Energy Vault(US:NRGV)2023-05-25 14:44Financial Performance - Energy Vault recorded Q1 2023 revenue of $11.4 million[6], primarily from BESS projects[55] - The company's Q1 2023 gross margin was over 20%[6] - The net loss for Q1 2023 was $(31.1) million[54] - Adjusted EBITDA for Q1 2023 was $(19.0) million[77] - Cash on hand at the end of Q1 2023 was $197 million[6] Commercial Activities - Energy Vault recorded new project awards of approximately $1 billion or 2.8 GWh, with ~$725 million for gravity EVx systems[6] - The total near-term commercial funnel increased by over 40% or 11 GWh quarter over quarter[6] - Total Signed Contracts & Awards are approximately 8 GWh, representing more than $3 billion of potential revenue[18] - Booked Orders are 1,635 MWh, representing ~$540 million[17] Project Updates - The Rudong, China GESS project is on track for mechanical completion and start of commissioning in 2Q23, providing 25 MW / 100 MWh[6, 20]