Energy Vault (NRGV) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue was $3.8 million, down sharply year-over-year due to project timing and lower sales as BESS projects neared completion.

• Gross margin improved to 27.8% from 9.9% a year ago, driven by higher-margin service delivery and construction services.

• Adjusted EBITDA loss improved to $(15.8) million, a 12% year-over-year improvement, reflecting lower cash operating expenses and cost controls.

• Cash and cash equivalents at June 30, 2024, were $113.0 million, with no debt, supporting business execution and growth.

• Strategic focus on high-growth energy storage regions, technology-agnostic solutions, and expanding recurring revenue streams, with new projects in Australia, Brazil, and Italy.

Financial highlights

• Revenue for Q2 2024 was $3.8 million, with gross profit of $1.0 million and gross margin of 27.8%.

• Adjusted operating expenses declined 23% year-over-year to $16.9 million.

• Adjusted EBITDA for Q2 2024 was $(15.8) million, improved from $(18.0) million in Q2 2023.

• Net loss attributable to shareholders was $(26.2) million for the quarter, unchanged year-over-year.

• Cash and cash equivalents as of June 30, 2024, were $113.0 million, including $6.1 million in restricted cash.

Outlook and guidance

• Full-year 2024 revenue guidance reaffirmed at $50–$100 million, with gross margin expected between 15% and 25%.

• Adjusted EBITDA expected in the range of $(45) million to $(60) million for the year.

• Year-end cash balance projected between $75 million and $125 million, with no planned corporate debt.

• Large-scale project revenue is weighted toward Q4 2024 and 2025.

• Cost-saving measures implemented in June 2024 are expected to yield $3–4 million in H2 2024 and $6–8 million annually.