Energy Vault(US:NRGV)2024-03-12 20:12Financial Performance - FY 2023 revenue reached $341.5 million, representing a 134% increase year-over-year and an 18% increase quarter-over-quarter, within the annual guidance range[1]. - Total revenue for the year ended December 31, 2023, was $341,543, an increase of 134% compared to $145,877 in 2022[18]. - Gross profit for the year ended December 31, 2023, was $17,531, down 70% from $59,297 in 2022, resulting in a gross margin of 5.1%[18]. - Net loss for the year ended December 31, 2023, was $98,443, compared to a net loss of $78,299 in 2022, reflecting a 26% increase in losses[20]. - GAAP net loss for Q4 2023 was $22,172,000, compared to a loss of $23,277,000 in Q4 2022[25]. - Adjusted EBITDA for Q4 2023 was $(14,815,000), an increase in loss from $(11,180,000) in Q4 2022[25]. - Total net loss for the year 2023 was $98,443,000, compared to $78,299,000 in 2022[25]. Cash Position - Cash position improved to $146 million with no debt, exceeding prior guidance of $132 million from Q3 2023[1]. - Total cash and cash equivalents improved by $13.4 million compared to Q3 2023, reaching $145.6 million as of December 31, 2023[9]. - Cash and cash equivalents at the end of the period were $109,923, a decrease of 46% from $203,037 at the end of 2022[20]. - The company experienced a net cash used in operating activities of $92,655 for the year, compared to $23,346 in 2022, indicating a substantial increase in cash outflow[20]. Expenses and Liabilities - The company aims to reduce quarterly cash operating expenses by 25-30% in 2024, targeting a range of $13-15 million[1]. - Research and development expenses for the year were $37,104, a decrease of 13% from $42,605 in 2022[24]. - Adjusted selling and marketing expenses for the year were $10,983, an increase of 47% from $7,471 in 2022[24]. - The company reported a significant increase in stock-based compensation expense, totaling $43,097 for the year, compared to $41,058 in 2022[20]. - Stock-based compensation expense for Q4 2023 was $8,574,000, down from $14,301,000 in Q4 2022[25]. - The company incurred $584,000 in reorganization expenses during the year 2023[25]. - Total liabilities decreased to $116,960, down 9% from $129,000 in 2022[16]. Future Outlook - The company expects Q1 2024 revenue to align with Q1 2023, with stronger double-digit gross margins anticipated due to the shift of revenue recognition[4]. - The company expects future expenses similar to those adjustments noted in the financial results[26]. - Energy Vault plans to host an Investor and Analyst Day on May 8, 2024, to announce new products and provide financial guidance[4]. Operational Developments - The commercial pipeline grew by 24.5 GWh year-over-year, up 89%, and increased by 5.8 GWh quarter-over-quarter, up 12.6%[1]. - Construction commenced on the largest green hydrogen ultra-long duration energy storage micro-grid system in the US, expected to be operational by mid-2024[4]. - Energy Vault secured a $20 million 10-year gravity technology license and royalty agreement covering 16 countries in Southern Africa, with a total addressable market of 125 GWh through 2035[9]. Financial Metrics and Adjustments - Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered an alternative to net loss[27]. - Limitations of adjusted EBITDA include not reflecting cash expenditures or future capital requirements[27]. - Depreciation and amortization for the year 2023 totaled $893,000, significantly lower than $7,743,000 in 2022[25].