Energy Vault Holdings Inc. reported second-quarter revenue of $17.4 million [1], representing a 104% increase over the previous year [2].
The surge reflects a growing global reliance on long-duration energy storage to support the power-intensive demands of artificial intelligence infrastructure. As data centers expand, the need for stable, scalable energy grids has accelerated the company's order pipeline.
During a virtual earnings call held on Tuesday, CEO Alberto Piconi said the company's backlog increased by about $650 million [4] to roughly $2 billion [3]. This growth follows a previous year's second-quarter revenue of $8.5 million [2].
Company executives outlined a revenue outlook for the full year of 2026 ranging between $270 million and $310 million [5]. These figures exceed the consensus revenue estimate of $14.25 million [7] previously projected for the second quarter.
CFO Nitin Dahiya and other executives said the backlog expansion was due to the rapid scaling of AI-related power needs [6]. The company is positioning its storage solutions to mitigate the volatility of renewable energy sources, a critical requirement for the 24/7 uptime required by AI clusters.
Financial analysts had previously set a consensus earnings per share estimate of -$0.13 [8] for the quarter. The reported revenue growth suggests a significant acceleration in deployment and contract execution compared to the same period in 2025.
Energy Vault continues to focus on converting its multi-billion dollar backlog into realized revenue as it scales its technology globally [3].
“The backlog increased by about $650 million to roughly $2 billion.”
The sharp increase in Energy Vault's backlog and revenue highlights a critical bottleneck in the AI boom: power. While much of the market focus remains on chips and software, the physical infrastructure required to power data centers is becoming a primary growth driver for energy storage firms.
