ENERGY VAULT Reports Second Quarter Earnings for 2023
August 14, 2023
☀️Earnings Overview
ENERGY VAULT ($NYSE:NRGV) announced its financial results for the second quarter of 2023 (ending June 30, 2023) on August 8, 2023. Net income for the quarter was USD -26.2 million, which was a greater loss than the prior year’s figure of USD -6.2 million.
Market Price
Unfortunately, by the day’s close, the stock had dropped to $3.0, representing a 2.6% decline from the previous closing price of 3.1. This is the second time in the past three months that ENERGY VAULT‘s stock price has dropped. The company reported an increase in revenue for the second quarter of 2023, but this was not enough to offset the decreased profit margin caused by rising costs associated with operations. The decrease in share price also reflected investor sentiment regarding ENERGY VAULT’s ability to meet its financial projections for the rest of the year.
Analysts are now watching closely to see how ENERGY VAULT will fare in the third quarter. The company is taking steps to reduce costs and increase efficiency, which could help turn things around in the coming months. Investors will be closely watching to see if these measures have a positive impact on the company’s bottom line. 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
As a GoodWhale analyst, I conducted an analysis of ENERGY VAULT‘s wellbeing. Based on the Star Chart, ENERGY VAULT is classified as a ‘cheetah’, which is a type of company that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. This type of company might be of interest to investors who are looking for high growth potential with some risk. ENERGY VAULT demonstrated strong scores for assets and growth, and weaker scores for dividends and profitability. Overall, ENERGY VAULT has an intermediate health score of 5/10 when considering its cash flows and debt, indicating that it is likely to be able to sustain future operations in times of crisis. 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
Investors are likely to be encouraged by the second quarter performance of ENERGY VAULT for 2023. Total revenue increased significantly to 39.7 million USD from 1.0 million USD in the prior year, while net income also increased to a loss of 26.2 million USD, from a loss of 6.2 million USD in the prior year. While investors may not be seeing profits, the stronger revenue and income figures indicate that the company is headed in the right direction. Despite losses, they are decreasing each year, which could mean ENERGY VAULT is an attractive long-term investment.
Related Posts
Recent Posts
