction and control with many pending projects to be added, continued strengthening of our balance sheet and cash resources, approximately $2 billion of backlog with increasing visibility across both near-term project delivery and long-term recurring EBITDA, we enter the second half of 2026 and 2027 with strong financial, customer and strategic momentum. We have a large delivery ramp into our second half and even greater ramp in 2027 given the growth in contracted backlog as we continue building a more predictable, higher-margin and recurring revenue profile that will drive significant long-term shareholder value." Second Quarter 2026 Financial Highlights Backlog reached ~$2 billion as of August 10, 2026, up ~107% year-over-year, of which ~40% is expected to convert to revenue over the next 12-18 months and ~60% is from owned and operated projects under operation and construction with long-term offtake agreements Q2 2026 revenue of $17.4 million increased $8.9 million, or 104%, from $8.5 million in the prior-year period, driven by progress in Australia-based BESS projects Q2 2026 GAAP gross profit of $5.4 million increased $2.9 million, or 114%, from $2.5 million in the prior-year period. GAAP gross margin was 31.0%, an increase of approximately 140 basis points from 29.6% in the prior-year period Q2 2026 adjusted gross margin (excluding non-cash depreciation and amortization for owned and operated projects) was 38.6%, an increase of approximately 900 bps year-over-year, representing a 166% increase over Q2 2025 Q2 2026 GAAP net loss was $29.7 million compared with $34.9 million in the prior-year period, resulting in Q2 2026 GAAP EPS of $(0.17) per share, compared with $(0.22) per share in the prior-year period Q2 2026 adjusted EBITDA loss was $17.0 million compared with a loss of $13.6 million in the prior-year period, reflecting higher operating expenses for global commercial and operational growth contracting, offset partially by higher gross profit Q2 2026 adjusted net loss was $24.6 million compared with $18.4 million in the prior-year period Total cash and cash equivalents, including restricted cash, was $148 million as of June 30, 2026, an increase of $31 million sequentially and $90 million year-over-year Q2 2026 global MW under control of ~1.1 GW, up 476% year-over-year Subsequent to quarter-end, received $15 million in proceeds from the sale of investment tax credit (ITC) associated with the Calistoga Resiliency Center in July, bringing total proceeds received from ITC sales to ~$27 million YTD Operating and Strategic Highlights Announced strategic agreement to deploy 1.25 GW of integrated power infrastructure with a leading power generation EPC for hyperscaler AI data center. The agreement is expected to generate $500-600 million of revenue through the end of 2027 Broke ground on the Snyder, Texas powered AI infrastructure campus for Crusoe. Phase 1 is designed to deliver an initial contracted 8 MW of powered shell capacity and is targeted for commercial operation in 1H 2027, with potential expansion to 25 MW in a second phase and planned site capacity expansion of up to 500 MW Completed the acquisition of an 850 MW BESS development portfolio in Japan from a leading domestic energy storage developer in May 2026, including approximately 350 MW of advanced-stage projects expected to reach notice to proceed in the second half of 2027, with commercial operations expected to begin in mid-2028 and 500 MW of early-stage projects supporting longer-term growth Expanded commercial activity in Switzerland through multiple commercial and industrial customer wins, establishing a repeatable platform for broader European power infrastructure growth Appointed Nitin Dahiya as Chief Financial Officer, adding more than two decades of institutional investment, corporate finance and capital markets experience, including structured financing experience across energy, infrastructure, private credit and specialty finance at BlackRock Appointed Cory Magnuson as President of Asset Vault to oversee financing and capital formation across Energy Vault’s global infrastructure portfolio, further strengthening the Company’s IPP financing and project monetization capabilities Business Outlook Increasing full-year 2026 revenue guidance to $270-$310 million from $225-$300 million Narrowing full- year 2026 GAAP gross margin guidance to 20%-25% from 15%-25% Targeting $160-$200 million in total cash at year-end 2026, supported by financing activities, project execution and capital discipline Advancing own and operate strategy with global multi-asset class portfolio now ~1.1 GW, expected to generate approximately $180 million in annual run-rate EBITDA over the next 18-36 months Conference Call Information Energy Vault will host a conference call today, August 11, 2026, at 4:30 PM ET to discuss these results and business outlook, followed by a Q&A session. A live webcast of the call can be accessed at https://investors.energyvault.com/events-and-presentations/events. Participants may access the call at 1-877-704-4453, international callers may use 1-201-389-0920 and request to join the Energy Vault earnings call. A telephonic replay of the call will be available shortly after the conclusion of the call and until Tuesday, August 25, 2026. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13761663. An archived replay of the call will also be available on the investors portion of the Energy Vault website at https://investors.energyvault.com/. About Energy Vault Energy Vault® is an integrated power infrastructure platform that builds, owns and operates flexible, reliable energy systems to accelerate time-to-power for utilities, independent power producers, industrial customers and the AI and data center market. At the core of its platform is a technology-agnostic, software-enabled architecture that is designed to accelerate project delivery, optimize performance and drive faster time-to-revenue. Energy Vault’s integrated solutions combine energy storage, generation and advanced energy management to deliver scalable infrastructure tailored to customer needs. Its portfolio spans short-, long- and multi-day duration storage, enabling reliability, flexibility and cost efficiency across applications. For utilities and grid operators, Energy Vault provides firm, flexible capacity ​enhances grid stability and helps to ensure reliable power delivery. For industrial and data center customers, the platform enables resilient, cost-efficient power supply to support critical operations. Through its Build, Own & Operate model, Energy Vault generates long-term, recurring revenues while delivering project execution excellence across development, delivery and operations. By combining innovation with disciplined execution, Energy Vault is redefining how power infrastructure is developed and deployed – delivering reliability, flexibility and scale in a rapidly evolving global energy market. Please visit www.energyvault.com for additional information. Non-GAAP measures Energy Vault has provided a reconciliation of net loss to each of adjusted EBITDA and adjusted net loss, with GAAP net loss being the most directly comparable GAAP measure to both measures, for the historical periods in this press release. Energy Vault has also provided a reconciliation of reported gross profit to adjusted gross profit and a reconciliation of reported operating expenses to adjusted operating expenses for the historical periods in this press release. A reconciliation of projected non-GAAP measures has not been provided because certain information necessary to calculate such measures on a GAAP basis is not available without unreasonable efforts or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of the amount of future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort. Contracted bookings are from customer contracts signed during the period. Contingent option bookings are from projects where the Company holds an enforceable exclusive purchase right and intends to exercise that right, even if the option has not been exercised as of period end. Backlog represents (i) contracted but unrecognized revenue from third party projects and services yet to be completed, (ii) unrecognized revenue or other income from IP licensing agreements and (iii) unrecognized revenue from tolling arrangements for projects operated by Energy Vault or affiliates, in each case, that is associated with contracted bookings and contingent option bookings (as defined above). Backlog includes contracted backlog and contingent option backlog. Contracted backlog reflects unrecognized revenue associated with binding, fully executed agreements. Contingent option backlog reflects unrecognized revenue associated with projects where the Company holds an enforceable exclusive purchase right and intends to exercise that right, even if the option has not been exercised as of period end and is contingent on the Company exercising the applicable purchase right and subsequent project execution. If the Company does not exercise an option, or if the underlying terms or assumptions change such that inclusion is no longer appropriate, the related contingent option backlog is removed or updated in the period of change. Backlog includes any potential future variable payments from tolling and offtake arrangements that the Company believes are probable of being realized. Probable future variable payments are forecasted by an independent third-party firm using simulation software that factors in current and projected energy market dynamics, historical and forecasted volatility and location specific data. The Company considers the low-end simulation results to be probable. Potential future IP royalties are not included in backlog. Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Forward-Looking Statements This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will" or "would" or the negative of these words or other similar expressions. We base these forward-looking statements or projections on our current expectations, plans and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, expected monetization of tax credits, expected financings, projected costs, prospects and plans; the uncertainty of our awards, bookings and backlog equating to future revenue; the lack of assurance that non-binding letters of intent and other indications of interest can result in binding financings, orders or sales; our ability to successfully provide AI power infrastructure and secure additional AI power infrastructure work; the possibility of our products or services to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors and industry; the impact of macroeconomic uncertainty, including with respect to uncertainty about the future relationship between the United States and other countries with respect to trade policies and tariffs; changes in tax laws and government regulations and the impact of those changes on us, including as a result of the One Big Beautiful Bill Act and its changes to the Internal Revenue Code of 1986, as amended and the clean-energy tax credits established under the Inflation Reduction Act of 2022; investment in development projects that may not achieve commercial operations in our predicted timeframe or at all; our efforts to diversify our supply chain to lessen the impact of tariffs; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012; our future capital requirements and sources and uses of cash; developments in U.S. and global trade policy; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; and our business, expansion plans and opportunities, including our expansion into owned and operated projects; and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 18, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 19, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 19, 2026, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements. Non-GAAP Financial Measures To complement our consolidated statements of operations and comprehensive loss, we use non-GAAP financial measures of adjusted gross profit, adjusted gross margin, adjusted operating expenses, adjusted net loss, and adjusted EBITDA. Management believes that these non-GAAP financial measures complement our GAAP amounts and such measures are useful to securities analysts and investors to evaluate our ongoing results of operations when considered alongside our GAAP measures. The presentation of these non-GAAP measures is not meant to be considered in isolation or as an alternative to other measures of financial performance calculated in accordance with GAAP. These non-GAAP measures and their reconciliation to GAAP financial measures are shown below. The following table provides a reconciliation from GAAP gross profit to non-GAAP adjusted gross profit (amounts in thousands, unaudited): The following table provides a reconciliation from GAAP operating expenses to non-GAAP operating expenses (amounts in thousands, unaudited): The following table provides a reconciliation from net loss attributable to Energy Vault Holdings, Inc and net loss per share attributable to Energy Vault Holdings, Inc - basic and diluted, to non-GAAP adjusted net loss and non-GAAP adjusted net loss per share attributable to Energy Vault Holdings, Inc - basic and diluted (amounts in thousands except per share data, unaudited): The following table provides a reconciliation from net loss attributable to Energy Vault Holdings, Inc. to non-GAAP adjusted EBITDA, with net loss attributable to Energy Vault Holdings, Inc. being the most directly comparable GAAP measure (amounts in thousands, unaudited): We present adjusted EBITDA, which is net loss excluding adjustments that are outlined in the quantitative reconciliation provided above, as a supplemental measure of our performance and because we believe this measure is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. The items excluded from adjusted EBITDA are excluded in order to better reflect our continuing operations. Adjusted EBITDA is presented on a consolidated basis. Because our reconciliation starts with net loss attributable to Energy Vault Holdings, Inc., we add back net loss attributable to non-controlling interests to arrive at consolidated Adjusted EBITDA. Non-controlling interest allocations may be significantly impacted by the hypothetical liquidation at book value method to allocate Asset Vault’s income (loss) between the Company and the redeemable non-controlling interest. In evaluating adjusted EBITDA, one should be aware that in the future we may incur expenses similar to the adjustments noted above. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these types of adjustments. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net loss, operating loss, or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity. Our adjusted EBITDA measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are: it does not reflect our cash expenditures, future requirements for capital expenditures, or contractual commitments; it does not reflect changes in, or cash requirements for, our working capital needs; it does not reflect stock-based compensation, which is an ongoing expense; although depreciation, amortization, and accretion are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and our adjusted EBITDA measure does not reflect any cash requirements for such replacements; it is not adjusted for all non-cash income or expense items that are reflected in our condensed consolidated statements of cash flows; it does not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; it does not reflect limitations on or costs related to transferring earnings from our subsidiaries to us; and other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure. Because of these limitations, adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to use to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using adjusted EBITDA only supplementally. View source version on businesswire.com: https://www.businesswire.com/news/home/20260811807521/en/ Contacts Investors:[email protected] Media:[email protected]

BKV (BKV) came out with quarterly earnings of $0.46 per share, beating the Zacks Consensus Estimate of $0.32 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +43.75%. A quarter ago, it was expected that this natural gas producer would post earnings of $0.36 per share when it actually produced earnings of $0.22, delivering a surprise of -38.89%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. BKV, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $322.28 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.95%. This compares to year-ago revenues of $322.04 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. BKV shares have lost about 15.3% since the beginning of the year versus the S&P 500's gain of 12.8%. While BKV has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for BKV was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.61 on $379.8 million in revenues for the coming quarter and $1.48 on $1.45 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the bottom 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Energy Vault Holdings, Inc. (NRGV), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This company is expected to post quarterly loss of $0.20 per share in its upcoming report, which represents a year-over-year change of +9.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Energy Vault Holdings, Inc.'s revenues are expected to be $17.3 million, up 103.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BKV Corporation (BKV) : Free Stock Analysis Report Energy Vault Holdings, Inc. (NRGV) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Bloom Energy (BE) came out with quarterly earnings of $0.78 per share, beating the Zacks Consensus Estimate of $0.39 per share. This compares to earnings of $0.1 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +100.00%. A quarter ago, it was expected that this developer of fuel cell systems would post earnings of $0.09 per share when it actually produced earnings of $0.44, delivering a surprise of +388.89%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Bloom Energy, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $1.07 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 30.88%. This compares to year-ago revenues of $401.24 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Bloom Energy shares have added about 116.6% since the beginning of the year versus the S&P 500's gain of 8.3%. While Bloom Energy has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Bloom Energy was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.52 on $926.58 million in revenues for the coming quarter and $2.10 on $3.72 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Energy Vault Holdings, Inc. (NRGV), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This company is expected to post quarterly loss of $0.20 per share in its upcoming report, which represents a year-over-year change of +9.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Energy Vault Holdings, Inc.'s revenues are expected to be $17.3 million, up 103.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bloom Energy Corporation (BE) : Free Stock Analysis Report Energy Vault Holdings, Inc. (NRGV) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Citi upgraded FLNC stock to ‘Buy’ from ‘Neutral’ while its reduced price target of $24 still implies more than 56% upside potential from current levels. The firm upgraded CSIQ stock, citing improving prospects from the company’s higher-margin U.S. solar module manufacturing strategy and expanding energy storage business. Citi believes NRGV shares offer ‘compelling exposure’ toward higher-margin and recurring infrastructure earnings. Fluence Energy (FLNC), Energy Vault Holdings (NRGV), and Canadian Solar (CSIQ) were on investors’ radar on Wednesday after a bullish brokerage note highlighted the trio as well-positioned to benefit from accelerating demand for energy storage, utility-scale solar projects, and the rapid expansion of AI-powered data center infrastructure ahead of their upcoming quarterly earnings. At the time of writing, FLNC stock was up 0.8%, NRGV shares traded 1.2% higher, while CSIQ stock jumped 3.8%. See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox Citi upgraded FLNC stock to ‘Buy’ from ‘Neutral’ even as its price target was trimmed to $24 from $26, according to The Fly. Despite the reduction, the target still implies more than 56% upside from current levels. According to Koyfin data, the stock carries a consensus 12-month price target of $18.78. Of the 21 analysts covering the company, five rate it ‘Buy’, 13 recommend ‘Hold’, and three have ‘Sell’ ratings. Citi said Fluence offers an attractive risk-reward profile ahead of earnings and is well positioned to benefit from rising demand for battery storage from hyperscale customers, including large AI data center operators. The firm added that a major hyperscaler contract and continued expansion of the company’s project pipeline could provide meaningful upside, according to Investing.com. Last month, Fluence was named a key partner in Nvidia’s (NVDA) Vera Rubin AI factory reference architecture. Meanwhile, Wall Street expects June-quarter revenue of $809.4 million, significantly more than the $483.3 million it reported a year earlier, while earnings are projected to remain unchanged at $0.01 per share, according to Fiscal.ai. Canadian Solar (CSIQ) was upgraded to ‘Neutral’ from ‘Sell’ by Citi, which also raised its price target to $18 from $11, implying about 13% upside from current levels. According to Koyfin data, CSIQ has a consensus price target of $18.05. Of 12 analysts, four rate the stock Buy, five Hold, and three Sell. The firm cited improving prospects from the company’s higher-margin U.S. solar module manufacturing strategy and expanding energy storage business, according to investing.com. Citi said domestic production could benefit from tax credits and stronger sales of high-efficiency Heterojunction Technology (HJT) modules, while storage volumes are expected to roughly double year over year. Analysts expect second-quarter revenue of $1.14 billion, down from $1.69 billion a year ago, with a $0.91-per-share loss versus earnings of $0.11 last year. Energy Vault Holdings was upgraded to ‘Buy’ from ‘Neutral’ by Citi, although the brokerage trimmed its price target to $5 from $5.25. Even so, the new target implies about 42% upside from current levels. Citi believes the shares offer “compelling exposure” toward higher-margin and recurring infrastructure earnings. The firm cited improving fundamentals, including a growing project backlog and the appointment of a new chief financial officer with deep energy and infrastructure financing experience, which it believes could lower the company’s cost of capital and support future growth, according to Investing.com. According to Koyfin data, Energy Vault has a consensus 12-month price target of $5.58. Three of five analysts rate the stock Buy, while one recommends Hold and one Sell. Wall Street expects second-quarter revenue to rise to $14.25 million from $8.51 million a year earlier, with a loss of $0.13 per share. Retail sentiment for FLNC stock on Stocktwits trended in the ‘bearish’ territory over the past 24 hours, while sentiment changed to ‘neutral’ from ‘bullish’ for CSIQ. NRGV investors also turned ‘bearish’ on the stock from ‘neutral’ a day earlier. All three stocks have been under selling pressure so far this year, with FLNC declining 33%, CSIQ slumping around 37% and NRGV shares falling more than 27%. Also read: ARWR Stock On Track To Hit Over 5-Year Highs – Retail Cheers Phase 3 Breakthrough As Arrowhead Targets Broader FDA Approval For updates and corrections, email newsroom[at]stocktwits[dot]com Arnab Paul has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. 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WESTLAKE VILLAGE, Calif., July 16, 2026--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or "the Company"), a global leader in sustainable, grid-scale energy storage solutions and AI compute infrastructure solutions, announced today that the Company will release its earnings results for the second quarter ended June 30, 2026 on Tuesday, August 11, 2026 followed by a conference call at 4:30 PM ET. Participants may access the call at 1-877-704-4453, international callers may use 1-201-389-0920, and request to join the Energy Vault Holdings earnings call. A live webcast will also be available at https://investors.energyvault.com/events-and-presentations/events. A telephonic replay of the call will be available shortly after the conclusion of the call and until Tuesday, August 25, 2026. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13761663. An archived replay of the call will also be available on the investors portion of the Energy Vault website at https://investors.energyvault.com/. About Energy VaultEnergy Vault® develops, deploys and operates utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary battery, gravity and green hydrogen energy storage technologies supporting a variety of customer use cases delivering safe and reliable energy system dispatching and optimization. Each storage solution is supported by the Company’s technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short, long and multi-day/ultra-long duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Since 2024, Energy Vault has executed an "Own & Operate" asset management strategy developed to generate predictable, recurring and high margin tolling revenue streams, positioning the Company for continued growth in the rapidly evolving energy storage asset infrastructure market. Please visit www.energyvault.com for more information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260716176146/en/ Contacts Investors: [email protected] Media: [email protected]

Image source: The Motley Fool. Tuesday, March 17, 2026 at 4:30 p.m. ET Chief Executive Officer — Robert Piconi Chief Financial Officer — Michael Beer Need a quote from a Motley Fool analyst? Email [email protected] Robert Piconi: Thank you, Michael, and thank you to everybody for joining the call today. We're very excited to again be talking to you about our results from not only last quarter but for the full year 2025. I'd also like to call out here upfront that we've included a slightly more robust investor presentation for this earnings call. I encourage everyone on the call, if you can, to go ahead and download that and view that. We will be referring to pages of the presentation during these remarks for the earnings. So we will refer to those. Please, if you can download that presentation, and you'll be able to see some of the things that are live with some graphs that might be a little bit easier to understand. Our press release has been out, and I'd like to just get right into the numbers at the high level and then put these numbers into context a bit and some of our objectives we targeted for 2025. I think one of the first things to talk about is the contract backlog where we had significant increases, sequentially up 42% quarter-over-quarter. But I think importantly, if you look at the last 4 to 5 quarters, up 4 to 5x over where we started as we began our transition of the strategy to Asset Vault. Very significant. I think it does represent why we shifted and moved from just delivering technology and delivering projects to owning and operating them over time. And I think from an investor perspective, it's an important metric to keep an eye on. That's the metric that I think is going to guide all of our future ability to be a little more predictable and with the recurring long-term revenue streams that are very high margin. Jumping to revenue. I think a very strong finish to the year in Q4, a very large quarter for us, over $150 million for the quarter and a little over $200 million for the year, quite significant in that. We actually finished within our original revenue guidance. That's before the tariffs and before some of the volatility that, of course, we've experienced this year. I'll talk about that in just a minute. From a gross profit perspective, also finished quite strong, delivered $48 million. A lot of that on the revenue we saw in the quarter, of course, and the year, then overall, over $200 million, about 8x the prior year. But importantly, look at the unit economics. So the gross margin improving from 13.4% last year to 23.6% this year. Again, I'll get into more of what's behind those numbers in just a minute. And finally, and I know this was a little bit of a surprise, we finished with that strength with a positive adjusted EBITDA. That adjusted EBITDA was essentially the result of the revenue performance, but also the strong unit economic performance and the gross margins and also by managing our operating expense. Again, I'll add some more color around that as I get into some of the details here. I think importantly, we also are highlighting now and you'll continue to see us highlight our contracted megawatts. So that's a very important number that you want to watch as we continue to execute the Asset Vault strategy. Essentially, the larger that number grows, all of those numbers on those megawatts will be backed by long-term contracts. So that will enable us to achieve annual and recurring and predictable revenue streams, again, at much higher margins than the traditional EPC, or the integration business. And that's an important number to watch where we've taken that number now up to 540 megawatts. That also now includes some of our AI digital infrastructure wins that we'll also talk about today and something if you look at that mix over time, and if you look at Page 13 that we'll refer to in a minute, you'll see what the implications of that, both in terms of this year, with that contracted megawatts getting up to 540 and some thoughts on as we evolve the company, what that might look like in 2030. As we entered the year and just going those -- through some of those results, which had a very difficult start, I think that's probably one of the most difficult years we've had that I would equate to something like the COVID year we had, where we had something that took place that was an existential threat potentially to the company with what happened with the tariffs and just the uncertainty in the market, the front half of the year. We had a few goals as we entered the year coming off, I think one of the biggest questions investors had was around liquidity and our ability to not only put the cash on the balance sheet to manage our business, but as well to fund the large projects we were anticipating with our Asset Vault strategy. And that's one of the things I think I put that first here that we feel very, very good about. It's essentially, if you think about an air, water, food analogy, you obviously need air to breathe here, and that cash was fundamental. I think that started with us getting the project financings done on the 2 projects that we were investing in off of our balance sheet and hence us drawing down cash at the end of 2024 as we enter 2025. So got those executed in a volatile environment. In addition, had the closure of our $300 million preferred equity fund, non-dilutive to shareholders. I think that was a major event that closed in October. To answer the question of Energy Vault, how are you going to fund the large projects you anticipate? This 1.5 gigawatt of projects that you want to own and operate, how is that going to be funded? That $300 million enables $1 billion to $1.2 billion of total CapEx for us to go ahead and build those projects. So I think that was a very important milestone that achieved, and I think that helped us with some of the finish with the increase in the stock price toward the end of the year. And then finally, and very recently, us executing the convertible was another, I think, important step in us not only putting more cash on the balance sheet, putting it on the balance sheet in as non-dilutive a way as possible, but also enabling us to immediately retire much higher cost debt debentures that were on the balance sheet and within our capital structure. That will also help avoid potential future dilution in the market, and Michael is going to talk a little bit more about that. I think the end result on that, I think, shows up in what we're talking about today, which is finishing at over $100 million as we did at the end of the quarter in Q4. But I think importantly, taking a look at the guidance that, again, Michael will cover, we're guiding now $150 million to $200 million of cash for our end of the year for 2026. That should give investors a lot of confidence that we not only have the liquidity and cash today to execute, but that we are going to continue to be growing that cash this year and into the future. I think the second thing I'd put into context here on these results is this transition and the execution of the strategy we outlined in May 2024 with our Asset Vault model. This was a pretty big shift in shifting from being what started as more of a technology company or -- and then an integration company, all, I guess, the public corollary would be Fluence, and shifting that into instead of delivering and turning over the megawatts, doing that, but also owning and operating them, which entails a lot of project financing, obviously, a little more CapEx as we're managing and not a small shift, I think, for the company to make and feel very, very good on how we've executed that. That's going to show up in a few ways in the results that I just talked through. And one of them is just the contracted megawatts. I mentioned moving from 65 megawatts, which were the first 2 projects that we did get project financing in the last year to where we stand today at 540 megawatts. And those are megawatts that are already contracted. Some of them are in operation already. The rest of them are in construction. Just tremendous progress just in the last 12 months alone. And then essentially, as you look at the portfolio we have that we're delivering those megawatts around, that's our core storage, stand-alone storage IPP business, which we've come to know as Asset Vault, but also now includes about 100 megawatts associated with the AI Digital Infrastructure segment. And that you're going to hear us refer to as Powered Shell, so all of the agreement we announced with Crusoe, but as well as Powered Land. And we'll be talking more about those 2 segments within the AI Digital Infrastructure as we go forward. Where did that show up in the P&L? Essentially, on the EBITDA side, we're accelerating what we had talked about before, which was $150 million roughly for Asset Vault. With just this 540 megawatt now contracted, we're looking at delivering $130 million to $150 million over the next 18 to 36 months. You'll recall that we had targeted about 1.5 gigawatts to be able to deliver that $150 million before. Now we're at 540 megawatts with a little broader portfolio and segmentation that's going to be accelerating that delivery. The other line item that this shows up in very clearly in the execution of the strategy is associated with that contract backlog number. Again, that's one of the main reasons we really shifted this. We've got now long-term contracts anywhere from 8 years to up to 15-year contracts. That gives us a lot of visibility. It's predictable, it's recurring, they're high-margin streams, and they're long term. So those, I think, are the 2 main areas. There's a very interesting page, you'll look at on Page 13 as well of the deck that outlines where we are today with that 540 megawatt and the range of EBITDA over the next 18 to 36 months that we're going to be delivering with it. But in addition, we also project out to 2030 and where we expect to be with the number of megawatts and what that range of EBITDA would look like out there. You'll see we have that at $1.5 billion plus. Just as we've gone from our 50 or 65 megawatts to the 540 here in the last 12 months, you can imagine that it's not a stretch for us to look at getting over 3 gigawatts here by 2030. So very excited about our positioning right now to be able to go ahead and achieve that and wanted to frame what we're targeting internally here as a company as we look at the different markets we're pursuing. I think the third area that is a strength of the company and has resulted in the strategy as an integrated storage IPP is around our execution capability. And this really gets to our ability to drive time to power. And this is everything from designing the systems, constructing them, commissioning them and then managing those assets over time. We've developed very quickly a reputation in the market for executing well. Every one of our customers that we've delivered projects to can be spoken to and I think would really assert that one of the strengths that they've seen from us is our ability to do what we say, to execute at budget at the schedule required and do it with the high quality and achieving the availability of the power in the market. That's obviously going to show up in revenue, and we were the only energy storage company in the market to actually hit our original revenue range despite what happened with the tariffs. We had some very difficult discussions internally on holding on to those numbers to be able to get there. And not surprisingly, with the team we've got at Energy Vault here, that the entire market had to deal with the tariff issues. The way we executed and still maintained and achieved our original guidance is a tribute to the people, their fortitude, their courage, the strength they had through a very difficult environment, also with the volatility in the stock price, and I recognize them here. To execute at the unit economics that were delivered, so growing essentially by 10 points from 13% to 23%, the gross margins, not a small thing. It shows focus on our customers, the supply chain, the efficiency. And this is versus comps for this type of business in integration and doing that EPC work, the comps in the market are between 5% to 12%. So the fact that we're at about 2x the market in this space is significant and I think worth noting. We managed our OpEx well and efficiently. We did take a reduction in June last year as there was a lot of uncertainty in the market. So we're not afraid to adapt to what we see in the market. I think that's also been a strength of the company. And then ultimately, that reflected and resulted in us delivering a positive EBITDA contribution of almost $10 million in the quarter. As I said, this area of the execution capability really comes down to our people, their focus on customers, their focus on our mission as a company, and that's never been a doubt in my mind or those of our customers. I think the fourth area here, the shift to Asset Vault was very, very key as a model, shifting that and taking that own and operate model and applying that now to this fourth area of the AI Digital Infrastructure. We've talked about the contract with Crusoe and working on the Powered Shell. You're going to begin to hear more about our efforts in and around Powered Land and how that's going to manifest itself. Pages 7 and 8 of the deck do call out some of the details of the announcement that we made with Crusoe and also the announcements with Peak Energy. I will reference that, that the 25 megawatts noted with Crusoe is significant. I know those megawatts, when you think about data centers, may seem like smaller numbers. But when you actually look at some of the graphs we've used of the EBITDA per megawatt per year, it's quite significant because those numbers for the Powered Shells are between $1.5 million and $2 million per megawatt. So you can imagine when you just do that math, even at 25, it is a significant and will be a significant contributor to our EBITDA and our profitability. And then finally, not a small and not lastly for any reason, but our sustainability efforts. I know in these days and the desire for sort of power of any kind, and I'd say almost at any price, we maintain, consistent with our mission as a company and our vision of the company, our focus on sustainability. And that was reflected again with improvement from S&P Global, who does their CSA, their corporate sustainability assessments every year. We finished in the top 2% and again, also as the top energy storage company, as far as sustainability goes, very proud of the team's efforts here and continuing with our mission and now moving into a segment, in the AI Data Infrastructure segment, where I think those attributes are going to become more and more important as we make that shift and deliver that growth. I think, back to the financial performance, and before turning it back to Michael, if you look at Slide 4, operationally, and if you look at all the different metrics, they're starting with the backlog growth, but the delivery of the revenue, getting to the gross margin, I think, which is best-in-class in our market, just, I think, a very good performance that bodes well for how we're going to be executing in 2026 now and for the next 12, 24 and 36 months. I would say from the strategic evolution of the company and stepping back, it's really important to reflect on the bigger picture of what's happened with us in the last 12 months in particular. I think we have been viewed as more of a technology provider and also as an integrator in the market. I think with our migration now and acceleration into owning and operating megawatts. And with these results and that growth in that backlog, I think there's, I think, a great corollary now as we're making this shift and now delivering these megawatts and building the projects while concurrently turning over projects to customers that led to a lot of the revenue that you saw delivered. If you go through the deck, you're going to see on Pages 5 and 6, some descriptions of 2 projects that have been wins since we last spoke on the earnings of both SOSA, which is in Texas and also in Australia, a win with our developer there around another Long-Term Energy Service Agreement. Those are 14-year agreements. They were with the government in New South Wales. Again, very significant. Those do go into our backlog as we sign those offtake agreements and fully consistent with our strategy. Slide 7, you're going to see some detail around the Crusoe partnership. Very excited working with Chase and Kelly and the team there at Crusoe and helping them and supporting them in their Spark strategy, in particular, in the modular data center space. Slide 8 talks a little bit about what we announced with Peak Energy, which is a broad global partnership, but also very importantly, a co-development of their sodium ion technology for batteries optimized for supporting and firming up power for the modular data center and broadly for the data center market. I think just to tie some things together then and in closing and as we look beyond, I think as you've come to know Energy Vault and as we progress the company, a few things really haven't changed with us. As you've seen, I think we've shown a tremendous resiliency as a company and ability, I think, to adapt to what's been a very dynamic market, absolutely. We've got a very innovative DNA and a fabric in the company that really permeates everything we do, from the daily activities to a lot of the activities we do that are a little more forward-looking and inform us, and just simply how we listen to customers and how we deliver for our customers. I think we're maintaining still a very entrepreneurial culture in the company while continuing to put in place the processes that are going to enable us to scale and scale very quickly. And one thing that certainly has been a part of our DNA from the beginning and continues to show up in the numbers and the results is our conviction around how we execute and our passion really to execute well. That's in delivering to our teammates and our employees. That's delivering to our customers. It's delivering for our shareholders, which, as you've seen in the results, very excited about not only the delivery from what we achieved in 2025, but really that as a stepping stone to what we believe is going to be a very bright, bright future on the company. It's relentless internally on that delivery. It's a great internal competition we almost have with ourselves, but always with a framework of continuous improvement. We always have sessions where we sit back and evaluate not as much as what went well, but what are the things we need to fix. That's everything from operational, that's processes, that's how we interact with each other as colleagues. So I think just to wrap it up, I feel very good, I think, about our positioning now as we're going to be going forward. We're targeted on the right segments, targeted on the right growth segments, the profitable ones, I think, is a vertically integrated infrastructure platform. It is something unique that as we're seeing in the results, we believe we can leverage. And that's integrated from not only being a traditional storage IPP where we're owning and operating assets, but we're leveraging as a competitive weapon, our internal capability, to also design those projects, to deliver them, commission them very quickly and efficiently and then manage those assets over time. We're still making significant investments, and our most significant investments in R&D are in our software platform, our energy management system. I think that's fundamental, enables us to manage the coexistence of not only generation technologies, whether that be fossil or renewable, but as well as various storage technologies and something that's an important enabler for us to be agnostic as we look at defining and developing and proposing the best technical solutions for customers. I think as you've seen from the announcements, we are accelerating our growth as well through partnerships. And with some of the most innovative and fast-moving companies in the world. We mentioned Crusoe. We mentioned Peak Energy. You'll be hearing more about other customers and partners as we do that. And I'd say, finally, all underpinned by the capital position that we've been able to build over this last 12 months and feel very good that, that's going to continue to enable us to invest in the right segments and at the right pace. So with that, let me turn it over to Michael to go through some of the details of the results. Michael? Michael Beer: Thanks, Rob. Turning to our Q4 and full year 2025 results on Slides 15 through 18. We delivered Q4 revenue of $153.3 million compared to $33.5 million in the prior year quarter, reflecting strong project execution in both Australia with ACEN and the U.S. with Consumers Energy, along with initial contribution from our Asset Vault portfolio, including projects in Calistoga and Cross Trails. For the full year 2025, revenue was $203.7 million, representing over 340% growth year-over-year and coming within our previously issued guidance range. This growth was primarily driven by the ramp in energy storage solutions in Australia and the U.S. as well as commencement of operations from first assets within the Asset Vault portfolio. Q4 GAAP gross profit of $31.6 million compared to $2.6 million in the prior year quarter, resulting in Q4 gross margin of 20.6% versus 7.8% in the prior year period. For the full year, GAAP gross profit reached $48 million, improving nearly eightfold versus the prior year, with gross margin of 23.6%, up 10 percentage points compared to 13.4% last year, reflecting both increased revenue scale and more favorable business mix. Q4 adjusted EBITDA turned positive to $9.8 million compared to a loss of $13.4 million in the prior year quarter, driven by strong revenue ramp and improved gross profit contribution. For the full year, adjusted EBITDA improved to a loss of $21.2 million compared to a loss of $58 million in 2024, representing a significant year-over-year improvement as the business continues to scale. Adjusted net income also turned positive in the fourth quarter at $3.7 million compared to a loss of $25 million in the prior year period, reflecting the strong operational leverage achieved in the quarter. Cash positioning and financing. Total cash as of December 31, 2025, was $103.4 million, up more than threefold versus the prior year and up 67% sequentially from Q3, coming in above our previously issued guidance range. Subsequent to year-end, we further strengthened the balance sheet through several strategic financing initiatives. In February 2026, the company completed a $150 million convertible senior notes offering, upsized from $125 million, with a portion of the proceeds used to repay $45 million in higher cost principal debt. This transaction enhances our liquidity and financial flexibility as we continue executing on our growth strategy. We also implemented a capped call, resulting in an implied conversion price of $8.12 per share. As previously discussed at the company's Investor and Analyst Day last fall, we closed a $300 million preferred equity agreement with OIC to support the launch and expansion of our Asset Vault own and operate platform, which we'll discuss further in a moment. Latest backlog and developed pipeline as detailed on Slide 19. As of December 31, 2025, the company reported a revenue backlog of $1.3 billion, representing 3x growth versus the prior year and 42% sequential growth versus the end of the third quarter. This increase reflects continued commercial momentum across several areas of the business as well as additional contracted projects and services across our global storage portfolio. On the development side, we continue to expand the Asset Vault portfolio, including the acquisition of the 150-megawatt SOSA battery storage project in Texas, which represents the fourth project in the Asset Vault platform. and Energy Vault's Australian development partner, Bridge Energy, was awarded the 14-year Long-Term Energy Service Agreement by Australian services for the EBOR battery project in New South Wales. The 100-megawatt, 870-megawatt hour project is expected to provide 8 hours of dispatchable capacity and is expected to commence operations in 2028, subject to obtaining necessary contractual and regulatory approvals. Energy Vault holds an exclusive option to acquire and construct the project, which will utilize our proprietary B-VAULT technology and EMS and will be owned and operated within the company's Asset Vault platform. In addition to ongoing project deployments in Switzerland, we recently announced an agreement in the EU with EU Green Energy to deploy up to 1.8 gigawatt hours of battery storage over the next 4 years, including a 400-megawatt hour project in Albania, subject to final legislative approval. From a developed pipeline perspective, which we now view on a megawatt basis versus megawatt hour, we are now actively progressing opportunities valued at more than $3 billion associated with 1.8 gigawatts of capacity. Taken together, our advanced development pipeline and contracted backlog provides strong visibility into the next phase of growth for the company. Turning now to Asset Vault, our strategic own and operate platform. Asset Vault is designed to create a vertically integrated ecosystem that captures value across the entire energy storage life cycle. With the backing of the $300 million pref equity from OIC, Asset Vault positions the company to accelerate the deployment of more than 1.5 gigawatts of storage capacity across priority markets, including the United States, Australia and Europe. We've already placed the first 2 projects, Calistoga and Cross Trails into service. And on a stand-alone basis, these assets are expected to generate $10 million in annualized adjusted EBITDA. Looking forward, the Asset Vault Fund 1 is expected to contribute roughly $60 million in recurring asset -- recurring adjusted EBITDA once the currently identified projects reach operation, with the potential to scale to $100 million to $150 million in recurring adjusted EBITDA by year-end 2029 as additional projects are developed and brought online. Importantly, this platform enables us to generate predictable, recurring and high-margin infrastructure cash flows while also unlocking meaningful synergies with our EPC integration business and supplier relationships. We are expecting to complete project financing for the 150-megawatt SOSA project during the second quarter of 2026 and the 125-megawatt 8-hour Stoney Creek project in the second half of 2026. We estimate $75 million to $100 million in full year 2026 internal project integration work to be completed, which is expected to yield a 15% cash margin along with the capitalization of associated labor. Please note, this contribution will not appear in either consolidated GAAP revenue or gross margin given the consolidation of majority-owned projects, but it is expected to generate positive cash flow in excess of Energy Vault's equity investment. Turning to our outlook. For full year 2026, we're estimating revenue in the range of $225 million to $300 million, representing roughly 30% growth at the midpoint compared to 2025. This outlook reflects the timing of U.S. battery deliveries, third-party project time lines, full year contribution from operating assets within Asset Vault and the initial contribution from our modular AI data center initiatives. From a profitability standpoint, we expect full year 2026 gross margin in the range of 15% to 25%, which compares to the 23.6% reported in full year 2025. From a liquidity perspective, we are targeting total cash of $150 million to $200 million by the end of 2026, supported by the recent convertible notes, the project level financing, expected ITC proceeds of approximately $40 million, customer receivables and ongoing project execution work. With that, I'll hand the call back over to Rob. Robert Piconi: Michael, thank you. We'll wrap up here now and open for questions. Before I do, I think it's important just to note that we, as a company, are and have, I think, from a positioning perspective, feel very good about where we are with liquidity, with the portfolio we have to deliver, and I think most importantly, the team we have at Energy Vault to go ahead and deliver and execute well, as you've just seen from the results. I'll call your attention again to Page 13. If you look at that, you'll get a sense of some of the new segments that we're pursuing there and not only evolving as we have from our stand-alone storage into the Powered Land and the Powered Shell area and what we're targeting as a company. And there's a lot of other information in the deck about the results that I encourage you to look through. With that, operator, we'll turn it back to you for questions. Operator: [Operator Instructions] And our first question will come from Noel Parks with Tuohy Brothers. Noel Parks: A lot of really great information in the update. And one thing that you mentioned that a good portion of R&D will be going to software, the technology platform side. And I just wonder if you could talk a little bit about the evolution of both sort of market demands for and also your own development of the overall EMS platform, sort of like what's ahead for that? Robert Piconi: Yes. Sure. We, as you know, made significant investments back starting in 2021, late 2020, 2021, as we were approaching the market and looking at, one, ensuring we had a capability to basically leverage the best technology in the market at the right economics to deliver for customers. And we've always taken that approach. And to do that, we wanted to have a software platform that would allow us to essentially choose that best of best. And I think a lot of the projects, and I'll use Calistoga as an example, where we had a software platform to take green hydrogen fuel cells, combine them with lithium ion and deliver what's the largest microgrid operating that backs up for 2 days, an entire city. In this case, it's Calistoga. So there was a fundamental emphasis for us to be able to have that flexibility. There's a lot of capabilities that were developed in the software, initially looking at how we both operate and monitor the battery energy storage systems and really any of the energy storage systems we were developing across different technologies. And that's very important as you get into, in particular, as you're turning battery systems over, and you're monitoring them from a safety perspective, temperature, you're monitoring the humidity levels, for example, and different things and environmental characteristics to ensure a safe operation. So I think some of those things and getting into more predictive analytics and to get in front of failure modes very early on. So there's a lot of early work in the software that was more operational focused. And then, Noel, we also developed capabilities over the last 2 years to essentially move up the stack. When I say that, that means getting into broader asset management as we were going to be managing more and more portfolios, but also now owning and operating them. So that got us up into, for example, our Vault-Bidder platform or having an ability to utilize AI to manage how we're going to charge and discharge at optimum times in the market as we're owning and operating these systems ourselves. So I would say, I think the level of investment we've made here, as I'd say, is a little over and above what a normal storage IPP would do because of the nature of the fact that we're building these and operating them and monitoring them over time, but also providing new tools that get into how we're going to optimize economics and provide economic dispatching, for example, of the systems. Noel Parks: Great. And I was wondering and thinking particularly about maybe fuel cells as components of microgrids. I'm just wondering what you're seeing in the marketplace with -- for data center environments, the sort of load following piece of implementation of that functionality to support the sort of particular power needs of, for example, AI facilities. Anything you had on that piece of the puzzle would be great. Robert Piconi: Sure. We're looking at and developing a lot of different technologies to optimize how, for example, data centers are dealing with the inference models and how they're dealing with some of the spiking and the volatility. And hence, for example, what we announced with Peak Energy and their new sodium-ion battery and looking at a more optimized battery performance system to support not only what you would consider as sort of standard backup for data center, but as well the data center at the edge and the modular data centers. So we're looking at that optimization. And by the way, that doesn't exclude, for example, stand-alone microgrids or utilizing, for example, fuel cells potentially as sort of island or essentially off-grid type of backup systems. So we're looking at a few different models of technology and even some trials with some customers. And hence, you've seen 1 or 2 announcements from us around looking at that and those technologies. I'd say fundamentally, that firming between looking at combining, for example, a renewable asset, that's intermittent like solar with a storage asset, and some level of potentially some fossil and other generation, let's call it, technology. I think we're right in the middle of all of these different hybrid systems. And it will be different, I think the technology that's going to be applied based on where it resides in the network, meaning at the edge or supporting some of the larger data centers. Noel Parks: Great. And just the last one for me. I wonder if you could -- given the gross margin for the year coming in near the high end of the guidance, I wonder if you could just sort of tease out a little bit that margin improvement and maybe just how it came in at the high end as opposed to being a little bit narrower. Robert Piconi: Yes, sure. Happy to. It's definitely something we're very focused on, and it really gets down to those unit economics. And for us, as we deliver the projects, and if you look at the nature of the revenue that was delivered, a lot of that recognized revenue is coming from us building and turning over these systems. So we're building them, commissioning them and turning them over. So one is we have, I think, a very strong confidence in how we deliver projects and ensure that we can be very cost effective and shrink time lines and deliver an accelerated schedules on site. We do that through, for example, building digital twins before we even get to a site. So we model the site before we come on site that gets us in front of any issues and ensures we're not going to have any layout issues or issues with construction and design. So I think the effort we spend, one, in designing the systems and planning before we even get to the site, I think that's one. I think the speed at which therefore, we're able to shrink the actual time from mechanical completion, to when you have the site up fully visible through cold and hot commissioning. We do that in really at lightning speed. I think we're one of the best in the industry at shrinking that time line as our customers would attest. So that saves a lot of cost and time on site. That obviously shows up in gross margin. So all of this lower cost and efficiency will show up in gross margin. And then the third thing I'd say is how we've managed the supply chain. And the team, and this is all under Akshay Ladwa, who runs essentially all of our execution as well as the battery design and the software area of the company as our Chief Operating Officer. The work done to ensure we have flexible partners, especially as we've had to deal with the FEOC and some of the tariff areas this year, that was fundamental. So we didn't have to take any massive hits that would have, of course, hit that gross margin. And I think, Noel, the results are pretty clear. You can compare us, I think, given the revenue we're recognizing now, to the only other pure play, I think, public is Fluence out there, and they -- I know they had a difficult quarter last quarter, at about 5% gross margin, but they're still averaging somewhere in around 12%, 13% from the prior 4 quarters before the last one. So we're really achieving something in this space about 2x the market for what includes a big EPC component, which I know is typically something that's a little tougher road as far as managing your cost goes. But I think it's -- for those reasons I mentioned, those 3 reasons, I think it's really become a strength for us. Operator: [Operator Instructions] We'll go next to Sid Rajeev with Fundamental Research. Siddharth Rajeev: Congratulations on the results. And yes, I love the new deck, highlighting both your short-term and long-term vision. My question is regarding your project financing, if I may. How much are you planning for both SOSA and Stoney Creek? Maybe some color on the CapEx for both? Michael Beer: Yes, sure. As we highlighted in the deck, we're expecting somewhere on the order of $125 million to $150 million in total project cost for the SOSA project. In the U.S., based on past experience, not unreasonable to assume sort of, let's call it, 40% type leverage on the project from a project financing perspective. And then remember, here in the U.S., we would anticipate a 40% gross ITC. So hopefully, that helps with some of the modeling. In terms of Stoney Creek, which that project financing is really envisioned to be sort of a second half event. We kicked it off some of the preliminary parts of that process. This project, I believe it was quoted as a AUD 350 million construction cost. And because of the 14-year long-term offtake agreement that we have with the New South Wales government, we're expecting to have a project leverage sort of in excess of 50%. And so we're going to market here soon. But having executed 2 of these over the last 12 months, we feel like we've got a pretty good handle on what that's going to look like. Unfortunately, in Australia, you don't get the benefit of investment tax credits, but it is a very attractive project from an economics perspective. Siddharth Rajeev: Got it. Now I know you don't provide segmented revenue, but any color how much of the 2025 revenue and your projected 2026 revenue come from third-party deployments, EPC and Asset Vault? Michael Beer: Well, with Asset Vault, while we don't report these separately, we have stated that on an annualized basis, Calistoga and Cross Trails, the only 2 operational assets within Asset Vault, are envisioned to do upwards of $10 million of recurring EBITDA, and these are very high margins. So you should kind of assume something slightly higher than that from a recurring revenue perspective. So again, very high margin, and this portfolio is just starting to ramp. Robert Piconi: Yes. Sid, it's Rob here. I think just to add to what Michael said, it's a -- if you think about that in the context on $203 million, and we had those assets up and running basically the second half of the year, so right, only half the year, so it was a very small portion of the revenue in 2025. And yet those contributions as we go forward as those revenues now, in particular, not as much this year, but as we get into '27 and '28, when the revenue is going to come off of those long-term service agreements, and they're going to be coming in, in the 70% to 80% gross margin range, you're going to begin to see a real shift on that gross margin line as these assets that we've contracted, that 540 megawatt now that's either contracted or in construction, as those things come online, you're going to see a good shift in the mix, let's say, on the gross margin side. Siddharth Rajeev: But for the 2026, do you see -- are you expecting increased revenue from third-party deployments, flat? Or any guidance you can give there? Michael Beer: Yes. The total revenue guidance of $225 million to $300 million is obviously an increase and the majority of which would come from third-party projects. Siddharth Rajeev: Okay. Finally, last question. The contract backlog, $1.3 billion, it doesn't include the latest fifth project, right, the one you recently signed after December? Michael Beer: That does include the fifth project. There is still upside associated with the fourth project based on where we are with the offtake and the project financing on that project. Operator: This now concludes our question-and-answer session. I would like to turn the floor back over to Robert Piconi for closing comments. Robert Piconi: Okay. Thank you, operator. Again, I want to thank everybody for joining. A special thanks to our employees that persevered through, I think, what was a very volatile year for sure and one that we're very excited now to look at how we're going to build this platform and continue to have another growth year here, as Michael referenced, in 2026 and looking forward to sharing a lot more details around those things and some new things we're working on in the quarters to come. Thank you very much. Operator: Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day. Before you buy stock in Energy Vault, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Energy Vault wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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Image source: The Motley Fool. Tuesday, May 5, 2026 at 4:30 p.m. ET Chairman and Chief Executive Officer — Robert Piconi Chief Financial Officer — Michael Beer Need a quote from a Motley Fool analyst? Email [email protected] Michael Beer: Hello, and welcome to Energy Vault Holdings, Inc.'s First Quarter 2026 Financial Results Conference Call. As a reminder, Energy Vault Holdings, Inc.'s earnings press release and presentation are available now on our investor website, and we will be referring to the presentation during this call. A replay of this call will be available later today on the Investor Relations portion of our website. This call is now being recorded. If you object in any way, please disconnect now. Please note that Energy Vault Holdings, Inc.'s earnings release and this call contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are only estimates and may differ materially from actual future events or results due to a variety of factors. Please refer to our most recent 10-K or 10-Q filing for a list of factors that could cause our results to differ from those anticipated in any forward-looking statement. We undertake no obligation to publicly update or revise any forward-looking statements except as required by law. In addition, please note that we will be presenting and discussing certain non-GAAP financial information. Please refer to the Safe Harbor disclaimer and non-GAAP financial measures presented in our earnings release for more details, including a reconciliation to comparable GAAP measures. Joining me on this call today is Robert Piconi, our Chairman and Chief Executive Officer. At this time, I would like to hand the call over to Robert. Robert Piconi: Michael, thank you. And I would like to welcome everybody. Good afternoon, evening, and morning. I want to call it out front as well: the investor presentation that hopefully all of you by standard course download is on the website, and it would be great if you are listening in here to download that. I will be referring to some of the charts in that deck, in particular pages four through nine. We are providing even more transparency with some of the data, in particular as we have made this transition now to an integrated storage IPP. And we will be providing more details in and around backlog, for example, and even looking at our comparable companies in what we are considering as a new peer set as we have made this transition. If you have seen the results by now, hopefully you will agree that this is a very strong validation of our shift into an energy infrastructure platform provider. More than doubling our megawatt capacity under management from last quarter to over a gigawatt, the new project acquisitions that make that up, as designed, will ensure long-term, high-margin, and recurring revenue streams as reflected in the strong contract backlog growth that, as you see, is over $1.3 billion, made up primarily of our own-and-operate projects now—projects that are prefunded to our existing Asset Vault platform. We also see strong near-term demand growth for our AI compute infrastructure solutions integrating storage, generation, and under our unified software control. That strong historical execution capability—as we have delivered revenue and, in particular, in Q4 delivering over $150 million—we have earned this right with our customers. That is enabling interim revenue upside potential while our larger-scale own-and-operate projects are being constructed and coming online in the coming 12, 24, and 36 months. With the move squarely now into the IPP and digital infrastructure company peer groups, as reflected by our current contracted backlog—and you can refer to page nine—we do believe a rerating here is going to help the valuation and the related upside to our current trading. Over the past 12 months, we have transitioned from a project-based provider into a fully integrated power and AI infrastructure platform. As we can see by the results, in the execution and scaling of our own-and-operate model, the quarter demonstrates that acceleration. This is no longer a forward-looking transition. It is now visible across our backlog, our asset base, and our financial performance. In particular, it will, as it did last year in the latter half of the year, as revenue again scales. We are providing an integrated energy and power infrastructure platform that brings together not only energy storage, but also now generation components, and as always, our intelligent software platform that from inception was designed to handle any generation tech, whether that be gas or renewable, as well as any and all storage technologies to solve one of the most pressing challenges in the global economy today, and that is delivering reliable power quickly and at scale. We integrate these capabilities and capital structures to build, own, and operate and in particular, as a vertically integrated IPP. What that means is we can be faster, we can be more cost effective—as our gross margins are showing and demonstrating at about 2x the market—and that comes from less friction in terms of cost and time and, at the end, delivers higher quality, achieving over 99% uptime across every one of our storage projects that are operating today. And we do this now and are solving what is the primary constraint across global markets, and that is access to power. The most important takeaway perhaps this quarter is we are accelerating that execution now of our own-and-operate model. You can see that in three areas, as well as many other details that we are going to be providing on the call. Our portfolio now exceeds one gigawatt of assets under control—that is contracted, under construction, or already operating. Our backlog has grown to over $1.35 billion, and over 80% of that is tied to owned assets now, which is a shift over the last five quarters. And we now have visibility to over $180 million in recurring EBITDA run-rate, which is ahead of our plan, also reflecting the inclusion now of powered land and powered shell opportunities where we are owning assets providing power. This has reflected a shift from more episodic project revenue to predictable long-term infrastructure cash flows. Importantly, we are executing ahead of that plan, and a lot of that is due to some of the dynamics we are seeing now in the AI infrastructure compute space. If you look at page four, which looks back from our Q4 2024 actuals, looks at our revenue and our backlog, and shows what that looked like at 2025—growing that backlog from about $400 million to $1.3 billion today. As well, it looks at our gross margin, which has improved from 13.5% just six quarters ago to almost 24% at 2025 and projecting close to 25% for this year. If you look at the backward-looking view, we have executed the strategy and, if you look at our backlog at 80% own-and-operate, we are there. As highlighted in the press release, we delivered broad-based triple-digit growth—if you turn to slide five—across most all key metrics: revenue up over 150% year-over-year; backlog more than doubled, up 108%; adjusted gross profit up 25%; cash up 148%, reaching $117 million; and our megawatts, very importantly, under our control up almost 5x year-over-year and already more than doubled, up 140% sequentially. Every core metric—capacity, backlog, revenue, and our liquidity—is fulfilling what we outlined and what we demonstrated with our strategic shift from two years ago. If you look at slide six, we have added this look at our backlog to take a look at where we have transitioned in just the last six quarters. What you see is a shift from what has historically been our energy storage EPC revenue, looking at our current backlog at $1.35 billion, towards primarily the long-term own-and-operate revenue streams. Importantly, the gross margins associated with that backlog will be fundamentally shifting as we build these projects and bring them online over the next 12, 24, and 36 months—those margins shifting from the 20% to 25% range up to the 60% to 80% range for IPP-level margins. A lot of the growth that we are seeing, both in terms of the initial megawatts we have been adding and what we will be adding more in the future, is related to the AI data center space as well. That is powering a lot of the infrastructure investments, in particular in the U.S. Power availability is now the gating factor for expansion. We added 100 megawatts of powered land and powered shell just this quarter. That alone is expected to generate $65 million in recurring EBITDA in the next 12 to 18 months as that comes online. Beyond the primary power capacity, we are addressing resilience needs through energy storage systems that we deliver and operate. If you go to page seven, just a reminder of that unit economics growth relative to our core standalone storage at the bottom of the metric, and then moving up to our powered land and powered shell, as well as the geographic expansion. The addition of powered land and powered shell for AI is helping drive our acceleration. Very importantly, if you move to page eight, you can see that we are expanding where we are going, not only as we look at this quarter—you see expansion from 440 megawatts to over a gigawatt, as I mentioned previously—but looking out over the years, we are also increasing what we will have under management by 2030, reaching almost four gigawatts as we look at today and what we see in our funnels and our development pipeline and what we are executing that is already under our control. You can see the EBITDA numbers there in those outer years get very large, and a lot of that work to achieve that is underway now as we are building and constructing these systems that are going to come online over the next two to three years. To finish on slide nine, I will highlight how the market is beginning to reframe Energy Vault Holdings, Inc., not as a traditional storage company, but as a broader power infrastructure platform. This evolution is critical as we expand into owning and operating integrated energy assets, particularly in support of the AI data center digital infrastructure. Not all megawatts are valued the same, and hence our move into the AI digital infrastructure space is accelerating what we are delivering in our initial targets. We are moving into a category that commands structurally higher valuation multiples. The infrastructure platforms with predictable long-duration cash flows and low revenue volatility are valued differently from project-based businesses, and this shift is increasingly reflected in how investors benchmark this sector. Importantly, this repositioning supports a meaningful rerating opportunity. As we execute against our megawatt pipeline and bring assets under ownership control, we unlock the full value of the long-term contracted EBITDA streams. Successful execution of megawatts under control is the bridge to this value realization. Our strong historical execution capabilities have earned us this right with our existing customers who want to work with us on new projects while enabling interim revenue upside while our larger-scale projects are being constructed and coming online. With this transition, we are firmly into the IPP and digital infrastructure peer groups, reflected in our contracted backlog now at about 80%. We believe this evolution is going to support the rerating and meaningful upside to our current trading levels. You will see in the chart how we have historically looked at our comp companies and looked at the performance both year-to-date this year as well as the trailing 12 months. We have had very strong appreciation of the stock price if you go back one year ago, but also this year in our current trading. Most importantly, if you look at some of the new trading comps in the mid part of the page and the valuation multiples on the right, you will see the opportunity that we saw and why we made the strategic shift two years ago. To close, before I turn it over to Michael, who is going to get into some of the details of our results for the quarter: we are accelerating the execution of our own-and-operate strategy. The big increase in the megawatts under our management is a strong reflection of that. We are also scaling a globally diversified infrastructure platform now over one gigawatt. That is important because things regionally can change—we saw that with the tariff environment just one year ago. Having exposure to markets like Australia and our recent acquisition of a large portfolio—850 megawatts in Japan, with 350 megawatts of near-term projects there—reflects the fact that we are expanding in the most attractive markets and will give us that global diversity, despite the tremendous opportunity here at home in the U.S. Energy Vault Holdings, Inc. today is not just participating in this transition; we are building the infrastructure backbone that enables it across the energy and power side, AI, and the industrial markets. I also want to thank the Energy Vault Holdings, Inc. team for their dedication, passion, and commitment to executing our strategy every day. The results are a reflection of this. We are reiterating where we are going to be this year and the guidance we set six weeks ago. We feel very good about executing and believe there is a lot of upside within that guidance range. With that, I will turn it over to Michael Beer. Michael Beer: Thanks, Rob. As you can see in the financial summary on slide 18, we delivered Q1 revenue of $21.9 million, representing a 150% increase year-over-year, driven by higher energy storage project deliveries and initial contributions from assets within our asset portfolio. Adjusted gross profit for the quarter was $6.1 million, up 25% year-over-year, with an adjusted gross margin of 27.9%. Adjusted gross profit reflects the removal of asset operating project-related depreciation and amortization as those projects commence operation in mid-2025. The prior year gross margin of 57.1% was highly skewed by IP-related revenue. Adjusted EBITDA was negative $13.6 million in the period, compared to negative $11.3 million in the prior-year period, reflecting continued investments in our own-and-operate strategy, including development expense and organizational scaling to support long-term growth. Excluding one-time impacts from the extinguishment of debt and stock-based comp, Q1 2026 adjusted net income of negative $20 million compared to negative $11.8 million in the prior-year period due to higher D&A and personnel from the new O&O asset projects and associated project-related financing expense and interest. From a cash position and financing perspective, we ended the quarter with $117.1 million in total cash and cash equivalents, reflecting continued investment in our Asset Vault portfolio alongside strengthening financing activities. As Rob mentioned, during the quarter we significantly enhanced our balance sheet through the successful completion of a $150 million convertible senior notes offering, which was upsized from $125 million. A portion of the proceeds was used to repay $45 million in higher-cost debt while also implementing a cap call structure with an implied conversion price of $8.12 per share. In addition, we began monetizing investment tax credits, completing approximately $12 million of net ITC transfers, with approximately $40 million in total ITC proceeds expected across all projects placed in service thus far. These actions collectively strengthen our liquidity position and provide the financing flexibility to accelerate execution of our global asset ownership strategy. At the project level, management is in the market for the Sosa and Stony Creek project financings, which we expect to complete this quarter and in 2026, respectively. We are also evaluating a number of other financing opportunities, including those in support of our ramp in Japan and surrounding the powered land space. Turning to our latest backlog and development pipeline on slide 17, we exited the quarter with a record backlog of $1.35 billion, representing 108% year-over-year growth, with over 80% associated with our own-and-operate portfolio across the United States and Australia. This backlog provides strong multiyear revenue visibility and reflects continued traction in converting our developed pipeline into contracted projects. From a commercial activity standpoint, we made meaningful progress expanding our global footprint and asset base: one, we advanced our U.S. portfolio with the acquisition of the 175-megawatt/350-megawatt-hour McMurtry BESS project in Texas; two, we announced entry into the Japan market, including the 850-megawatt development portfolio with 350 megawatts in advanced-stage projects expected to close this quarter; three, we have added a number of smaller projects in Switzerland and made headway with the opportunity in the Balkans; and four, we continue scaling our AI power infrastructure platform, including progress on the 75-megawatt powered land opportunity, where a number of agreements have now been secured. Across our platform, total megawatts under control, in construction, or in operation now exceed one gigawatt, supporting a growing base of long-term recurring revenue opportunities. From a developed pipeline perspective, which we now view on a megawatt basis versus megawatt-hour, we are now actively progressing opportunities valued at $3.5 billion associated with over 3.5 gigawatts. Taken together, our advanced developed pipeline and contracted backlog provide strong visibility into the next phase of growth for the company. As we continue executing our strategy, we are seeing clear validation of our transition towards a vertically integrated build, own, and operate model. Our global asset portfolio now exceeds one gigawatt and is expected to generate over $180 million in annual recurring EBITDA run-rate ahead of prior expectations. This positions us to deliver increasing levels of predictable, high-quality earnings as assets move into operation. Turning to our business outlook for 2026, we are reaffirming our full-year 2026 guidance, including revenue in the range of $225 million to $300 million, with approximately $75 million to $100 million in internal Asset Vault project builds, gross margin of 15% to 25%, and year-end cash in the range of $150 million to $200 million. This outlook reflects continued execution across our backlog, scaling contributions from owned and operated assets, and disciplined capital deployment. With that, I will hand it back over to you, Rob. Robert Piconi: Great, Michael. Thank you. I think with that, we will turn it over to the operator for any questions. Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. As a reminder, please restrict yourself to one question and one follow-up. One moment while we poll for questions. The first question comes from the line of Justin Clare with Roth Capital Partners. Please go ahead. Justin Clare: Hi. Thanks for taking our questions, and congrats on the growth in the backlog here. I wanted to start out on the AI infrastructure and the 100 megawatts of powered shell and powered land that you plan to complete over the next 12 to 18 months. Can you share more on the status of those projects? For example, how much of the 100 megawatts is contracted and has offtake versus how much is in negotiation? What is interconnection status? And where are you in terms of permitting those projects as well? Robert Piconi: Thanks. We have announced 100 megawatts in powered land and powered shell. At our last earnings, we mentioned publicly the Southwest utility for the 75 megawatts of powered land that also is under a load study pre-application for 925 additional megawatts for a total of one gigawatt. The first 75 megawatts are already in construction and committed, and are going to be coming online in January. From the powered shell perspective, we have our already announced agreement with Crusoe. That is under development now. We have all the sites and all the load ready for that, and that is going to be constructed and will start to come online in Q4 this year. That is where we are as far as powered land and powered shell. Most of those, and the opportunities that we are developing, are where you are going to see significant growth. If you look at page eight of the deck, you will see that mix shift. You will see the mix of powered land and powered shell versus our standalone storage increasing significantly between where we are today in March 2026 up through 2030, moving from roughly about 10% of that megawatt funnel to a little over half of it over the next few years. You can expect to see more announcements in that space. Justin Clare: Great. Appreciate the detail there. On the $180 million of recurring EBITDA that is anticipated when you build out the backlog, what is the timing of that and how does it ramp over the next two to three years or so? And can you break down how much may be related to BESS projects versus how much is powered land and powered shell? Michael Beer: We previously gave guidance in November around the overall size of the Asset Vault portfolio, initially targeting $150 million of recurring EBITDA. We have since announced our entry into Japan. We believe Japan is a 350-megawatt attractive late-stage portfolio, in addition to that guidance. And now we have given more fidelity around what we believe the contribution would be from powered land and powered shell—on the order of about $65 million in recurring EBITDA. So if you were to take the $150 million and remove the $65 million from powered land and powered shell, the increase beyond that is associated with the Japan portfolio. This is envisioned to be circa 2028 to early 2029. Robert Piconi: And just to add, the reason we are seeing this acceleration—if you look at the unit economics—we looked at standalone storage IPP almost a year ago. As we have evolved and looked at the AI compute infrastructure space, those deals and those megawatts that we are contracting and owning are delivering anywhere from 5x to 10x the EBITDA contribution per megawatt per year versus standalone storage. That is why we are providing the breakdown around the mix shift. As we add more of those, you can expect continual acceleration in annualized recurring EBITDA. If you look at the chart on page eight, you will see where we expect that to go, and we have increased that since last quarter. Justin Clare: Okay. Got it. Thank you. I will pass it on. Operator: The next question comes from the line of Derek Soderberg with Cantor Fitzgerald. Please go ahead. Derek Soderberg: Hey, thanks for taking the questions. First one on gross margins: guidance looks like 15% to 25% for the year. What are some of the variables—battery cell pricing, project mix—that will determine where you land in that range? As of today, where do you think you are tracking—lower end, higher end? Michael Beer: Quarter to quarter there can be different mix components. A year ago we had significant IP-related contributions, so we had a 57% gross margin. This quarter, on an adjusted basis, it is about 28%; on a GAAP basis, about 22%. We are tracking to be better than the midpoint of guidance. You will have a very back-end-loaded revenue year associated with project deliveries. We are still in the EPC business, and the fourth quarter will be heavily influenced by some of those deliveries. Those deliveries can balance out the overall shape of the year and the total gross margin profile. We are very confident around the overall range and endeavor to do better than the midpoint, as we did last year. Robert Piconi: The other thing I would add is our new gross margins and revenue that include the storage IPP will, from a GAAP perspective, include the non-cash portions of depreciation. That is why we are referring to adjusted gross margin, which is really getting at the cash gross margin only, so you can compare apples to apples with EPC revenue. If you do it that way, we are closer to 27.8% to 27.9% this quarter. We will focus on execution and managing our supply chain. We continue to set ranges that we are comfortable we can hit, and we will push execution to remain on the upside. Derek Soderberg: Got it, that is helpful. As my follow-up—on the first 75 megawatts on the powered land piece coming online in January and then the 25 megawatts coming online in Q4 of this year—can you provide detail on how revenue and EBITDA will scale? And on the opportunity to potentially go up to a gigawatt on that higher EBITDA-per-megawatt opportunity, what milestones need to be hit? Robert Piconi: The 75 megawatts are committed to be online in January. Transmission buildout is underway, and we have made payments and are committed. You will see an offtake agreement for that 75 megawatts; once it turns on in January, it should be fully monetized. We should get almost a full year of EBITDA there, estimated at somewhere around $35 million. On the 25 megawatts of powered shell, we will start deliveries in Q4—so not all 25 megawatts will land in Q4—and then come online over the next 12 to 18 months. The good news is we expect, in 12 to 18 months, to have roughly $65 million up and running on an annualized run-rate basis across powered land and powered shell. Regarding the 75 megawatts scaling to a gigawatt: there is a study underway with the Southwest utility looking at the addition of 925 megawatts to that 75, for a total of one gigawatt. We do expect somewhere around $0.5 million per megawatt in EBITDA on that. Decisions on sizing of the capacity upgrade—transmission and high-voltage equipment—are expected in the next three to six months, with buildout over the next 24, 36, 48 months. We are also looking at an interim step with other generation equipment coupled with our storage to bring online another 225 megawatts to add to the 75 megawatts within the powered land segment over the next 18 to 24 months, ahead of the 925 megawatts of grid power in the next 36-plus months. So, timeline summary: 75 megawatts in January; then, within 18 to 24 months, another 225 megawatts on an interim basis; then the additional 925 megawatts over 36-plus months. Derek Soderberg: Appreciate the detail. Thanks. Operator: Thank you. Next question comes from the line of Brian Lee with Goldman Sachs. Please go ahead. Tyler Bisson: Hey, this is Tyler Bisson on for Brian. Thanks for taking our questions. First, on the margins in terms of the backlog—what is the timeline to reach the 60% to 80% IPP margins as you execute on the backlog? And to confirm, this would be on an adjusted basis? Michael Beer: Yes. Over time, obviously there are two distinct margin profiles for our businesses. The 20% to 25% is akin to the legacy EPC-related business. The transition to the IPP business model is the 60% to 80% IPP margins, as laid out on slide six. There will be a mix effect over time as projects come online. We are not exiting the EPC business; we will continue to do that for third-party customers and self-perform for ourselves, which also has a positive working capital function. So it will be a blending over time, not a flip of a switch. Tyler Bisson: Helpful. Can you provide an update on your revenue trajectory for the balance of the year? Noticed accounts receivable stepped down this quarter—could you see 2Q revenues decreasing quarter-over-quarter? How are you thinking about the balance of the year from a revenue standpoint? Michael Beer: We generally do not give quarterly guidance in that respect, but as mentioned, it will be a back-end-loaded year. I would use a profile akin to what you saw last year. Robert Piconi: As you saw there, we had very strong year-over-year compares, and we are projecting over 30% growth at the midpoint this year. If you look at the trajectory and that framework, we are expecting something similar. Generally, year-over-year compares should be favorable as we ramp and scale. Tyler Bisson: Understood. One more: more details on the progress on the developed pipeline and backlog. It looks like developed pipeline increased to 3.2 gigawatts from 1.8 gigawatts last quarter, but the value went up to $3.5 billion from $3 billion. On the backlog, it looks like it remained flat at three gigawatt-hours, but the value went up slightly. Can you discuss the moving pieces? Michael Beer: There are always ins and outs—FX and other items can move these at the margin. Within developed pipeline, we are starting to see real benefits of the integrated model. While we are in both EPC and IPP, we are seeing opportunities emerge that split the difference and emerge from both camps. Having a team focused on both sides is additive. We add new projects all the time and also cull the developed pipeline to remove stale items. We try to keep this very current. This reflects the current slate of investments in the U.S. across multiple industry subsegments, and we are seeing other things emerge internationally. Robert Piconi: Another perspective: when we decided to focus on owning and operating—acquiring megawatts and then building them—the revenue does not come during build; it comes at COD. Normally, with that shift, you might expect revenue to go down over a 12 to 24 month period. We challenged the team to keep recognized revenue growth going until these new projects come online. Despite the shift and the activity we are not recognizing—Energy Vault Holdings, Inc. is building projects for Asset Vault that do not show up in recognized revenue—we are still projecting strong double-digit revenue growth in 2026. Much of this is driven by the U.S. market with AI infrastructure power packages, integrating our energy storage with generation—gas generation, for example—and UPS backups, integrated through a single software platform. These are solutions we sell and turn over, enabling revenue recognition in parallel. That is allowing us to maintain revenue growth while focusing on these solutions. A lot of that has come from customers that know us and trust us, with systems running at 99%+ availability. We feel good about the revenue projections for growth this year and see upside to current projections as well. Tyler Bisson: Thank you very much. I will turn it over. Operator: Thank you. Next question comes from the line of Sid Ranci with Fundamental Research Corp. Please go ahead. Hi. Congratulations on the strong results. How are Calistoga and Cross Train operations performing given it has been almost 12 months since both started operating? Are revenue and margins there in line with your expectations? Michael Beer: The Crossroads project continues to perform well. There has not been a change, and we are expecting on the order of circa $10 million in EBITDA on a full-year basis across CRC and CrossFails. Robert Piconi: I would add that anyone in the IPP market knows ERCOT has been undergoing cyclical weakness over the last 12 to 24 months versus the prior year. The good news is our system there in ERCOT has been running at 99% availability despite that, and we will take advantage of opportunities when they come. That softness has made it a buyer’s market when acquiring megawatts, which is an opportunity. We have been very careful in selecting the best points of interconnect and doing diligence to have strong interconnects, as is the case with McMurtry that we announced just north of Dallas, at points where we believe we can leverage good economics. Siddharth Rajeev: Great. Thank you for that. With the ownership structure of the Japanese initiative, will that be similar to your other assets given you are partnering with a local developer there? Robert Piconi: Yes. The Japanese market is fascinating because if you go back four to five years, it looks like where ERCOT was then. We see Japan evolving into a similar economic environment with opportunities to deploy for frequency and other ancillary services and arbitrage. Structurally, the initial team we are acquiring—from an existing large company—will continue developing the near-term projects. Of the 850 megawatts within that portfolio, 350 megawatts are near-term projects that we expect to close this quarter and then construct and get up and operating. From a financing perspective, it will be similar to how we look at projects in the U.S. and Australia. One difference is a favorable interest rate environment in Japan that will be helpful, and there are well-known project financing models as well. Michael Beer: It is an existing team that we are effectively acqui-hiring, with a very robust portfolio. We will be going to market from a financing perspective in support of those projects. We entered Australia a few short years ago and generated a lot of traction; we are looking to replicate that in Japan. Siddharth Rajeev: Any comments on the offtake pricing you can get there? Is the ROI comparable to the U.S., or higher? Michael Beer: We have not given specifics. It is an attractive market, and we feel we are early. We have not provided those specifics. Robert Piconi: We are expecting low double-digit type IRRs as we get started there, with opportunity for optimization. Hence our investment—today and over the coming years we believe Japan will be an attractive market. Operator: Thank you. Next question comes from the line of Noel Parks with Tuohy Brothers. Please go ahead. Hi. Good afternoon. I had a couple. You mentioned gas generation a moment ago in serving the landscape of potential business for your pipeline. What is the main pain point for potential customers? Is there a difference between new AI-related generation where gas is probably at the core versus situations playing catch-up with wind and solar for grid integration? Is one a much bigger driver than the other? Robert Piconi: Good question. You are hearing more about gas for two reasons. First, power demand largely outstrips supply and the ability to deliver it. Any and all solutions—solar, wind—combined with other types of generation are needed, and leveraging abundant natural gas in the U.S., gas will play an important component, particularly over the next three to five years plus. Second, data centers require five-nines reliability. Think back to the Texas freeze event that shut things down for days. With five-nines SLAs for AI compute infrastructure, you need redundancy and often multiple redundancies. You can have a grid connection and add energy storage, which is good for hours and even up to a day, but for multi-day outages you need reciprocating engines or gas/diesel gensets. A solution with grid power plus energy storage plus gas backup can deliver five-nines. With the massive CapEx in data center buildouts, a lot of that is essentially guaranteeing power availability and delivery. That is why you see the numbers. Noel Parks: That makes sense. You touched on Japan compared to where ERCOT was a few years ago. When you announced the Japan acquisition, you stressed the importance of grid stability and load balancing in Japan. Could you dig into that a bit deeper and whether there are analogous regions that might need to deal with this sooner rather than later? Robert Piconi: The perspectives we shared from the announcement stand. We expect to see fast frequency response, load balancing, and opportunities to capture different types of pricing at different times of day. Generally, that dynamic is positive for the market, and others entering see the same. As far as other markets with similar dynamics, Asia-Pac is a great example with other markets that may have similar environmental factors. We also look at scale and priority in choosing markets and avoid spreading ourselves too thin. There are other markets with those characteristics, including some newer European growth markets. But we are very focused on the largest opportunities and focusing our capital and human resources where we see the biggest upside—much of that is in the U.S. Noel Parks: Thanks. One more: thinking about the process of project financing—over the last couple of years you have seen a transition to getting financing much earlier in a project’s life cycle. As you negotiate and arrange financing for upcoming projects, is there less of an education burden with counterparties, or does everyone still need to go through a similar process? Michael Beer: The market is evolving quickly. Where nobody would have looked at merchant years ago, now that is being incorporated into models and people are creative in structuring bridges or construction financing around some of the IPCs. We see that in the U.S. and it is bleeding into Australia and likely Japan, though we need to go through that process. We have now done this a few times and know what we are looking for as we evaluate project attractiveness and what can go wrong—mitigating risk where possible, bringing partners in earlier, and building a feedback loop of existing partners so we can rinse and repeat across the portfolio and remove friction where possible. Noel Parks: Terrific. Good to hear. Operator: Thanks. Ladies and gentlemen, we have reached the end of the question and answer session. I would now like to turn the floor over to Robert Piconi for closing comments. Robert Piconi: Great, operator. Thank you. In closing, and hopefully you have gone through the numbers and charts—I again encourage everyone to download those—we are sharing more detail and transparency on factors that tie to future profitability and growth. Key metrics we shared—the growth in megawatts under management that more than doubled since we last spoke just six or seven weeks ago, getting over that first gigawatt within our control to execute—these are not small markers. On top of that, the backlog—$1.3 billion—with 80% now contracted at much higher IPP-type gross margins should give investors comfort relative to future profitability as we bring those online. Operationally, the execution we have had—last year began with tariffs and uncertainty through the first half and mid-year—yet the team at Energy Vault Holdings, Inc. executed and delivered, the only energy storage company to deliver on the original guidance we set for the year, and in a strong way in the quarter, delivering positive EBITDA in that last quarter. We are expecting to do the same this year, with strong execution, and expect to have continual positive and upside surprises given our market penetration, particularly in the U.S. We are staying very focused on three core segments and very attractive core markets—Asia-Pac (Australia and Japan), Europe where we are developing interesting own-and-operate opportunities, and, in particular, the U.S. It has required a nimble, diverse, and dynamic supply chain given changes in rules and the focus on domestic solutions. Our supply chain has been nimble, as demonstrated in Q4. With what we have under contract and under development within our control, and with the opportunities—our developed pipeline has more than doubled since we last spoke six weeks ago—these are important markers. We have had a very good conversion rate taking the developed pipeline and converting those megawatts into things within our control, meaning acquiring attractive points of interconnect. These are markers investors should look at relative to the future, with a proven team that has been able to execute and deliver for customers at extremely high availability—99%+—which is how we are being judged by customers. Finally, none of this happens by itself. We have a nimble, agile, hardworking, do-whatever-it-takes team at Energy Vault Holdings, Inc. I want to thank all the employees who make these results happen, who are passionate about delivering for customers and maintaining our focus on sustainability—as we announced this past quarter, two years in a row now being ranked the number one energy storage company and number one energy company in our industry from a sustainability score judged by S&P Global. True to our mission and vision, I could not be prouder of the team and where we are today. I have never felt better about where this company is going to go and what we are going to achieve. There is no shortage of capital to put behind strong management teams in an attractive space with a proven track record of delivery, and we hit on all those fronts. With that, operator, I am completed with the call. I will turn it back to you. Operator: Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation. Before you buy stock in Energy Vault, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Energy Vault wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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