Energy Vault misses earnings, beats revenue forecasts

Energy Vault Holdings Inc. on Tuesday reported a net loss of $15.3 million for the second quarter, compared with a loss of $12.1 million in the same period last year. Revenue rose 12% year-over-year to $3.2 million, topping analyst expectations of $2.8 million, according to Refinitiv data.

The company, which develops gravity-based energy storage systems, attributed the earnings miss to higher research and development costs and operational expenses. Energy Vault has been expanding its commercial deployments, including a recent agreement with a U.S. utility to install a 100-megawatt-hour system.

Shares of Energy Vault fell 5% in extended trading following the release. The stock has declined about 20% over the past three months amid broader weakness in clean energy equities.

Energy Vault’s systems store energy by lifting and lowering heavy weights, a method it markets as a sustainable alternative to lithium-ion batteries. The company has raised over $300 million in funding since its founding in 2018, including a $100 million investment from SoftBank Vision Fund in 2020.

Analysts at Piper Sandler maintained a neutral rating on the stock, citing execution risks despite the company’s long-term growth potential in grid-scale storage.