Energy Vault Holdings Inc (NRGV) Stock Soars Amid Transformation

Energy Vault Holdings Inc (NYSE:NRGV) is one of the best green energy penny stocks to invest in. Energy Vault shares have climbed almost 40% over the past month and soared more than 450% in the past 12 months.

Energy Vault Holdings Inc (NRGV) Stock Soars Amid Transformation

Energy Vault reported its Q1 2026 results on May 5. Revenue rose 156% YoY to $21.9 million, adjusted gross profit rose 25% YoY to $6.1 million, and cash increased 148% to $117 million. Additionally, the company’s backlog more than doubled from the prior year to $1.35 billion.

The quarter revealed a major milestone in the transformation of Energy Vault’s business model, and the management spoke much about it.

Just a little over a year ago, 80% of the company’s backlog was tied to energy storage EPC projects, which have low profit margins. The Q1 2026 report shows that Energy Vault has shifted 80% of its backlog to the high-margin independent power producer (IPP) projects. The IPP projects not only have higher margins than EPC projects, but they also generate recurring revenue.

Looking ahead, Energy Vault anticipates its full-year 2026 revenue in the band of $225–$300 million. That indicates a growth of 30% YoY at the midpoint of the guidance. The company is targeting a cash position of $150 million to $200 million at the end of 2026.

Energy Vault Holdings Inc (NYSE:NRGV) provides energy storage solutions to utilities and industrial customers. Its solutions support long-duration energy storage using battery systems and gravity-based technology. The company also operates as an independent power producer, helping to meet the power demand of AI data centers.

While we acknowledge the risk and potential of NRGV as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NRGV and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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