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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.
Energy Vault
Energy Vault
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.
- Uncertainty around project financing completion timelines.
- Potential delays in regulatory approvals for new projects.