Energy Vault Holdings, Inc. · NYSE:NRGV
Energy Vault — Q2 2024 Earnings Presentation
11 slides from Energy Vault's earnings presentation, Aug 6, 2024
Slide 1: Energy Vault: The Energy Storage Company, Financial Results Q2 2024
Energy Vault The Energy Storage Company Financial Results | Second Quarter 2024 © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements Non-GAAP Financial Metrics This presentation includes forward-looking statements that reflect the Company’s current views with respect to, among other This presentation includes financial measures not prepared in accordance with accounting principles generally a
Slide 3: 2Q24 Performance at a Glance
COMPANY 2Q 24 Pe r for m a nc e at a G l a nc e REVENUE GROSS MARGIN BACKLOG $3.8M 27.8% $264.0M Completing initial projects Favorable delivery mix Bookings to date: $763M ADJ. OPEX ADJ. EBITDA CASH $16.9M* ($15.8)* $113.0M 2 3 % Yo Y r e d u c t i o n 1 2 % Yo Y i m p r o v e m e n t As of quarter
Slide 4: 2Q24 Results Summary
COMPANY 2Q 24 Re s ul t s Sum m a r y In millions USD 2Q23 1Q24 2Q24 • 2Q24 revenue of $3.8M driven by projects nearing completion. This compares to $39.7M in 2Q23, in part REVENUE 39.7 7.8 3.8 reflecting seasonality and timing of project revenue. COGS 35.7 5.7 2.7 GROSS PROFIT 3.9 2.1 1.0 • 2Q24 GA
Slide 5: 2024 Full-Year Guidance
COMPANY 2024 Ful l -Ye a r G ui d a nc e Revenue Large-scale project timing weighed towards 4Q’24 and 2025 $50M - $100M Gross Margin Gross Margin % reflects favorable revenue mix from IP 15% – 25% licensing deals Adj EBITDA* Adj EBITDA expected to improve YoY given business mix ($45M) to ($60M) and
Slide 6: Commercial Pipeline
COMPANY C om m e rc i a l Pi p e l i ne D E V E LO P E D EXECUTED B A C K LO G PIPELINE P R O J E C TS 9.7 GWh 693 MWh 1.0 GWh Short listed and awarded Contracted and/or In Progress Revenue Recognized $2.8B $264M $499M * Mature Opportunities * As of June 30th, 2024 * Lifetime to date since IPO @ 2/1
Slide 7: Quarterly Financials
QUARTERLY FINANCIALS © 2024 ENERGY VAULT, ALL RIGHTS RESERVED 6
Slide 8: Income Statement Results
COMPANY 8 Inc om e S t ate m e nt Re s ul t s $ ’s i n t h o u s a n d s Three Months Ended June 30 Six Months Ended June 30 2024 2023 $ Change 2024 2023 $ Change Revenue $. 3,770 $. 39,680 $. (35,910) $. 11,529 $. 51,102 $. (39,573) Cost of revenue 2,721 35,733 (33,012) 8,412 44,736 (36,324) Gross
Slide 9: Adjusted EBITDA Bridge
COMPANY 9 Adj us te d E B ITDA B r i d ge $ ’s i n t h o u s a n d s Three Months Ended June 30 Six Months Ended June 30 2024 2024 2024 2023 Net loss attributable to Energy Vault Holdings, Inc. $. (26,188) $. (26,162) $. (47,327) $. (57,329) (GAAP) Non-GAAP Adjustments: - - Interest income, net (1,7
Slide 10: Adjusted OPEX Bridge
COMPANY 10 Adj us te d O PE X B r i d ge $ ’s i n t h o u s a n d s Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 S&M expenses (GAAP) $. 4,861 $. 4,852 $. 9,031 $. 9,426 R&D expenses (GAAP) 6,951 10,218 13,917 21,396 G&A expenses (GAAP) 16,278 17,012 31,542 36,412 Operating
Slide 11: © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED
© 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED
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