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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 | |
---|---|---|---|---|---|---|---|---|
0.03 | 2.38% | 1.29 | 1.2925 | 1.20 | 1.28 | 813,881 | 00:23:57 |
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 second quarter ended June 30, 2022.
Robert Piconi, Chairman, Co-Founder and CEO of Energy Vault, stated, “Strong progress was made during the quarter as evidenced by the announcements today across our gravity EVx and Energy Vault Solutions portfolio as our team continues to execute well on scaling up the business focused on the U.S, Australia and China. I am particularly pleased with the feedback from our customers in choosing Energy Vault as their energy storage partner for both short and long duration storage solutions. The rapid development of our new hardware-agnostic Energy Management Software platform underpinning approximately 1 GWh of new project awards announced today is a tremendous differentiator in the market.”
Mr. Piconi continued, “Execution on our 2022 regional priorities for first deployments remains strong with tremendous momentum being built going into the second half of the year. This positions us well to execute on our 2023 revenue plan, backed by a strong cash position to support our growth plans and no debt on the balance sheet.”
Second Quarter 2022 and Recent Business Highlights:
Large scale gravity-energy storage projects utilizing our EVx system continues multi-continent progress:
Announcing first utility-scale battery energy storage projects utilizing the new Energy Vault Solutions (EVS) software platform:
Other recent updates:
Outlook:
Conference Call Information
Energy Vault will host a conference call today at 8:00 AM ET to discuss the results, followed by a Q&A session. A live webcast of the call can be accessed https://www.energyvault.com/. 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, August 22, 2022. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671, and enter access code 13731405. 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/.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our future expansion, deployments, capabilities, capital resources and future financial performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: risks related to the rollout of Energy Vault’s business and the timing of expected business milestones, including with respect to the projects described herein, developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions, our limited operating history as a public company, whether MOUs or similar arrangements and other strategic investments will result in future revenues, the impact of any delays in projects for which we expect to receive revenue in 2022 or 2023, delays in construction or delivery of materials for projects, sufficiency of cash to support the company’s expansion plans, the fact that the company has no committed revenue for future periods and risks affecting our partnerships and customers. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on May 16, 2022, which is available on our website at investors.energyvault.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
ENERGY VAULT HOLDINGS, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands except par value)
June 30,
December 31,
2022
2021
Assets
Current Assets
Cash and cash equivalents
$
299,063
$
105,125
Accounts receivable
5,559
—
Contract assets
22,500
—
Prepaid expenses and other current assets
4,277
5,538
Total current assets
331,399
110,663
Property and equipment, net
9,319
11,868
Right-of-Use assets, net
1,106
1,238
Other assets
3,696
1,525
Total Assets
$
345,520
$
125,294
Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)
Current Liabilities
Accounts payable
$
2,164
$
1,979
Accrued expenses
1,707
4,704
Deferred revenue, current portion
3,033
—
Long-term finance leases, current portion
44
48
Long-term operating leases, current portion
582
612
Total current liabilities
7,530
7,343
Deferred pension obligation
163
734
Asset retirement obligation
968
978
Deferred revenue, long-term portion
8,196
1,500
Long-term finance leases
15
34
Long-term operating leases
563
662
Warrant liability
21,499
—
Total liabilities
38,934
11,251
Commitments and contingencies
Convertible preferred stock, $0.0001 par value; 85,739 shares authorized, 85,739 shares issued and outstanding at December 31, 2021; liquidation preference of $171,348
—
182,709
Stockholders’ Equity (Deficit)
Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued
—
—
Common stock, $0.0001 par value; 500,000 shares authorized, 134,441 shares issued, and 134,441 outstanding at June 30, 2022; 120,568 shares authorized, 20,432 shares issued, and 20,432 outstanding at December 31, 2021
13
—
Additional paid-in capital
402,004
713
Accumulated deficit
(95,223
)
(68,966
)
Accumulated other comprehensive loss
(208
)
(413
)
Total stockholders’ equity (deficit)
306,586
(68,666
)
Total Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)
$
345,520
$
125,294
ENERGY VAULT HOLDINGS, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Revenue
$
977
$
—
$
43,861
$
—
Operating expenses:
Cost of revenue
571
—
571
—
Sales and marketing
1,949
189
4,529
274
Research and development
9,763
2,202
19,424
3,223
General and administrative
10,668
3,006
20,474
4,861
Inventory write-down
—
2,744
—
2,744
Loss from operations
(21,974
)
(8,141
)
(1,137
)
(11,102
)
Other income (expense)
Change in fair value of derivative
—
24,102
—
—
Interest expense
—
(3
)
(1
)
(7
)
Change in fair value of warrant liability
15,592
—
(4,645
)
—
Transaction costs
—
—
(20,586
)
—
Other income (expense), net
249
611
285
(1,317
)
Income (loss) before income taxes
(6,133
)
16,569
(26,084
)
(12,426
)
Provision for income taxes
45
—
173
—
Net income (loss)
$
(6,178
)
$
16,569
$
(26,257
)
$
(12,426
)
Net income (loss) per share — basic
Common stock
$
(0.05
)
$
0.18
$
(0.24
)
$
(1.10
)
Convertible preferred stock
—
$
0.20
—
—
Net income (loss) per share — diluted
Common stock
$
(0.05
)
0.16
$
(0.24
)
$
(1.10
)
Convertible preferred stock
—
0.20
—
—
Weighted average shares of outstanding — basic
Common stock
133,777
11,792
107,509
11,329
Convertible preferred stock
—
70,880
—
—
Weighted average shares of outstanding — diluted
Common stock
133,777
13,426
107,509
11,329
Convertible preferred stock
—
70,880
—
—
Other comprehensive income (loss) — net of tax
Actuarial gain (loss) on pension
$
282
$
(332
)
$
560
$
899
Foreign currency translation gain (loss)
(261
)
47
(355
)
232
Total other comprehensive income (loss)
21
(285
)
205
1,131
Total comprehensive income (loss)
$
(6,157
)
$
16,284
$
(26,052
)
$
(11,295
)
ENERGY VAULT HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Six Months Ended June 30,
2022
2021
Cash Flows From Operating Activities
Net income (loss)
$
(26,257
)
$
(12,426
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
2,404
447
Non-cash lease expense
349
299
Non-cash interest income
(109
)
—
Stock based compensation
15,863
250
Change in fair value of derivative
—
—
Change in fair value of warrant liability
4,645
—
Change in pension obligation
15
35
Asset retirement obligation accretion expense
37
—
Foreign exchange gains and losses
33
—
Change in operating assets
(30,504
)
348
Change in operating liabilities
6,670
(1,084
)
Net cash used in operating activities
(26,854
)
(8,942
)
Cash Flows From Investing Activities
Purchase of property and equipment
(333
)
(73
)
Purchase of convertible notes
(2,000
)
—
Net cash used in investing activities
(2,333
)
(73
)
Cash Flows From Financing Activities
Proceeds from exercise of stock options
36
6
Proceeds from reverse recapitalization and PIPE financing, net
235,940
—
Proceeds from exercise of warrants
7,854
—
Payment of transaction costs related to reverse recapitalization
(20,651
)
—
Payment of lease obligations
(19
)
(238
)
Proceeds from Series B-1 Preferred Stock, net of issuance costs
—
15,304
Net cash provided by financing activities
223,160
15,072
Effect of exchange rate changes on cash and cash equivalents
(35
)
1,522
Net increase in cash
193,938
7,579
Cash and cash equivalents – beginning of the period
105,125
10,051
Cash and cash equivalents – end of the period
$
299,063
$
17,630
Supplemental Disclosures of Cash Flow Information:
Income taxes paid
1
860
Cash paid for interest
1
7
Reclassification of inventory costs
—
10,948
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Conversion of redeemable preferred stock into common stock in connection with the reverse recapitalization
182,034
—
Warrants assumed as part of reverse recapitalization
19,838
—
Actuarial gain on pension
550
232
Assets acquired on finance lease
—
27
Purchases of intangible assets recorded in accrued liabilities
—
116
Non-GAAP Financial Measure
We use adjusted EBITDA to complement our condensed consolidated statements of operations. Management believes that this non-GAAP financial measure complements our GAAP net income (loss) and such measure is useful to investors. The presentation of this non-GAAP measure is not meant to be considered in isolation or as an alternative to net income (loss) as an indicator of our performance.
The following table provides a reconciliation from non-GAAP adjusted EBITDA to GAAP net income (loss), the most directly comparable GAAP measure (amounts in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Net income (loss) (GAAP)
$
(6,178
)
$
16,569
$
(26,257
)
$
(12,426
)
Non-GAAP Adjustments:
Interest income, net
(284
)
(7
)
(331
)
(15
)
Income tax expense
45
—
173
—
Depreciation and amortization
1,186
430
2,404
447
Stock-based compensation expense
6,661
243
15,863
250
Change in fair value of warrant liability
(15,592
)
—
4,645
—
Transaction costs
—
—
20,586
—
Foreign exchange (gains) and losses
(45
)
(601
)
(56
)
1,339
Change in fair value of derivative liability
—
(24,102
)
—
—
Adjusted EBITDA (non-GAAP)
$
(14,207
)
$
(7,468
)
$
17,027
$
(10,405
)
We present adjusted EBITDA, which is net income (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 items excluded from adjusted EBITDA are excluded in order to better reflect our continuing operations.
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 income (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.
About Energy Vault
Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company’s proprietary energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability. Energy Vault’s EVx™ gravity energy storage system utilizes eco-friendly materials with the ability to integrate waste materials for beneficial re-use. Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers. For additional information, please visit: www.energyvault.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20220808005254/en/
Investors: energyvaultIR@icrinc.com
Media: media@energyvault.com
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