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 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.

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