Energy Vault Reports Q3 2026 Revenue Decline Amid Massive Backlog Growth
Energy Vault (NRGV) reported third-quarter 2026 revenue of $13.1 million, a 61% decrease from the previous year's $33.3 million. The company attributed this decline to the specific timing of project shipments and milestones rather than a loss of demand. Despite the quarterly revenue dip, the company saw its contract backlog surge by 147% year-over-year to $2.3 billion. Looking ahead, management provided optimistic guidance for 2027, projecting revenue between $600 million and $700 million and forecasting the company's first full year of positive Adjusted EBITDA ($40 million to $50 million). The company is aggressively scaling its 'Build, Own & Operate' model and recently expanded its portfolio through the Goshe acquisition, which adds 2.3 GW of U.S. battery storage development projects.
Tickers: $SPCX
Topics: contract backlog growth financial guidance gross margin revenue decline