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Sep 30, 2025
Energy Vault Q3 2025 Earnings Report
Energy Vault reported its Q3 2025 results with a significant revenue increase driven by project execution in Australia and the launch of its Asset Vault business.
Key Takeaways
Energy Vault saw a substantial year-over-year improvement in revenue and gross profit in Q3 2025, with narrowed losses and continued expansion of its Asset Vault initiative. Despite a net loss, operational momentum was strong, and full-year guidance was reaffirmed.
Revenue surged to $33.3 million, up significantly from the prior-year quarter.
Net loss narrowed to $26.8 million, while adjusted EBITDA loss improved to $6.0 million.
Gross profit reached $9.0 million, reflecting favorable project mix and execution.
Asset Vault Fund 1 continues to expand, with over 1.5GW of storage projects now in the pipeline.
Forward Guidance
Energy Vault reaffirmed its full-year 2025 guidance, projecting $200–250 million in revenue, continued gross margin consistency, and improved cash balances by year-end.
Positive Outlook
- Reaffirmed full-year revenue guidance of $200–250 million.
- Expecting $75–100 million in cash at year-end 2025.
- Asset Vault projects forecast $40 million recurring Adjusted EBITDA.
- Secured a $300 million preferred equity investment from OIC.
- Anticipates additional ITC proceeds of ~$40 million.
Challenges Ahead
- Continued net losses projected in near term.
- High operating expenses associated with Asset Vault ramp-up.
- Dependency on project timing and battery deliveries in the U.S.
- Exposure to legislative delays (e.g., Albania BESS approval).
Historical Earnings Impact
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