- Energy Vault Holdings Inc NRGV reported second-quarter revenue of $0.98 million, versus nil a year ago, driven by construction support services for the 100-megawatt hour (MWh) project in Rudong, China.
- NRGV’s revenue for the first half of FY22 totaled $43.9 million, driven by a portion of the $50 million licensing and royalty agreement with Atlas Renewable.
- Loss from operations for the quarter totaled $(21.97) million, compared to $(8.14) million a year ago.
- EPS loss decreased year-over-year to $(0.05) from $0.16 in 2Q21.
- Adjusted EBITDA loss was $(14.21) million in the quarter versus $(7.47) million a year ago.
- Energy Vault’s net cash used in operating activities year-to-date totaled $(26.85) million, compared to $(8.9) million a year ago. It held cash and equivalents of $299.1 million as of June 30, 2022.
- “Execution on our 2022 regional priorities for first deployments remains strong with tremendous momentum being built going into the second half of the year. This positions us well to execute on our 2023 revenue plan, backed by a strong cash position to support our growth plans and no debt on the balance sheet,” commented Robert Piconi, Chairman, Co-Founder, and CEO of Energy Vault.
- FY22 Outlook: Energy Vault expects revenue of $75 million - $100 million and Adjusted EBITDA of $(10.0) million - $3.0 million.
- Long-Term Outlook: Citing the shift of 2022 revenue timing and the recently awarded projects with 2023 contractual CODs, Energy Vault currently expects to have two-year aggregate revenue of approximately $680 million for 2022 and 2023.
- Price Action: NRGV shares are trading higher by 11.41% at $4.98 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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