Energy Vault Stock Jumps On Raised FY22 Revenue Outlook

  • Energy Vault Holdings Inc NRGV said it expects the fiscal year 2022 revenue of $142 million - $152 million versus an estimate of $82.92 million. The latest guidance is above the previously communicated guidance of $75 million - $100 million.
  • The revised guidance implies expected Q4 revenue of $96 million - $106 million (consensus $37.35 million), compared to $29 million - $54 million previously required to meet its FY22 forecast following 3Q22 results.
  • The strong outlook was driven by project and supply chain execution ahead of schedule for previously announced battery energy storage systems (BESS) in the U.S.
  • Territory expansions in Europe and the Middle East for the company's gravity energy storage systems (GESS) also added to the raised guidance.
  • "The Energy Vault team closed the quarter well, demonstrating our collective enterprise focus on delivering for customers while capping off a successful first deployment year of growth and expansion," said Chairman and CEO Robert Piconi.
  • Price Action: NRGV shares are trading higher by 38.97% at $4.94 on the last check Wednesday.
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