Energy Vault Holdings (NRGV) Misses Q3 EPS by 5c

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Go back to Energy Vault Holdings (NRGV) Misses Q3 EPS by 5c

Energy Vault Reports Third Quarter 2024 Financial Results

November 12, 2024 4:05 PM EST

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... More