Energy Vault Announces Unaudited Preliminary Estimates of Select Financial Information for Fourth Quarter and Year End 2025
MWN-AI** Summary
Energy Vault Holdings, Inc. (NYSE: NRGV) has announced its preliminary estimates for select financial metrics for the fourth quarter and full year of 2025, reflecting a significant increase in revenue and operational performance. For Q4 2025, the company expects revenue to fall between $150 million and $155 million, marking a remarkable year-over-year growth of approximately 355% and a sequential increase of nearly fivefold compared to Q3 2025. The gross profit for the same period is projected to be between $28 million and $33 million, indicating a threefold increase from Q3 2025, with gross margins anticipated between 18% and 22%, a substantial improvement of about 1,000 to 1,400 basis points year-over-year.
In terms of profitability, Energy Vault anticipates a positive Adjusted EBITDA ranging from $5 million to $10 million for Q4 2025, a considerable recovery from a loss of $13.4 million in Q4 2024. The net loss for the quarter is expected to decline to between $22.1 million and $9.5 million, a significant reduction from the prior year's loss of $61.8 million.
For the full year of 2025, Energy Vault estimates total revenue between $200 million and $205 million, representing an impressive increase of approximately 335% from 2024. Additionally, the company ended the year with substantial cash reserves of $103.4 million, reflecting a more than threefold increase year-over-year and a 67% increase from Q3 2025.
Energy Vault will provide complete financial results and discuss its outlook for 2026 in a conference call scheduled for March 17, 2026. As the company continues to innovate in the sustainable energy sector, these preliminary results suggest a positive trajectory for growth and operational stability.
MWN-AI** Analysis
Energy Vault Holdings, Inc. (NYSE: NRGV) has recently announced preliminary estimates for its Q4 and full-year 2025 financial results, revealing significant year-on-year improvements that may present an enticing opportunity for investors.
The fourth quarter revenues are projected to range between $150 million and $155 million, reflecting an impressive year-over-year growth of approximately 355%. This surge is coupled with a stark sequential increase of 5x from Q3 2025, underscoring a robust upward trajectory. Likewise, the company's GAAP Gross Profit is anticipated to be between $28 million and $33 million, marking a roughly threefold increase from the previous quarter.
Energy Vault's operational metrics also reflect positive momentum, with expected Adjusted EBITDA turning positive at between $5 million and $10 million compared to a loss of $13.4 million in Q4 2024. Furthermore, the net loss is forecasted to substantially decrease to a range of $22.1 million to $9.5 million from $61.8 million a year prior, denoting a significant improvement in the company's profitability outlook.
The strength of Energy Vault's cash position deserves attention as well. Finishing the year with over $103 million in cash, up over 67% sequentially, provides a strong buffer for potential investments and operational flexibility in 2026. The anticipated full-year revenue of $200 million to $205 million aligns with prior guidance, signifying consistency in the company's growth narrative.
Given the impressive financial trajectory and strategic positioning within the sustainable energy storage sector, investors might consider accumulating shares. However, it is crucial to remain cognizant of market volatility and perform due diligence before making investment decisions. Further insights will be available at the earnings call on March 17, 2026, which could provide more clarity on the company’s strategy moving forward.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Q4 2025 Revenue expected to be between $150.0 million and $155.0 million, representing year-over-year (“YoY”) improvement of ~355%, and an increase of ~5x sequentially from Q3 2025
Q4 2025 GAAP Gross Profit expected to be between $28 million and $33 million, an increase of ~3x sequentially from Q3 2025, with a Q4 2025 Gross Margin expected to be between 18% and 22%, representing a YoY improvement of ~1,000bps and ~1,400bps,
Positive Q4 2025 Adjusted EBITDA expected to be between $5.0 million and $10.0 million, versus a loss of $13.4M in Q4 2024; Q4 2025 Net loss expected to be between $22.1 million and $9.5 million versus $61.8 million in Q4 2024
Cash on hand at year end finished at $103.4 million, a 3x+ increase YoY and up 67% sequentially from Q3 2025
Full Year 2025 Revenue range of $200 million to $205 million representing YoY increase of ~335% and within original 2025 revenue guidance range
Energy Vault to report complete fourth quarter and full-year 2025 financial results on March 17, 2026
Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced preliminary estimates of select financial information as of and for the quarter and year ended December 31, 2025, in conjunction with its announcement of a convertible securities offering.
Unaudited Preliminary Estimated Results for the Fourth Quarter and Year Ended December 31, 2025
As of the date hereof, the Company has not finalized its financial and operational results for the fourth quarter and year ended December 31, 2025. Although such financial and operational results have not yet been finalized and are therefore subject to change, the information set forth below reflects the Company’s preliminary estimated results for the period and may be subject to change upon final completion of its standard audit procedures and filing of its Annual Report on Form 10-K:
Fourth Quarter 2025 Selected and Preliminary Results
- Revenue expected to be between $150.0 million and $155.0 million
- GAAP Gross Margin expected to be between 18% and 22%
- Adjusted EBITDA expected to be between $5.0 million and $10.0 million
Full Year 2025 Selected and Preliminary Results
- Revenue expected to be between $200.0 million and $205.0 million
- GAAP Gross Margin expected to be between 22% and 25%
- Adjusted EBITDA expected to be between $(26.0) million and $(21.0) million
- Cash on hand at year end finished at $103.4 million, a 3x+ increase YoY and up 67% sequentially from Q3 2025
| ($ in 000’s) | Three Months Ended December 31, 2025 | Year Ended December 31, 2025 | ||||||
LOW RANGE | HIGH RANGE | LOW RANGE | HIGH RANGE | |||||
ESTIMATE | YOY | ESTIMATE | YOY | ESTIMATE | YOY | ESTIMATE | YOY | |
IMPROVEMENT | IMPROVEMENT | IMPROVEMENT | IMPROVEMENT | |||||
| Revenue | 150,000 | 348% | 155,000 | 363% | 200,000 | 333% | 205,000 | 344% |
| Gross Profit | 28,000 | 982% | 33,000 | 1176% | 45,000 | 627% | 50,000 | 708% |
| Gross Margin | 18% | 1,000 bps | 22% | 1,400 bps | 22% | 900 bps | 25% | 1,200 bps |
| Adjusted EBITDA (1) | 5,000 | NA | 10,000 | NA | -25,995 | 55% | -20,995 | 64% |
| Total Cash At 12/31/2025 | Total Cash: 100,000 – 105,000; YoY Improvement: ~3X | |||||||
| (includes restricted cash) |
The Company will fully disclose and discuss further details on fourth quarter and full-year 2025 results, along with its full year 2026 outlook on Tuesday, March 17, 2026.
Conference Call Information
The Company will release its earnings results for the fourth quarter and full year ended December 31, 2025, on Tuesday, March 17, 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, March 31, 2026. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13758451. 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, Inc.
Energy 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.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements we make regarding our anticipated use of net proceeds from the Notes offering and the terms and size of the Notes offering. These forward-looking statements involve significant risks and uncertainties that could cause our actual results to differ from those expressed or implied by the forward-looking statements. These risks include, but are not limited to our ability to complete the Notes offering on favorable terms, if at all, and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 31 2025, 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 . 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
In addition to the results presented in accordance with GAAP, this press release includes a non-GAAP financial measure, 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.
In evaluating adjusted EBITDA, you 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. In addition, other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure
The following table provides a reconciliation from net loss to non-GAAP adjusted EBITDA, with net loss being the most directly comparable GAAP measure:
(amounts in thousands, unaudited) | Year Ended December 31, | Three Months Ended December 31, | |||||||||||||||||||||
2025 (Preliminary Estimate) | 2024 (Actual) | 2025 (Preliminary Estimate) | 2024 (Actual) | ||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net loss attributable to Energy Vault Holdings, Inc. (GAAP) | $ | (104,934 | ) | $ | (92,407 | ) | $ | (135,750 | ) | $ | (22,054 | ) | $ | (9,527 | ) | $ | (61,830 | ) | |||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Interest expense | 8,462 | 8,462 | 123 | 3,070 | 3,070 | 34 | |||||||||||||||||
Interest income | (1,100 | ) | (1,100 | ) | (5,537 | ) | (269 | ) | (269 | ) | (526 | ) | |||||||||||
Provision for income taxes | 8,206 | 7,806 | 67 | 215 | (185 | ) | 67 | ||||||||||||||||
Depreciation, amortization, and accretion | 5,727 | 5,727 | 1,058 | 3,464 | 3,464 | 233 | |||||||||||||||||
Stock-based compensation expense | 36,713 | 36,713 | 38,709 | 8,302 | 8,302 | 9,273 | |||||||||||||||||
Loss of financial instruments carried at fair value | 4,983 | 4,483 | 1,025 | 4,983 | 4,483 | 205 | |||||||||||||||||
Reorganization expenses | 1,162 | 1,162 | 1,559 | — | — | (127 | ) | ||||||||||||||||
Impairment of equity securities | 1,650 | 0 | 11,730 | 1,650 | — | 11,730 | |||||||||||||||||
Provision for credit losses | 8,991 | 7,491 | 29,980 | 5,239 | 3,739 | 27,766 | |||||||||||||||||
Loss on debt extinguishment | 1,532 | 1,532 | — | 120 | 120 | — | |||||||||||||||||
Expenses related to equity purchase agreement | 2,072 | 2,072 | — | — | — | — | |||||||||||||||||
Foreign exchange losses | 1,124 | 1,124 | 300 | 392 | 392 | (1 | ) | ||||||||||||||||
Gain on sale of R&D equipment | (426 | ) | (426 | ) | — | — | — | — | |||||||||||||||
Loss (gain) on impairment and sale of long-lived assets | — | — | 336 | — | — | (215 | ) | ||||||||||||||||
Net loss attributable to NCI | (92 | ) | (3,569 | ) | — | (47 | ) | (3,524 | ) | — | |||||||||||||
Gain on contribution to equity method investment | (65 | ) | (65 | ) | — | (65 | ) | (65 | ) | — | |||||||||||||
Gain on derecognition of contract liability | — | — | (1,500 | ) | — | — | — | ||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | (25,995 | ) | $ | (20,995 | ) | $ | (57,900 | ) | $ | 5,000 | $ | 10,000 | $ | (13,391 | ) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211458413/en/
Energy Vault Contacts
Investors energyvaultIR@icrinc.com
Media media@energyvault.com
FAQ**
What factors are contributing to the expected 355% year-over-year revenue growth for Energy Vault Holdings Inc. NRGV in Q4 2025?
How does Energy Vault Holdings Inc. NRGV plan to utilize the anticipated cash on hand of $103.4 million for future growth and operational sustainability?
With a projected Gross Margin improvement of 1,000bps YoY for Energy Vault Holdings Inc. NRGV in Q4 2025, what strategies are in place to maintain this upward trend?
Given the significant expected decrease in net loss for Energy Vault Holdings Inc. NRGV in Q4 2025 compared to Q4 202what operational changes contributed to this financial turnaround?
**MWN-AI FAQ is based on asking OpenAI questions about Energy Vault Holdings Inc. (NYSE: NRGV).
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