Energy Vault (NRGV) Q4 2024 earnings summary

Executive summary

• 2024 marked a foundational shift to an own and operate model, with six projects totaling 840 MW and a developed pipeline of 9.4 GWh ($2.1 billion), focusing on growth in Australia and the US and long-term recurring revenue streams.

• Revenue backlog surged 90% quarter-over-quarter to $660 million, quadrupling year-over-year, driven by new contracts and expansion in Australia.

• Full-year 2024 revenue was $46.2 million, down from $341.5 million in 2023, reflecting the strategic pivot to asset ownership and long-term contracts.

• Q4 2024 revenue was $33.5 million, mainly from equipment delivery, with gross margin improving to 7.7% from 3.4% YoY.

• Adjusted EBITDA loss for 2024 was $57.9 million, a 7% YoY improvement, with adjusted operating expenses down 19% to $64.5 million.

Financial highlights

• Revenue backlog at March 2025 was $660 million, up over 90% sequentially and quadrupling year-over-year.

• Full-year 2024 gross margin rose to 13.4% from 5.1% in 2023, driven by higher-margin O&M and SaaS revenue.

• Q4 2024 gross profit was $2.6 million; Q4 2024 adjusted EBITDA loss was $(13.4) million, a 10% YoY improvement.

• Net loss attributable for 2024 was $(135.8) million, impacted by lower revenue, credit loss provisions, and investment write-downs.

• Ended 2024 with $30.1 million in cash and no debt; $59 million invested in owned assets and CAPEX.

Outlook and guidance

• 2025 revenue guidance is $200–$300 million, reflecting the shift to long-term contracts, lower battery prices, and margin expansion.

• Revenue guidance excludes ~$150 million from new majority-owned projects, which will be recognized as long-term recurring revenue.

• Cost optimization and resource allocation initiatives will continue, focusing on cash-generative and milestone-based projects.

• Only entering new owned projects with contracted off-takers and attractive IRRs.