Energy Vault(US:NRGV)2025-03-17 20:48Financial Performance (Q4 2024) - Revenue for Q4 2024 was $33.5 million, primarily driven by Jupiter SG2 and the delivery of major equipment for a BESS project in Texas[10, 14] - GAAP gross margin for Q4 2024 was 7.7%, resulting in a gross profit of $2.6 million[10, 14] - Adjusted operating expenses for Q4 2024 were $16.1 million, a 15% year-over-year improvement[10, 14] - Adjusted EBITDA for Q4 2024 improved by 10% year-over-year to -$13.4 million due to spending controls and higher gross profit[10, 14] - Total cash and cash equivalents as of December 31, 2024, were $30.1 million, with approximately $59 million invested in CAPEX for the 'Build, Own and Operate Strategy'[10, 14] Financial Performance (2024) - Revenue for 2024 was $46.2 million, a decrease compared to the previous year, mainly due to the company's shift to building owned and operated projects[16, 20] - GAAP gross margin for 2024 was 13.4%, with a gross profit of $6.2 million, attributed to a more favorable revenue mix with higher margin O&M services and SAAS license accounting[16, 20] - Adjusted operating expenses for 2024 were $64.5 million, reflecting a 19% year-over-year improvement[16, 20] - Adjusted EBITDA for 2024 was -$57.9 million, improved 7% year-over-year[16, 20] Commercial Pipeline and Backlog - The company's backlog as of March 17, increased 90% vs prior quarter to $660 million[10] - The developed pipeline includes 9.4 GWh of projects, representing a potential revenue of $2.1 billion[22]