Energy Vault Reports Third Quarter 2024 Financial Results
Energy Vault Holdings, Inc. (NRGV)
Company Research
Source: Business Wire
Revenue backlog grew 33% quarter-over-quarter to $350 million primarily reflecting new contracts in the U.S. with Jupiter Power and Gridmatic; Australia project awards now exceed 2.6GWhTransitional Q3 2024 revenue yielded 40%+ GAAP gross margin with higher services and software content; YTD 2024 GAAP Gross Margins are 28.3%Operating expense improved to $27.6 million in Q3 2024; Adjusted operating expense improved 13% year-over-year and 7% quarter-over-quarter to $15.2 million reflecting prior organizational realignment in Q2 2024Commenced project financing for PG&E California long duration green hydrogen and Texas short duration storage projects, expected to bring $60-80 million of cash onto the balance sheet over the next two quartersRudong, China 25MW gravity system performance measurements for Round Trip Efficiency (RTE) tested at ~83%, placing it among the highest efficiency of any long-duration energy storage technologyThe EVx™ Gravity Energy Storage System was recognized as one
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News
- Energy Vault and RackScale Data Centers Announce Strategic Partnership to Accelerate Delivery of 2GW of Power to Data Centers [Yahoo! Finance]Yahoo! Finance
- Energy Vault and RackScale Data Centers Announce Strategic Partnership to Accelerate Delivery of 2GW of Power to Data CentersBusiness Wire
- Gridmatic Surpasses 1GWh of Energy Storage Under Management and Sees Major Growth in Retail Business [Yahoo! Finance]Yahoo! Finance
- Gridmatic Surpasses 1GWh of Energy Storage Under Management and Sees Major Growth in Retail BusinessBusiness Wire
- Long Duration Energy Storage Analysis 2025-2045: Future Trends and Technologies for Grid and Beyond-Grid Applications [Yahoo! Finance]Yahoo! Finance
NRGV
Earnings
- 11/12/24 - Miss
NRGV
Sec Filings
- 12/17/24 - Form 4
- 12/17/24 - Form 4
- 12/17/24 - Form 4
- NRGV's page on the SEC website