Energy Vault Reports Fourth Quarter and Full Year 2024 Financial Results

Energy Vault Holdings, Inc., a leader in sustainable, grid-scale energy storage solutions, has announced financial results for the fourth quarter and full-year ended December 31, 2024.

Robert Piconi, Chairman and CEO of Energy Vault, highlighted that Energy Vault experienced a transition year in 2024, successfully delivering on all customer project commitments while advancing its ‘own and operate’ strategy. The company expanded its energy asset infrastructure, aiming for long-term, predictable, and profitable cash flow streams. Its bookings backlog grew 4x year-over-year to $660 million, marking a 90% increase from the previous quarter. With six owned projects totaling over 840 MW of power, Energy Vault is building a strong infrastructure portfolio alongside its storage software and technology business. The company remains focused on optimizing costs, protecting liquidity, and prioritizing high-potential projects.

Fourth Quarter and Full Year 2024 Financial Highlights

• Revenue backlog of $660 million more than quadrupled year-over-year and increased 90% quarter-over-quarter (net of $33.5 million in recognized revenue in Q4’24), reflecting multiple new third-party bookings and expansion of the own & operate portfolio
• Developed Pipeline of $2.1 billion and 9.4GWh includes an attractive mix of new opportunities across multiple geographies, adjusted for prevailing battery prices, tariffs and foreign exchange rates
• Q4 2024 revenue of $33.5 million principally associated with Jupiter’s St Gall 2 equipment delivery; full-year 2024 revenue of $46.2 million was 7% below the low end of the guidance range due to declining battery prices and timing of revenue recognition associated with battery projects in Australia and gravity license revenue and the ~$100 million in foregone project revenue as those assets have been retained on the company’s balance sheet
• Q4 2024 GAAP gross margin of 7.7% improved versus the 3.4% a year ago, but was impacted by unfavorable revenue mix on equipment deliveries; 2024 GAAP Gross Margins of 13.4% improved notably versus the 5.1% recorded a year ago, but fell slightly below the low-end of the guidance range due to the timing of gravity license revenue
• Q4 2024 GAAP operating expenses of $53.0 million and adjusted operating expense of $16.1 million; Q4 2024 adjusted operating expense improved 15% year-over-year. Full-year 2024 GAAP operating expenses of $136.2 million and adjusted operating expenses of $64.5 million; full-year 2024 adjusted operating expense, improved 19% year-over-year from $79.5 million a year ago
• Q4 2024 GAAP net loss of $(61.8) million reflecting the lower quarterly revenue recognition, an increase in the provision for credit losses, and a write-down of an investment, partially offset by lower cash operating expenses year-over-year. Full-year 2024 GAAP net loss of $(135.8) million reflecting the lower annual revenue recognition, an increase in the provision for credit losses, and a write-down of an investment, partially offset by better gross margin % and lower cash operating expenses versus the prior year
• Q4 2024 Adjusted EBITDA improved year-over-year to a loss of $(13.4) million from an Adjusted EBITDA loss of $(14.9) million a year ago despite weaker revenue due to company-wide reorganization and cost-side initiatives implemented during the year; full-year 2024 Adjusted EBITDA improved modestly year-over-year to a loss of $(57.9) million (within the guidance range of a loss of between $45 million and $60 million) and versus an Adjusted EBITDA loss of $(62.0) million a year ago, despite weaker revenue due to company-wide reorganization and cost-side initiatives implemented during the year
• Total cash and cash equivalents of $30.1 million and no debt on the balance sheet as of December 31, 2024, from $145.6 million the prior year, of which the restricted portion declined to $3.0 million as of December 31, 2024 from $36 million the prior year. The Company reported $(58.7) million of cash used in investing activities, primarily related to construction in progress on owned projects during the year

Operating and Other Highlights

• Continued traction in Australia, including the recently announced 100MW / 200MWh Horsham project in Victoria and the 125MW / 1GWh Stoney Creek project in New South Wales (for 2.6GWh in projects under construction or in development). The recently signed and announced agreement to purchase the Stoney Creek project advances our build-own-operate strategy.
• Investor and Analyst Tour of 8.5MW / 293MWh ultra-long duration green hydrogen project in Calistoga held in January; project expected to commence in Q2 2025 for ‘fire season’ from June to November, following site acceptance and standard state and regulatory approvals.
• Management is pursuing project financing and monetization of associated tax credit for the Cross Trails 57MW / 114MWh project but has yet to finalize that process.
• Energy Vault and Carbosulcis announced plans for a100MW hybrid gravity energy storage project called Miniera di Energia to accelerate carbon free Technology Hub at Italy’s largest coal mining site in Sardinia with notice to proceed expected in 2026 this unique solution leverages Energy Vault EV0^TM gravity technology through a “modular pumped hydro” application
• Filing extension for annual report on form 10-K to allow additional time to complete financial statement preparation and analysis due to a pending transaction which could affect the subsequent events footnote

Business Outlook

• 2025 revenue outlook reflects acceleration of the Company’s own & operate strategy and continued growth across Australia, offset by sharp anticipated reduction in global lithium-ion battery prices and increased tariffs in the U.S.
• Anticipated 2025 revenue of $200-300 million reflects the current revenue backlog along with contracts in late-stage negotiation and adjusted for the impact from the ~40% decline in prevailing lithium-ion battery prices on third-party EPC and EEQ work; Revenue excludes an estimated ~$150 million in recognition from new majority owned projects under development versus recognized as third-party EPC/EEQ revenue
• Reductions in operating expense and infrastructure the last year reflect increased focus on portfolio optimization toward near term and secure growth opportunities; cost optimization initiatives will continue in 2025 focused on accreditive and cash generative projects as well as resource allocation to critical and near-term milestone-based initiatives