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%–9.8% 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 a 23% reduction in adjusted operating expenses.

• Cash and cash equivalents at quarter-end were $113.0 million, with no debt, supporting business execution and future growth.

• Strategic focus on high-growth energy storage regions, flexible business models, and building recurring revenue streams through owned projects and long-term agreements.

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 were $16.9 million, down 23% year-over-year.

• Net loss attributable to shareholders was $(26.2) million for the quarter, with net loss per share of $(0.18).

• Cash outflow was $23.8 million from Q1 to Q2 2024; total liquidity including restricted cash was $113.0 million.

• Revenue for the six months ended June 30, 2024 was $11.5 million, down from $51.1 million year-over-year.

Outlook and guidance

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

• Adjusted EBITDA for 2024 projected between $(45) million and $(60) million, with improvement expected year-over-year.

• Year-end cash balance forecasted at $75–$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 expected to yield $3–4 million in H2 2024 and $6–8 million annually.