Energy Vault Reports Fourth Quarter 2022 Earnings Results
LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or “the Company”), a leader in sustainable, grid-scale energy storage solutions, announced financial results for the fourth quarter and full-year ended December 31, 2022.
Fourth quarter 2022 revenue of $100.3 million, driven by the Company’s gravity energy storage territory expansion and execution ahead of schedule on a California 275MWh storage project with expected COD in July 2023.
Revenue for the year ending December 31, 2022 totaled $145.9 million, driven by the strong Q4 project ramp from contracts executed in Q3 2022.
Fourth quarter 2022 loss from operations of $(25.7) million, and net loss of $(23.3) million.
Fourth quarter 2022 adjusted EBITDA totaled $(11.2) million reflecting higher Q4 employee hiring to support 2023 growth and employee-related compensation accruals due to the strong finish to the year; for the year ending December 31, 2022, adjusted EBITDA was $(11.4) million.
Exited 2022 with total cash of $286.2 million vs $274.7 million as of September 30, 2022, and no debt on the balance sheet.