Energy Vault(NRGV) - 2024 Q4 - Annual Results

Revenue and Financial Performance - Q4 2024 revenue was $33.5 million, with full-year 2024 revenue at $46.2 million, reflecting a 7% decline from the low end of guidance due to lower lithium-ion battery prices[6] - Total revenue for the year ended December 31, 2024, was $341,543, a decrease of 10.5% compared to $381,236 in 2023[16] - Net loss for the year ended December 31, 2024, was $135,813, an increase of 37.9% from a net loss of $98,443 in 2023[16] - Cash and cash equivalents stood at $30.1 million with no debt as of December 31, 2024, down from $145.6 million the previous year[6] - The company experienced a net cash used in operating activities of $55,860, compared to $92,655 in the previous year, indicating improved cash flow management[18] Margins and Profitability - Q4 2024 GAAP gross margin improved to 7.7%, up from 3.4% a year ago, while full-year 2024 GAAP gross margin was 13.4%, significantly improved from 5.1% the previous year[6] - Gross profit for the year ended December 31, 2024, was $17,531, representing a gross margin of 5.1% compared to 5.4% in 2023[16] - Adjusted EBITDA for Q4 2024 improved to a loss of $(13.4) million, while full-year 2024 Adjusted EBITDA loss was $(57.9) million, within the guidance range[6] - Adjusted EBITDA (non-GAAP) for Q4 2024 was $(13,391,000), slightly improved from $(14,901,000) in Q4 2023[22] Project and Revenue Backlog - Contract revenue backlog increased 90% to $660 million from $350 million in the prior quarter, more than quadrupling year-over-year[1] - The developed pipeline remains robust at $2.1 billion, adjusted for prevailing battery prices, tariffs, and foreign exchange rates[1] - Six projects totaling 840 MW are expected to come online in the next 18-24 months, generating approximately $2 billion in long-term recurring revenue[1] - 2025 revenue outlook anticipates a 4-6x increase to $200-300 million, impacted by a $150 million reduction from converting "build and transfer" projects to "own and operate" assets[1] Expenses and Cost Management - Research and development expenses for the year were $25,999, down 29.5% from $37,104 in 2023[16] - Operating expenses increased to $136,183 for the year, up 9.6% from $124,267 in 2023[16] - GAAP operating expenses for Q4 2024 were $52,996,000, an increase of 87.8% from $28,214,000 in Q4 2023[22] - Cost optimization initiatives will continue in 2025, focusing on accretive and cash-generative projects[1] Equity and Assets - Total current assets decreased significantly to $68,905 from $279,582, a decline of 75.3% year-over-year[14] - The company reported a total stockholders' equity of $126,256, down 43.6% from $223,793 in 2023[14] - Total liabilities decreased to $57,633 from $116,960, a reduction of 50.8% compared to the previous year[14] Other Financial Metrics - Provision for credit losses will be treated as a non-GAAP adjustment starting September 30, 2024, reflecting management's view on operational performance[20] - GAAP S&M expenses for Q4 2024 were $2,461,000, down 46.5% from $4,601,000 in Q4 2023[20] - Adjusted S&M expenses (non-GAAP) for Q4 2024 were $1,590,000, a decrease of 44.3% from $2,851,000 in Q4 2023[20] - GAAP R&D expenses for Q4 2024 were $6,378,000, a decline of 15.5% from $7,552,000 in Q4 2023[20] - Adjusted R&D expenses (non-GAAP) for Q4 2024 were $4,192,000, down 31.9% from $6,145,000 in Q4 2023[20] - GAAP G&A expenses for Q4 2024 were $16,373,000, an increase of 2.8% from $15,924,000 in Q4 2023[20] - Adjusted G&A expenses (non-GAAP) for Q4 2024 were $10,284,000, up 3.6% from $9,923,000 in Q4 2023[20]