Energy Vault reports Q1 EPS (14c) vs (14c) last year

Reports Q1 revenue $8.5M vs $7.759M last year. “We made good progress in the quarter across a series of growth drivers including first battery project construction in Australia, a 10-year license of our innovative B-Vault battery hardware and software architecture to support local manufacturing in India given the growing market demand, and having our first wholly owned energy storage asset operating in the market in Texas,” said Robert Piconi, Chairman and CEO of Energy Vault (NRGV). “Our geographic customer diversity and existing owned storage assets under operation and commissioning in Texas and California has helped to offset a very volatile U.S. market environment for new battery projects given recent China-US tariff disputes. Importantly, as expected, Q1 also saw the first project financing close and thus a 57% increase in total cash for the quarter with another roughly $45-50 million upcoming as we begin to return cash back on the balance sheet, including already executed contracts for monetization of our investment tax credits.”