2025 was a defining year for Energy Vault
We delivered strong financial performance, executed a significant strategic transformation and deliberately repositioned the company into new, high-value markets to support sustained, long-term growth.
Most importantly, these efforts position Energy Vault to scale recurring, highly profitable infrastructure revenues and deliver predictable and long-term value creation for shareholders.
2025 Financial Results
Our results in 2025 reflect disciplined execution and the early benefits of our strategic repositioning:
- Contracted backlog reached a record $1.3 billion, up 300% year-over-year
- Revenue grew over 340% year-over-year to $203.7 million
- Gross profit increased nearly eightfold to $48.0 million, with margins expanding to 23.6% from 13.4% the year before
- Year-end cash rose to $103.4 million, up over 300% versus the prior year
- Closed a $300 million, non-dilutive preferred equity fund to support Asset Vault projects up to $1.2 Billion of CapEx
- And in February 2026, Energy Vault completed a $150 million 5.250% Senior Convertible Notes offering due 2031 (gross, upsized from $125 million), with a portion of the proceeds used to implement a capped call (for an implied conversion price of $8.12/share) and repayment of $45 million in existing higher-cost principal debt
These results met or exceeded our original financial guidance across key metrics. The only energy storage company to do so and reflect a company operating at a new level of scale, discipline and strategic focus. Further, our balance sheet is strong, highly defensible and positions us to scale.
From Technology Provider to Storage IPP
Infrastructure Platform In 2025, we advanced a critical evolution of our business model.
Energy Vault is no longer solely a technology provider, we are now a vertically integrated energy infrastructure company that develops, builds, owns and operates assets globally.
This transition is anchored by our Asset Vault platform, which is designed to generate long-term contracted revenues, recurring cash flows and improved earnings visibility. As a result, our business today has the characteristics of an infrastructure platform: scalable, durable and positioned for long-term value creation.
Scaling a Global Asset Portfolio
We made significant progress building on our Own & Operate asset base during the year. From our first commercial deployments in the U.S. to major developments in Australia, we are creating a diversified global portfolio of energy infrastructure assets designed to deliver long-term contracted EBITDA.
Further to this, in 2025, we deliberately repositioned Energy Vault into the emerging AI infrastructure market, extending our platform beyond energy storage into the broader convergence of power and compute. We are entering this market early, with a differentiated model designed to capture long-term, contracted value.
Through our partnership with Crusoe, we are developing scalable, powered-shell data center solutions, with initial deployments expected to begin in 2026. This initiative expands our platform into a new, high-value market with the potential to increase long-term revenue per megawatt.
To underscore this progress, operating and under-development capacity from our Asset Vault and AI Digital Infrastructure portfolio increased from 65 MW to 540 MW over the past 12 months, advancing our path toward approximately $150 million in annualized EBITDA as these projects come online over the next 18–36 months.
Positioned for Continued Growth
The demand for reliable, flexible and sustainable energy infrastructure continues to evolve, driven by renewable integration, grid resiliency needs, electrification and the growing power intensity of digital infrastructure.
Our integrated model, technology-agnostic approach and expanding asset base position us to participate in this growth.
Looking ahead to 2026, we expect:
- Revenue of $225–$300 million
- Continued investment in Asset Vault ‘own & operate’ portfolio with $75-$100 million in internal project intergration work
- Gross margins of 15–25%
- Targeting $150-$200 million in total cash at the end of 2026, including net proceeds associated with our recently issued convertible notes, project level financing and self-performed integration work associated with Asset Vault projects under construction (namely the 150 MW SOSA project in the U.S. and 125 MW Stoney Creek project in Australia), approximately $40 million in net ITC proceeds, customer receivables and other growth initiatives.
These expectations reflect continued growth, disciplined capital deployment and increasing contributions from our Own & Operate asset portfolio.
Looking Forward
I believe Energy Vault today is fundamentally stronger, more scalable and better positioned than a year ago.
We have established the foundation of a global energy infrastructure platform, one we believe is capable of delivering long-term, contracted value in a rapidly evolving energy landscape.
Our focus remains on execution.
We remain confident in our ability to scale this platform, expand our global footprint and deliver long-term value for our shareholders, while advancing our purpose of enabling a sustainably energized world.
Rob Piconi, Chairman of the Board and Chief Executive Officer: Finally, I would like to take a minute and recognize the dedication and resiliency of our employees throughout 2025. It was a challenging year, but together we have built a more durable platform that will drive long-term shareholder value.
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Source:
ENERGY VAULT HOLDINGS, INC.
energyvault.com
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