Revenue of $7.8 million from recognition of
Utility and IPP storage projects, in-line with expectations;
Licensing revenue from GESSOL in Southern Africa is expected later
in 2024
GAAP Gross Margin of 26.7% driven by strong
management and execution on US battery projects
Cash OpEx of $16.7 million, improved 22%
year-over-year and 14% quarter-over-quarter
Quarter-end Cash and Cash Equivalents of $136.8
million, within Q1 guidance range of $125 – 150 million
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 first quarter ended
March 31, 2024.
“In the first quarter of 2024, the Energy Vault team continued
to execute on the most important priority 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. “We are looking forward to our Investor & Analyst Day
tomorrow where we will provide insight to the Company’s strategy,
business model, customer testimonials on executed projects, new
product updates and 2024-25 financial guidance. We also plan to
provide updates on the Gravity Energy Storage System (GESS) project
in Rudong, China, our project in Snyder, Texas, new territory
expansions, and project awards.”
First Quarter 2024 Financial
Highlights
- First quarter revenue of $7.8 million from Utility and IPP
storage projects with NV Energy and Jupiter Power, in line with
prior year seasonality; GESSOL licensing revenue expected to be
recognized later this year.
- First quarter GAAP gross margin of 26.7% and gross profit of
$2.1 million driven by strong commissioning and construction
project management, and a favorable mix of higher margin service
delivery.
- First quarter net loss improved $10 million or 32%
year-over-year to $(21.1) million from $(31.2) million due to lower
operating expenses and higher other income.
- Cash OpEx of $16.7 million improved 22% year-over-year and 14%
quarter-over-quarter due to cost-side measures undertaken in Q4
2023.
- Adjusted EBITDA improved $4.6 million or 24% year-over-year to
$(14.4) million from $(19.0) million due to lower operating
expenses.
- Total cash and cash equivalents of $136.8 million and no debt
on the balance sheet as of March 31, 2024. Cash balance was in-line
with our previously-provided Q1 2024 guidance. Restricted cash of
$1.0 million as of March 31, 2024 declined from $35.6 million as of
December 31, 2023.
- 2024-2025 financial guidance including revenue, gross margin,
Adjusted EBITDA and year-end cash balance will be provided at our
Investor & Analyst Day tomorrow, May 9th, 2024.
Operating and Other
Highlights
- Continued commissioning, testing, energization and initial
operation of the first 25MW, 100MWh GESS in Rudong, China with
China Tianying Inc (CNTY) (CN:000035). Extended contract with Atlas
Renewable from 7.5 to 15 years.
- Completed and began commercial operation on the 440 MWh Battery
Energy Storage System (BESS) with NV Energy. Built on the site of a
decommissioned coal-fired electric generating facility, the
grid-tied BESS, one of the largest in Nevada, is a 2-hour 220 MW
system designed to store and dispatch excess renewable energy,
including wind and solar power.
- Continued construction of the largest green hydrogen long
duration energy storage system in the US with PG&E in
Calistoga, California. The project is supported by a 10.5-year
tolling agreement with commercial operation expected in summer
2024. This solidifies Energy Vault’s global leadership role in long
duration energy storage and green hydrogen technology for multi-day
and ultra-long duration micro-grids.
- All other operating and commercial highlights will be reviewed
at the Investor and Analyst Day.
Investor & Analyst Day Information
In lieu of hosting a dedicated financial results conference
call, Energy Vault will discuss the latest quarterly results and
wider financial and operational updates at its inaugural Investor
& Analyst Day on Thursday, May 9, 2024 at 9:00 AM ET at the New
York Stock Exchange. In addition, the Company will provide insight
to the Company’s strategy, business model, customer testimonials on
executed projects, new product updates and 2024-25 financial
guidance. Key members of the Energy Vault executive team will be
present, including Robert Piconi (Chairman and CEO), and Michael
Beer (Chief Financial Officer).
To attend the Investor & Analyst Day virtually, please
register at https://www.energyvault.com/rsvpinvestorday2024.
Presentation materials and further information will be made
available on the Company’s investor relations website at
https://investors.energyvault.com. A replay and transcript of the
event will be available shortly after the event.
About Energy Vault
Energy Vault® develops and deploys utility-scale energy storage
solutions designed to transform the world's approach to sustainable
energy storage. The Company's comprehensive offerings include
proprietary gravity-based storage, battery storage, and green
hydrogen energy storage technologies. Each storage solution is
supported by the Company’s hardware technology-agnostic energy
management system software and integration platform. Unique to the
industry, Energy Vault’s innovative technology portfolio delivers
customized short-and-long-duration energy storage solutions to help
utilities, independent power producers, and large industrial energy
users significantly reduce levelized energy costs while maintaining
power reliability. Utilizing eco-friendly materials with the
ability to integrate waste materials for beneficial reuse, Energy
Vault’s EVx™ gravity-based energy storage technology is
facilitating the shift to a circular economy while accelerating the
global clean energy transition for its customers. Please visit
www.energyvault.com for more information.
Non-GAAP measures
Energy Vault has provided a reconciliation of net loss to
adjusted EBITDA, with net loss being the most directly comparable
GAAP measure, for the historical periods in this press release.
Forward-Looking Statements
This press release includes forward-looking statements that
reflect the Company’s current views with respect to, among other
things, the Company’s operations and financial performance.
Forward-looking statements include information concerning possible
or assumed future results of operations, including descriptions of
our business plan and strategies. These statements often include
words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,”
“intend,” “project,” “forecast,” “estimates,” “targets,”
“projections,” “should,” “could,” “would,” “may,” “might,” “will”
and other similar expressions. We base these forward-looking
statements or projections on our current expectations, plans, and
assumptions, which we have made in light of our experience in our
industry, as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances at the time. These
forward-looking statements are based on our beliefs, assumptions,
and expectations of future performance, taking into account the
information currently available to us. These forward-looking
statements are only predictions based upon our current expectations
and projections about future events. These forward-looking
statements involve significant risks and uncertainties that could
cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements, including changes in our strategy,
expansion plans, customer opportunities, future operations, future
financial position, estimated revenues and losses, projected costs,
prospects and plans; the uncertainly of our awards, bookings and
backlogs equating to future revenue; the lack of assurance that
non-binding letters of intent and other indication of interest can
result in binding orders or sales; the possibility of our products
to be or alleged to be defective or experience other failures; the
implementation, market acceptance and success of our business model
and growth strategy; our ability to develop and maintain our brand
and reputation; developments and projections relating to our
business, our competitors, and industry; the ability of our
suppliers to deliver necessary components or raw materials for
construction of our energy storage systems in a timely manner; the
impact of health epidemics, on our business and the actions we may
take in response thereto; our expectations regarding our ability to
obtain and maintain intellectual property protection and not
infringe on the rights of others; expectations regarding the time
during which we will be an emerging growth company under the JOBS
Act; our future capital requirements and sources and uses of cash;
the international nature of our operations and the impact of war or
other hostilities on our business and global markets; our ability
to obtain funding for our operations and future growth; our
business, expansion plans and opportunities and other important
factors discussed under the caption “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2023 filed with
the SEC on March 13, 2024, as such factors may be updated from time
to time in its other filings with the SEC, accessible on the SEC’s
website at www.sec.gov. New risks emerge from time to time, and it
is not possible for our management to predict all risks, nor can we
assess the impact of all factors on our business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements we may make. Any forward-looking
statement made by us in this press release speaks only as of the
date of this press release and is expressly qualified in its
entirety by the cautionary statements included in this press
release. We undertake no obligation to publicly update or review
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable laws. You should not place undue
reliance on our forward-looking statements.
ENERGY VAULT HOLDINGS,
INC. Condensed Consolidated Balance Sheets
(Unaudited) (In thousands except par value)
March 31, 2024
December 31,
2023
Assets
Current Assets
Cash and cash equivalents
$
135,773
$
109,923
Restricted cash
1,011
35,632
Accounts receivable, net
1,335
27,189
Contract assets, net
51,328
84,873
Inventory
415
415
Customer financing receivable, current
portion, net
2,625
2,625
Advances to suppliers
5,307
8,294
Assets held for sale
6,281
6,111
Prepaid expenses and other current
assets
3,618
4,520
Total current assets
207,693
279,582
Property and equipment, net
47,440
31,043
Intangible assets, net
2,491
1,786
Operating lease right-of-use assets
1,436
1,700
Customer financing receivable, long-term
portion, net
6,899
6,698
Investments
17,365
17,295
Other assets
2,541
2,649
Total Assets
$
285,865
$
340,753
Liabilities and Stockholders’
Equity
Current Liabilities
Accounts payable
$
52,564
$
21,165
Accrued expenses
15,353
85,042
Contract liabilities, current portion
1,495
4,923
Lease liabilities, current portion
427
724
Total current liabilities
69,839
111,854
Deferred pension obligation
1,629
1,491
Contract liabilities, long-term
portion
—
1,500
Other long-term liabilities
2,138
2,115
Total liabilities
73,606
116,960
Stockholders’ Equity
Preferred stock, $0.0001 par value; 5,000
shares authorized, none issued
—
—
Common stock, $0.0001 par value; 500,000
shares authorized, 147,868 shares issued and outstanding at March
31, 2024; 146,577 shares issued and outstanding at December 31,
2023
15
15
Additional paid-in capital
482,955
473,271
Accumulated deficit
(269,211
)
(248,072
)
Accumulated other comprehensive loss
(1,500
)
(1,421
)
Total stockholders’ equity
212,259
223,793
Total Liabilities and Stockholders’
Equity
$
285,865
$
340,753
ENERGY VAULT HOLDINGS,
INC. Condensed Consolidated Statements of Operations and
Comprehensive Loss (Unaudited) (In thousands except
per share data)
Three Months Ended March
31,
2024
2023
Revenue
$
7,759
$
11,422
Cost of revenue
5,691
9,003
Gross profit
2,068
2,419
Operating expenses:
Sales and marketing
4,170
4,574
Research and development
6,966
11,178
General and administrative
15,264
19,400
Depreciation and amortization
295
209
Loss from operations
(24,627
)
(32,942
)
Other income (expense):
Interest expense
(8
)
(1
)
Interest income
1,826
1,935
Other income (expense), net
1,670
(159
)
Loss before income taxes
(21,139
)
(31,167
)
Provision for income taxes
—
—
Net loss
$
(21,139
)
$
(31,167
)
Net loss per share — basic and diluted
$
(0.14
)
$
(0.22
)
Weighted average shares outstanding
— basic and diluted
147,019
139,669
Other comprehensive income (loss) — net of
tax
Actuarial (loss) gain on pension
$
(231
)
$
164
Foreign currency translation gain
152
121
Total other comprehensive (loss)
income
(79
)
285
Total comprehensive loss
$
(21,218
)
$
(30,882
)
ENERGY VAULT HOLDINGS,
INC. Condensed Consolidated Statements of Cash Flows
(Unaudited) (In thousands)
Three Months Ended March
31,
2024
2023
Cash Flows From Operating
Activities
Net loss
$
(21,139
)
$
(31,167
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
295
209
Non-cash interest income
(375
)
(334
)
Stock based compensation
9,684
13,716
Provision (benefit) for credit losses
(89
)
(14
)
Foreign exchange losses
60
170
Change in operating assets
59,725
(35,504
)
Change in operating liabilities
(47,214
)
(17,848
)
Net cash provided by (used in) operating
activities
947
(70,772
)
Cash Flows From Investing
Activities
Purchase of property and equipment
(8,598
)
(11,635
)
Purchase of property and equipment held
for sale
(170
)
—
Purchase of equity securities
—
(6,000
)
Net cash used in investing activities
(8,768
)
(17,635
)
Cash Flows From Financing
Activities
Proceeds from exercise of stock
options
—
35
Repayment of insurance premium
financings
(358
)
—
Payment of taxes related to net settlement
of equity awards
(297
)
(800
)
Payment of finance lease obligations
(23
)
(10
)
Net cash used in financing activities
(678
)
(775
)
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(272
)
(27
)
Net decrease in cash, cash equivalents,
and restricted cash
(8,771
)
(89,209
)
Cash, cash equivalents, and restricted
cash – beginning of the period
145,555
286,182
Cash, cash equivalents, and restricted
cash – end of the period
136,784
196,973
Less: Restricted cash at end of period
1,011
82,417
Cash and cash equivalents - end of
period
$
135,773
$
114,556
Supplemental Disclosures of Cash Flow
Information:
Income taxes paid
—
—
Cash paid for interest
8
1
Supplemental Disclosures of Non-Cash
Investing and Financing Information:
Actuarial (loss) gain on pension
(231
)
164
Property, plant and equipment financed
through accounts payable
4,798
4,021
Assets acquired on finance lease
60
—
Non-GAAP Financial Measures
To complement our condensed consolidated statements of
operations, we use non-GAAP financial measures of adjusted selling
and marketing (“S&M”) expenses, adjusted research and
development (“R&D”) expenses, adjusted general and
administrative (“G&A”) expenses, and adjusted EBITDA.
Management believes that these non-GAAP financial measures
complement our GAAP amounts and such measures are useful to
securities analysts and investors to evaluate our ongoing results
of operations when considered alongside our GAAP measures. The
presentation of these non-GAAP measures is not meant to be
considered in isolation or as an alternative to net loss as an
indicator of our performance.
The following table provides a reconciliation from GAAP S&M
expenses to non-GAAP adjusted S&M expenses (amounts in
thousands):
Three Months Ended March
31,
2024
2023
S&M expenses (GAAP)
$
4,170
$
4,574
Non-GAAP adjustment:
Stock-based compensation expense
1,715
1,949
Adjusted S&M expenses (non-GAAP)
$
2,455
$
2,625
The following table provides a reconciliation from GAAP R&D
expenses to non-GAAP adjusted R&D expenses (amounts in
thousands):
Three Months Ended March
31,
2024
2023
R&D expenses (GAAP)
$
6,966
$
11,178
Non-GAAP adjustment:
Stock-based compensation expense
2,227
3,149
Adjusted R&D expenses (non-GAAP)
$
4,739
$
8,029
The following table provides a reconciliation from GAAP G&A
expenses to non-GAAP adjusted G&A expenses (amounts in
thousands):
Three Months Ended March
31,
2024
2023
G&A expenses (GAAP)
$
15,264
$
19,400
Non-GAAP adjustment:
Stock-based compensation expense
5,742
8,618
Adjusted G&A expenses (non-GAAP)
$
9,522
$
10,782
The following table provides a reconciliation from net loss to
non-GAAP adjusted EBITDA, with net loss being the most directly
comparable GAAP measure (amounts in thousands):
Three Months Ended March
31,
2024
2023
Net loss (GAAP)
$
(21,139
)
$
(31,167
)
Non-GAAP Adjustments:
—
Interest income, net
(1,818
)
(1,934
)
Provision for income taxes
—
—
Depreciation and amortization
295
209
Stock-based compensation expense
9,684
13,716
Gain on satisfaction of contract
liability
(1,500
)
—
Foreign exchange losses
60
170
Adjusted EBITDA (non-GAAP)
$
(14,418
)
$
(19,006
)
We present adjusted EBITDA, which is net loss excluding
adjustments that are outlined in the quantitative reconciliation
provided above, as a supplemental measure of our performance and
because we believe this measure is frequently used by securities
analysts, investors, and other interested parties in the evaluation
of companies in our industry. The adjusted EBITDA measure excludes
the financial impact of items management does not consider in
assessing our ongoing operating performance, and thereby
facilitates review of our operating performance on a
period-to-period basis.
In evaluating adjusted EBITDA, one should be aware that in the
future we may incur expenses similar to the adjustments noted
above. Our presentation of adjusted EBITDA should not be construed
as an inference that our future results will be unaffected by these
types of adjustments. Adjusted EBITDA is not a measurement of our
financial performance under GAAP and should not be considered as an
alternative to net loss, operating loss, or any other performance
measures derived in accordance with GAAP or as an alternative to
cash flow from operating activities as a measure of our
liquidity.
Our adjusted EBITDA measure has limitations as an analytical
tool, and should not be considered in isolation or as a substitute
for analysis of our results as reported under GAAP. Some of these
limitations are:
- it does not reflect our cash expenditures, future requirements
for capital expenditures, or contractual commitments;
- it does not reflect changes in, or cash requirements for, our
working capital needs;
- it does not reflect stock-based compensation, which is an
ongoing expense;
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future, and our adjusted EBITDA measure does not
reflect any cash requirements for such replacements;
- it is not adjusted for all non-cash income or expense items
that are reflected in our condensed consolidated statements of cash
flows;
- it does not reflect the impact of earnings or charges resulting
from matters we consider not to be indicative of our ongoing
operations;
- it does not reflect limitations on or costs related to
transferring earnings from our subsidiaries to us; and
- other companies in our industry may calculate this measure
differently than we do, limiting its usefulness as a comparative
measure.
Because of these limitations, adjusted EBITDA should not be
considered as a measure of discretionary cash available to us to
invest in the growth of our business or as a measure of cash that
will be available to use to meet our obligations. You should
compensate for these limitations by relying primarily on our GAAP
results and using adjusted EBITDA only supplementally.
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Investors: energyvaultIR@icrinc.com Media:
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Energy Vault (NYSE:NRGV)
過去 株価チャート
から 5 2024 まで 6 2024
Energy Vault (NYSE:NRGV)
過去 株価チャート
から 6 2023 まで 6 2024