8-K: Energy Vault Reports Strong Preliminary Q4, Full-Year 2025 Results

Energy Vault Holdings, Inc. announced preliminary unaudited financial estimates for Q4 and full-year 2025, showing significant revenue growth and improved profitability metrics.

Summary

• Q4 2025 Revenue is expected to be between $150.0 million and $155.0 million, representing a year-over-year improvement of approximately 355% and a sequential increase of approximately 5x from Q3 2025.
• Q4 2025 GAAP Gross Profit is expected to be between $28 million and $33 million, an increase of approximately 3x sequentially from Q3 2025.
• Q4 2025 Gross Margin is expected to be between 18% and 22%, representing a year-over-year improvement of approximately 1,000bps to 1,400bps.
• Positive Q4 2025 Adjusted EBITDA is expected to be between $5.0 million and $10.0 million, compared to a loss of $13.4 million in Q4 2024.
• Q4 2025 Net loss is expected to be between $22.1 million and $9.5 million, compared to $61.8 million in Q4 2024.
• Full Year 2025 Revenue is expected to be in the range of $200 million to $205 million, representing a year-over-year increase of approximately 335% and falling within the original 2025 revenue guidance range.
• Full Year 2025 GAAP Gross Margin is expected to be between 22% and 25%, representing a year-over-year improvement of approximately 900bps to 1,200bps.
• Full Year 2025 Adjusted EBITDA is expected to be between $(26.0) million and $(21.0) million, showing a year-over-year improvement of 55% to 64%.
• Full Year 2025 Net loss is estimated between $(104.9) million and $(92.4) million.
• Cash on hand at year-end 2025 finished at $103.4 million, a 3x+ increase year-over-year and up 67% sequentially from Q3 2025.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive update due to strong Q4 performance, significant revenue growth, and achieving positive Q4 Adjusted EBITDA, indicating improving operational efficiency, despite full-year losses.

Positives

• Significant year-over-year revenue growth for both Q4 2025 (approximately 355%) and Full Year 2025 (approximately 335%).
• Strong sequential revenue growth in Q4 2025, increasing approximately 5x from Q3 2025.
• Substantial improvement in Q4 2025 GAAP Gross Profit, increasing approximately 3x sequentially from Q3 2025.
• Significant year-over-year improvement in Q4 2025 Gross Margin, ranging from approximately 1,000bps to 1,400bps.
• Achieved positive Adjusted EBITDA in Q4 2025 ($5.0 million to $10.0 million) compared to a loss in Q4 2024.
• Reduced Q4 2025 Net Loss significantly compared to Q4 2024.
• Full Year 2025 revenue guidance was met, with results falling within the original projected range.
• Cash on hand increased significantly year-over-year (3x+) and sequentially (67%) to $103.4 million at year-end 2025.

Negatives

• Full Year 2025 Adjusted EBITDA remains negative, estimated between $(26.0) million and $(21.0) million.
• Full Year 2025 Net Loss is substantial, estimated between $(104.9) million and $(92.4) million.

Risks

• The preliminary financial results are unaudited and subject to change upon final completion of standard audit procedures and the filing of the Annual Report on Form 10-K.
• Forward-looking statements involve significant risks and uncertainties that could cause actual results to differ from those expressed or implied.
• Risks include the company's ability to complete the convertible securities offering on favorable terms, if at all.
• Other important factors are discussed under the caption 'Risk Factors' in the Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025.

Future Outlook

The company will fully disclose and discuss its full year 2026 outlook on March 17, 2026. Forward-looking statements also include anticipated use of net proceeds from the convertible securities offering and its terms and size.

Industry Context

StockSavvy.ai notes that Energy Vault operates in the rapidly expanding grid-scale energy storage market, a critical sector for the global transition to sustainable energy. The company's focus on proprietary battery, gravity, and green hydrogen technologies, coupled with an 'Own & Operate' asset management strategy, positions it to capitalize on the growing demand for reliable and cost-effective energy storage infrastructure.

Stakeholder Impact

• Shareholders: Positive preliminary results and meeting revenue guidance could instill confidence. The convertible securities offering could lead to dilution if converted, but also provides capital for growth.
• Investors: Provides early insight into financial performance, aiding investment decisions ahead of full audited results.
• Customers: Continued growth and improved financial health suggest stability and enhanced capacity to deliver on projects and solutions.

Next Steps

• Energy Vault will report complete fourth quarter and full-year 2025 financial results on Tuesday, March 17, 2026.
• The company will provide its full year 2026 outlook on Tuesday, March 17, 2026.
• A conference call for earnings results will be held on Tuesday, March 17, 2026, at 4:30 PM ET.

Key Dates

Recommendation

The preliminary results show strong growth and a positive shift in Q4 profitability, which is encouraging. However, the full-year Adjusted EBITDA and net loss remain negative, and the announcement of a convertible securities offering introduces potential dilution. A 'hold' recommendation is appropriate until the full audited results and the details of the capital raise are finalized and the 2026 outlook is provided, allowing for a more complete assessment of the company's trajectory and valuation.

Keywords

Energy storage, grid-scale, renewable energy, sustainable energy, Q4 2025 results, full-year 2025 results, financial estimates, revenue growth, EBITDA, gross margin, convertible securities, NRGV