Energy Vault(NRGV) - 2024 Q3 - Quarterly Results

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]