Energy Vault | 8-K: FY2025 Q3 Revenue Misses Estimate at USD 33.32 M

Revenue: As of FY2025 Q3, the actual value is USD 33.32 M, missing the estimate of USD 33.99 M.

EPS: As of FY2025 Q3, the actual value is USD -0.16, missing the estimate of USD -0.1.

EBIT: As of FY2025 Q3, the actual value is USD -15.01 M.

Segment Revenue

• Q3 2025 Revenue: $33.3 million, a significant increase from $1.2 million in the prior-year period, driven by project execution in Australia and initial contributions from Asset Vault projects.

Operational Metrics

• GAAP Gross Profit: $9.0 million, up from $0.5 million in the prior year period; gross margin was 27.0%.
• Adjusted EBITDA Loss: Improved to $6.0 million, up from a loss of $14.7 million in the prior year quarter.
• Operating Expenses: GAAP operating expenses were $26.6 million, with adjusted operating expenses at $16.2 million, flat sequentially.

Cash Flow

• Cash as of September 30, 2025: $61.9 million, reflecting a 7% sequential increase.
• Net Cash Provided by Operating Activities: $921 thousand for the nine months ended September 30, 2025.

Unique Metrics

• Contract Revenue Backlog: $920 million, up 112% year-to-date, reflecting new projects and agreements.
• Asset Vault Fund 1: Expected to contribute $100-150 million in recurring Adjusted EBITDA by year-end 2029 from 1.5GW+ in projects across high-growth markets.

Outlook / Guidance

• Reaffirming full year 2025 guidance across all key metrics, with estimated revenue of $200-250 million and gross margin of 14-16%.
• Targeting $75-100 million in total cash at the end of 2025, including recent Asset Vault capitalization and other growth initiatives.
• Management guided to $40 million in recurring Adjusted EBITDA from its first four Asset Vault projects, accelerating to $100-150 million by year-end 2029.