NRGV earnings analysis
What we found in NRGV's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Energy Vault delivered strong year-over-year growth in Q2 revenue to $17.369 million and improved GAAP gross margin to 31.0%, while its operating loss narrowed to $24.659 million. Bookings, backlog, and the Texas data-center opportunity improved the commercial outlook, but operating cash flow was negative $84.361 million in the first half and the company added substantial secured debt. The report does not provide new formal numeric guidance, and management disclosed no material changes to previously reported risk factors.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue more than doubled year over year
- Revenue was $17.369 million, up $8.857 million, or 104.1%, from $8.512 million in Q2 2025, although it declined from $22.0 million in Q1 2026.
- Gross margin expanded
- GAAP gross margin increased to 31.0% from 29.6% year over year and from 21.9% in Q1 2026, supported by higher margins on energy-storage product sales.
- Operating loss narrowed year over year
- Loss from operations improved to $24.659 million from $28.148 million year over year, while total operating expenses declined $0.629 million to $30.035 million.
- Bookings and backlog increased
- Contracted bookings were $234.092 million in Q2 2026 versus $25.944 million in Q2 2025. Backlog was $1.517 billion as of June 30, 2026, compared with $1.306 billion at December 31, 2025.
- Large data-center contract secured
- Management expects to recognize more than $500 million of revenue from Texas data-center BESS equipment agreements between the second half of 2026 and the end of 2027.
- Liquidity raised through financing
- Cash, cash equivalents, and restricted cash increased to $148.021 million from $103.443 million at December 31, 2025, supported by $135.124 million of financing cash inflows.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Heavy operating cash burn
- Operating cash flow was negative $84.361 million for the first six months of 2026 versus positive $12.629 million in the prior-year period. The cash use reflected a $59.1 million decrease in accounts payable and accrued expenses and a $16.1 million increase in supplier advances.
- Short-dated secured debt burden
- The company had $80.0 million of 2026 Debentures outstanding at June 30, 2026, bearing 7.5% interest and maturing July 1, 2027; interest rises to 18.0% upon an uncured event of default.
- Project debt covenant pressure
- Cross Trails failed to comply with debt-service-coverage-ratio requirements for the quarters ended March 31 and June 30, 2026, requiring $1.2 million of sponsor equity contributions to cure the noncompliance.
- Tariffs threaten costs and sourcing
- New Section 301 tariffs impose an additional 12.5% tariff on products from China and Hong Kong unless exempted, and the company stated that it had not successfully imported B-VAULT products from non-Chinese suppliers on an economical basis.
- High customer concentration
- Revenue was concentrated among three customers representing 41%, 21%, and 21% of Q2 2026 revenue, respectively, increasing exposure to customer delays, cancellations, or payment issues.
- No formal risk update; conversion risk remains
- The filing states that there were no material changes to the risk factors disclosed in the 2025 Form 10-K and Q1 2026 Form 10-Q; however, backlog of $1.517 billion may not convert to revenue on schedule or at all.
What they reported.
What the company itself reported, taken out of the document.
- Gross margin
- 31.0%
- Operating margin
- -142.0%
- Segment
- Sale of energy storage products: $14.696 million, up from $7.711 million year over year
- Segment
- Tolling and PPA revenue: $2.026 million, up from $0.390 million year over year
- Segment
- Operation and maintenance services: $0.445 million, up from $0.277 million year over year
- Segment
- Software licensing: $0.187 million, up from $0.120 million year over year
- Segment
- IP licensing: $0.015 million, up from $0.014 million year over year
What they said about what is next.
The 10-Q does not provide explicit full-year EPS or revenue guidance. Management expects revenue in excess of $500 million from the Texas data-center BESS equipment agreements from the second half of 2026 through the end of 2027; this is a contract-revenue expectation rather than formal FY2026 guidance.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 18, 2026
- Energy Vault's Q1 2026 results reflect substantial revenue growth compared to Q1 2025, with revenue rising to $21.88 million from $8.53 million, although the EPS and gross margin showed weaknesses. Management…
- 10-K · March 18, 2026
- Energy Vault’s 2025 10-K documents a strategic shift toward an Own & Operate model via the Asset Vault platform (launched with a $300 million preferred equity commitment) and commercialization of multiple projects…
- 10-Q · November 12, 2024
- Energy Vault reported Q3 revenue of $1.199 million and a net loss of $26.616 million (EPS -$0.18), a sharp revenue decline versus prior-year quarter and wider operating loss. Management expects to collect a $25.0…
- 10-Q · May 8, 2024
- Energy Vault reported revenue of $7,759 (thousand) in Q1 2024, down from $11,422 (thousand) in Q1 2023, while improving gross margin to 26.7% and reducing net loss to $21,139 (thousand) (EPS $(0.14)). Operating cash…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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