Energy Vault Holdings reported third‑quarter 2025 results on November 10, 2025, with revenue of $33.3 million—up 27‑fold from $1.2 million in Q3 2024—but falling short of the consensus estimate of $48.99 million. Net loss per share was $0.10, a narrowing from the $0.22 loss in Q2 2025 and the $0.18 loss in Q3 2024, yet still below the analyst expectation of $0.04. The company posted a GAAP gross profit margin of 27.0 % and turned operating cash flow positive, although free cash flow remained negative due to ongoing capital expenditures. Cash on hand stood at $61.9 million as of September 30, 2025, up 7 % sequentially.
Revenue growth was driven largely by strong performance in Australian projects and the first commercial revenue from the newly launched Asset Vault platform. The 27‑fold year‑over‑year increase reflects the rapid scaling of the build‑own‑operate model, but the miss against estimates indicates that demand in the core Energy Storage Solutions segment did not fully materialize, and the company faced execution challenges in ramping up new projects. The shortfall also highlights the gap between the high growth trajectory the company is pursuing and the more conservative revenue expectations of analysts.
The earnings miss can be attributed to a combination of higher operating costs and a slower than expected ramp‑up of new assets. While the company achieved a positive gross margin, the mix shift toward lower‑margin projects and the need to invest heavily in the Asset Vault pipeline diluted earnings. The $0.10 loss per share, though an improvement over prior quarters, still fell short of the $0.04 consensus, underscoring that the company is still in a heavy‑investment phase and has not yet reached the profitability levels analysts anticipated.
Capital spending in Q3 2025 was reduced by roughly one‑third compared with Q2, reflecting a deliberate slowdown in new project acquisition as the company consolidates its existing portfolio. Operating cash flow turned positive, but the company continues to burn cash to fund the Asset Vault expansion, resulting in negative free cash flow. The $61.9 million cash balance provides a cushion for the next 12‑to‑18 months of investment, but the company remains reliant on external financing to sustain growth.
Energy Vault’s Asset Vault subsidiary secured a $300 million non‑dilutive preferred‑equity investment and completed the acquisition of a 150 MW Sosa BESS project in Texas, bringing the portfolio to 340 MW under construction and operation. Management projects that Asset Vault Fund 1 will generate $100 million to $150 million in recurring adjusted EBITDA by 2029 from a 1.5 GW+ pipeline in high‑growth markets. The company reaffirmed its full‑year 2025 revenue guidance of $200 million to $250 million, well above the consensus estimate of $187.8 million, signaling confidence in the build‑own‑operate model’s ability to deliver predictable, high‑margin revenue streams.
CEO Robert Piconi emphasized that Q3 was a pivotal quarter, noting that the launch of Asset Vault and the Texas acquisition “demonstrate our commitment to speed of execution.” CFO Michael Beer highlighted the 27‑fold revenue growth and the company’s focus on maintaining a 14‑16 % gross margin target for the year. Investors responded positively to the guidance and the strategic shift, reflecting confidence that the company’s long‑term trajectory will move toward profitability in 2026.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.