In This Article:
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Revenue: $8.5 million for Q1 2025, up 10% year-over-year.
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Gross Margin: 57.1% for Q1 2025, improved from 26.7% a year ago.
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Adjusted EBITDA: Loss of $11.3 million, improved from a loss of $14.5 million year-over-year.
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Cash Position: $47.2 million at the end of Q1 2025, up from $30.1 million at year-end 2024.
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Operating Expenses: $16.2 million for Q1 2025, decreased by 4% year-over-year.
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Revenue Backlog: $648 million, increased 49% year-to-date.
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Energy Storage Projects: 2.6 gigawatt-hours in Australia, with a developed pipeline of 8.8 gigawatt-hours.
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Annual Recurring Project EBITDA: Expected $30 million from first three projects over 15 years.
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Future Cash Projections: Expected to end Q2 with $50 million to $60 million, improving to $60 million to $75 million in Q3.
Release Date: May 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Energy Vault Holdings Inc (NYSE:NRGV) reported a 10% year-over-year increase in revenue, driven by new projects in Australia.
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The company achieved a significant improvement in gross margin, reaching 57% compared to 26% the previous year.
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Energy Vault Holdings Inc (NYSE:NRGV) successfully completed its first owned and operated asset in Texas, ahead of schedule.
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The company has a strong revenue backlog of $648 million, with a 49% increase year-to-date.
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Energy Vault Holdings Inc (NYSE:NRGV) has diversified its market presence with a 10-year licensing agreement in India for battery storage technology.
Negative Points
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The US-China tariff situation has caused delays in securing new bookings in the US market.
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Despite improvements, the company still reported an adjusted EBITDA loss of $11.3 million for the quarter.
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Energy Vault Holdings Inc (NYSE:NRGV) is implementing further reductions in operating expenses, indicating ongoing cost management challenges.
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The company faces logistical constraints and potential challenges in securing battery deliveries due to geopolitical factors.
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Energy Vault Holdings Inc (NYSE:NRGV) has a significant portion of its revenue guidance still dependent on future contracts and bookings.
Q & A Highlights
Q: Can you discuss the impact of US tariffs on securing new bookings in the US market and your expectations following the recent tariff announcement? A: Robert Piconi, CEO, explained that the tariff situation had caused a pause in bookings as developers adopted a wait-and-see approach. However, with the recent tariff pause announcement, there is renewed optimism for restarting contracts. The company is encouraged by the potential to secure deliveries within the year, although the situation remains fluid over the next 90 days.