Energy Vault backlog hits $2.3B; 2027 revenue guide is $600M-$700M

Energy Vault reported $2.3 billion in backlog on Nov. 10, up 147% from a year earlier, and issued preliminary 2027 revenue guidance of $600 million to $700 million. The storage and power developer also guided to $40 million to $50 million of adjusted EBITDA for 2027.

Backlog increased sharply, but near-term revenue recognition still depends on project deliveries. Third-quarter 2026 revenue fell 61% to $13.1 million, which Energy Vault said matched its planned project deliveries. The Nov. 10 backlog comprised about $800 million of build-and-transfer work and $1.5 billion of build, own and operate contracts.

What does the backlog contain?

The contract mix gives Energy Vault two distinct paths to revenue. Build-and-transfer work depends on construction and handover; build, own and operate projects require capital and sustained operation.

The $1.5 billion owned-platform portion depends on financing, construction and operating performance, so the headline total is not a near-term sales forecast. Energy Vault has accumulated commitments; converting them remains the harder task.

Can Energy Vault meet its 2026 target?

The company affirmed 2026 revenue guidance of $290 million to $310 million, the upper half of its August range of $270 million to $310 million.

Revenue for the first nine months totaled about $52 million. An MLQ.ai calculation from reported quarterly revenue put the fourth-quarter requirement at roughly $238 million to $258 million, about 4.6 to 5 times the year-to-date total.

That figure is an external calculation, not company guidance. Energy Vault said expected fourth-quarter project deliveries support its forecast, and deliveries began to a 1.25-gigawatt hybrid generation and storage project for AI compute in Texas.

In August, the company said the Texas contract would produce $500 million to $600 million of revenue through the end of 2027. The stated contract range overlaps Energy Vault’s preliminary 2027 revenue guidance.

How much of the margin is operating?

Gross profit reached $9.3 million, aided by $4.3 million in tariff refunds. Those refunds lifted GAAP gross margin to 71.0%; without them, Energy Vault reported a 37.9% GAAP gross margin and a 48.0% adjusted gross margin.

Operating expenses rose 27% to $33.9 million. Net loss widened to $28.2 million, or 17 cents a share, from $26.8 million a year earlier, while adjusted EBITDA was a loss of $14.7 million.

Full-year gross-margin guidance now stands at 20% to 22%. Energy Vault had projected 20% to 25% in August, so the lower end held while the upper end moved down five percentage points.

How did the quarter compare?

Metric	Q3 2026	Q2 2026	Q3 2025
Revenue	$13.1M	$17.4M	$33.3M
Gross profit	$9.3M	$5.4M	$9.0M
GAAP gross margin	71.0%	31.0%	27.0%
Net loss	$28.2M	$29.7M	$26.8M
Backlog	$2.3B	~$2.0B	~$0.9B

The quarterly table makes the delivery problem plain. Revenue declined sequentially and year over year, while backlog rose. Neither trend resolves itself without project execution.

What projects sit behind the expansion?

Energy Vault secured non-recourse financing for 275 megawatts of Rolls-Royce MTU reciprocating-engine generation. It began construction of the Snyder AI modular data center project.

The Italian government designated Digital Vault Sulcis, Energy Vault’s AI infrastructure development in Sardinia, as a project of “pre-eminent national strategic interest.” The designation gives the project national strategic status, although no separate revenue or capacity figure accompanied the announcement.

Energy Vault also bought 2.3 gigawatts of U.S. battery-storage development projects from Goshe Energy Storage. Of the acquired portfolio, 350 megawatts was ready to build.

In Australia, the company received grid-interconnection approval for its 125-megawatt, 1-gigawatt-hour Stoney Creek battery in New South Wales. These projects add development capacity, but each still sits at a different stage of financing, construction or interconnection.

How strong is the balance sheet?

Cash, including restricted cash, rose to $236 million from about $148 million at the end of June. Corporate recourse debt fell $12 million during the quarter, and Energy Vault expects $170 million to $200 million of cash at year-end.

“Our backlog reached $2.3 billion as of November 10th,” Chief Executive Robert Piconi said. He also said: “Third quarter total cash increased almost 3x year-over-year.”

Piconi said financing, acquisition and development milestones supported long-term growth of the company’s owned-infrastructure platform. The cash mix deserves attention because part of the balance is restricted, while the year-end forecast points lower.

The near-term test is conversion, not backlog accumulation: Energy Vault must generate roughly $238 million to $258 million of fourth-quarter revenue and turn $2.3 billion of commitments into recognized revenue before its preliminary 2027 range becomes a result.