Business
Energy Vault Reports First Quarter 2025 Financial Results
WESTLAKE VILLAGE, Calif., May 12, 2025--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, 2025.
About this update from Energy Vault Holdings, Inc.
[{"type":"text","content":"Contract revenue backlog of $648 million, up 49% year-to-date on Australia and U.S. strength","length":92,"tagName":"p","attribs":{}},{"type":"text","content":"Q1 2025 Revenue increased by 10% versus prior year to $8.5 million driven by Australia projects and India license","length":113,"tagName":"p","attribs":{}},{"type":"text","content":"Q1 2025 GAAP gross margin more than doubled to 57.1% versus prior year on favorable regional and revenue mix","length":108,"tagName":"p","attribs":{}},{"type":"text","content":"Quarter-end Cash improved 57% versus year-end 2024 to $47.2 million as the Calistoga project financing was completed; additional ~$45 million from the Cross Trails project financing and sale of ITC’s expected in Q2 and Q3","length":221,"tagName":"p","attribs":{}},{"type":"text","content":"Milestone achieved of Energy Vault’s first owned & operated energy storage asset, Cross Trails in Texas, now complete and generating revenue during the commissioning process ahead of commercial operations this month","length":219,"tagName":"p","attribs":{}},{"type":"text","content":"Q1 2025 Adjusted EBITDA improved 22%, narrowing the loss to $11.3 million from $14.5 million in Q1 2024, aided by improved gross margin and reduced operating costs","length":163,"tagName":"p","attribs":{}},{"type":"text","content":"Implementing a 15-25% reduction in quarterly adjusted operating expense given ongoing sector volatility impacting the U.S. market and portfolio optimization while continuing to ramp up activity/investments in Australia","length":218,"tagName":"p","attribs":{}},{"type":"text","content":"Energy Asset Management (build-own-operate) portfolio continues to progress, with first three projects expected to deliver ~$30 million in annual, recurring project EBITDA over 15 year-plus life","length":194,"tagName":"p","attribs":{}},{"type":"text","content":"Encouraging news today on China/U.S. Tariff pause; pending final positive resolution and timing, no change to current guidance, with potential revenue upside on accelerated U.S. battery deliveries in 2025","length":204,"tagName":"p","attribs":{}},{"type":"text","content":"WESTLAKE VILLAGE, Calif., May 12, 2025--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or "the Company"), a leader in sustainable, grid-scale energy storage solutions, ann...