Energy Vault Reports Fourth Quarter and Full Year 2023 Financial Results

Energy Vault | 12 March 2024

FY 2023 revenue of $341.5 million, up 134% YoY and 18% QoQ, within annual guidance range

Increased cash position to $146 million with no debt, above prior guidance of $132 million from Q3 2023

Reduced quarterly cash Operating Expense run rate by 25-30% through actions taken in Q4 2023, enabling a 2024 reduced quarterly cash OpEx of $13-15 million to accelerate shift to cash flow positive exiting 2024 and FY 2025

FY 2023 gross margin of 5.1%, reflecting a lower than expected Q4 gross margin due to timing of revenue and associated gross profit recognition shifting from Q4 into 2024 for gravity licenses and battery projects

Commercial pipeline growth of 24.5 GWh YoY, up 89% and 5.8 GWh QoQ, up 12.6%

Strong global momentum in Gravity energy storage across three continents:

Territory expansion of 16 countries in Southern Africa (SADC countries) via new License and Royalty agreement;

Achieved China state grid interconnection in Q4 2023 as planned for the first 25MW EVx gravity storage system; Three additional Gravity Energy Storage systems of 368 MWh bringing total projects to 3.7 GWh

Announcing new Development Agreement with US public utility in Washington State to serve multi-GWh long duration energy storage requirements

Delivered and commissioned first three Battery energy storage systems in totaling ~ 1GWh.

Wellhead Electric (275MWh) and NV Energy (440MWh) commissioned on schedule and in record time frames from site mobilization to system energization.

Commenced construction on the largest Green Hydrogen ultra-long duration energy storage micro-grid system in the US with California’s largest public utility PG&E; expected to be online mid-2024

Energy Vault’s proprietary VaultOS Energy Management Software enabled efficient commissioning and begins SAAS recurring revenue model for the Company

Q1 2024 revenue expected to be in line with prior Q1 2023 given normal seasonality of revenue recognition and project starts with stronger double-digit gross margins given the shift of revenue and gross margin recognition from the prior Q4 2023; we expect to exit Q1 2024 with an unrestricted cash balance of ~$125-150 million

Investor and Analyst Day scheduled for May 8, 2024, in New York City, one day following our scheduled Q1 financial results call on May 7, 2024. The Investor Day will include new product and customer announcements, portfolio updates and financial guidance.

March 12, 2024 04:05 PM Eastern Daylight Time
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, 2023.

“The Energy Vault team successfully executed on our most important priority that we set at the beginning of 2023 –deployments of our first energy storage projects across multiple customers delivered on time, on budget and at the quality, safety and performance levels that meet or exceed our customer expectations,” said Robert Piconi, Chairman and CEO of Energy Vault. “In addition to commissioning ~1 GWh of battery and hybrid short duration energy storage systems in the second half of 2023 under our new OS-Vault Energy Management System, we also continued to solidify our global leadership position in long duration energy storage with gravity energy territory expansions across the globe in the US with a large public utility and Southern Africa to complement explosive growth in China with total projects now surpassing 3.7 GWh of EVx gravity energy systems. With the innovation in motion with the construction start of the largest green hydrogen energy storage micro-grid in the USA with PG&E in California serving a multi-day, ultra-long duration storage need, we are clearly demonstrating our unmatched capabilities as an energy storage solutions provider. We look forward to sharing more at our upcoming Investor and Analyst Day in May.”

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