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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Energy Vault Holdings Inc | NYSE:NRGV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.24 | 880 | 09:08:01 |
FY 2023 revenue of $341.5 million, up 134% YoY and 18% QoQ, within annual guidance range
Increased cash position to $146 million with no debt, above prior guidance of $132 million from Q3 2023
Reduced quarterly cash Operating Expense run rate by 25-30% through actions taken in Q4 2023, enabling a 2024 reduced quarterly cash OpEx of $13-15 million to accelerate shift to cash flow positive exiting 2024 and FY 2025
FY 2023 gross margin of 5.1%, reflecting a lower than expected Q4 gross margin due to timing of revenue and associated gross profit recognition shifting from Q4 into 2024 for gravity licenses and battery projects
Commercial pipeline growth of 24.5 GWh YoY, up 89% and 5.8 GWh QoQ, up 12.6%
Strong global momentum in Gravity energy storage across three continents:
Territory expansion of 16 countries in Southern Africa (SADC countries) via new License and Royalty agreement;
Achieved China state grid interconnection in Q4 2023 as planned for the first 25MW EVx gravity storage system; Three additional Gravity Energy Storage systems of 368 MWh bringing total projects to 3.7 GWh
Announcing new Development Agreement with US public utility in Washington State to serve multi-GWh long duration energy storage requirements
Delivered and commissioned first three Battery energy storage systems in totaling ~ 1GWh.
Wellhead Electric (275MWh) and NV Energy (440MWh) commissioned on schedule and in record time frames from site mobilization to system energization.
Commenced construction on the largest Green Hydrogen ultra-long duration energy storage micro-grid system in the US with California’s largest public utility PG&E; expected to be online mid-2024
Energy Vault’s proprietary VaultOS Energy Management Software enabled efficient commissioning and begins SAAS recurring revenue model for the Company
Q1 2024 revenue expected to be in line with prior Q1 2023 given normal seasonality of revenue recognition and project starts with stronger double-digit gross margins given the shift of revenue and gross margin recognition from the prior Q4 2023; we expect to exit Q1 2024 with an unrestricted cash balance of ~$125-150 million
Investor and Analyst Day scheduled for May 8, 2024, in New York City, one day following our scheduled Q1 financial results call on May 7, 2024. The Investor Day will include new product and customer announcements, portfolio updates and financial guidance.
Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or “the Company”), a leader in sustainable, grid-scale energy storage solutions, announced financial results for the fourth quarter and full-year ended December 31, 2023.
“The Energy Vault team successfully executed on our most important priority that we set at the beginning of 2023 –deployments of our first energy storage projects across multiple customers delivered on time, on budget and at the quality, safety and performance levels that meet or exceed our customer expectations,” said Robert Piconi, Chairman and CEO of Energy Vault. “In addition to commissioning ~1 GWh of battery and hybrid short duration energy storage systems in the second half of 2023 under our new OS-Vault Energy Management System, we also continued to solidify our global leadership position in long duration energy storage with gravity energy territory expansions across the globe in the US with a large public utility and Southern Africa to complement explosive growth in China with total projects now surpassing 3.7 GWh of EVx gravity energy systems. With the innovation in motion with the construction start of the largest green hydrogen energy storage micro-grid in the USA with PG&E in California serving a multi-day, ultra-long duration storage need, we are clearly demonstrating our unmatched capabilities as an energy storage solutions provider. We look forward to sharing more at our upcoming Investor and Analyst Day in May.”
Fourth Quarter and Full Year 2023 Financial Highlights
Operating and Other Highlights
Conference Call Information
Energy Vault will host a conference call today, March 12, 2024 at 4:30 PM ET to discuss the results, followed by a Q&A session. A live webcast of the call can be accessed at https://investors.energyvault.com/events-and-presentations/events. To access the call, participants may dial 1-877-704-4453, international callers may use 1-201-389-0920, and request to join the Energy Vault earnings call. A telephonic replay will be available shortly after the conclusion of the call and until March 26, 2024. Participants may access the replay at 1-844-512-2921; international callers may use 1-412-317-6671 and enter access code 13743330. The call will also be available for replay via webcast link on the Investors portion of the Energy Vault website at https://www.energyvault.com/.
About Energy Vault
Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s EVx™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.
Non- GAAP measures
Energy Vault has provided a reconciliation of net loss to adjusted EBITDA, with net loss being the most directly comparable GAAP measure, for the historical periods in this press release. A reconciliation of projected non-GAAP measures for the first quarter of 2024 has not been provided because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of the amount of future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort.
Forward-Looking Statements
This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans, and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the uncertainly of our awards, bookings and backlogs equating to future revenue; the lack of assurance that non-binding letters of intent and other indication of interest can result in binding orders or sales; the possibility of our products to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; the impact of health epidemics, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 12, 2024, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.
ENERGY VAULT HOLDINGS, INC.
Consolidated Balance Sheets
(In thousands, except par value)
December 31,
2023
2022
Assets
Current Assets
Cash and cash equivalents
$
109,923
$
203,037
Restricted cash
35,632
83,145
Accounts receivable
27,189
37,460
Contract assets
84,873
28,978
Inventory
415
4,378
Customer financing receivable, current portion
2,625
1,500
Advances to suppliers
8,294
24,327
Assets held for sale
6,111
—
Prepaid expenses and other current assets
4,520
7,242
Total current assets
279,582
390,067
Property and equipment, net
31,043
3,044
Intangible assets
1,786
—
Operating lease right-of-use assets
1,700
1,442
Customer financing receivable, long-term portion
6,698
8,260
Investments
17,295
11,080
Other assets
2,649
2,820
Total Assets
$
340,753
$
416,713
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable
$
21,165
$
60,315
Accrued expenses
85,042
14,749
Contract liabilities, current portion
4,923
49,434
Lease liabilities, current portion
724
825
Total current liabilities
111,854
125,323
Deferred pension obligation
1,491
890
Contract liabilities, long-term portion
1,500
1,500
Other long-term liabilities
2,115
1,287
Total liabilities
116,960
129,000
Commitments and contingencies
Stockholders’ Equity
Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued
—
—
Common stock, $0.0001 par value; 500,000 shares authorized, 146,577 issued and outstanding at December 31, 2023 and 138,530 at December 31, 2022
15
14
Additional paid-in capital
473,271
435,852
Accumulated deficit
(248,072
)
(147,265
)
Accumulated other comprehensive loss
(1,421
)
(888
)
Total stockholders’ equity
223,793
287,713
Total Liabilities and Stockholders’ Equity
$
340,753
$
416,713
ENERGY VAULT HOLDINGS, INC.
Consolidated Statements of Operations and Comprehensive Loss
(In thousands except, per share data)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
Revenue
$
118,236
$
100,322
$
341,543
$
145,877
Cost of revenue
114,219
84,386
324,012
86,580
Gross profit
4,017
15,936
17,531
59,297
Operating expenses:
Sales and marketing
4,601
4,295
18,210
12,582
Research and development
7,552
13,836
37,104
42,605
General and administrative
15,838
23,364
68,060
56,622
Depreciation and amortization
223
181
893
7,743
Asset impairment
—
—
—
2,828
Loss from operations
(24,197
)
(25,740
)
(106,736
)
(63,083
)
Other income (expense):
Interest expense
(16
)
(1
)
(35
)
(2
)
Interest income
2,003
2,339
8,152
3,695
Change in fair value of warrant liability
—
269
—
2,330
Transaction costs
—
—
—
(20,586
)
Other income (expense), net
86
(75
)
(173
)
(226
)
Loss before income taxes
(22,124
)
(23,208
)
(98,792
)
(77,872
)
Provision for income taxes
48
69
(349
)
427
Net loss
$
(22,172
)
$
(23,277
)
$
(98,443
)
$
(78,299
)
Net loss per share — basic and diluted
$
(0.15
)
$
(0.17
)
$
(0.69
)
$
(0.64
)
Weighted average shares outstanding — basic and diluted
145,299
139,064
142,851
123,241
Other comprehensive loss — net of tax
Actuarial loss on pension
$
(335
)
$
(749
)
$
(519
)
$
(188
)
Foreign currency translation gain (loss)
(222
)
76
(14
)
(287
)
Total other comprehensive loss
(557
)
(673
)
(533
)
(475
)
Total comprehensive loss
$
(22,729
)
$
(23,950
)
$
(98,976
)
$
(78,774
)
ENERGY VAULT HOLDINGS, INC.
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
2023
2022
Cash Flows From Operating Activities
Net loss
$
(98,443
)
$
(78,299
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense
893
7,743
Non-cash interest income
(1,410
)
(365
)
Stock based compensation expense
43,097
41,058
Asset Impairment
—
2,828
Gain on change in fair value of warrant liability
—
(2,330
)
Provision for credit losses
150
—
Foreign exchange gains and losses
222
316
Change in operating assets
(17,691
)
(111,206
)
Change in operating liabilities
(19,473
)
116,909
Net cash used in operating activities
(92,655
)
(23,346
)
Cash Flows From Investing Activities
Purchase of property and equipment
(30,431
)
(2,319
)
Purchase of property and equipment held for sale
(6,111
)
—
Purchase of convertible notes
—
(2,000
)
Purchase of equity securities
(6,000
)
(9,000
)
Net cash used in investing activities
(42,542
)
(13,319
)
Cash Flows From Financing Activities
Proceeds from exercise of stock options
224
171
Proceeds from insurance premium financing
1,250
—
Proceeds from reverse recapitalization and PIPE financing, net
—
235,940
Proceeds from exercise of warrants
—
7,855
Payment of transaction costs related to reverse recapitalization
—
(20,651
)
Payment of taxes related to net settlement of equity awards
(6,017
)
(5,482
)
Repayment of insurance premium financing
(892
)
—
Payment of finance lease obligations
(47
)
(62
)
Net cash provided by financing activities
(5,482
)
217,771
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
52
(49
)
Net increase in cash, cash equivalents, and restricted cash
(140,627
)
181,057
Cash, cash equivalents, and restricted cash – beginning of the period
286,182
105,125
Cash, cash equivalents, and restricted cash – end of the period
145,555
286,182
Less: Restricted cash at end of period
35,632
83,145
Cash and cash equivalents - end of period
$
109,923
$
203,037
ENERGY VAULT HOLDINGS, INC.
Consolidated Statements of Cash Flows (Continued)
(In thousands)
Year Ended December 31,
2023
2022
Supplemental Disclosures of Cash Flow Information:
Income taxes paid
46
3
Cash paid for interest
35
2
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Conversion of redeemable preferred stock into common stock in connection with the reverse recapitalization
—
182,709
Warrants assumed as part of reverse recapitalization
—
19,838
Actuarial gain on pension
(519
)
(188
)
Property, plant and equipment financed through accounts payable
5,051
—
Assets acquired on finance lease
108
37
Non-GAAP Financial Measures
To complement our condensed consolidated statements of operations, we use non-GAAP financial measures of adjusted selling and marketing (“S&M”) expenses, adjusted research and development (“R&D”) expenses, adjusted general and administrative (“G&A”) expenses, and adjusted EBITDA. Management believes that these non-GAAP financial measures complement our GAAP amounts and such measures are useful to securities analysts and investors to evaluate our ongoing results of operations when considered alongside our GAAP measures. The presentation of these non-GAAP measures is not meant to be considered in isolation or as an alternative to net loss as an indicator of our performance.
The following table provides a reconciliation from GAAP S&M expenses to non-GAAP adjusted S&M expenses (amounts in thousands):
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
S&M expenses (GAAP)
$
4,601
$
4,295
$
18,210
$
12,582
Non-GAAP adjustments:
Stock-based compensation expense
1,666
2,073
7,143
5,111
Reorganization expenses
84
—
84
—
Adjusted S&M expenses (non-GAAP)
$
2,851
$
2,222
$
10,983
$
7,471
The following table provides a reconciliation from GAAP R&D expenses to non-GAAP adjusted R&D expenses (amounts in thousands):
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
R&D expenses (GAAP)
$
7,552
$
13,836
$
37,104
$
42,605
Non-GAAP adjustments:
Stock-based compensation expense
1,225
3,764
10,057
14,775
Reorganization expenses
182
—
182
—
Adjusted R&D expenses (non-GAAP)
$
6,145
$
10,072
$
26,865
$
27,830
The following table provides a reconciliation from GAAP G&A expenses to non-GAAP adjusted G&A expenses (amounts in thousands):
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
G&A expenses (GAAP)
$
15,838
$
23,364
$
68,060
$
56,622
Non-GAAP adjustments:
Stock-based compensation expense
5,683
8,464
25,897
21,172
Reorganization expenses
318
—
318
—
Adjusted G&A expenses (non-GAAP)
$
9,837
$
14,900
$
41,845
$
35,450
The following table provides a reconciliation from non-GAAP adjusted EBITDA to GAAP net loss, the most directly comparable GAAP measure (amounts in thousands):
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
Net loss (GAAP)
$
(22,172
)
$
(23,277
)
$
(98,443
)
$
(78,299
)
Non-GAAP adjustments:
Interest income, net
(1,986
)
(2,338
)
(8,117
)
(3,693
)
Income tax expense
48
69
(349
)
427
Depreciation and amortization
223
181
893
7,743
Stock-based compensation expense
8,574
14,301
43,097
41,058
Reorganization expenses
584
—
584
—
Change in fair value of warrant liability
—
(269
)
—
(2,330
)
Transaction costs
—
—
—
20,586
Asset impairment
—
—
—
2,828
Foreign exchange (gains) and losses
(86
)
153
222
316
Adjusted EBITDA (non-GAAP)
$
(14,815
)
$
(11,180
)
$
(62,113
)
$
(11,364
)
We present adjusted EBITDA, which is net loss excluding adjustments that are outlined in the quantitative reconciliation provided above, as a supplemental measure of our performance and because we believe this measure is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. The adjusted EBITDA measure excludes the financial impact of items management does not consider in assessing our ongoing operating performance, and thereby facilitates review of our operating performance on a period-to-period basis.
In evaluating adjusted EBITDA, one should be aware that in the future we may incur expenses similar to the adjustments noted above. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these types of adjustments. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net loss, operating loss, or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.
Our adjusted EBITDA measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
Because of these limitations, adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to use to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using adjusted EBITDA only supplementally.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240312055307/en/
Investors: energyvaultIR@icrinc.com
Media: media@energyvault.com
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