Energy Vault Holdings, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenue falling to $46.2 million, a decrease of approximately 86% from $341.5 million in 2023. This decline was primarily attributed to a reduction in active battery energy storage system (BESS) projects, as the company had no substantial progress on BESS engineering, procurement, and construction (EPC) projects during 2024. The gross profit also decreased to $6.2 million, resulting in a gross profit margin of 13.4%, up from 5.1% in the previous year, due to higher margins on energy storage product sales and the introduction of higher-margin operation and maintenance services.
In terms of operational metrics, Energy Vault reported net bookings of $223.9 million for 2024, compared to $205.8 million in 2023. The company experienced cancellations totaling $182.2 million, which were higher than the previous year's cancellations of $128.8 million. The backlog as of March 17, 2025, was reported at $660 million, with a developed pipeline of $2.1 billion, indicating potential future revenue opportunities. The company employed 158 full-time employees as of December 31, 2024, a reduction from previous headcounts, reflecting ongoing cost-saving measures.
Strategically, Energy Vault has begun transitioning from a build-and-transfer model to an ownership model for energy storage assets, with plans to generate revenue from its first two owned projects expected to commence in 2025. The company has also entered into significant contracts, including a 10-year offtake agreement for the Cross Trails BESS, which is anticipated to generate $57 million in future revenue. Additionally, the company executed a Tax Credit Transfer Commitment to sell investment tax credits generated by its projects, further enhancing its financial position.
Looking ahead, Energy Vault's management expressed optimism about the future, citing the ongoing demand for energy storage solutions driven by the global transition to renewable energy. However, the company acknowledged the challenges posed by market conditions, including inflation and supply chain disruptions, which could impact its ability to execute projects and achieve profitability. The company continues to seek additional capital to support its growth and operational needs, with plans to raise funds through equity and debt financing as necessary.
About Energy Vault Holdings, Inc.
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