Core Insights - Energy Vault reported significant revenue growth in Q4 2025, with revenue reaching $153.3 million, up from $33.5 million in the same quarter last year, driven by project execution in Australia and the U.S. [1][5] - The company emphasized its "Asset Vault" strategy, which focuses on owning and operating energy storage assets, leading to a substantial increase in contracted capacity and revenue backlog [2][3]. Financial Performance - Q4 2025 revenue surged to $153.3 million, contributing to a full-year revenue of $203.7 million, representing a 340% year-over-year increase [5][8]. - The gross profit for Q4 was $31.6 million, with a gross margin of 20.6%, compared to $2.6 million and 7.8% in the prior year [8]. - Adjusted EBITDA for Q4 was positive at $9.8 million, a significant improvement from a loss of $13.4 million in the previous year [8]. Contracted Capacity and Backlog - The company's contracted capacity increased to 540 MW from 65 MW, with a contract backlog that rose 42% sequentially and has increased 4-5 times over the past four to five quarters [2][5]. - The revenue backlog reached $1.3 billion as of December 31, 2025, representing a threefold growth compared to the previous year [2][5]. Liquidity and Financing - Cash reserves increased to $103.4 million, supported by a $150 million convertible note offering and a $300 million preferred equity facility, enabling approximately $1.0 to $1.2 billion in capital expenditures [4][9][11]. - The company aims to achieve a year-end cash target of $150 to $200 million by the end of 2026 [16]. Project Development and Pipeline - Energy Vault expanded its Asset Vault portfolio with the acquisition of the 150 MW SOSA Battery Storage project in Texas, with project financing expected to be completed in Q2 2026 [12]. - The company has a developed pipeline valued at over $3 billion, associated with approximately 1.8 GW of opportunities, including projects in Australia and the EU [14][15]. 2026 Outlook - For full-year 2026, the company projects revenue between $225 million and $300 million, with expected gross margins of 15% to 25% [15]. - The anticipated contributions from operating Asset Vault assets and modular AI data center initiatives are expected to drive this growth [15].