Le Lézard
Classified in: Environment, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Energy Vault Reports Second Quarter 2022 Earnings Results


Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or "the Company"), a leader in sustainable, grid-scale energy storage solutions, announced financial results for the second quarter ended June 30, 2022.

Robert Piconi, Chairman, Co-Founder and CEO of Energy Vault, stated, "Strong progress was made during the quarter as evidenced by the announcements today across our gravity EVx and Energy Vault Solutions portfolio as our team continues to execute well on scaling up the business focused on the U.S, Australia and China. I am particularly pleased with the feedback from our customers in choosing Energy Vault as their energy storage partner for both short and long duration storage solutions. The rapid development of our new hardware-agnostic Energy Management Software platform underpinning approximately 1 GWh of new project awards announced today is a tremendous differentiator in the market."

Mr. Piconi continued, "Execution on our 2022 regional priorities for first deployments remains strong with tremendous momentum being built going into the second half of the year. This positions us well to execute on our 2023 revenue plan, backed by a strong cash position to support our growth plans and no debt on the balance sheet."

Second Quarter 2022 and Recent Business Highlights:

Large scale gravity-energy storage projects utilizing our EVx system continues multi-continent progress:

Announcing first utility-scale battery energy storage projects utilizing the new Energy Vault Solutions (EVS) software platform:

Other recent updates:

Outlook:

Conference Call Information

Energy Vault will host a conference call today at 8:00 AM ET to discuss the results, followed by a Q&A session. A live webcast of the call can be accessed https://www.energyvault.com/. To access the call, participants may dial 1-877-704-4453, international callers may use 1-201-389-0920, and request to join the Energy Vault earnings call.

A telephonic replay will be available shortly after the conclusion of the call and until, August 22, 2022. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671, and enter access code 13731405. The call will also be available for replay via webcast link on the Investors portion of the Energy Vault website at https://www.energyvault.com/.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our future expansion, deployments, capabilities, capital resources and future financial performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: risks related to the rollout of Energy Vault's business and the timing of expected business milestones, including with respect to the projects described herein, developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions, our limited operating history as a public company, whether MOUs or similar arrangements and other strategic investments will result in future revenues, the impact of any delays in projects for which we expect to receive revenue in 2022 or 2023, delays in construction or delivery of materials for projects, sufficiency of cash to support the company's expansion plans, the fact that the company has no committed revenue for future periods and risks affecting our partnerships and customers. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed with the Securities and Exchange Commission (the "SEC") on May 16, 2022, which is available on our website at investors.energyvault.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

ENERGY VAULT HOLDINGS, INC.

 

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands except par value)

June 30,

December 31,

?

2022

 

2021

Assets

?

?

?

Current Assets

?

?

?

Cash and cash equivalents

$

299,063

 

 

$

105,125

 

Accounts receivable

 

5,559

 

 

 

?

 

Contract assets

 

22,500

 

 

 

?

 

Prepaid expenses and other current assets

 

4,277

 

 

 

5,538

 

Total current assets

 

331,399

 

 

 

110,663

 

Property and equipment, net

 

9,319

 

 

 

11,868

 

Right-of-Use assets, net

 

1,106

 

 

 

1,238

 

Other assets

 

3,696

 

 

 

1,525

 

Total Assets

$

345,520

 

 

$

125,294

 

Liabilities, Convertible Preferred Stock, and Stockholders' Equity (Deficit)

 

 

 

Current Liabilities

?

 

?

Accounts payable

$

2,164

 

 

$

1,979

 

Accrued expenses

 

1,707

 

 

 

4,704

 

Deferred revenue, current portion

 

3,033

 

 

 

?

 

Long-term finance leases, current portion

 

44

 

 

 

48

 

Long-term operating leases, current portion

 

582

 

 

 

612

 

Total current liabilities

 

7,530

 

 

 

7,343

 

Deferred pension obligation

 

163

 

 

 

734

 

Asset retirement obligation

 

968

 

 

 

978

 

Deferred revenue, long-term portion

 

8,196

 

 

 

1,500

 

Long-term finance leases

 

15

 

 

 

34

 

Long-term operating leases

 

563

 

 

 

662

 

Warrant liability

 

21,499

 

 

 

?

 

Total liabilities

 

38,934

 

 

 

11,251

 

Commitments and contingencies

?

 

?

Convertible preferred stock, $0.0001 par value; 85,739 shares authorized, 85,739 shares issued and outstanding at December 31, 2021; liquidation preference of $171,348

 

?

 

 

 

182,709

 

Stockholders' Equity (Deficit)

 

 

 

Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued

 

?

 

 

 

?

 

Common stock, $0.0001 par value; 500,000 shares authorized, 134,441 shares issued, and 134,441 outstanding at June 30, 2022; 120,568 shares authorized, 20,432 shares issued, and 20,432 outstanding at December 31, 2021

 

13

 

 

 

?

 

Additional paid-in capital

 

402,004

 

 

 

713

 

Accumulated deficit

 

(95,223

)

 

 

(68,966

)

Accumulated other comprehensive loss

 

(208

)

 

 

(413

)

Total stockholders' equity (deficit)

 

306,586

 

 

 

(68,666

)

Total Liabilities, Convertible Preferred Stock, and Stockholders' Equity (Deficit)

$

345,520

 

 

$

125,294

 

ENERGY VAULT HOLDINGS, INC.

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands except per share data)

?

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

Revenue

$

977

 

 

$

?

 

 

$

43,861

 

 

$

?

 

Operating expenses:

 

 

 

 

 

 

 

Cost of revenue

 

571

 

 

 

?

 

 

 

571

 

 

 

?

 

Sales and marketing

 

1,949

 

 

 

189

 

 

 

4,529

 

 

 

274

 

Research and development

 

9,763

 

 

 

2,202

 

 

 

19,424

 

 

 

3,223

 

General and administrative

 

10,668

 

 

 

3,006

 

 

 

20,474

 

 

 

4,861

 

Inventory write-down

 

?

 

 

 

2,744

 

 

 

?

 

 

 

2,744

 

Loss from operations

 

(21,974

)

 

 

(8,141

)

 

 

(1,137

)

 

 

(11,102

)

Other income (expense)

 

 

 

 

 

 

 

Change in fair value of derivative

 

?

 

 

 

24,102

 

 

 

?

 

 

 

?

 

Interest expense

 

?

 

 

 

(3

)

 

 

(1

)

 

 

(7

)

Change in fair value of warrant liability

 

15,592

 

 

 

?

 

 

 

(4,645

)

 

 

?

 

Transaction costs

 

?

 

 

 

?

 

 

 

(20,586

)

 

 

?

 

Other income (expense), net

 

249

 

 

 

611

 

 

 

285

 

 

 

(1,317

)

Income (loss) before income taxes

 

(6,133

)

 

 

16,569

 

 

 

(26,084

)

 

 

(12,426

)

Provision for income taxes

 

45

 

 

 

?

 

 

 

173

 

 

 

?

 

Net income (loss)

$

(6,178

)

 

$

16,569

 

 

$

(26,257

)

 

$

(12,426

)

 

 

 

 

 

 

 

 

Net income (loss) per share ??basic

 

 

 

 

 

 

 

Common stock

$

(0.05

)

 

$

0.18

 

 

$

(0.24

)

 

$

(1.10

)

Convertible preferred stock

 

?

 

 

$

0.20

 

 

 

?

 

 

 

?

 

Net income (loss) per share ??diluted

 

 

 

 

 

 

 

Common stock

$

(0.05

)

 

 

0.16

 

 

$

(0.24

)

 

$

(1.10

)

Convertible preferred stock

 

?

 

 

 

0.20

 

 

 

?

 

 

 

?

 

 

 

 

 

 

 

 

 

Weighted average shares of outstanding ??basic

 

 

 

 

 

 

 

Common stock

 

133,777

 

 

 

11,792

 

 

 

107,509

 

 

 

11,329

 

Convertible preferred stock

 

?

 

 

 

70,880

 

 

 

?

 

 

 

?

 

Weighted average shares of outstanding ??diluted

 

 

 

 

 

 

 

Common stock

 

133,777

 

 

 

13,426

 

 

 

107,509

 

 

 

11,329

 

Convertible preferred stock

 

?

 

 

 

70,880

 

 

 

?

 

 

 

?

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)???net of tax

 

 

?

 

 

 

 

Actuarial gain (loss) on pension

$

282

 

 

$

(332

)

 

$

560

 

 

$

899

 

Foreign currency translation gain (loss)

 

(261

)

 

 

47

 

 

 

(355

)

 

 

232

 

Total other comprehensive income (loss)

 

21

 

 

 

(285

)

 

 

205

 

 

 

1,131

 

Total comprehensive income (loss)

$

(6,157

)

 

$

16,284

 

 

$

(26,052

)

 

$

(11,295

)

ENERGY VAULT HOLDINGS, INC.

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

?

Six Months Ended June 30,

 

2022

 

2021

Cash Flows From Operating Activities

?

?

?

Net income (loss)

$

(26,257

)

 

$

(12,426

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

2,404

 

 

 

447

 

Non-cash lease expense

 

349

 

 

 

299

 

Non-cash interest income

 

(109

)

 

 

?

 

Stock based compensation

 

15,863

 

 

 

250

 

Change in fair value of derivative

 

?

 

 

 

?

 

Change in fair value of warrant liability

 

4,645

 

 

 

?

 

Change in pension obligation

 

15

 

 

 

35

 

Asset retirement obligation accretion expense

 

37

 

 

 

?

 

Foreign exchange gains and losses

 

33

 

 

 

?

 

Change in operating assets

 

(30,504

)

 

 

348

 

Change in operating liabilities

 

6,670

 

 

 

(1,084

)

Net cash used in operating activities

 

(26,854

)

 

 

(8,942

)

Cash Flows From Investing Activities

?

 

?

Purchase of property and equipment

 

(333

)

 

 

(73

)

Purchase of convertible notes

 

(2,000

)

 

 

?

 

Net cash used in investing activities

 

(2,333

)

 

 

(73

)

Cash Flows From Financing Activities

?

 

?

Proceeds from exercise of stock options

 

36

 

 

 

6

 

Proceeds from reverse recapitalization and PIPE financing, net

 

235,940

 

 

 

?

 

Proceeds from exercise of warrants

 

7,854

 

 

 

?

 

Payment of transaction costs related to reverse recapitalization

 

(20,651

)

 

 

?

 

Payment of lease obligations

 

(19

)

 

 

(238

)

Proceeds from Series B-1 Preferred Stock, net of issuance costs

 

?

 

 

 

15,304

 

Net cash provided by financing activities

 

223,160

 

 

 

15,072

 

Effect of exchange rate changes on cash and cash equivalents

 

(35

)

 

 

1,522

 

Net increase in cash

 

193,938

 

 

 

7,579

 

Cash and cash equivalents??? beginning of the period

 

105,125

 

 

 

10,051

 

Cash?and cash equivalents ?? end of the period

$

299,063

 

 

$

17,630

 

 

 

 

 

Supplemental Disclosures of Cash Flow Information:

?

 

?

Income taxes paid

 

1

 

 

 

860

 

Cash paid for interest

 

1

 

 

 

7

 

Reclassification of inventory costs

 

?

 

 

 

10,948

 

Supplemental Disclosures of Non-Cash Investing and Financing Information:

 

 

 

Conversion of redeemable preferred stock into common stock in connection with the reverse recapitalization

 

182,034

 

 

 

?

 

Warrants assumed as part of reverse recapitalization

 

19,838

 

 

 

?

 

Actuarial gain on pension

 

550

 

 

 

232

 

Assets acquired on finance lease

 

?

 

 

 

27

 

Purchases of intangible assets recorded in accrued liabilities

 

?

 

 

 

116

 

Non-GAAP Financial Measure

We use adjusted EBITDA to complement our condensed consolidated statements of operations. Management believes that this non-GAAP financial measure complements our GAAP net income (loss) and such measure is useful to investors. The presentation of this non-GAAP measure is not meant to be considered in isolation or as an alternative to net income (loss) as an indicator of our performance.

The following table provides a reconciliation from non-GAAP adjusted EBITDA to GAAP net income (loss), the most directly comparable GAAP measure (amounts in thousands):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

Net income (loss) (GAAP)

$

(6,178

)

 

$

16,569

 

 

$

(26,257

)

 

$

(12,426

)

Non-GAAP Adjustments:

 

 

 

 

 

 

 

Interest income, net

 

(284

)

 

 

(7

)

 

 

(331

)

 

 

(15

)

Income tax expense

 

45

 

 

 

?

 

 

 

173

 

 

 

?

 

Depreciation and amortization

 

1,186

 

 

 

430

 

 

 

2,404

 

 

 

447

 

Stock-based compensation expense

 

6,661

 

 

 

243

 

 

 

15,863

 

 

 

250

 

Change in fair value of warrant liability

 

(15,592

)

 

 

?

 

 

 

4,645

 

 

 

?

 

Transaction costs

 

?

 

 

 

?

 

 

 

20,586

 

 

 

?

 

Foreign exchange (gains) and losses

 

(45

)

 

 

(601

)

 

 

(56

)

 

 

1,339

 

Change in fair value of derivative liability

 

?

 

 

 

(24,102

)

 

 

?

 

 

 

?

 

Adjusted EBITDA (non-GAAP)

$

(14,207

)

 

$

(7,468

)

 

$

17,027

 

 

$

(10,405

)

We present adjusted EBITDA, which is net income (loss) excluding adjustments that are outlined in the quantitative reconciliation provided above, as a supplemental measure of our performance and because we believe this measure is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. The items excluded from adjusted EBITDA are excluded in order to better reflect our continuing operations.

In evaluating adjusted EBITDA, one should be aware that in the future we may incur expenses similar to the adjustments noted above. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these types of adjustments. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net loss, operating income (loss), or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.

Our adjusted EBITDA measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

Because of these limitations, adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to use to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using adjusted EBITDA only supplementally.

About Energy Vault

Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the world's approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company's proprietary energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability. Energy Vault's EVxtm gravity energy storage system utilizes eco-friendly materials with the ability to integrate waste materials for beneficial re-use. Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers. For additional information, please visit: www.energyvault.com


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