Energy Vault Q2 revenue $39.7M, net loss $26.2M; reaffirms 2023 guidance

Energy Vault Holdings, Inc.

2023-Q2 EPS reported -$0.41 revenue$51,102,000

Revenue of $39.7M (247% sequential growth); GAAP gross margin 9.9% ($3.9M).
Net loss of $26.2M; adjusted EBITDA of ($18.0M); cash $165M with zero debt.
Reaffirmed FY2023 guidance: revenue $325M–$425M, gross margin 10%–15%, adjusted EBITDA ($50M)–($70M).
First US Gravity storage license & royalty agreement signed for $33M with 90%+ gross margin royalty streams.
Commissioning of first 100 MWh EVx gravity system in Rudong, China begun; full grid interconnection expected Q4 2023.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Energy Vault Holdings, Inc. reported the quarter ended June 30, 2023 results: revenue $39.7 million, net income $(26.2) million. Guidance reaffirmed.

Period: the quarter ended June 30, 2023
Revenue: $39.7 million
Net income: $(26.2) million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Second Quarter 2023 Financial Highlights • Revenue of $39.7 million, in-line with Company expectations, from continued progress on US based energy storage projects.

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Energy Vault Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001828536-23-000134

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