Energy Vault Q3 revenue falls 61% on project delivery timings

Overview

• Energy infrastructure firm's Q3 revenue fell 61% yr/yr, missing analyst expectations

• Company's contract backlog rose 15% sequentially and 147% yr/yr to $2.3 bln

• Completed acquisition of 2.3 GW U.S. energy storage projects from Goshe Energy Storage

Outlook

• Energy Vault affirms full-year 2026 revenue guidance of $290–$310 mln

• Company expects 2026 gross margin of 20%-22%

• Energy Vault provides preliminary 2027 revenue guidance of $600–$700 mln and adj EBITDA of $40–$50 mln

Result Drivers

• PROJECT DELIVERY TIMING - Co said lower Q3 revenue reflected planned timing of project deliveries

• TARIFF REFUNDS - Gross margin benefited from $4.3 mln in tariff refunds during the quarter

• PORTFOLIO EXPANSION - Acquisition of 2.3 GW U.S. BESS projects from Goshe Energy Storage contributed to backlog growth

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the electrical components & equipment peer group is "buy"

• Wall Street's median 12-month price target for Energy Vault Holdings, Inc. is $7.00, about 93.4% above its November 9 closing price of $3.62

Reuters Recommended Reads

• Nov 9 - NRG Energy announces $4 bln asset sale; Q3 adj EPS beats on higher capacity prices, favorable weather

• Nov 9 - Fervo Energy Q3 revenue rises as Cape Station starts operations

• Nov 9 - Clearway Energy Q3 net income rises on growth investments, mark-to-market gains

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)