Energy Vault reports rising revenue, declining losses during IPO quarter
In its first quarter as a publicly traded company, Energy Vault reported growing revenue and a net loss that it attributed to its public offering and other one-time costs, as the Westlake Village-based company continues to expand deployments of its energy storage systems.
Energy Vault, which uses a gravity-based system to store and release energy generated by renewable sources, reported a net loss of $20 million, or 25 cents per share, for the quarter ended March 31. In the same quarter last year, Energy Vault lost $28.9 million.
Energy Vault’s net loss in the most recent quater was primarily associated with one-time IPO transaction costs of $20.6 million and a non-cash charge of $20.2 million for the change in fair value of the company’s warrant liability due to the increase in stock price during the quarter, the company said in a May 16 news release.
The company’s non-GAAP earnings, excluding those costs, was a positive net income of $31.2 million.
Energy Vault also reported revenue of $42.9 million in the first quarter, primarily driven by its licensing and royalty agreement with Atlas Renewable, which is worth $50 million in total.
Energy Vault went public on Feb. 14 via a special purpose acquisition company, netting the company $191 million.
Energy Vault closed the trading day on May 16 down 1.2% from its open, with shares at $10.36. There was no movement for the stock in after-hours trading, after the earnings release.
“We made significant progress on our growth strategy this quarter as we signed several new agreements and MOU’s with world-class customers who also chose to make large investments in Energy Vault,” CEO Robert Piconi said in a company news release.
Energy Vault ended the quarter with $303.5 million in cash and cash equivalents.