NRGV - Energy Vault Holdings reports Q2 mixed earnings; sees FY22 revenue below estimates

• Energy Vault Holdings press release ( NYSE: NRGV ): Q2 GAAP EPS of -$0.05 beats by $0.04 .
• Revenue of $0.98M misses by $4.94M .
• Adjusted EBITDA of -$14.2M.
• Cash and cash equivalents of $299.1M as of June 30, 2022, vs. $303.5M as of March 31, 2022.
• Energy Vault currently expects full year 2022 revenue in the range of $75 million to $100 million vs. consensus of $140.53M reflecting ramp up of gravity projects in China and newly awarded EVS projects starting in Q4 2022. Energy Vault also currently expects full year 2022 Adjusted EBITDA in the range of $(10.0) million to $3.0 million.
• Given the shift of 2022 revenue timing and the recently awarded projects with 2023 contractual COD’s, Energy Vault currently expects to have two-year aggregate revenue of approximately $680 million for 2022 and 2023.

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