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Energy Vault Holdings (NRGV)
NYSE:NRGV
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Energy Vault Holdings
(NYSE:NRGV)
55Neutral
Positive Factors
Backlog Growth
Solid booking progress, with current backlog at $660mn, up ~90% from 3Q24.
Project Expansion
Significant progress in Australia with 2.6GWh of awarded and contracted projects.
Strategic Acquisitions
Energy Vault acquired 1GWh Stoney Creek project, with a long-term service agreement.
Negative Factors
Future Guidance
FY25 guidance was below expectations as management leans further into 'own and operate' model and the company continues to be impacted by lower battery prices.
Revenue Performance
FY24 results came in below prior guidance, primarily due to lower lithium-ion battery prices and timing of gravity license revenue recognition.
Revenue Recognition
The timing for revenue recognition on the 1GWh project is uncertain.
Energy Vault Holdings (NRGV) vs. S&P 500 (SPY)
Market Cap
$145.02M
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)―
Beta (1Y)3.17
Revenue Growth-59.53%
EPS Growth8.09%
CountryUS
Employees179
SectorUtilities
Sector Strength82
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-0.92
Shares Outstanding152,119,630
10 Day Avg. Volume2,240,190
30 Day Avg. Volume1,203,914
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)1.11
Price to Cash Flow (P/CF)-3.90
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$1.75Price Target Upside84.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Energy Vault Holdings Business Overview & Revenue Model
Company DescriptionEnergy Vault Holdings (NRGV) is a company that specializes in renewable energy storage solutions. The company is known for its innovative technology that focuses on gravity-based energy storage systems, which aim to provide a sustainable, cost-effective solution for long-duration energy storage. Energy Vault Holdings operates in the energy sector, primarily targeting utilities and energy-intensive industries looking to integrate renewable energy sources into their operations.
How the Company Makes MoneyEnergy Vault Holdings makes money primarily through the sale of its energy storage systems and related services. The company's revenue model includes the design, construction, and deployment of its gravity-based storage solutions, which are sold to utilities and large-scale energy users. Additionally, Energy Vault may generate revenue from maintenance services, technology licensing, and potential partnerships with other energy companies. Significant partnerships with utilities and renewable energy developers can contribute to its earnings by facilitating the adoption and integration of its technology in various energy projects.
Energy Vault Holdings Financial Statement Overview
Summary
Energy Vault Holdings shows a complex financial landscape with challenges in sustaining revenue growth, managing costs, and improving profitability. While the balance sheet remains relatively stable due to low leverage, persistent net losses and negative cash flows indicate ongoing operational and financial hurdles. The company needs to focus on enhancing cash flow generation and cost efficiencies to achieve sustainable growth.Income Statement
Energy Vault Holdings has experienced significant revenue volatility, with a notable decrease from $341.5M in 2023 to $130.9M in TTM 2024. The gross profit margin in TTM 2024 is 5.42%, indicating challenges in cost management. The net profit margin is negative due to substantial net losses, highlighting ongoing profitability issues. While revenue increased significantly from 2020 to 2023, the recent decline suggests potential risks in sustaining growth.45
Neutral
Balance Sheet
The company has a healthy equity position with a debt-to-equity ratio of 0.01 in TTM 2024, indicating low leverage. However, the equity ratio decreased from 70.28% in 2023 to 70.87% in TTM 2024, showing a slight decrease in financial stability. Return on equity remains negative due to net losses, indicating inefficiencies in generating returns from equity.55
Neutral
Cash Flow
Free cash flow improved from a significant negative figure of -$123.1M in 2023 to -$49.0M in TTM 2024. The operating cash flow to net income ratio is negative, reflecting persistent operational challenges. Despite the improvement, the negative free cash flow to net income ratio highlights ongoing cash flow management issues.50
Neutral
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 130.96M | 341.54M | 145.88M | 0.00 | 0.00 | 0.00 | Gross Profit |
| 7.10M | 17.53M | 59.30M | -1.25M | 0.00 | 0.00 | EBIT |
| -101.51M | -106.74M | -60.26M | -29.54M | 14.51M | 10.01M | EBITDA |
| -95.01M | -97.86M | -69.38M | -28.89M | -1.10K | -9.72M | Net Income Common Stockholders |
| -96.09M | -98.44M | -78.30M | -31.34M | -24.17M | -10.14M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 14.66M | 109.92M | 203.04M | 105.13M | 10.05M | 14.66M | Total Assets |
| 0.00 | 340.75M | 416.71M | 125.29M | 30.38M | 38.69M | Total Debt |
| 0.00 | 1.86M | 1.55M | 1.36M | 2.16M | 1.63M | Net Debt |
| 14.66M | -108.06M | -201.49M | -103.77M | -7.89M | -13.03M | Total Liabilities |
| 0.00 | 116.96M | 129.00M | 193.96M | 70.01M | 52.74M | Stockholders Equity |
| 32.48M | 223.79M | 287.71M | -68.67M | -39.63M | -14.05M |
| Cash Flow | Free Cash Flow | ||||
| -49.03M | -123.09M | -25.66M | -22.24M | -18.45M | -15.99M | Operating Cash Flow |
| 2.35M | -92.66M | -23.35M | -22.07M | -16.70M | -14.83M | Investing Cash Flow |
| -57.45M | -42.54M | -13.32M | -1.17M | -1.75M | -1.16M | Financing Cash Flow |
| -262.00K | -5.48M | 217.77M | 116.38M | 15.64M | 28.04M |
Energy Vault Holdings Technical Analysis
Negative
0.95
Price Trends
1.53
Negative
1.71
Negative
1.38
Negative
Market Momentum
-0.17
Positive
31.45
Neutral
31.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NRGV, the sentiment is Negative. The current price of 0.95 is below the 20-day moving average (MA) of 1.17, below the 50-day MA of 1.53, and below the 200-day MA of 1.38, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 31.45 is Neutral, neither overbought nor oversold. The STOCH value of 31.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NRGV.
Energy Vault Holdings Risk Analysis
Energy Vault Holdings disclosed 74 risk factors in its most recent earnings report. Energy Vault Holdings reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Energy Vault Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $5.52B | ― | -5.49% | ― | 10.53% | 90.76% | |
65 Neutral | $12.12B | 15.70 | 7.09% | 4.31% | 5.53% | -2.84% | |
55 Neutral | $145.02M | ― | -77.56% | ― | -59.53% | 8.09% | |
54 Neutral | $976.73M | 236.42 | -0.49% | ― | 11.00% | 97.10% | |
49 Neutral | $864.96M | ― | -53.46% | ― | -41.91% | -459.51% | |
43 Neutral | $1.49B | ― | -90.88% | ― | -29.45% | -10.79% | |
35 Underperform | $68.94M | ― | -6139.13% | ― | -68.67% | -484.48% |
* Utilities Sector Average
Performance Comparison
NRGV
Energy Vault Holdings
0.95
-0.67
-41.36%
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5.47
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STEM
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0.42
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FLNC
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5.30
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Energy Vault Holdings Earnings Call Summary
Earnings Call Date: Mar 17, 2025 | % Change Since: -16.67% | Next Earnings Date: May 7, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive developments, such as significant contract bookings and the securing of a long-term energy service agreement, alongside challenges including lower than expected revenue and cash position, and issues related to a supplier bankruptcy and credit losses. While the company is making strategic moves for long-term growth, immediate financial metrics have been impacted by external factors and transitional decisions.Highlights
Significant Increase in Contract Bookings
Contract bookings increased significantly quarter-over-quarter by 90%, growing the backlog to $660 million from $350 million, representing a 3x growth from the May 2024 Investor Day and a 4x growth from one year ago.
Long-Term Energy Service Agreement for Stoney Creek
Energy Vault secured a 14-year Long-Term Energy Service Agreement (LTESA) for the Stoney Creek project, guaranteeing a minimum of $20 million in revenue with potential merchant revenue up to $36 million per year.
Gross Margin Improvement
Gross margins improved year-over-year from about 5% to 13.5%, reflecting higher margin O&M services and SaaS license revenue.
Calistoga Resiliency Center Project Financing Commitment
Energy Vault received a financing commitment for the Calistoga Resiliency Center, expected to close in April, which will add about $28 million back to the balance sheet.
Lowlights
Challenges with Revenue Recognition
Full year 2024 revenue of $46.2 million was slightly below the low end of the guidance range due to rapidly declining battery prices and the timing of gravity-related license revenue recognition.
Impact of Supplier Bankruptcy on Gross Margin
A specific customer project was impacted by a supplier bankruptcy, resulting in Energy Vault stepping in to execute the work, which affected gross margin performance.
Lower than Expected Cash Position
Total cash was below the guidance range as certain customer payments slipped into the New Year and the Calistoga project financing was signed later than anticipated.
Provision for Credit Losses
A credit asset associated with a gravity license from a customer in 2022 was reserved due to delays in receipt of payments, affecting financial performance.
Company Guidance
During Energy Vault's Fourth Quarter 2024 earnings call, significant guidance and metrics were shared, highlighting the company's strategic developments and financial outlook. The company emphasized its focus on the build, own, and operate strategy, particularly with the Stoney Creek Battery Energy Storage System (BESS) project in New South Wales. This project, initially valued at AUD350 million (~US$220 million), now operates under a Long-Term Energy Service Agreement (LTESA) over 14 years, guaranteeing a minimum of $20 million in revenue, with potential earnings up to $36 million annually and a 50-50 revenue share above that. Energy Vault reported a contract backlog growth from $350 million to $660 million, indicating a strong future revenue trajectory. Despite a transitional year for project starts, 2024 recognized revenue was $46.2 million, slightly below expectations due to strategic choices to retain ownership of some infrastructure assets. The company concluded 2024 with improved gross margins of 13.5% and aims for a 2025 revenue target between $200 million to $300 million, driven by its significant backlog and ongoing projects in Australia and the U.S.Energy Vault Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Energy Vault Holdings Highlights Strong Financial Position
Positive
Nov 14, 2024
During Energy Vault Holdings, Inc.’s recent investor calls, management assured investors of their strong financial position, emphasizing no plans for new securities sales under their at-the-market facility. They highlighted their substantial cash reserves, lack of corporate debt, and anticipated project financing returns, ensuring confidence for stock enthusiasts and financial market followers.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.