Energy Vault(US:NRGV)2025-08-07 20:30Financial Performance - Revenue for Q2 2025 reached $8.5 million, a 126% increase year-over-year, primarily driven by BESS revenue [10, 13] - Gross margin for Q2 2025 was 29.6%, improved from 27.8% in Q2 2024, with gross profit of $2.5 million, a 140% increase year-over-year [10, 13] - Adjusted operating expenses were $16.2 million, a 2% improvement year-over-year, with an additional $6.5 million in annualized cost savings initiatives implemented in June/July [10, 13] - Adjusted EBITDA loss was $13.7 million, narrowed by 11% year-over-year due to increased revenue and gross margin [10, 13] - Total cash and cash equivalents as of June 30, 2025, were $58.1 million, a 23% improvement versus Q1 2025 [10, 13] Commercial Pipeline and Projects - Backlog as of August 7th, 2025, including Build, Own & Operate projects, reached $954 million, a 120% increase year-to-date [10, 15] - The company has a developed pipeline of 5.9 GWh, shortlisted and/or awarded projects worth $2.4 billion [15] - Revenue recognized since the IPO in Q1 2022 totals $551 million [15] - The company launched "Asset Vault" with a $300 million preferred equity investment expected to enable over $1.0 billion in CapEx spending for 1.5 GW of projects [57] Operational Updates - The 57 MW/114 MWh Cross Trails BESS project in Texas is fully owned and operated by the company and is in operation [29, 35] - The Calistoga Resiliency Center, an 8.5 MW/293 MWh hybrid hydrogen and battery energy storage project in California, is operation-ready [36, 41] - The company acquired the Stoney Creek 125 MW/1,000 MWh BESS project in New South Wales, Australia, backed by a 14-year Long-Term Energy Service Agreement (LTESA) [42, 46, 55]