Energy Vault reports Q3 EPS (18c), consensus (14c)

Reports Q3 revenue $1.2M, consensus $13.4M. “We made good progress in the quarter building our contracted revenue backlog by 33% while at the same time increasing our longer-term development pipeline of storage infrastructure projects in the U.S. and Australia with long-term offtake agreements,” said Robert Piconi, Chairman and CEO of Energy Vault (NRGV). “With the first and largest green hydrogen storage microgrid project with PG&E in Calistoga, CA nearing completion, and the recently announced 10-year offtake agreement in place for the Cross Trails BESS project in Snyder, Texas, we are taking large steps in delivering innovative storage solutions while executing our strategy to build, own and operate storage assets that we believe will create accretive, predictable and highly profitable cash flow streams over the long term. The Energy Vault Team is building strong momentum in new product innovations and global pipeline development as we close 2024.”