Energy Vault Holdings, Inc. ( (NRGV) ) has released its Q3 earnings. Here is a breakdown of the information Energy Vault Holdings, Inc. presented to its investors.
Energy Vault Holdings, Inc. specializes in sustainable, grid-scale energy storage solutions, offering a range of technologies including gravity-based, battery, and green hydrogen storage systems. In its third quarter of 2024, Energy Vault reported significant growth in its revenue backlog, which increased by 33% to $350 million, highlighting new contracts and expanding projects, notably in the U.S. and Australia. Key financial metrics showed a GAAP gross margin exceeding 40%, with year-to-date margins at 28.3%, and improved operating expenses due to a strategic realignment earlier this year.
Financially, the company reported a GAAP net loss of $26.6 million for the quarter, though it showed improvement in adjusted EBITDA, which rose by 5% quarter-over-quarter. The company’s strong project pipeline, including substantial developments in Texas and Australia, is expected to drive long-term EBITDA margins of 70-80%. Importantly, the EVx Gravity Energy Storage System was named one of TIME Magazine’s top inventions of 2024, reflecting the company’s ongoing innovation in energy storage technology.
Energy Vault is advancing its strategic ‘Build, Own & Operate’ model, with continued investments in new projects expected to generate substantial future cash flows. The company is also actively pursuing project financing to enhance its cash position by $60-80 million over the coming quarters, while maintaining a robust balance sheet with $77.7 million in cash and no debt.
Looking ahead, Energy Vault anticipates meeting its full-year 2024 guidance within the mid to low end of previously disclosed ranges, driven by ongoing project developments and anticipated revenue recognition in the fourth quarter. The company’s strategic focus on building and retaining ownership of storage assets is expected to foster long-term value creation and cash flow stability.
