Energy vault reports second quarter 2023 earnings results

Revenue of $39.7 million reflecting 247% q/q sequential growth while executing to customer delivery expectations across all projects.

GAAP gross margin of 9.9%, or $3.9 million, driven by battery energy storage deployments during the quarter; YTD 2023 GAAP gross margin of 12.5%.

Improved adjusted EBITDA and net income results reflecting focus on operating margin expansion as revenue ramps combined with prudent OPEX management.

Reaffirm full-year 2023 financial guidance with a revenue range of $325 million to $425 million and gross margin of 10% to 15%; reiterate project delivery timelines for 2H 2023.

Second Quarter 2023 Financial Highlights

• Revenue of $39.7 million, in-line with Company expectations, from continued progress on US based energy storage projects. Reflects an approximate $15 million shift from Q2 into Q3 related to a customer-driven site mobilization change with no impact to final Commercial Operation Date (“COD”).
• GAAP gross margin of 9.9%, or $3.9 million, driven by the Company’s BESS project activity during the quarter. Gross margin for the six months ended June 30, 2023 is 12.5%.
• Net loss of $(26.2) million.
• Adjusted EBITDA of $(18.0) million reflecting management focus on minimizing operating expenses with roughly flat sequential growth.
• Total cash and cash equivalents on the balance sheet of $165.0 million and zero debt as of June 30, 2023.
• Reaffirm full year 2023 financial guidance, including revenue of $325 million to $425 million, gross margin of 10% to 15%, and adjusted EBITDA of $(50) million to $(70) million.