Energy Vault Holdings, Inc. Q1 FY2026 earnings call

• Transitioned to integrated storage IPP, providing more transparency. - Backlog over $1.3 billion, primarily own and operate revenue streams. - Delivered broad-based triple-digit growth in key metrics: revenue up over 150%, backlog more than doubled, adjusted gross profit up 25%, cash up 148%, megawatts under control up almost five times year-over-year. - Expanded global footprint, advanced U.S. portfolio, announced entry into Japan market, added smaller projects in Switzerland, scaled AI power infrastructure platform. - Total megawatts under control in construction or operation exceed one gigawatt.

Q1 revenue was $21.9 million, up 156% year-over-year. Adjusted gross profit was $6.1 million, up 25% year-over-year with an adjusted gross margin of 27.9%. Backlog grew to $1.35 billion, 108% year-over-year, with over 80% associated with own and operate portfolio. Megawatts under control in construction or operation exceed one gigawatt. Recurring EBITDA run rate is over $180 million.

Reaffirming full year 2026 guidance: revenue in range of 225 to $300 million, approximately $75 to $100 million in internal asset vault project builds, gross margin 15 to 25%, year-end cash in range of $150 to $200 million.

Q: Justin Clare with Roth Capital Partners asked about status of 100 megawatts of powered shell and powered land projects, including contraction, offtake, interconnection, and permitting.

A: 75 megawatt powered land in construction, committed to come online in January; 25 megawatt powered shell under development, starting to come online in Q4.

Q: Derek Soderberg with Kent or Fitzgerald asked about variables determining gross margin range and revenue trajectory.

A: Variables include battery cell pricing, project mix; revenue trajectory is back-end loaded with strong year-over-year compares.

Q: Brian Lee with Goldman Sachs asked about timeline to reach IPP margins and revenue trajectory.

A: IPP margins take time with mix effect; revenue trajectory is back-end loaded with strong year-over-year compares.

Q: Sid Runchie with Fundamental Research Corp. asked about performance of Calistoga and CrossTrails operations and Japan acquisition.

A: CrossTrails project performs well; Japan acquisition has robust portfolio with near-term projects expected to close.

Q: Noel Parks with Toohey Brothers asked about gas generation and project financing.

A: Gas generation important for power demand; project financing market evolving with mitigation of risk.