Energy Vault (NYSE: NRGV) executed a 1.25-gigawatt Texas power, storage, and software infrastructure contract supporting hyperscaler agreements.

Energy Vault disclosed an executed contract for 1.25 gigawatts of integrated power, storage and software infrastructure in Texas. The company said the infrastructure would support hyperscaler contracts and described it as its largest single contract to date.

In a filed earnings press release, management said the contract was expected to generate $500 million to $600 million of near-term revenue during the second half of 2026 and 2027. That figure is a company forecast contained in an SEC-filed press-release exhibit, not revenue already recognized.

Energy Vault reported second-quarter revenue of $17.4 million, up 104% year over year, and generally accepted accounting principles gross profit of $5.4 million at a 31% margin. Adjusted gross profit was $6.7 million at a 38.6% margin, while cash rose 26% sequentially to $148 million.

The company said backlog increased by $650 million sequentially to approximately $2 billion, up 47% quarter over quarter and 107% year over year. Management characterized approximately 60% as long-term annual recurring revenue from owned energy assets and roughly 40% as revenue expected to convert through deliveries over the following 12–18 months.