Announced new 400MWh battery storage project in
Australia with ACEN, hired new Head of Global Sales and entered
partnership with structural engineering firm Skidmore Owings &
Merrill (SOM) to integrate gravity energy storage within
superstructure building design
Q2 GAAP Gross margin of 27.8% driven by strong
management and execution on U.S. battery projects
Q2 GAAP Net Loss of $(26.2) million; Q2
Adjusted EBITDA improved $2.3 million or 12% year-over-year to
$(15.8) million
Q2 GAAP Operating Expenses of $28.1 million; Q2
Adjusted Operating Expenses of $16.9 million, improved 23%
year-over-year
Q2 results include a $1.7 million charge
associated with previously announced organizational realignment and
cost savings measures, expected to result in realized cost savings
of $6–8 million annually, including $3-4 million in second half of
2024
Cash and Cash Equivalents of $113.0 million
with no debt as of June 30, 2024
Reaffirming full-year 2024 guidance
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 second quarter ended
June 30, 2024.
“We recently outlined a vision for the next two years during our
inaugural Investor & Analyst Day to deliver $500–700 million of
revenue addressing the largest energy storage markets, while
prioritizing our product mix and business model to deliver larger
and more predictable cash flow streams,” said Robert Piconi,
Chairman and CEO of Energy Vault. “We are executing on that plan
with new announcements this past quarter of a 400MWh battery
project in Australia as the first of many to come on the continent,
continued traction across the portfolio of gravity-related
technologies in Europe and the U.S., and progress on our own
portfolio of standalone storage projects in California and Texas
that we will own and operate. We remain poised to capture this
growth given our energy solutions approach in solving customer
problems with the best ‘fit for purpose’ technology, while meeting
new energy storage requirements being driven by the massive upticks
in power demand from generative AI and data center build-outs.”
Second Quarter 2024 Financial
Highlights
- Exited second quarter 2024 with a developed pipeline of $2.8
billion and revenue backlog of $264 million, reflecting an increase
of approximately 4% and 17%, respectively, compared to May 2024,
reflecting new project wins and long-term service agreements
- Revenue of $3.8 million for second quarter 2024, driven by
storage projects with U.S. utilities and IPP’s; initial
contribution from the recently announced Australian project
expected to increase in the second half of 2024 and into 2025
- GAAP gross margin of 27.8% and gross profit of $1.0 million for
second quarter 2024, driven by strong commissioning and
construction project management, and a favorable mix of higher
margin software and service revenue
- Adjusted operating expense of $16.9 million, improved 23%
year-over-year, excluding a $1.7 million charge associated with
previously announced organizational realignment and cost savings
measures, expected to result in realized cost savings of $6–8
million annually, including $3-4 million in second half of
2024
- GAAP net loss of $(26.2) million during the quarter was flat
year-over-year despite the significantly lower revenue recognition
due to strong gross margins, cost controls and reduction in
operating expenses
- Adjusted EBITDA improved $2.3 million year-over-year, or 12%,
to $(15.8) million from $(18.0) million due to lower cash operating
expenses
- Total cash and cash equivalents of $113.0 million and no debt
on the balance sheet as of June 30, 2024; Restricted cash of $6.1
million as of June 30, 2024 increased modestly from $1.0 million as
of March 31, 2024, but remains well below the $35.6 million figure
as of December 31, 2023
- The Company reaffirms full-year 2024 guidance for revenue,
gross margin, adjusted EBITDA and year-end cash balance along with
expectations for quarterly adjusted operating expense of
approximately $15 million in the second half of 2024, following
cost-side measures implemented in Q4 2023 and the first half of
2024
Operating and Other
Highlights
- EPC and O&M contract executed with ACEN Australia for 200MW
/ 400MWh battery energy storage project in New South Wales
- Commenced commercial operations of 100MW / 200MWh Jupiter Power
battery energy storage system in St. Gall, Texas
- Announced 100MW hybrid gravity energy storage project with
Carbosulcis S.p.A. to accelerate carbon free Technology Hub at
Italy’s largest coal mining site in Sardinia; this unique solution
leverages Energy Vault EV0TM gravity technology through a “modular
pumped hydro” application
- Exclusive global gravity energy storage partnership formalized
with renown architecture firm, Skidmore, Owings & Merrill (SOM)
to integrate energy storage into building design
- Implemented strategic decision to own and operate select energy
storage projects with high IRR’s to improve margin profile and
earnings visibility, leveraging existing capabilities and project
expertise; initial projects to include the largest green hydrogen
ultra-long duration energy storage system (293MWh) in the U.S. with
PG&E in Calistoga, California and the Cross Trails battery
storage project (114MWh) in Snyder, Texas
- Hired new Head of Global Sales, Wes Fuller, most recently of
Powin, where he delivered on large growth initiatives in North
America, building upon prior roles at Sunfolding, Schneider
Electric and Siemens; announced organizational realignment
initiatives to accelerate growth and market adoption of its
diversified portfolio of energy storage solutions across all
durations, enhancing and streamlining go-to-market strategy while
rapidly expanding regional operations in Australia
Conference Call Information
Energy Vault will host a conference call today, August 6, 2024
at 4:30 PM ET to discuss the results, followed by a Q&A
session. A live webcast of the call can be accessed at
https://investors.energyvault.com/events-and-presentations/events.
To access the call, participants may dial 1-844-826-3033,
international callers may use 1-412-317-5185 and request to join
the Energy Vault earnings call. A telephonic replay will be
available shortly after the conclusion of the call and until August
20, 2024. Participants may access the replay at 1-844-512-2921;
international callers may use 1-412-317-6671 and enter access code
10190406. The call will also be available for replay via webcast
link on the Investors portion of the Energy Vault website at
https://www.energyvault.com/.
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 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.
Energy Vault has also provided a reconciliation of reported
S&M, R&D and G&A expenses to adjusted S&M expenses,
adjusted R&D expenses, and adjusted G&A expenses,
respectively, and a reconciliation of reported operating expenses
to adjusted operating expenses for the historical periods in this
press release. A reconciliation of projected non-GAAP measures for
the full-year 2024 has not been provided because certain
information necessary to calculate such measures on a GAAP basis is
unavailable or dependent on the timing of future events outside of
our control. Therefore, because of the uncertainty and variability
of the nature of the amount of future adjustments, which could be
significant, the Company is unable to provide a reconciliation for
these forward-looking non-GAAP measures without unreasonable
effort.
Developed pipeline reflects uncontracted, potential revenue,
from projects in which potential prospective customers have either
awarded a project to the Company, or have put the Company on a
shortlist to be awarded a project.
Backlog reflects contracted but unrecognized revenue from
projects and services yet to be completed, unrecognized revenue or
other income from intellectual property licensing agreements, and
unrecognized revenue from tolling arrangements
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,
backlog and developed pipeline 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)
June 30, 2024
December 31,
2023
Assets
Current Assets
Cash and cash equivalents
$
106,835
$
109,923
Restricted cash
6,116
35,632
Accounts receivable, net
3,465
27,189
Contract assets, net
33,297
84,873
Inventory
111
415
Customer financing receivable, current
portion, net
1,313
2,625
Advances to suppliers
5,388
8,294
Prepaid expenses and other current
assets
5,334
4,520
Assets held for sale
—
6,111
Total current assets
161,859
279,582
Property and equipment, net
62,642
31,043
Intangible assets, net
3,181
1,786
Operating lease right-of-use assets
1,259
1,700
Customer financing receivable, long-term
portion, net
7,102
6,698
Investments
17,443
17,295
Other assets
2,117
2,649
Total Assets
$
255,603
$
340,753
Liabilities and Stockholders’
Equity
Current Liabilities
Accounts payable
$
28,553
$
21,165
Accrued expenses
17,747
85,042
Contract liabilities, current portion
9,880
4,923
Lease liabilities, current portion
286
724
Total current liabilities
56,466
111,854
Deferred pension obligation
1,637
1,491
Contract liabilities, long-term
portion
—
1,500
Other long-term liabilities
1,948
2,115
Total liabilities
60,051
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, 150,136 and 146,577 issued and outstanding at
June 30, 2024 and December 31, 2023, respectively
15
15
Additional paid-in capital
492,459
473,271
Accumulated deficit
(295,399
)
(248,072
)
Accumulated other comprehensive loss
(1,512
)
(1,421
)
Non-controlling interest
(11
)
—
Total stockholders’ equity
195,552
223,793
Total Liabilities and Stockholders’
Equity
$
255,603
$
340,753
ENERGY VAULT HOLDINGS,
INC.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands except per share
data)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenue
$
3,770
$
39,680
$
11,529
$
51,102
Cost of revenue
2,721
35,733
8,412
44,736
Gross profit
1,049
3,947
3,117
6,366
Operating expenses:
Sales and marketing
4,861
4,852
9,031
9,426
Research and development
6,951
10,218
13,917
21,396
General and administrative
16,278
17,012
31,542
36,412
Depreciation and amortization
279
226
574
435
Asset impairment and loss on sale of
assets
565
—
565
—
Loss from operations
(27,885
)
(28,361
)
(52,512
)
(61,303
)
Other income (expense):
Interest expense
(38
)
—
(46
)
(1
)
Interest income
1,746
2,295
3,572
4,230
Other income (expense), net
(22
)
(92
)
1,648
(251
)
Loss before income taxes
(26,199
)
(26,158
)
(47,338
)
(57,325
)
Provision for income taxes
—
4
—
4
Net loss
(26,199
)
(26,162
)
(47,338
)
(57,329
)
Net loss attributable to non-controlling
interest
(11
)
—
(11
)
—
Net loss attributable to Energy Vault
Holdings, Inc.
$
(26,188
)
$
(26,162
)
$
(47,327
)
$
(57,329
)
Net loss per share attributable to Energy
Vault Holdings, Inc. — basic and diluted
$
(0.18
)
$
(0.18
)
$
(0.32
)
$
(0.41
)
Weighted average shares outstanding
— basic and diluted
149,143
142,756
148,081
141,129
Other comprehensive income (loss) — net of
tax
Actuarial gain (loss) on pension
$
3
$
(218
)
$
(228
)
$
(54
)
Foreign currency translation (loss)
gain
(15
)
45
137
166
Total other comprehensive (loss) income
attributable to Energy Vault Holdings, Inc.
(12
)
(173
)
(91
)
112
Total comprehensive loss attributable to
Energy Vault Holdings, Inc.
$
(26,200
)
$
(26,335
)
$
(47,418
)
$
(57,217
)
ENERGY VAULT HOLDINGS,
INC.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
(In thousands)
Six Months Ended June
30,
2024
2023
Cash Flows From Operating
Activities
Net loss
$
(47,338
)
$
(57,329
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
574
435
Non-cash interest income
(760
)
(681
)
Stock based compensation
19,188
23,809
Asset impairment and loss on sale of
assets
565
—
Provision for credit losses
353
240
Foreign exchange losses
107
258
Change in operating assets
75,161
(50,857
)
Change in operating liabilities
(59,696
)
(7,699
)
Net cash used in operating activities
(11,846
)
(91,824
)
Cash Flows From Investing
Activities
Proceeds from sale of property and
equipment
219
—
Purchase of property and equipment
(21,051
)
(18,817
)
Purchase of equity securities
—
(6,000
)
Net cash used in investing activities
(20,832
)
(24,817
)
Cash Flows From Financing
Activities
Proceeds from exercise of stock
options
—
113
Proceeds from insurance premium
financings
1,670
—
Repayment of insurance premium
financings
(819
)
—
Payment of taxes related to net settlement
of equity awards
(297
)
(4,562
)
Payment of finance lease obligations
(194
)
(21
)
Net cash provided by (used in) financing
activities
360
(4,470
)
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(286
)
(34
)
Net decrease in cash, cash equivalents,
and restricted cash
(32,604
)
(121,145
)
Cash, cash equivalents, and restricted
cash – beginning of the period
145,555
286,182
Cash, cash equivalents, and restricted
cash – end of the period
112,951
165,037
Less: Restricted cash at end of period
6,116
57,988
Cash and cash equivalents - end of
period
$
106,835
$
107,049
Supplemental Disclosures of Cash Flow
Information:
Income taxes paid
51
46
Cash paid for interest
46
1
Supplemental Disclosures of Non-Cash
Investing and Financing Information:
Actuarial loss on pension
(228
)
(54
)
Property, plant and equipment financed
through accounts payable
2,569
6,108
Assets acquired on finance lease
120
—
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, adjusted operating 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 other
measures of financial performance calculated in accordance with
GAAP. These non-GAAP measures and their reconciliation to GAAP
financial measures are shown below.
The following table provides a reconciliation from GAAP S&M
expenses to non-GAAP adjusted S&M expenses (amounts in
thousands):
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
Non-GAAP adjustment:
Stock-based compensation expense
1,782
1,727
3,497
3,676
Reorganization expenses
288
—
288
—
Adjusted S&M expenses (non-GAAP)
$
2,791
$
3,125
$
5,246
$
5,750
The following table provides a reconciliation from GAAP R&D
expenses to non-GAAP adjusted R&D expenses (amounts in
thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
R&D expenses (GAAP)
$
6,951
$
10,218
$
13,917
$
21,396
Non-GAAP adjustment:
Stock-based compensation expense
2,059
2,785
4,286
5,934
Reorganization expenses
503
—
503
—
Adjusted R&D expenses (non-GAAP)
$
4,389
$
7,433
$
9,128
$
15,462
The following table provides a reconciliation from GAAP G&A
expenses to non-GAAP adjusted G&A expenses (amounts in
thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
G&A expenses (GAAP)
$
16,278
$
17,012
$
31,542
$
36,412
Non-GAAP adjustment:
Stock-based compensation expense
5,663
5,581
11,405
14,199
Reorganization expenses
918
—
918
—
Adjusted G&A expenses (non-GAAP)
$
9,697
$
11,431
$
19,219
$
22,213
The following table provides a reconciliation from GAAP
operating expenses to non-GAAP operating expenses (amounts in
thousands):
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 expenses (GAAP)
28,090
32,082
54,490
67,234
Non-GAAP adjustment:
Stock-based compensation expense
9,504
10,093
19,188
23,809
Reorganization expenses
1,709
—
1,709
—
Adjusted operating expenses (non-GAAP)
$
16,877
$
21,989
$
33,593
$
43,425
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 June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net loss attributable to Energy Vault
Holdings, Inc. (GAAP)
$
(26,188
)
$
(26,162
)
$
(47,327
)
$
(57,329
)
Non-GAAP Adjustments:
—
—
Interest income, net
(1,708
)
(2,295
)
(3,526
)
(4,229
)
Provision for income taxes
—
4
—
4
Depreciation and amortization
279
226
574
435
Stock-based compensation expense
9,504
10,093
19,188
23,809
Reorganization expenses
1,709
—
1,709
—
Gain on derecognition of contract
liability
—
—
(1,500
)
—
Asset impairment and loss on sale of
assets
565
—
565
—
Foreign exchange losses
47
88
107
258
Adjusted EBITDA (non-GAAP)
$
(15,792
)
$
(18,046
)
$
(30,210
)
$
(37,052
)
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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