The business has shifted toward higher-margin independent power producer projects, with an Own & Operate portfolio exceeding 1 GW expected to generate over $180 million in annual recurring run-rate EBITDA. The company offers electrochemical battery solutions (B-Vault), gravity energy storage (G-Vault), hydrogen storage (H-Vault), and proprietary software platforms.
Cyborg Score Rationale
Q1 2026 revenue grew 156% year-over-year to $21.9 million with backlog reaching $1.35 billion. However, the company posted a net loss of $32.5 million in Q1 2026, though it reaffirmed full-year 2026 guidance with strong double-digit growth.
Top Insights
Capacity under management has more than doubled from previous quarter to exceed 1 GW
In February 2026, secured a definitive supply agreement with Peak Energy for 1.5 gigawatt-hours of sodium-ion battery systems
Power constraint on AI data center expansion presents a growing market opportunity
Full-year 2026 revenue guidance is $225–$300 million, representing ~30% year-over-year growth at midpoint
Named Competitors
Megapack — Utility-scale battery energy storage systems
Fluence — Grid-scale energy storage software and systems
Eos Energy Systems — Iron-air battery energy storage
Recent Developments
(May 2026) Q1 2026 earnings announced with 156% revenue growth to $21.9M and $1.35B backlog
(February 2026) Definitive supply agreement signed with Peak Energy for sodium-ion battery systems
(March 2026) Full-year 2025 results showed 340% revenue growth to $203.7M with Q4 positive adjusted EBITDA of $9.8M
(March 2026) Asset Vault platform with OIC closed a $300 million preferred equity transaction
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