Energy Vault Backlog Climbs to $2.3 Billion as Q3 Revenue Falls 61%

• Energy Vault's third-quarter revenue fell 61% year on year to $13.1 million, while its backlog reached $2.3 billion as of Nov. 10.
• The company affirmed 2026 revenue guidance of $290 million to $310 million, backed by fourth-quarter project deliveries.
• Its first 2027 outlook calls for $600 million to $700 million in revenue and $40 million to $50 million in adjusted EBITDA.

Energy Vault Holdings' third-quarter revenue fell 61% year on year to $13.1 million, while its backlog rose to $2.3 billion as of Nov. 10, the company said in its earnings release. The energy storage company affirmed 2026 revenue guidance of $290 million to $310 million and gave a first 2027 outlook.

GAAP gross margin jumped to 71.0% from 27.0%, helped in part by $4.3 million of tariff refunds. Excluding them, GAAP gross margin was 37.9%. Adjusted gross margin, which adds back non-cash depreciation and amortization, would have been 48.0% rather than 81.1%. The net loss widened to $28.2 million from $26.8 million.

Energy Vault said the revenue drop was in line with expectations based on planned project deliveries. Nine-month revenue was $52.3 million, so the full-year range rests on the fourth quarter. In that quarter it began deliveries to a 1.25-GW hybrid generation and storage project for AI compute in Texas. In August, it said that contract would bring $500 million to $600 million of revenue in the second half of 2026 and 2027.

The quarter in numbers

• $2.3 billion backlog, up 147% year on year: about $800 million Build and Transfer, $1.5 billion Build, Own & Operate.
• $238 million to $258 million of fourth-quarter revenue implied by 2026 guidance, 18 to 20 times the third quarter (list.solar calculation).
• 7.7 times: the backlog against the $300 million midpoint of 2026 revenue guidance (list.solar calculation).
• $236 million in total cash, including restricted cash, on Sept. 30, up $88 million from June 30.
• $14.7 million adjusted EBITDA loss, against about $6.0 million a year earlier.
• 2.3 GW of US battery development projects bought from Goshe Energy Storage, 350 MW of them ready to build.

Energy Vault paid the full cash price for the Goshe portfolio in the third quarter. US battery storage capacity grew by 8.3 GW in the first half of 2026 to nearly 52 GW, according to the EIA. In Australia, its 125-MW / 1-GWh Stoney Creek battery received New South Wales development approval and formal grid interconnection approval.

Chief Executive Officer Robert Piconi said the company "achieved important financing, acquisition and development milestones."

For 2026, Energy Vault expects a gross margin of 20% to 22% and $170 million to $200 million in year-end cash. Its preliminary 2027 guidance is $600 million to $700 million in revenue and $40 million to $50 million in adjusted EBITDA.