Energy Vault(NRGV) - 2024 Q3 - Quarterly Results

Exhibit 99.1 Energy Vault Reports Third Quarter 2024 Financial Results Revenue backlog grew 33% quarter-over-quarter to $350 million primarily reflecting new contracts in the U.S. with Jupiter Power and Gridmatic; Australia project awards now exceed 2.6GWh Transitional Q3 revenue yielded 40%+ GAAP gross margin with higher services and software content; YTD 2024 GAAP Gross Margins are 28.3% Operating expense improved to $27.6 million in Q3 2024; Adjusted operating expense improved 13% year-over-year and 7% q ...