Energy Vault Holdings, Inc. ( (NRGV) ) has released its Q1 earnings. Here is a breakdown of the information Energy Vault Holdings, Inc. presented to its investors.
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Energy Vault Holdings, Inc., a leader in sustainable, grid-scale energy storage solutions, focuses on developing and deploying utility-scale storage technologies, including gravity-based, battery, and green hydrogen energy storage systems.
In its first-quarter 2025 financial report, Energy Vault reported a 10% increase in revenue compared to the previous year, reaching $8.5 million, primarily driven by projects in Australia and a licensing deal in India. The company also achieved a significant milestone with the completion of its first owned and operated energy storage asset in Texas, which is now generating revenue.
Key financial highlights include a substantial increase in contract revenue backlog to $648 million, a more than doubling of the GAAP gross margin to 57.1%, and a 57% improvement in quarter-end cash to $47.2 million. The company also reported a 22% improvement in adjusted EBITDA, narrowing the loss to $11.3 million from $14.5 million in the previous year, supported by improved gross margins and reduced operating costs.
Energy Vault is implementing a strategic reduction in quarterly adjusted operating expenses by 15-25% due to ongoing sector volatility in the U.S. market, while continuing to expand its activities and investments in Australia. The company remains optimistic about its future, with several projects expected to deliver significant recurring EBITDA over their lifespan.
Looking ahead, Energy Vault is poised to capitalize on its strong market presence in Australia and the potential revenue upside from accelerated U.S. battery deliveries, contingent on a positive resolution of the China/U.S. tariff pause. The company’s management remains focused on optimizing its portfolio and maintaining robust growth in the energy storage sector.