Swiss-based global energy storage firm, Energy Vault Holdings, unveiled its third-quarter (Q3) financial results on November 7, 2023, marking a significant surge in revenue driven by multiple energy storage deployments in the US market. The announcement triggered a notable rally in Energy Vault Holdings’ stock.
At the time of this publication, Energy Vault Holdings Inc stock (NRGV) has witnessed a surge.
Energy Vault Holdings Inc
Current Price: $2.95
Change : +0.66
Change (%): (28.82%)
Volume: 3.2M
Source: Tomorrow Events Market Data
During the third quarter (Q3) ending September 30, 2023, Energy Vault Holdings Inc recorded a historic performance, with revenue soaring to an impressive $172.2 million, showcasing a substantial year-over-year increase. The company’s gross margin registered at 4.2%, equivalent to $7.1 million, primarily propelled by heightened hardware deliveries and the timing of licensing payments. Notably, the net loss demonstrated a noteworthy 28% sequential improvement, narrowing down to $(18.9) million. Furthermore, adjusted EBITDA displayed a remarkable 43% sequential improvement, contracting to $(10.2) million. These figures underscore the company’s robust revenue scaling and the management’s concerted effort to streamline operating expenses.
As of September 30, 2023, the balance sheet of Energy Vault Holdings Inc showcased total assets amounting to $300.537 million. The company held $74.236 million in cash and cash equivalents, along with $57.986 million in restricted cash, and notably, no outstanding debt. This financial snapshot attests to the company’s formidable fiscal standing. Meanwhile, the cash flow statement unveiled a net cash utilization of $(116.05) million in operating activities for the nine months leading to September 30, 2023. Simultaneously, net cash allocated to investing activities amounted to $(33.182) million, while net cash sourced from financing activities reached $(4.655) million.
Energy Vault Holdings Inc celebrated operational milestones with the commissioning of the pioneering 100 MWh EVx gravity-based energy storage system in China and the commencement of commercial operations for the Wellhead 275 MWh battery energy storage system in Southern California. Additionally, the company disclosed plans for five more gravity-based EVx projects in China, amassing a total of 1.2 GWh. These developments are projected to generate lucrative recurring royalty streams.
Looking forward, Energy Vault Holdings Inc maintains its unwavering commitment to meeting pivotal schedule milestones for customer projects in Nevada, Texas, and California as the fourth quarter looms. The company exudes confidence in achieving its full-year 2023 financial objectives, including revenue targets ranging from $325 million to $425 million, a gross margin in the bracket of 10% to 15%, and an adjusted EBITDA spanning $(50) million to $(70) million.
