Revenue backlog grew 33% quarter-over-quarter
to $350 million primarily reflecting new contracts in the U.S. with
Jupiter Power and Gridmatic; Australia project awards now exceed
2.6GWh
Transitional Q3 2024 revenue yielded 40%+ GAAP
gross margin with higher services and software content; YTD 2024
GAAP Gross Margins are 28.3%
Operating expense improved to $27.6 million in
Q3 2024; Adjusted operating expense improved 13% year-over-year and
7% quarter-over-quarter to $15.2 million reflecting prior
organizational realignment in Q2 2024
Commenced project financing for PG&E
California long duration green hydrogen and Texas short duration
storage projects, expected to bring $60-80 million of cash onto the
balance sheet over the next two quarters
Rudong, China 25MW gravity system performance
measurements for Round Trip Efficiency (RTE) tested at ~83%,
placing it among the highest efficiency of any long-duration energy
storage technology
The EVx™ Gravity Energy Storage System was
recognized as one of TIME Magazine’s Top Inventions of 2024
Q4 2024 revenue ramp underway with battery
shipments in the U.S. and project construction starts in Australia;
affirming full-year 2024 annual guidance for all metrics within mid
to low end of previously disclosed ranges
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 third quarter ended
September 30, 2024.
“We made good progress in the quarter building our contracted
revenue backlog by 33% while at the same time increasing our
longer-term development pipeline of storage infrastructure projects
in the U.S. and Australia with long-term offtake agreements,” said
Robert Piconi, Chairman and CEO of Energy Vault. “With the first
and largest green hydrogen storage microgrid project with PG&E
in Calistoga, CA nearing completion, and the recently announced
10-year offtake agreement in place for the Cross Trails BESS
project in Snyder, Texas, we are taking large steps in delivering
innovative storage solutions while executing our strategy to build,
own and operate storage assets that we believe will create
accretive, predictable and highly profitable cash flow streams over
the long term. The Energy Vault Team is building strong momentum in
new product innovations and global pipeline development as we close
2024.”
Financial Highlights
- Current revenue backlog of $350 million (increased 33%
quarter-over-quarter), reflects the addition of a 100MW / 200MWh
BESS project with Jupiter, and signed offtake agreement with
Gridmatic for the 57MW / 114MWh Cross Trails BESS project as part
of our ‘Build, Own and Operate Strategy’
- Current developed pipeline of shortlisted and awarded projects
improved 11% quarter-over-quarter to 10.8 GWh, remaining stable at
$2.7 billion, adjusted for prevailing market prices and foreign
exchange rates
- With construction of BESS projects in Texas and Nevada now
complete, the Company reported software and services-related
revenue of $1.2 million in the third quarter.
- Third quarter 2024 GAAP gross margin of 40.3% and gross profit
of $0.5 million, driven by higher margin software and service
revenue
- Operating expense improved to $27.6 million in Q3 2024;
Adjusted operating expense of $15.2 million, improved 13%
year-over-year and 7% quarter-over-quarter following the
organizational realignment in first half of 2024
- GAAP net loss of $(26.6) million during the quarter reflecting
the lower quarterly revenue recognition, partially offset by lower
operating expenses versus prior quarter and prior year.
- Adjusted EBITDA improved $0.7 million or 5%
quarter-over-quarter to $(14.7) million from $(15.4) million
despite minimal revenue recognition due to lower cash operating
expenses following the organizational realignment in first half of
2024
- Total cash and cash equivalents of $77.7 million and no debt on
the balance sheet as of September 30, 2024. The company reported
$48.3 million in use of cash from investing activities, mainly
construction in progress on owned projects year-to date, which we
expect to be offset with project financing and monetization of
IRA-related tax credits over the next two quarters
- Initial contribution from new BESS projects with Jupiter in
Texas and ACEN in Australia to near-term revenue and gross
profit
- Strong pipeline of storage asset ownership opportunities and
infrastructure projects in the U.S. and Australia totaling 30GWh+,
expected to deliver long-term project EBITDA margins of 70-80%
- Energy Vault expects full-year 2024 guidance for Revenue, Gross
Margin, Adjusted EBITDA and year-end cash to be within the mid to
low end of the previously provided guidance ranges. The latest
outlook reflects the timing of equipment deliveries and associated
revenue recognition in the fourth quarter of 2024, as well as
timing of cash receipts for project financing and returns of
working capital. As part of the Company’s ‘Build, Own & Operate
Strategy’ announced earlier this year, management expects to retain
ownership of approximately $100 million in storage assets rather
than generate revenue through the sale of those projects in 2024,
as previously guided.
Operating and Other
Highlights
- Executing on Australia growth strategy with two projects under
construction and three additional projects awarded, including the
recently announced 1 GWh Stoney Creek BESS Project in New South
Wales
- Equipment contract executed with Jupiter Power for a 100MW /
200MWh battery energy storage project
- FID Approval for 57 MW / 114MWh Cross Trails Battery Energy
Storage System in Texas and 10-Year Offtake Agreement with
Gridmatic in the ERCOT region with commercial operation expected in
Q2 2025
- Commenced project finance for 293MWh ultra-long duration green
hydrogen project in Calistoga, CA expected to close in Q4 2024;
10-year offtake agreement with PG&E signed previously.
Management to host investor and analyst event in Calistoga in
December (details to be provided shortly)
- Encouraging RTE test data of approximately 83% from the 25
MW/100 MWh EVx™ Gravity Energy Storage System (GESS) in Rudong,
China owned by Atlas Renewable and China Tianying Inc. (CNTY)
(000035.SZ)
- Energy Vault's EVx gravity energy storage system was recently
named one of TIME's Best Inventions of 2024 in the "Green Energy"
category
- Energy Vault and Carbosulcis announce 100MW hybrid gravity
energy storage project called Miniera di Energia to accelerate
carbon free Technology Hub at Italy’s largest coal mining site in
Sardinia; this unique solution leverages Energy Vault EV0™ gravity
technology through a “modular pumped hydro” application
Conference Call Information
Energy Vault will host a conference call today, November 12,
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 1-877-704-4453,
international callers may use 1-201-389-0920, and request to join
the Energy Vault earnings call. A telephonic replay will be
available shortly after the conclusion of the call and until
Tuesday, November 26, 2024. Participants may access the replay at
1-844-512-2921, international callers may use 1-412-317-6671 and
enter access code 13749083. The call will also be available for
replay via webcast link on the Investors portion of the Energy
Vault website at https://investors.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)
September 30,
2024
December 31,
2023
Assets
Current Assets
Cash and cash equivalents
$
51,124
$
109,923
Restricted cash
26,560
35,632
Accounts receivable, net
2,309
27,189
Contract assets, net
26,445
84,873
Inventory
107
415
Customer financing receivable, current
portion, net
1,242
2,625
Advances to suppliers
19,021
8,294
Prepaid expenses and other current
assets
4,860
4,520
Assets held for sale
—
6,111
Total current assets
131,668
279,582
Property and equipment, net
90,289
31,043
Intangible assets, net
3,824
1,786
Operating lease right-of-use assets
1,249
1,700
Customer financing receivable, long-term
portion, net
6,918
6,698
Investments
17,528
17,295
Other assets
1,382
2,649
Total Assets
$
252,858
$
340,753
Liabilities and Stockholders’
Equity
Current Liabilities
Accounts payable
$
38,789
$
21,165
Accrued expenses
20,869
85,042
Contract liabilities, current portion
10,405
4,923
Lease liabilities, current portion
391
724
Total current liabilities
70,454
111,854
Deferred pension obligation
1,937
1,491
Contract liabilities, long-term
portion
—
1,500
Other long-term liabilities
1,361
2,115
Total liabilities
73,752
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, 151,542 and 146,577 issued and outstanding at
September 30, 2024 and December 31, 2023, respectively
15
15
Additional paid-in capital
502,707
473,271
Accumulated deficit
(321,992
)
(248,072
)
Accumulated other comprehensive loss
(1,590
)
(1,421
)
Non-controlling interest
(34
)
—
Total stockholders’ equity
179,106
223,793
Total Liabilities and Stockholders’
Equity
$
252,858
$
340,753
ENERGY VAULT HOLDINGS,
INC.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands except per share
data)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Revenue
$
1,199
$
172,205
$
12,728
$
223,307
Cost of revenue
716
165,057
9,128
209,793
Gross profit
483
7,148
3,600
13,514
Operating expenses:
Sales and marketing
4,347
4,183
13,378
13,609
Research and development
5,704
8,156
19,621
29,552
General and administrative
17,270
15,810
48,812
52,222
Depreciation and amortization
251
235
825
670
Asset impairment and loss on sale of
assets
(14
)
—
551
—
Total operating expenses
27,558
28,384
83,187
96,053
Loss from operations
(27,075
)
(21,236
)
(79,587
)
(82,539
)
Other income (expense):
Interest expense
(43
)
(18
)
(89
)
(19
)
Interest income
1,439
1,919
5,011
6,149
Other income (expense), net
(937
)
(8
)
711
(259
)
Loss before income taxes
(26,616
)
(19,343
)
(73,954
)
(76,668
)
Provision for income taxes
—
(401
)
—
(397
)
Net loss
(26,616
)
(18,942
)
(73,954
)
(76,271
)
Net loss attributable to non-controlling
interest
(23
)
—
(34
)
—
Net loss attributable to Energy Vault
Holdings, Inc.
$
(26,593
)
$
(18,942
)
$
(73,920
)
$
(76,271
)
Net loss per share attributable to Energy
Vault Holdings, Inc. — basic and diluted
$
(0.18
)
$
(0.13
)
$
(0.50
)
$
(0.54
)
Weighted average shares outstanding
— basic and diluted
150,812
143,867
148,998
142,052
Other comprehensive income (loss) — net of
tax
Actuarial loss on pension
$
(187
)
$
(130
)
$
(415
)
$
(184
)
Foreign currency translation gain
109
42
246
208
Total other comprehensive (loss) income
attributable to Energy Vault Holdings, Inc.
(78
)
(88
)
(169
)
24
Total comprehensive loss attributable to
Energy Vault Holdings, Inc.
$
(26,671
)
$
(19,030
)
$
(74,089
)
$
(76,247
)
ENERGY VAULT HOLDINGS,
INC.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
(In thousands)
Nine Months Ended September
30,
2024
2023
Cash Flows From Operating
Activities
Net loss
$
(73,954
)
$
(76,271
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
825
670
Non-cash interest income
(1,159
)
(1,039
)
Stock based compensation
29,436
34,523
Asset impairment and loss on sale of
assets
551
—
Change in derivative asset
820
—
Provision for credit losses
2,214
234
Foreign exchange losses
301
308
Change in operating assets
73,013
(2,938
)
Change in operating liabilities
(53,087
)
(71,537
)
Net cash used in operating activities
(21,040
)
(116,050
)
Cash Flows From Investing
Activities
Proceeds from sale of property and
equipment
221
—
Purchase of property and equipment
(48,306
)
(27,182
)
Purchase of equity securities
—
(6,000
)
Net cash used in investing activities
(48,085
)
(33,182
)
Cash Flows From Financing
Activities
Proceeds from exercise of stock
options
—
223
Proceeds from insurance premium
financings
2,745
1,250
Repayment of insurance premium
financings
(1,567
)
(394
)
Payment of taxes related to net settlement
of equity awards
(408
)
(5,703
)
Payment of finance lease obligations
(205
)
(31
)
Net cash provided by (used in) financing
activities
565
(4,655
)
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
689
(73
)
Net decrease in cash, cash equivalents,
and restricted cash
(67,871
)
(153,960
)
Cash, cash equivalents, and restricted
cash – beginning of the period
145,555
286,182
Cash, cash equivalents, and restricted
cash – end of the period
77,684
132,222
Less: Restricted cash at end of period
26,560
57,986
Cash and cash equivalents - end of
period
$
51,124
$
74,236
Supplemental Disclosures of Cash Flow
Information:
Income taxes paid
51
46
Cash paid for interest
89
19
Supplemental Disclosures of Non-Cash
Investing and Financing Information:
Actuarial loss on pension
(415
)
(184
)
Property, plant and equipment financed
through accounts payable
7,946
3,595
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.
Effective September 30, 2024, the Company has included provision
(benefit) for credit losses as a non-GAAP adjustment because
management does not consider this item in assessing our ongoing
performance. Prior periods have been adjusted to include provision
(benefit) for credit losses as a non-GAAP adjustment.
The following table provides a reconciliation from GAAP S&M
expenses to non-GAAP adjusted S&M expenses (amounts in
thousands):
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
S&M expenses (GAAP)
$
4,347
$
4,183
$
13,378
$
13,609
Non-GAAP adjustment:
Stock-based compensation expense
1,794
1,801
5,291
5,477
Reorganization expenses
—
—
288
—
Adjusted S&M expenses (non-GAAP)
$
2,553
$
2,382
$
7,799
$
8,132
The following table provides a reconciliation from GAAP R&D
expenses to non-GAAP adjusted R&D expenses (amounts in
thousands):
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
R&D expenses (GAAP)
$
5,704
$
8,156
$
19,621
$
29,552
Non-GAAP adjustments:
Stock-based compensation expense
2,241
2,898
6,527
8,832
Reorganization expenses
—
—
503
—
Adjusted R&D expenses (non-GAAP)
$
3,463
$
5,258
$
12,591
$
20,720
The following table provides a reconciliation from GAAP G&A
expenses to non-GAAP adjusted G&A expenses (amounts in
thousands):
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
G&A expenses (GAAP)
$
17,270
$
15,810
$
48,812
$
52,222
Non-GAAP adjustments:
Stock-based compensation expense
6,213
6,015
17,618
20,214
Reorganization expenses
(23
)
—
895
—
Provision (benefit) for credit losses
1,861
(5
)
2,214
236
Adjusted G&A expenses (non-GAAP)
$
9,219
$
9,800
$
28,085
$
31,772
The following table provides a reconciliation from GAAP
operating expenses to non-GAAP operating expenses (amounts in
thousands):
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Operating expenses (GAAP)
$
27,558
$
28,384
$
83,187
$
96,053
Non-GAAP adjustments:
Stock-based compensation expense
10,248
10,714
29,436
34,523
Depreciation and amortization
251
235
825
670
Asset impairment and loss on sale of
assets
(14
)
—
551
—
Reorganization expenses
(23
)
—
1,686
—
Provision (benefit) for credit losses
1,861
(5
)
2,214
236
Adjusted operating expenses (non-GAAP)
$
15,235
$
17,440
$
48,475
$
60,624
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 September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net loss attributable to Energy Vault
Holdings, Inc. (GAAP)
$
(26,593
)
$
(18,942
)
$
(73,920
)
$
(76,271
)
Non-GAAP adjustments:
—
—
Interest income, net
(1,395
)
(1,902
)
(4,921
)
(6,131
)
Provision for income taxes
—
(401
)
—
(397
)
Depreciation and amortization
251
235
825
670
Stock-based compensation expense
10,248
10,714
29,436
34,523
Reorganization expenses
(23
)
—
1,686
—
Gain on derecognition of contract
liability
—
—
(1,500
)
—
Asset impairment and loss on sale of
assets
(14
)
—
551
—
Change in fair value of derivative asset
— conversion option
820
—
820
—
Provision (benefit) for credit losses
1,861
(5
)
2,214
236
Foreign exchange losses
194
50
301
308
Adjusted EBITDA (non-GAAP)
$
(14,651
)
$
(10,251
)
$
(44,508
)
$
(47,062
)
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241112269097/en/
Investors: energyvaultIR@icrinc.com
Media: media@energyvault.com
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