Energy Vault(US:NRGV)2025-11-10 21:11Revenue and Profitability - Contract revenue backlog reached $920 million, up 112% year-to-date[1] - Q3 2025 revenue of $33.3 million, a 27x increase from $1.2 million in the prior year[4] - Revenue for the three months ended September 30, 2025, was $33,319 thousand, a significant increase from $1,199 thousand in the same period of 2024, representing a growth of 2,776%[20] - Gross profit for the nine months ended September 30, 2025, was $16,402 thousand, compared to $3,600 thousand for the same period in 2024, indicating a growth of 355%[20] - Q3 2025 GAAP gross profit of $9.0 million, up nearly 18x from $0.5 million in the prior year, with a gross margin of 27.0%[4] Expenses and Losses - Adjusted EBITDA loss narrowed 59% to $6.0 million from a loss of $14.7 million in the prior year[1] - The net loss for the nine months ended September 30, 2025, was $82,925 thousand, compared to a net loss of $73,954 thousand for the same period in 2024, representing a decline of 12%[22] - Cash and cash equivalents at the end of the period were $32,696 thousand, down from $51,124 thousand at the end of the same period in 2024, a decrease of 36%[22] - Operating expenses for the nine months ended September 30, 2025, totaled $83,026 thousand, consistent with $83,187 thousand for the same period in 2024, showing a slight decrease of 0.2%[20] - The company incurred interest expense of $5,392 thousand for the nine months ended September 30, 2025, compared to $89 thousand for the same period in 2024, a substantial increase[20] Cash and Assets - Cash balance as of September 30, 2025, was $61.9 million, reflecting a 7% sequential increase[4] - Total current assets increased to $103,243 thousand as of September 30, 2025, up from $68,905 thousand at December 31, 2024, reflecting a growth of 50%[18] - Targeting $75-100 million in total cash by the end of 2025, including recent Asset Vault capitalization[9] Equity and Liabilities - The company reported total liabilities of $201,334 thousand as of September 30, 2025, compared to $57,633 thousand at December 31, 2024, an increase of 249%[18] - The total stockholders' equity decreased to $80,549 thousand as of September 30, 2025, down from $126,256 thousand at December 31, 2024, a decline of 36%[18] Strategic Initiatives - Closed a $300 million preferred equity agreement for the launch of the 'Asset Vault' business[1] - Expected contribution of $100-150 million in recurring Adjusted EBITDA from Asset Vault Fund 1 by year-end 2029[1] - Announced agreement to deploy 1.8 GWh of Battery Energy Storage Systems (BESS) in Europe[1] - Full year 2025 revenue guidance estimated at $200-250 million, reflecting project timelines[9] Shareholder Information - The weighted average shares outstanding for Q3 2025 were 163,329,000, up from 150,812,000 in Q3 2024[28] - Stock-based compensation expense for Q3 2025 was $10,151,000, slightly down from $10,248,000 in Q3 2024, and for the nine months ended September 30, 2025, it was $28,411,000 compared to $29,436,000 in the prior year[29] Adjusted Metrics - Adjusted EBITDA for Q3 2025 was $(6,026,000), an improvement from $(14,652,000) in Q3 2024, while for the nine months ended September 30, 2025, it was $(30,950,000) compared to $(44,509,000) in the same period of 2024[29] - The company noted that adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net loss or other performance measures derived in accordance with GAAP[30]