Energy Vault (NRGV) Q4 2024 earnings summary

Executive summary

• 2024 marked a strategic shift to building, owning, and operating energy infrastructure assets, driving a 90% sequential surge in backlog to $660M and a quadrupling year-over-year, with six projects totaling 840MW under control and a developed pipeline of $2.1B across multiple geographies.

• Major contract win: 14-year LTESA for Stoney Creek BESS in Australia, guaranteeing minimum $20M revenue and significant merchant upside.

• Full-year 2024 revenue was $46.2M, down from $341.5M in 2023, reflecting the pivot to owned and operated projects and project timing.

• Adjusted operating expenses for 2024 were $64.5M, down 19% YoY, with adjusted EBITDA loss improving to $(57.9)M.

• Ended 2024 with $30.1M in cash and no debt, after ~$59M invested in owned assets.

Financial highlights

• Q4 2024 revenue: $33.5M; full-year 2024 revenue: $46.2M, mainly from US storage equipment deliveries.

• Q4 2024 GAAP gross margin: 7.7% (up from 3.4% YoY); full-year gross margin: 13.4% (up from 5.1% YoY), driven by higher-margin O&M services and SaaS licenses.

• Adjusted EBITDA loss for 2024: $(57.9)M, a 7% YoY improvement.

• Net loss attributable for 2024: $(135.8)M, compared to $(98.4)M in 2023.

• Year-end cash and equivalents: $30.1M; net cash flow for 2024: $(115.5)M.

Outlook and guidance

• 2025 revenue guidance: $200M–$300M, reflecting the shift to long-term contracts, lithium-ion price declines, and excluding ~$150M from new majority-owned projects to be recognized as recurring revenue.

• Expecting margin expansion in 2025 due to supply chain management, lower battery costs, and cost optimization initiatives.

• Focused on selective project entry with contracted off-takers and attractive IRRs.