Energy Vault Holdings, Inc. announced financial results for the second quarter ended June 30, 2025, reporting revenue of $8.51 million, a 126% increase year-over-year. For the six months ended June 30, 2025, revenue rose 48% year-over-year to $17.05 million.
Gross profit for Q2 2025 increased to $2.52 million, with a gross profit margin of 29.6%. For the six months, gross profit reached $7.39 million, yielding a robust 43.4% margin, significantly up from 27.0% in the comparable 2024 period, driven by higher-margin IP licensing revenue.
Operating expenses showed discipline, with sales and marketing expenses decreasing by $1.7 million in Q2 2025 and research and development expenses declining by $2.9 million. General and administrative expenses increased by $3.3 million due to expanded headcount and higher legal and professional fees.
The company reported positive cash provided by operating activities of $12.6 million for the six months ended June 30, 2025, a significant improvement from $11.8 million cash used in the prior year period. Energy Vault ended Q2 2025 with $58.1 million in cash, up 23% sequentially.
Energy Vault anticipates $60 million to $75 million in total cash by the end of Q3 2025, including $18 million from the Cross Trails project financing completed in July 2025 and an estimated $27 million in net Investment Tax Credit (ITC) proceeds expected in September 2025. The company reaffirmed its full-year 2025 revenue guidance of $200 million to $250 million.
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