Energy Vault Holdings, Inc. (NRGV), a leader in sustainable energy storage solutions, released its Q2 2024 financial results, highlighting progress in multiple large-scale projects and strategic partnerships.
The company reported a developed project pipeline of $2.8 billion and a revenue backlog of $264 million as of June 30, 2024.
These results underscore Energy Vault’s commitment to meeting growing global energy demands, particularly from industries like AI and data centers, by expanding its portfolio and technological reach.
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Q2 2024 Financial Highlights
Energy Vault posted Q2 revenue of $3.8 million, largely driven by ongoing projects with U.S. utilities.
The company achieved a 27.8% GAAP gross margin and $1M gross profit, driven by efficient construction management and high-margin services.
Despite a GAAP net loss of $26.2 million, the company achieved a 12% year-over-year improvement in Adjusted EBITDA to $(15.8) million, supported by cost-saving initiatives.
As of June 30, 2024, the company held $113 million cash, debt-free, ensuring capacity for growth in storage projects. The company also reaffirmed its full-year 2024 guidance.
Strategic Partnerships and Operational Milestones
In Q2, Energy Vault expanded its footprint with a new 400MWh battery project in Australia through a partnership with ACEN.
Additionally, the company launched a 100MW battery storage system in Texas and partnered with Skidmore, Owings & Merrill (SOM) to integrate its gravity storage solutions into building structures.
These collaborations highlight Energy Vault’s innovative approach to energy storage, incorporating advanced technologies tailored to market needs.
Bullish Outlook for Energy Vault
With a strong project pipeline, financial backing, and global partnerships, Energy Vault is well-positioned to transform energy storage.
The company’s technological portfolio, spanning gravity, battery, and hydrogen storage, demonstrates its adaptability in addressing energy demands across diverse sectors.
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