Energy Vault (NRGV) Quarterly Earnings
3Q25 earnings look solid. The company is embarking on a business that develops energy storage facilities, builds them out, and operates them as a part-owner.
We’ve been following Energy Vault Holdings, a grid-scale energy storage company transitioning from project developer to independent power producer. The company reported its third-quarter 2025 earnings and announced a significant change in its business model.
Energy Vault delivered Q3 revenue of $33.3 million, a 27-fold increase year-over-year and roughly three times higher than Q2 2025’s $8.5 million, though this came in just below analyst expectations. The growth came from projects in Australia and initial revenue from Asset Vault, the company’s new build-own-operate platform.
Gross profit hit $9.0 million, implying a 27.0% gross margin, down from 40.3% in Q3 2024, reflecting the change in margin profile of owning and operating assets versus pure project development. Adjusted EBITDA loss narrowed 59% to $6.0 million from a $14.7 million loss in Q3 2024. Adjusted operating expenses remained flat quarter-over-quarter at $16.2 million, as cost controls offset new expenses from Asset Vault and the expansion into Australia. Cash stood at $61.9 million (including $29.2 million in restricted cash) as of September 30, up 7% from the prior quarter.
Asset Vault, the core of Energy Vault’s strategy shift, secured commitments of up to $300 million in preferred equity and $75 million in corporate debenture financing to build and operate storage infrastructure without diluting shareholders. The company now has 340 MW of projects in operation or under construction through Asset Vault, expected to generate around $40 million in recurring EBITDA. Two projects—the 8.5 MW/293 MWh Calistoga facility and the 57 MW/114 MWh Cross Trails facility—entered service this quarter with $35 million in combined project financing.
Fund 1 of Asset Vault targets facilities with 1.3 to 1.7 GW of capacity (3.7 to 4.5 GWh) with a capital deployment of $1.1 to $1.3 billion. The company estimates this will generate $100-150 million in EBITDA by the end of 2029, with projects benefiting from 20-year lifespans, long-term offtake contracts, and roughly 80% EBITDA margins.
The commercial pipeline continues to grow. Revenue backlog hit $920 million as of September 30—up 112% year-to-date—while the developed pipeline of shortlisted and awarded projects stands at 8.7 GWh, worth $2.1 billion. Since its 2022 IPO, Energy Vault has executed 2.0 GWh of projects representing $583 million in recognized revenue.
Energy Vault reaffirmed 2025 guidance: $200-250 million revenue, 14-16% gross margin, and $75-100 million ending cash. The company also scored in the 98th percentile on S&P Global’s ESG assessment—the highest in the energy storage segment—and is integrating sustainability tracking into its Vault Manager software using locational marginal emissions (LMEs) data.
Read more on Energy Vault’s Q3 2025 results in the company’s earnings. To read our previous coverage of the company, click here.