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.

Momentum12.04

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