earnings
confidence high
sentiment negative
materiality 0.70
Energy Vault Q3 revenue light at ~$1.2M; backlog up 33% to $350M; net loss $26.6M
Energy Vault Holdings, Inc.
2024-Q3 EPS reported
-$0.50
revenue$12,728,000
- Revenue backlog grew 33% QoQ to $350M with new U.S. contracts from Jupiter Power and Gridmatic.
- Q3 GAAP gross margin 40.3% on $1.2M services revenue; gross profit $0.5M.
- GAAP net loss of $26.6M; adjusted EBITDA loss improved 5% QoQ to $(14.7)M.
- Cash and equivalents $77.7M, no debt; expects $60-80M from project financing in next two quarters.
- Affirming full-year 2024 guidance at mid-to-low end; retaining ~$100M in storage assets vs. selling.