$NRGV reports strong financials for 2022 driven by projects, GESS EVx on track, and global expansion.
Mar 7th 2023, 9:09 pm
Analyst Summary: Energy Vault Holdings Inc. reported strong financial results for Q4 and full-year 2022, with revenues exceeding expectations at $145.9 million, driven by the ramp-up of projects executed in Q3 2022. The company reported no debt on their balance sheet, with total signed contracts and project awards now totaling approximately $5.2 billion of potential revenue over the coming years. Energy Vault continues to advance construction of the first Energy Vault (GESS) EVx system in Rudong, China, with expected mechanical completion and commissioning start on track for Q2 2023. The company has also signed two new gravity EVx licensing and royalty agreements in Europe and the Middle East during the fourth quarter of 2022. Energy Vault has expanded its infrastructure to approximately 170 employees as of year-end 2022, up from 72 employees from the end of 2021, as it continues to ramp up operations to support growth and scale talent. In addition, Energy Vault has opened legal entities to establish operations in China, the UK, and Australia. Looking ahead to 2023, the company is well positioned to take advantage of industry growth tailwinds for energy storage globally, with specific growth and economic accelerators in the US market driven by the passage of the IRA or Advanced Manufacturing Credit with its gravity and hybrid green hydrogen storage solutions. Furthermore, the company has taken a measured approach to managing its operations and financial performance, focusing on growth while simultaneously managing expenses. Investors can anticipate a quarterly 2023 revenue ramp starting from low double-digit revenues in Q1 to high double-digit revenue in Q2 and into triple-digit revenue in the second half of the year. Energy Vault's CEO stated that the company has "a clear line of sight to achievability of this revenue range." Energy Vault Holdings Inc. develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage, offering proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies.