Overview

• U.S. grid-scale energy storage firm's Q1 revenue rose 156% yr/yr but missed analyst expectations

• Adjusted gross profit for Q1 increased 25% yr/yr, reflecting higher product deliveries and asset contributions

• Company reaffirmed full-year 2026 guidance, citing strong backlog and recurring revenue growth

Outlook

• Company reaffirms full-year 2026 revenue guidance of $225–$300 mln

• Energy Vault targets 2026 gross margin of 15%–25%

• Company expects $150–$200 mln in total cash at year-end 2026

Result Drivers

• PRODUCT DELIVERIES - Co said Q1 revenue growth was driven by higher energy storage product deliveries and initial contributions from owned and operated assets

• REVENUE MIX SHIFT - Gross margin declined as revenue mix evolved toward product deliveries and early-stage asset contributions, compared to prior-year IP-related revenue

• BACKLOG EXPANSION - Co said backlog grew 108% yr/yr, supported by additions to its Own & Operate portfolio and recurring, high-margin IPP revenue

Company press release: ID:nBw4qQPQLa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$21.88 mln	$23.48 mln (3 Analysts)
Q1 Net Income		-$32.49 mln
Q1 Operating Income		-$24.20 mln
Q1 Pretax Profit		-$32.48 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "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 $5.28, about 18.8% above its May 4 closing price of $4.44

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