Energy storage developer and system integrator Energy Vault has released its Q1 2026 financial results, showing expansion in its project portfolio, AI infrastructure activities, and operations in Australia and Japan.
Originally focused on gravity-based energy storage, Energy Vault expanded to include lithium-ion (Li-ion) battery energy storage systems (BESS) and hydrogen storage technologies.
Q1 2026 financial results
Q1 2026 revenue, presented 5 May, was US$21.9 million, compared to US$8.5 million in Q1 2025, a 156% increase. The company attributed the revenue increase to energy storage product deliveries and contributions from owned and operated assets.
Q1 2026 adjusted gross profit was US$6.1 million, a 25% increase from the prior-year period, with the company stating it reflects the removal of Asset Vault operating project related depreciation and amortisation, since the projects commenced operations in mid-2025.
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Asset Vault is the company’s wholly owned subsidiary for developing, constructing, owning, and managing BESS assets globally.
However, Energy Vault was not profitable, reporting a net loss of US$32.5 million, compared to US$21.1 million the previous year. Energy Vault claims this was primarily caused by “higher depreciation and interest expense, and non-recurring items related to extinguishment of debt.”
Q1 2026 Adjusted EBITDA loss was US$13.6 million compared to a loss of US$11.3 million in 2025.
Energy Vault’s take
In its investor presentation on the Q1 2026 figures, Energy Vault positions itself in a shift from project engineering, procurement, and construction (EPC) company to an independent power producer (IPP).
In a chart shared in the presentation, the company highlights an accelerated data centre infrastructure play as a “compelling mix of high growth and low volatility at an attractive valuation.”
It appears to be targeting, primarily, power purchase agreements with data centres and hyperscalers, and shifting focus away from tolling agreements or offtake deals with utilities.
The company is also continuing its expansion in Australia while also targeting Europe and Japan.
In April, the company signed a binding agreement to buy an 850MW pipeline of BESS projects from an undisclosed Japanese developer. Of the total portfolio, 350MW are expected to reach notice to proceed (NTP) during the second half of 2027 and commence commercial operations in the second half of 2028. The remaining 500MW are in early-stage development.
Prior to that, it acquired a 175MW/350MWh BESS in Texas dubbed McMurtre from developer Belltown Power. The project had not yet reached ready-to-build (RTB) stage but is expected to do so in Q4 of this year.
In Energy Vault’s Q4 and full year 2025 financial results, the company projected total revenue for 2026 to be between US$225 million and US$300 million. This estimate considers the schedule of US battery deliveries, third-party project timelines, revenue from operating assets within Asset Vault, and initial income from data centres and other AI infrastructure projects.
In the Q1 2026 financial results, Energy Vault reaffirmed full year 2026 guidance across all key metrics.
