Energy Vault Holdings, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial decline in revenue, with total revenue for the three months at $1.2 million, a decrease of $171.0 million from $172.2 million in the same period of 2023. For the nine months, revenue fell to $12.7 million from $223.3 million year-over-year. This decline was attributed to reduced revenue from the build and transfer of Battery Energy Storage Systems (BESS) projects, although new revenue streams from operation and maintenance services and software licensing were noted.
The company reported a net loss of $26.6 million for the three months ended September 30, 2024, compared to a net loss of $18.9 million for the same period in 2023. For the nine months, the net loss improved slightly to $73.9 million from $76.3 million in the previous year. The basic and diluted net loss per share for the three months was $(0.18), up from $(0.13) in 2023.
Total assets decreased to $252.9 million as of September 30, 2024, down from $340.8 million at the end of 2023. Current assets also fell significantly to $131.7 million from $279.6 million, with cash and cash equivalents dropping to $51.1 million from $109.9 million. Total current liabilities increased to $70.5 million, while stockholders’ equity decreased to $179.1 million from $223.8 million.
The company implemented cost-saving measures in June 2024, which are expected to yield annual savings of $6.0 million to $8.0 million. Reorganization costs of $1.7 million were recognized during the nine months ended September 30, 2024, primarily due to personnel reductions.
Energy Vault's backlog as of September 30, 2024, totaled $264.4 million, representing contracted but unrecognized revenue. The company also reported net bookings of $137.4 million for the three months, a slight decrease from $170.5 million in the same period of 2023. The developed pipeline, which includes uncontracted potential revenue, was valued at $2.7 billion.
In terms of strategic developments, the company entered into a Sales Agreement with Jefferies LLC on November 12, 2024, allowing for the potential sale of up to $50.0 million of its common stock. Additionally, Energy Vault regained compliance with the NYSE bid price rule after being notified of non-compliance in September 2024.
About Energy Vault Holdings, Inc.
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