Energy Vault Holdings reported second-quarter earnings per share (EPS) of $(0.18), meeting the analyst consensus estimate exactly. The company also posted quarterly sales of $17.369 million, surpassing the $14.143 million estimate by 22.81 percent. This revenue figure represents a 104.05 percent year-over-year increase from $8.512 million in the prior-year period. The strong performance was driven by progress in battery energy storage systems projects in Australia and expanding commercial activity in Switzerland.

Despite the beat on revenue estimates, the per-share loss improved by 18.18 percent compared to the $(0.22) loss recorded in the same period last year. This marks a significant narrowing of losses from the previously reported $(0.15) figure, aligning with broader market expectations for the quarter. The total GAAP net loss for the quarter stood at $29.7 million, an improvement from the $34.9 million net loss in the prior-year period. GAAP gross profit rose 114 percent year-over-year to $5.4 million, resulting in a GAAP gross margin of 31.0%, an expansion of 140 basis points from 29.6% previously. Adjusted gross margin, which excludes non-cash depreciation and amortization, reached 38.6%, up 900 basis points year-over-year.

The company’s contract backlog expanded significantly, growing by $650 million sequentially to reach approximately $2 billion as of August 10, 2026. This represents a 107 percent year-over-year increase, largely attributed to growth in the AI compute infrastructure segment. This substantial backlog prompted management to raise full-year 2026 revenue guidance to $270-$310 million from the previous range of $225-$300 million. Approximately 60 percent of the backlog consists of long-term, annual recurring revenue from owned energy infrastructure assets.

Strategic developments in AI infrastructure contributed heavily to the quarter’s outlook. Energy Vault announced a strategic agreement to deploy 1.25 GW of integrated power infrastructure with a leading power generation EPC for a hyperscaler AI data center in Texas. This deal is expected to generate near-term revenue of $500-$600 million through the end of 2027. Additionally, the company broke ground on its Snyder, Texas AI Campus for Crusoe, targeting commercial operation of the initial 8 MW phase in the first half of 2027. In Japan, Energy Vault completed the acquisition of an 850 MW BESS development portfolio in May 2026.

What the Numbers Show

The divergence between GAAP and adjusted metrics highlights the impact of non-cash charges on profitability. While adjusted gross margins expanded sharply to 38.6%, indicating improving unit economics, the GAAP net loss remains substantial at $29.7 million due to stock-based compensation and depreciation costs. The widening adjusted EBITDA loss from $13.6 million to $17.0 million year-over-year suggests that operating expenses are rising faster than operational leverage can offset them during this phase of global expansion. Investors should monitor whether the high-margin backlog conversion can accelerate sufficiently to narrow the path to profitability.

Key Financial Metrics

Energy Vault Holdings, Inc. (NYSE: NRGV) has executed a strategic commercial agreement to supply battery energy storage systems (BESS), grid-forming power conversion systems, and AI infrastructure control software for an initial deployment of 1.25 gigawatts (GW) of integrated power infrastructure. The deal supports a hyperscaler artificial intelligence data center in Texas and is backed by a customer contract for deployment within the next four to twelve months. This partnership addresses the critical need for rapid, reliable power delivery for AI workloads, allowing developers to bring compute capacity online significantly faster than traditional utility interconnection schedules permit.

The agreement establishes a repeatable "speed-to-power" platform by combining Energy Vault’s FEOC-compliant BESS, grid-forming power conversion systems, and AI infrastructure control software with a leading national turnkey power generation engineering, procurement, and construction (EPC) contractor. The partner contributes expertise in Caterpillar gensets and complex generation projects, including natural gas reciprocating engines and gas turbines. Together, they deliver a fully integrated, off-grid power system that provides firm, grid-independent electricity essential for next-generation AI campuses.

Deal Structure and Financial Impact

The integrated solution is designed to support modular, scalable, gigawatt-scale AI deployments with "always-on" availability. Unlike traditional setups where assets operate independently, this platform orchestrates generation, battery storage, and electrical infrastructure as a single intelligent power plant. The architecture enables customers to deploy AI infrastructure ahead of permanent grid interconnection while maintaining flexibility to integrate utility power or renewable generation later.

Energy Vault expects the deal to generate approximately $500 million to $600 million in revenue during the second half of 2026 and throughout 2027. Management will discuss these financial implications during its upcoming earnings call on August 11, 2026. The companies intend to jointly pursue additional opportunities in markets where constrained grid capacity and extended interconnection timelines drive demand for behind-the-meter bridge-power solutions.

Strategic Significance

Robert Piconi, Chairman and Chief Executive Officer of Energy Vault, stated that customers now require integrated power infrastructure capable of delivering reliable electricity at unprecedented speed and scale. He noted that the agreement marks a strategic evolution for Energy Vault from an energy storage technology pioneer into an integrated energy infrastructure provider. The platform combines industry-leading power generation, intelligent energy storage, and advanced power plant software into a single solution purpose-built for AI infrastructure.

A senior executive at the strategic partner emphasized that Energy Vault’s BESS, grid-forming technology, and software platform are central to the solution. By integrating these systems into their modular plant design, the partner can bring large blocks of dependable power online quickly while maintaining the performance and scalability required by hyperscale campuses.

What the Numbers Show

The financial scale of this agreement highlights a shift in capital allocation for AI infrastructure toward integrated, off-grid power solutions. With expected revenues of $500 million to $600 million concentrated in late 2026 and 2027, the deal underscores the urgency of deploying power ahead of traditional grid timelines. The ability to deploy 1.25 GW of capacity within twelve months suggests that hyperscalers are prioritizing immediate compute availability over long-term grid dependency, validating Energy Vault’s pivot toward full-stack energy infrastructure rather than standalone storage components.