Energy Vault Holdings Inc (STU:8610)

Q3 2024 Energy Vault Holdings Inc Earnings Call Transcript

Nov 12, 2024 / 09:30 PM GMT

Release Date Price: €1.84 (-2.33%)

Transcript 10-Q8-K

Key Points

Positve

Energy Vault Holdings Inc (NRGV) reported a 33% increase in revenue backlog, indicating strong future revenue potential.
The company achieved a gross margin of 40.3% for the third quarter, significantly higher than the previous year.
Energy Vault Holdings Inc (NRGV) is expanding its global footprint with a strong development pipeline in the US and Australia totaling over 30 gigawatt hours.
The company is transitioning to a build, own, and operate strategy, which is expected to enhance earnings visibility and margin profile.
Energy Vault Holdings Inc (NRGV) is recognized for its innovation, with its gravity energy storage technology being named one of the best inventions of 2024 by Time magazine.

Negative

The company reported minimal project revenue in the third quarter, down notably year over year.
Energy Vault Holdings Inc (NRGV) expects full-year revenue to be at the lower end of the guidance range due to timing of equipment deliveries.
The transition to a build, own, and operate strategy has reduced near-term revenue in exchange for long-term value creation.
Adjusted EBITA was negative $14.7 million in the third quarter, reflecting weaker performance compared to the previous year.
The company is facing challenges in project financing and monetization of tax credits, impacting cash flow and financial flexibility.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NRGV.N - Energy Vault Holdings Inc
Q3 2024 Energy Vault Holdings Inc Earnings Call
Nov 12, 2024 / 09:30PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to Energy Vaults third quarter, 2024 earnings call.

At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation.

If you should require any operator assistance during the conference, please press star zero on your telephone keypad.

And as a reminder, this conference is being recorded. It is now my pleasure to introduce to you Michael Beer Chief Financial Officer. Thank you, Michael. You may begin.

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Unidentified_2 [2]
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Thank you.

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