Energy Vault Triples Revenue, Turns Profitable in Q4 2025 — Energy Vault Holdings, Inc.

Event summary

Energy Vault reported Q4 2025 revenue of $153.3M, up 358% YoY, and full-year revenue of $203.7M, up 340% YoY.
Contract revenue backlog grew to $1.3B, up 3x YoY, driven by long-term energy storage service agreements.
Achieved positive adjusted EBITDA of $9.8M in Q4 2025, turning around from a $13.4M loss in Q4 2024.
Secured $150M in convertible notes offering in February 2026 to support AI digital infrastructure initiatives.
Expanded project portfolio to 540 MW from 65 MW in the last 12 months, with $150M in annualized EBITDA expected.

The big picture

Energy Vault's strong financial performance in 2025, marked by significant revenue growth and profitability, underscores the increasing demand for sustainable energy storage solutions. The company's strategic pivot into AI digital infrastructure positions it at the intersection of renewable energy and high-growth technology sectors, potentially unlocking new revenue streams. However, the success of this dual strategy hinges on effective project execution and market adaptation.

What we're watching

Execution Risk: The pace at which Energy Vault can deliver on its ambitious project pipeline and integrate new AI infrastructure initiatives will determine its ability to sustain profitability.
Market Dynamics: How the company's expansion into AI digital infrastructure will affect its traditional energy storage business and overall market positioning.
Financial Flexibility: Whether Energy Vault can maintain its financial flexibility and liquidity as it scales its Asset Vault and AI Digital Infrastructure growth initiatives.