Revenue and Financial Performance - Revenue backlog increased by 33% quarter-over-quarter to $350 million, driven by new contracts in the U.S. and Australia[1] - Total revenue for the three months ended September 30, 2024, was $1,199 thousand, a significant decrease from $172,205 thousand in the same period of 2023[15] - Gross profit for the nine months ended September 30, 2024, was $3,600 thousand, down from $13,514 thousand in the prior year[15] - The company anticipates full-year 2024 guidance for revenue, gross margin, and adjusted EBITDA to be within the mid to low end of the range due to timing of equipment deliveries[3] Operating Expenses and Losses - Operating expenses improved to $27.6 million in Q3 2024, with adjusted operating expenses of $15.2 million, reflecting a 13% year-over-year and 7% quarter-over-quarter improvement[3] - GAAP net loss for the quarter was $(26.6) million, partially offset by lower operating expenses compared to prior periods[3] - Net loss attributable to Energy Vault Holdings, Inc. for the three months ended September 30, 2024, was $26,593 thousand, compared to a net loss of $18,942 thousand in the same period of 2023[15] - Adjusted EBITDA for the nine months ended September 30, 2024, was $(44,508), compared to $(47,062) in 2023, an improvement of 5.5%[25] Cash and Assets - Total cash and cash equivalents stood at $77.7 million with no debt as of September 30, 2024[3] - Cash and cash equivalents at the end of the period were $51,124 thousand, down from $74,236 thousand at the end of September 30, 2023[17] - Total current assets decreased to $131,668 thousand as of September 30, 2024, from $279,582 thousand as of December 31, 2023[13] - The company had total assets of $252,858 thousand as of September 30, 2024, compared to $340,753 thousand as of December 31, 2023[13] Research and Development - Research and development expenses for the nine months ended September 30, 2024, were $19,621 thousand, down from $29,552 thousand in the prior year[15] - GAAP R&D expenses for Q3 2024 were $5,704, down from $8,156 in Q3 2023, representing a decrease of 30.1%[21] - Non-GAAP adjusted R&D expenses for the nine months ended September 30, 2024, were $12,591, compared to $20,720 for the same period in 2023, a decrease of 39.3%[21] General and Administrative Expenses - GAAP G&A expenses for Q3 2024 were $17,270, an increase of 9.2% from $15,810 in Q3 2023[22] - Adjusted G&A expenses (non-GAAP) for the nine months ended September 30, 2024, were $28,085, down from $31,772 in 2023, a decrease of 11.0%[22] Project Development and Strategy - The developed pipeline of projects improved by 11% quarter-over-quarter to 10.8 GWh, stable at $2.7 billion[2] - Energy Vault is executing a growth strategy in Australia with multiple projects under construction and awarded, including a 1 GWh project in New South Wales[4] - The company expects to retain ownership of approximately $100 million in storage assets instead of generating revenue through sales in 2024[3] Efficiency and Performance Metrics - GAAP gross margin for Q3 2024 was 40.3%, with a gross profit of $0.5 million, attributed to higher margin software and service revenue[2] - The EVx Gravity Energy Storage System achieved a Round Trip Efficiency (RTE) of approximately 83%, ranking among the highest in long-duration energy storage technologies[4] Credit Losses - The company reported a provision for credit losses of $1,861 in Q3 2024, compared to $(5) in Q3 2023[22]

Core Viewpoint - The global transition to cleaner energy is accelerating, but the intermittency of renewable sources like solar and wind presents challenges that create a market for energy storage solutions, with Energy Vault (NYSE: NGRV) at the forefront of this innovation [1][3]. Company Overview - Energy Vault is recognized for its gravity-based energy storage technology, which addresses the intermittency of renewable energy sources and has been acknowledged by TIME magazine as one of the Best Inventions of 2024 [3][4]. - The company offers a diverse portfolio of energy storage technologies, including gravity-based systems, water-pumping solutions, and hybrid hydrogen fuel cell and battery technologies [5][6]. Financial Performance - In Q2 FY2024, Energy Vault reported a GAAP gross margin of 27.8% and quarterly revenue of $3.77 million, alongside a net loss of $26.2 million [8]. - The company is transitioning from selling technology to owning and operating energy storage projects, which is expected to provide more predictable and recurring revenue streams [9][10]. - Despite initial earnings challenges, the company maintains a debt-free status and has over $100 million in cash runway, positioning it well for future growth [11][17]. Strategic Growth Plans - Energy Vault forecasts achieving positive cash flow EBITDA by 2025, supported by a backlog of projects, including a 1.0 GWh energy storage project in Australia valued at over $350 million [14][15]. - The company is expanding its global presence with significant projects in Australia, the United States, and China, aiming to create stable revenue streams [16]. Market Response - Energy Vault's stock has experienced volatility due to market adjustments to its strategic shift, but fundamentals and strategic direction have led to a nearly doubling of stock price over the past 30 days [12][13]. - The company is currently rated as a "Hold" by analysts, indicating a cautious outlook amidst its strategic transition [19].

Core Insights - The article discusses a long-term, contrarian approach to equities investing, emphasizing the importance of navigating the energy transition in the context of commodities and energy sectors [1]. Group 1: Investment Strategy - The investment strategy focuses on a long-term perspective, which may involve taking positions contrary to prevailing market trends [1]. - The analyst has transitioned from a focus solely on technology to also covering commodities and energy, reflecting the evolving market landscape [1]. Group 2: Analyst Background - The analyst has 10 years of experience in investment banking, specializing in industry and company research [1]. - The article is authored by an individual who expresses personal opinions and does not have any financial interests in the companies mentioned [1].

Financial Data and Key Metrics Changes - The company reported revenue of $3.8 million for Q2 2024, reflecting a decrease compared to the previous year due to project timing and percentage of completion accounting [20] - Gross margin improved to 27.8%, up from 9.8% year-over-year, indicating a favorable revenue mix as projects were completed [20] - Adjusted EBITDA was negative $15.8 million, an improvement of 12% year-over-year, with adjusted operating expenses declining by 23% to $16.9 million [21][22] Business Line Data and Key Metrics Changes - The company is focusing on owning and operating specific projects, with notable projects including the largest green hydrogen storage project in the U.S. and a battery project in Texas [8][9] - The backlog increased to $264 million, reflecting new long-term service agreements and projects with ACEN in Australia, up approximately 17% since the last Analyst Day [13] Market Data and Key Metrics Changes - The developed pipeline reached $2.8 billion, with over half associated with projects from existing customers or strategic partners, indicating strong confidence in conversion to contract bookings [12] - The company is expanding its regional presence with new projects in Australia and Brazil, highlighting growth in key markets [19] Company Strategy and Development Direction - The company outlined a strategy focusing on high-growth regions for energy storage, predictable revenue streams, and optimizing product mix for profitability [4][5][6] - A new hybrid gravity and lithium-ion energy storage project was announced in Sardinia, Italy, showcasing the company's innovative approach to energy storage [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the structural trends in the energy storage industry, particularly due to increased demand for renewable energy solutions driven by generative AI and data centers [15] - The company aims to leverage its unique technology and solution-based approach to create a competitive advantage in the energy storage market [16] Other Important Information - The company maintains a strong balance sheet with over $110 million in cash and no debt, positioning itself well for future growth [14][23] - Management expects adjusted operating expenses to be reduced by $3 million to $4 million in the second half of 2024 [22] Q&A Session Summary Question: Focus on owning and operating specific projects - Management clarified that there is no specific technology focus for owning and operating projects, but rather an emphasis on project economics and financing attractiveness [25][26] Question: Performance update for Rudong EDx system - Management is awaiting final approval for full operation and is currently measuring performance metrics [27][28] Question: Revenue guidance and pipeline opportunities - Management highlighted the importance of converting projects from the developed pipeline into actual bookings to meet revenue guidance [30][31] Question: Balance between build and transfer vs. own and operate - Management indicated that the decision is based on the attractiveness of the project rather than being purely customer-driven [34][36] Question: Implementation timeframe for new projects - Management noted that the new modular pumped hydro system is expected to move quickly due to existing infrastructure and prior testing [41][43] Question: Development of the software layer - Management confirmed that the software is productized and has been successfully operating across multiple projects, with potential for standalone sales [46][50]

NRGV LISTED NYSE Energy Vault The Energy Storage Company Financial Results | Second Quarter 2024 © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED Disclaimer Forward-Looking Statements This presentation 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 ...

Energy Vault Holdings, Inc. (NRGV) came out with a quarterly loss of $0.18 per share versus the Zacks Consensus Estimate of a loss of $0.11. This compares to loss of $0.18 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -63.64%. A quarter ago, it was expected that this company would post a loss of $0.14 per share when it actually produced a loss of $0.14, delivering no surprise. Over the last four quarters, the company has no ...

NERGY VAULT® a a Renewable Wor Investor & Analyst Day UNLOCKING THE VAULT NEW YORK, 9 MAY 2024 Disclaimer Forward-Looking Statements This presentation 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 offen incl ...

(Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-39982 ___________________________________ ENERGY VAULT HOLDINGS, INC. ____________________ ...

Energy Vault Holdings, Inc. (NRGV) closed the most recent trading day at $1.23, moving -1.6% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.46%. Meanwhile, the Dow lost 0.98%, and the Nasdaq, a tech-heavy index, lost 0.64%.The company's stock has dropped by 27.75% in the past month, falling short of the Oils-Energy sector's gain of 4.21% and the S&P 500's loss of 3.04%.Investors will be eagerly watching for the performance of Energy Vault Holdings, Inc. i ...

Company Overview and Market Position - The company has a limited operating history and has only built two Battery Energy Storage Systems (BESSs) and one Gravity Energy Storage System (GESS) to date, which may affect investment decisions [77]. - The company expects future growth to be driven by rising demand for clean electric power solutions and a rapidly growing energy storage market, but predicting future revenues is challenging due to limited operating history [78]. - The company operates in a highly competitive environment, with significant competition from established players that may have more resources and advanced technologies [134]. - The growth of the company is dependent on the pace of renewable energy adoption and energy storage technologies, which are still emerging industries [129]. - The energy storage market is driven by the installed capacity of renewable electricity generation, and any relaxation of government requirements could negatively impact market demand [131]. Financial Performance and Projections - Revenue for the year ended December 31, 2023, was $341,543 million, a significant increase from $145,877 million in 2022, representing a growth of 134% [398]. - Gross profit decreased to $17,531 million in 2023 from $59,297 million in 2022, indicating a decline of 70% [398]. - Operating expenses rose to $124,267 million in 2023, up from $119,550 million in 2022, reflecting an increase of 4% [398]. - The net loss for 2023 was $98,443 million, compared to a net loss of $78,299 million in 2022, representing an increase in losses of 26% [398]. - The company anticipates significant expenses and continuing losses for the foreseeable future, with no assurance of achieving profitability [76]. - The company’s projections for revenues and profitability are subject to significant risks and uncertainties, which may cause actual results to differ materially from expectations [79]. Customer and Revenue Dependence - The company relies on a limited number of customers for the majority of its revenue, and the loss of any significant customer could substantially reduce revenue and impact liquidity [82]. - The company’s energy storage systems involve lengthy sales and installation cycles, which could harm business if sales are not closed regularly [76]. - The lengthy sales cycle for energy storage systems could range from 18 to 36 months for EVx systems and 9 to 18 months for BESSs, impacting revenue recognition [169]. - There is no assurance that non-binding letters of intent will convert into binding orders, which could lead to lower than expected operating results and cash flows [99]. Operational Risks and Challenges - The company faces risks associated with construction, cost overruns, and delays, which could adversely affect its business and financial condition [76]. - The performance of the energy storage systems may not meet customer expectations, potentially affecting future sales and cash flows [95]. - The company faces risks related to the cancellation of customer contracts, which could lead to unrecoverable costs [174]. - The company relies on third-party suppliers for components, and any failure in their delivery could result in installation delays and reputational damage [104]. - The company may need to raise additional capital to support its operations, which could be dilutive to stockholders [165]. Regulatory and Compliance Issues - Legal and regulatory restrictions related to energy storage systems could increase compliance costs and expose the company to litigation risks, adversely affecting its financial condition [117]. - The company is subject to increased regulations regarding environmental impacts, which may incur significant additional costs and affect its supply chain [152]. - The regulatory environment is evolving, and compliance with laws and regulations may incur substantial costs, potentially impacting profitability [226]. - The company is subject to significant governmental scrutiny, which could adversely affect its operations and reputation [230]. Intellectual Property and Technology Risks - The company faces significant risks related to intellectual property rights, including potential infringement claims that could lead to substantial costs and impact business operations [185]. - The complexity of the company's software and technology systems poses risks of defects that could harm business and financial results if not addressed [198]. - The company may incur significant costs related to the maintenance and protection of its intellectual property, which could be compromised if cash flow from operations is insufficient [183]. - The company utilizes open-source software, which may expose it to legal claims and require significant resources to manage compliance with licensing terms [190]. Human Resources and Management - The company is highly dependent on key management personnel, and the loss of any key employee could disrupt operations and negatively impact business prospects [140]. - The company faces intense competition for skilled personnel in the renewable energy and energy storage sectors, which could hinder its growth and operational success [140]. - As of December 31, 2023, the company employed 179 full-time employees and 4 part-time employees, with only one employee covered by a collective bargaining agreement [142]. Financial Condition and Capital Structure - As of December 31, 2023, total assets decreased to $340.8 million from $416.7 million in 2022, representing a decline of approximately 18.2% [396]. - Cash and cash equivalents dropped significantly from $203.0 million in 2022 to $109.9 million in 2023, a decrease of about 45.7% [396]. - The accumulated deficit increased from $147.3 million in 2022 to $248.1 million in 2023, indicating a rise of approximately 68.4% [396]. - The company has approximately $55.2 million, $38.6 million, and $79.1 million of federal, state, and foreign net operating loss carryforwards, respectively [175]. - The company has outstanding warrants to purchase an aggregate of 5,166,666 private warrants and can issue up to 23,768,666 shares under its 2022 Equity Incentive Plan [242]. Market and Economic Factors - Economic uncertainty, including inflation and interest rate fluctuations, has negatively impacted demand for the company's products, potentially leading to lower revenues [145]. - The volatility in fuel prices could decrease incentives for transitioning to renewable energy, adversely affecting the company's business and revenue [153]. - Government incentives, such as rebates and tax credits, are critical for the company's revenue; any reduction or elimination of these incentives could harm financial results [208]. - The Inflation Reduction Act (IRA) passed in August 2022 is expected to support the adoption of energy storage products, potentially benefiting the company [209].