Energy Vault (NRGV) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 10% year-over-year to $8.5 million, driven by Australian projects and a new license agreement in India, despite lower energy storage product sales.

• Gross margin more than doubled to 57.1% from 26.7% a year ago, reflecting favorable regional and licensing mix.

• Adjusted EBITDA loss improved 22% year-over-year to $(11.3) million, aided by higher margins and reduced operating costs.

• Cash and equivalents increased to $47.2 million at quarter-end, up from $30.1 million at year-end 2024, supported by project financing and ITC transfers.

• Net loss remained flat at $(21.1) million year-over-year, with adjusted net loss at $(11.7) million.

Financial highlights

• Revenue: $8.5 million, up 10% year-over-year, mainly from Australia and India.

• Gross margin: 57.1%, up from 26.7% last year, due to high-margin license revenue and regional mix.

• Adjusted operating expenses: $16.2 million, down 4% year-over-year.

• Adjusted EBITDA loss: $(11.3) million, improved from $(14.5) million year-over-year.

• Cash balance: $47.2 million at quarter-end, up from $30.1 million at year-end 2024.

Outlook and guidance

• Revenue guidance for 2025 is reiterated, with over 80% already contracted and backlog at $648 million, up 49% year-to-date.

• Targeting a 15–25% reduction in quarterly adjusted operating expenses to $12–14 million.

• Cash expected to end Q2 at $50–$60 million and Q3 at $60–$75 million, supported by project financings and ITC sales.

• Additional upside possible if U.S. battery deliveries accelerate following China-U.S. tariff pause.

• Cash on hand, bridge loans, and anticipated tax credit sales are expected to fund operations for at least the next twelve months.