Bull case
Energy Vault Hldgs is viewed positively because its business is shifting from a cyclical EPC/licensing model toward a more scalable, vertically integrated storage IPP and AI infrastructure platform, supported by differentiated software and modular “speed-to-power” capabilities. The 1.25 GW hyperscaler agreement in Texas validates customer demand for its integrated offering and is expected to contribute $500 million to $600 million of revenue between 2H 2026 and the end of 2027, while backlog rose 47% sequentially to $2.0 billion, with about 40% tied to near-term conversion and 60% to recurring owned-asset revenue. Q2 2026 revenue reached $17.4 million, up 104% year over year, gross margin hit 31.0%, and management raised full-year 2026 revenue guidance to $270 million to $310 million and gross margin guidance to 20% to 25%, reinforcing improving visibility and execution.