Q2 2026 Energy Vault Holdings Inc Earnings Call Transcript
Key Points
- Backlog surged 40% quarter-over-quarter to roughly $2 billion, more than doubling year-over-year, providing strong near-term and long-term revenue visibility.
- Revenue doubled year-over-year in Q2 2026, driven by strong execution on Australian projects and increased commercial activity.
- Adjusted gross margin improved significantly to 38.6%, up nearly 900 basis points year-over-year, reflecting strong project mix and execution.
- Secured a landmark 1.25 gigawatt agreement, the largest contract in company history, to support hyperscale data centers with integrated power and storage solutions.
- Cash position increased for the sixth consecutive quarter, reaching $148 million, up 26% sequentially and over 150% year-over-year, strengthening the balance sheet.
- GAAP net loss widened to $29.7 million in Q2 2026, with adjusted net loss also increasing year-over-year, indicating ongoing profitability challenges.
- Adjusted EBITDA loss expanded to $17 million from $13.6 million in the prior year, driven by higher operating expenses.
- Adjusted operating expenses rose significantly to $23.7 million, up from $16.2 million year-over-year, reflecting increased investment in growth initiatives.
- Revenue recognition remains uneven, with the vast majority of second-half revenue expected to be recognized in Q4, creating potential volatility in quarterly results.
- The company drew on an AR facility to manage working capital for supply chain deposits, highlighting cash flow pressures despite overall cash growth.
Greetings, and welcome to Energy Vault's second-quarter 2026 earnings call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation.
(Operator instructions)
Please note this conference is being recorded. I would now like to turn the conference over to Mr. Nitin Dahia, CFO. Please proceed, sir.
Thank you, operator. Good afternoon, everyone, for joining us today, and welcome to Energy Wars' second-quarter 2026 financial results call.
Our earnings release and investor presentation are available on the Investor Relations section of our website, and we will refer to the presentation throughout today's call.
Before we begin, I want to remind everyone that today's discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may vary materially from those expressed or implied by these statements. Please refer to our most recent SEC filings and the Safe
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