Energy Vault Reports First Quarter 2022 Earnings Results
First quarter 2022 revenue of $42.9 million, driven by the $50.0 million licensing and royalty agreement with Atlas Renewable.
GAAP operating income of $20.8 million.
GAAP net loss of $20.1 million impacted by one-time IPO transaction costs of $20.6 million and a non-cash charge of $20.2 million for the change in fair value of our warrant liability due to the increase in stock price during the quarter.
Adjusted EBITDA of $31.2 million.
Began construction of the first Chinese deployment of a 100 MWh EVx™ gravity-based storage system in partnership with Atlas Renewable and China Tianying, which also invested $50.0 million into the private placement investment (PIPE) related to th
