Energy Vault Holdings, Inc. · NYSE:NRGV
Energy Vault — Q1 2024 Earnings Presentation
10 slides from Energy Vault's earnings presentation, May 9, 2024
Slide 1: Energy Vault: The Energy Storage Company, Financial Results First Quarter 2024
Energy Vault The Energy Storage Company Financial Results | First Quarter 2024 © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED
Slide 2: Disclaimer
COMPANY 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 things, This presentation includes financial measures not prepared in accordance with accounting princi
Slide 3: 1Q24 Performance at a Glance
COMPANY 1Q24 Performance at a Glance REVENUE GROSS MARGIN Executed Projects $7.8M 26.7% 1.0 GWh Completing initial projects Favorable delivery mix Recently completed projects CASH OPEX ADJ. EBITDA CASH $16.7M ($14.4M) $136.8M 22% YoY reduction 24% YoY improvement As of quarter end © 2024 ENERGY VAUL
Slide 4: 1Q24 Results Summary
COMPANY 1Q24 Results Summary • 1Q24 revenue of $7.8M driven by projects nearing completion. This In millions USD 1Q23 4Q23 1Q24 compares to $11.4M in 1Q23, in part reflecting seasonality and timing of Revenue associated with G-Vault Licenses. REVENUE 11.4 118.2 7.8 • 1Q24 GAAP gross margin of 26.7%
Slide 5: 2024 Full-Year Guidance
COMPANY 2024 Full-Year Guidance 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) *Adjusted EBI
Slide 6: Commercial Pipeline
COMPANY Commercial Pipeline DEVELOPED EXECUTED BACKLOG PIPELINE PROJECTS 9.9 GWh 710 MWh 1.0 GWh Short listed and awarded Contracted and/or In Progress Revenue Recognized $2.7B $225M $495M * Mature Opportunities * As of May 9, 2024 * Lifetime to date since IPO @ 2/14/2022 • Developed Pipeline: Refle
Slide 7: Quarterly Financials
Quarterly Financials © 2024 ENERGY VAULT, ALL RIGHTS RESERVED 6
Slide 8: Income Statement Results
COMPANY Income Statement Results $’s in thousands Q1 2024 Q4 2023 Q1 2023 Bookings [MWH] — — — Bookings [$] — 35,298 — Revenue 7,759 118,236 11,422 Gross profit 2,068 4,017 2,419 Gross margin % — — — Operating expenses: Sales and marketing 4,170 4,601 4,574 R&D 6,966 7,552 11,178 G&A 15,264 15,838 1
Slide 9: Adjusted EBITDA Bridge
COMPANY Adjusted EBITDA Bridge $’s in thousands Q1 2024 Q4 2023 Q1 2023 Net loss (GAAP) $ (21,139) $ (22,172) $ (31,167) Non-GAAP Adjustments: Interest income, net (1,818) (1,986) (1,934) Income tax expense (benefit) — 48 — Depreciation and amortization 295 223 209 EBITDA (22,662) (23,887) (32,892)
Slide 10: © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED
© 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED
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