Energy Vault Q2 revenue $3.8M, net loss $26.2M; reaffirms FY guidance, announces Australia battery project

Energy Vault Holdings, Inc.

2024-Q2 EPS reported -$0.32 revenue$11,529,000

Q2 GAAP revenue $3.8M; gross margin 27.8% vs. prior year low revenue base; gross profit $1.0M.
GAAP net loss $(26.2)M flat YoY; adjusted EBITDA improved 12% to $(15.8)M.
Cash $113.0M, no debt; reaffirms FY 2024 guidance for revenue, gross margin, adjusted EBITDA and year-end cash.
New 400MWh battery storage project in Australia with ACEN; commercial ops for 200MWh Texas system started.
Cost savings measures (Q2 $1.7M charge) expected to deliver $6-8M annual savings; new Head of Global Sales hired.

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