Energy Vault (NRGV) Q2 FY26 earnings call

Energy Vault delivered a strong Q2 FY26, driven by robust commercial execution and increasing demand from AI compute infrastructure. The company significantly grew its backlog to $2 billion, doubled revenue year-over-year, and improved adjusted gross margins. Management raised full-year revenue guidance and narrowed cash guidance to the higher end, reflecting increased visibility and disciplined capital management, despite higher operating expenses.