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Energy Vault Holdings Inc. (NRGV-2.24%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in revenue to $46.2 million from $341.5 million in the previous year. This decrease is primarily attributed to a reduction in active battery energy storage system (BESS) projects.
Cost of revenue for the year was $40.0 million, resulting in a gross profit of $6.2 million compared to $17.5 million in the previous year. The gross profit margin increased to 13.4% from 5.1%, driven by higher margins on energy storage product sales and new revenue streams from operation and maintenance services.
Operating expenses totaled $136.2 million, up from $124.3 million in the previous year. This increase was primarily due to a significant provision for credit losses of $30.0 million, related to the Company's refundable contribution contract asset and customer financing receivable.
Net loss for the year was $135.8 million, compared to a net loss of $98.4 million in the previous year. The increase in net loss was partly due to an $11.7 million impairment charge on the Company's investment in KORE Power, Inc.
Energy Vault reported cash and cash equivalents of $27.1 million as of December 31, 2024, down from $109.9 million in the previous year. The decrease was primarily due to cash used in operating and investing activities.
The Company continues to focus on expanding its energy storage solutions, including proprietary gravity, battery, and green hydrogen technologies, supported by its technology-agnostic energy management system software.
Energy Vault's backlog as of December 31, 2024, was $433.9 million, with a developed pipeline of $2.1 billion. The Company expects its first two owned projects to begin generating revenue in 2025.
The filing also details various financial agreements, including a Tax Credit Transfer Commitment and an Equity Purchase Agreement to enhance liquidity. The Company believes these actions will support its operations over the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Energy Vault Holdings Inc. annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.