Energy Vault Holdings, Inc. Q3 FY2024 earnings call

• Robert Piconi emphasized the resiliency of Energy Vault's people in the face of market volatility and geopolitical uncertainties. - Highlighted various projects: the California Resiliency Center's largest hybrid green hydrogen energy storage system, projects in Nevada and California, and announcements in Australia. - Noted revenue backlog growth, with over 33% increase in the quarter. - Focus on the own and operate storage assets strategy, reducing upfront capital expenditure through optimal design. - Mentioned innovation milestones such as being recognized by Time Magazine as one of the best inventions in 2024, and advancements in gravity energy storage technology.

Revenue backlog grew by over 33% in the quarter. Software and services contributed about $1.2 million in the third quarter. For the year, revenue is expected to be back-end loaded. The third quarter gross margin was 40.3%, up from 4.2% a year ago, and year-to-date gross margin is tracking at 28.3%.

• Reaffirmed annual guidance, tightening the range. - Anticipated revenue in the fourth quarter and 2025, with revenue backlog supporting revenue ramp in 2025. - Full year revenue is expected to be at the lower end of the guidance range with upside from license agreements in the Gravity business. - Owned and operated projects are expected to deliver unlevered double-digit IRRs and project EBITDA margins in the 70% to 80% range.

Q: Justin Clare asked about ownership opportunities and capacity addition for 2025-2026.

A: Robert Piconi said there are attractive project opportunities with available capital, no shortage of opportunities, and projects in the hundreds of millions of dollars range.

Q: Alec Scheibelhoffer asked about Q4 guidance and 2025 progression.

A: Robert Piconi said tightening the range to the lower end, with visibility to hit the lower end and depending on shipments.

Q: Chris Ellinghaus asked about Snyder project adjustments and Australian project announcement.

A: Robert Piconi said Snyder has multi-asset technologies, Australian project expected to be announced this quarter.

Q: Noel Parks asked about battery storage advances and Rudong project iterations.

A: Robert Piconi said working on energy density solutions, iterations customized locally, and innovations in China project