ontract revenue backlog of $648 million, up 49% year-to-date on Australia and U.S. strength
Q1 2025 Revenue increased by 10% versus prior year to $8.5 million driven by Australia projects and India license
Q1 2025 GAAP gross margin more than doubled to 57.1% versus prior year on favorable regional and revenue mix
Quarter-end Cash improved 57% versus year-end 2024 to $47.2 million as the Calistoga project financing was completed; additional ~$45 million from the Cross Trails project financing and sale of ITC’s expected in Q2 and Q3
Milestone achieved of Energy Vault’s first owned & operated energy storage asset, Cross Trails in Texas, now complete and generating revenue during the commissioning process ahead of commercial operations this month
Q1 2025 Adjusted EBITDA improved 22%, narrowing the loss to $11.3 million from $14.5 million in Q1 2024, aided by improved gross margin and reduced operating costs