Energy Vault Q1 revenue $7.8M, net loss improves to $(21.1)M; cash $136.8M, no debt

Energy Vault Holdings, Inc.

2024-Q1 EPS reported -$0.14 revenue$7,759,000

Revenue $7.8M from utility/IPP projects; GAAP gross margin 26.7% ($2.1M gross profit).
Net loss $(21.1)M improved $10M YoY; Adjusted EBITDA $(14.4)M improved 24% YoY.
Cash opex $16.7M, down 22% YoY and 14% QoQ; cash $136.8M with no debt.
Completed 440 MWh BESS with NV Energy; GESS in Rudong China progressed.
2024-25 financial guidance to be provided at May 9 Investor & Analyst Day.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Energy Vault Holdings, Inc. reported first quarter ended March 31, 2024 results: revenue $7.8 million, net income $(21.1) million. Guidance initiated.

Period: first quarter ended March 31, 2024
Revenue: $7.8 million
Net income: $(21.1) million
Guidance: initiated
Result: reported results

Exact text from the filing

Energy Vault Reports First Quarter 2024 Financial Results Revenue of $7.8 million from recognition of Utility and IPP storage projects, in-line with expectations; Licensing revenue from GESSOL in Southern Africa is expected later in 2024 GAAP Gross margin of 26.7% driven by strong management and execution on US battery projects Cash OpEx of $16.7 million, improved 22% year-over-year and 14% quarter-over-quarter Quarter-end Cash and Cash Equivalents of $136.8 million , within Q1 guidance range of $125 – 150 million WESTLAKE VILLAGE, Calif., May 8th, 2024 – Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or “the Company”), a leader in sustainable, grid-scale energy storage solutions, announced financial results for the first quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001828536-24-000097

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