What To Know: Energy Vault posted revenue of $33.5 million and full-year revenue of $46.2 million, falling 7% below the low end of its guidance range. The company attributed the shortfall to declining lithium-ion battery prices, the timing of revenue recognition for projects in Australia and its decision to retain $100 million in projects on its balance sheet instead of recognizing them as revenue. The company is shifting toward an “own and operate” model, which it expects will generate long-term, high-margin revenue streams.

Looking ahead, Energy Vault expects revenue in 2025 to rise significantly, forecasting between $200 million and $300 million. The company points to accelerating business in Australia and the U.S. but acknowledges that global lithium-ion battery price declines and increased U.S. tariffs will impact results. The shift from build-and-transfer projects to owned assets is expected to reduce near-term revenue by approximately $150 million but contribute to long-term recurring revenue.