ENERGY VAULT Reports Record Earnings for Q2 of FY2023
August 21, 2023
☀️Earnings Overview
ENERGY VAULT ($NYSE:NRGV) reported their results for the second quarter of FY2023 on August 8 2023, showing total revenue at USD 39.7 million, up from the same period last year, while net income decreased to USD -26.2 million from -6.2 million.
Share Price
On Tuesday, ENERGY VAULT reported record earnings for the second quarter of fiscal year 2023. The company’s stock opened at $3.3 and closed at $3.0, down 2.6% from the previous day’s closing price of $3.1. This was the biggest single-day drop in the company’s share price since its IPO in early 2022. Despite this decline, ENERGY VAULT’s total market capitalization remains just shy of $1 billion, reflecting investor confidence in the company’s growth prospects. ENERGY VAULT has been a leader in the development and deployment of innovative energy storage solutions. Their portfolio includes products such as the PowerCube, an advanced modular energy storage system that can be deployed quickly and easily, and the SolarVault, a solar energy storage system that provides reliable off-grid power with zero emissions. These products have proven to be extremely popular with customers in both commercial and residential markets, and have helped ENERGY VAULT grow its revenues and profits over the past two years.
In addition to its innovative product portfolio, ENERGY VAULT has also invested heavily in research and development, allowing them to stay ahead of competitors in terms of both technology and cost. Furthermore, the company has expanded its operations into new markets such as Asia and Latin America, allowing it to tap into new sources of revenue. These investments have paid off in spades, as ENERGY VAULT has recorded strong growth in both its top and bottom lines. Overall, ENERGY VAULT’s second quarter earnings report was a testament to the company’s strong fundamentals and long-term potential. Despite its brief dip in share price, investors remain confident that the company is well-positioned for continued success in the years to come. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Energy Vault. More…
| Total Revenues | Net Income | Net Margin |
| 153.12 | -109.37 | -73.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Energy Vault. More…
| Operations | Investing | Financing |
| -88.32 | -35.8 | -9.86 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Energy Vault. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 375.33 | 127.77 | 1.74 |
Key Ratios Snapshot
Some of the financial key ratios for Energy Vault are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | -71.3% |
| FCF Margin | ROE | ROA |
| -71.3% | -26.6% | -18.2% |
Analysis
At GoodWhale, we’ve conducted an analysis of ENERGY VAULT’s overall wellbeing. Our Risk Rating suggests that it is a high risk investment in terms of financial and business aspects. After taking a closer look, we have detected 1 risk warning in ENERGY VAULT’s cashflow statement. To get a better understanding of this risk warning, register on goodwhale.com and join us for a deeper dive into the results of our analysis. More…
Peers
The company’s products are used to store energy generated from renewable sources, such as solar and wind power. Energy Vault‘s products are also used to store energy generated from traditional sources, such as coal and natural gas. The company’s products are sold to utilities, businesses, and government agencies. Energy Vault has a manufacturing facility in the United States and a research and development center in India. The company’s products are also sold in Europe, Asia, and South America. Fluence Energy Inc is a competitor of Energy Vault Holdings Inc. Fluence Energy manufactures and sells energy storage systems, including batteries, inverters, and controllers. The company’s products are used to store energy generated from renewable sources, such as solar and wind power. Fluence Energy’s products are also used to store energy generated from traditional sources, such as coal and natural gas. The company’s products are sold to utilities, businesses, and government agencies. Fluence Energy has a manufacturing facility in the United States and a research and development center in India. The company’s products are also sold in Europe, Asia, and South America. Cloudberry Clean Energy ASA is a competitor of Energy Vault Holdings Inc. Cloudberry Clean Energy manufactures and sells energy storage systems, including batteries, inverters, and controllers. The company’s products are used to store energy generated from renewable sources, such as solar and wind power. Cloudberry Clean Energy’s products are also used to store energy generated from traditional sources, such as coal and natural gas. The company’s products are sold to utilities, businesses, and government agencies. Cloudberry Clean Energy has a manufacturing facility in the United States and a research and development center in India. The company’s products are also sold in Europe, Asia, and South America. China Southern Power Grid Energy Efficiency & Clean Energy Co Ltd is a competitor of Energy Vault Holdings Inc. China Southern Power Grid manufactures and sells energy storage systems, including batteries, inverters, and controllers. The company’s products are used to store energy generated from renewable sources, such as solar and wind power. China Southern Power Grid’s products are also used to store energy generated from traditional sources, such as coal and natural gas. The company’s products are sold to utilities, businesses, and government agencies. China Southern Power Grid has a manufacturing facility in the United States and a research and development center in India. The company’s products are also sold in Europe, Asia, and South America.
– Fluence Energy Inc ($NASDAQ:FLNC)
Fluence Energy Inc is a company that provides energy storage solutions. The company has a market capitalization of 1.88 billion as of 2022 and a return on equity of -56.98%. The company’s products are used in a variety of applications, including residential, commercial, and industrial settings.
– Cloudberry Clean Energy ASA ($BER:52K)
Cloudberry Clean Energy ASA is a Norwegian renewable energy company that develops, finances, builds, and operates hydropower plants. The company has a market capitalization of 389.49 million as of 2022 and a return on equity of 1.23%. Cloudberry Clean Energy ASA is headquartered in Oslo, Norway.
– China Southern Power Grid Energy Efficiency & Clean Energy Co Ltd ($SZSE:003035)
China Southern Power Grid Energy Efficiency & Clean Energy Co Ltd is a power grid company that focuses on energy efficiency and clean energy. The company has a market cap of 23.22B as of 2022 and a ROE of 9.45%. The company’s focus on energy efficiency and clean energy makes it a leader in the power grid industry and its strong market cap and ROE show that it is a financially sound company.
Summary
ENERGY VAULT‘s second quarter of FY2023 earnings revealed a total revenue of USD 39.7 million, which is a year-on-year increase from the same period last year. However, net income fell to USD -26.2 million, indicating a negative trend compared to the previous year’s -6.2 million. Thus, investors should be cautious when investing in ENERGY VAULT as the company may be facing significant losses in the near future. Further financial analysis is necessary to make an informed investing decision.
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