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Dec 31, 2024
Energy Vault Q4 2024 Earnings Report
Energy Vault reported a revenue decline but expanded its backlog and long-term storage portfolio in Q4 2024.
Key Takeaways
Energy Vault's Q4 2024 revenue reached $33.5 million, primarily driven by U.S. storage equipment deliveries. However, net loss widened to $61.8 million due to increased credit loss provisions and investment write-downs. Despite lower revenue, the company expanded its backlog to $660 million and continued its transition to an asset ownership model, expecting long-term revenue streams from retained energy projects.
Q4 2024 revenue was $33.5 million, down significantly from $118.2 million in Q4 2023.
Net loss widened to $61.8 million due to credit loss provisions and an investment write-down.
Revenue backlog increased by 90% quarter-over-quarter to $660 million.
The company transitioned to an 'own & operate' model, retaining energy projects for long-term returns.
Forward Guidance
Energy Vault expects significant revenue growth in 2025, driven by its asset ownership model and project expansions in Australia and the U.S.
Positive Outlook
- Projected 2025 revenue increase to $200-300 million, driven by long-term storage projects.
- Continued expansion in Australia, including the 1.0 GWh Stoney Creek BESS acquisition.
- Expected cash inflow of ~$28 million from the Calistoga Green Hydrogen project financing.
- Six owned projects totaling 840 MW expected to generate ~$2 billion in long-term revenue.
- Operational cost optimizations expected to improve profitability in 2025.
Challenges Ahead
- Continued revenue pressure from falling lithium-ion battery prices and tariffs.
- Higher provisions for credit losses could impact financial performance.
- Large cash outflows required to fund asset ownership strategy.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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