Energy Vault Reports First Quarter 2024 Financial Results

Energy Vault | 8 May 2024

Revenue of $7.8 million from recognition of Utility and IPP storage projects, in-line with expectations; Licensing revenue from GESSOL in Southern Africa is expected later in 2024

GAAP Gross Margin of 26.7% driven by strong management and execution on US battery projects

Cash OpEx of $16.7 million, improved 22% year-over-year and 14% quarter-over-quarter

Quarter-end Cash and Cash Equivalents of $136.8 million, within Q1 guidance range of $125 – 150 million

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