Business
Energy Vault Reports Fourth Quarter and Full Year 2024 Financial Results
WESTLAKE VILLAGE, Calif., March 17, 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 fourth quarter and full-year ended December 31, 2024.
About this update from Energy Vault Holdings, Inc.
[{"type":"text","content":"Contract Revenue backlog increased 90% to $660 million from prior quarter of $350 million, more than quadrupling on a year-over-year basis, reflecting strength in Australia and new US IPP and utility customers and acceleration of asset ownership with long-term offtake agreements","length":279,"tagName":"p","attribs":{}},{"type":"text","content":"Strong growth in Australia in executing on over 2.6 GWh of projects, including the recently announced agreement to acquire the 1.0GWh Stoney Creek BESS from Enervest in New South Wales","length":184,"tagName":"p","attribs":{}},{"type":"text","content":"Developed Pipeline of $2.1 billion remains robust inclusive downward adjustments for prevailing battery prices, tariffs, foreign exchange rates revenue converting into backlog","length":175,"tagName":"p","attribs":{}},{"type":"text","content":"Q4 2024 revenue of $33.5 million principally associated with US storage equipment deliveries; full-year 2024 revenue of $46.2 million reflects the lower lithium-ion battery pricing and the Company choosing to retain ~$100 million in projects on its balance sheet with long-term tolling and offtake agreements which are expected to have high margin 80%+ EBITDA streams going forward once completed","length":396,"tagName":"p","attribs":{}},{"type":"text","content":"Q4 2024 GAAP gross margin of 7.7% doubled versus the 3.4% a year ago reflecting mix of hardware deliveries in the quarter; Full Year 2024 GAAP Gross Margins of 13.4% improved significantly versus the 5.1% recorded a year ago reflecting strong execution and supply chain efficiency","length":280,"tagName":"p","attribs":{}},{"type":"text","content":"Project financing for the Calistoga Green Hydrogen project for PG&E received a binding funding commitment earlier in March inclusive of the tax credit with expected closure in April 2025, returning ~$28 million to the balance sheet. Calistoga achieved mechanical completion and is now under commissioning of the system with full operation expected in Q2","length":357,"tagName":"p","attribs":{}},{"type":"text","content":"Q4 2024 Cash finished at $30 million with no debt and no utilization of the ATM mechanism as project investments continued; cash is expected to grow as the project financings underway reach completion in the coming months","length":221,"tagName":"p","attribs":{}},{"type":"text","conte...