Energy Vault Holdings, Inc. Q3 2026 Earnings Recap

Energy Vault shares rose 9.6% after the company raised its 2026 revenue outlook to the top half of its prior range and introduced 2027 guidance calling for revenue to more than double and EBITDA to turn positive. The outlook is ambitious, with management emphasizing execution on a roughly $250 million fourth quarter and delivery of healthy margins and cash conversion.

Key Takeaways

• 2026 revenue guidance was revised to $290 million–$310 million, which management said is in the top half of its previous range; it expects roughly $250 million of revenue in Q4.
• For 2027, the company forecast revenue of $600 million–$700 million and EBITDA of $40 million–$50 million, describing it as its first full year of positive EBITDA.
• Backlog increased about 15% sequentially, according to management, supporting revenue visibility into the remainder of 2026 and 2027.
• Cash totaled $236 million at quarter-end, up roughly 60% sequentially and nearly threefold year over year; corporate-level recourse debt fell by $12 million during the quarter.
• The Goshe acquisition added 2.3 GW of U.S. battery-storage development projects, including 350 MW described as ready to build.