Energy Vault Holdings, Inc. (NYSE:NRGV) Q3 2023 Earnings Call Transcript November 9, 2023 4:30 PM ET

Company Participants

Laurence Alexander - Chief Marketing Officer

Robert Piconi - Chairman & Chief Executive Officer

Jan Kees van Gaalen - Chief Financial Officer

Conference Call Participants

Stephen Gengaro - Stifel

Christopher Ellinghaus - Siebert Williams and Shank

Thomas Boyes - TD Cowen

Noel Parks - Tuohy Brothers

Operator

Good day, and welcome to the Energy Vault Third Quarter 2023 Earnings Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Mr. Laurence Alexander. Please go ahead, sir.

Laurence Alexander

Thank you. Hello, and welcome to Energy Vault's Third Quarter 2023 Earnings Conference Call. As a reminder, Energy Vault's third quarter earnings press release is available now on our Investor website. A replay of this call will be available later today on the Investor Relations website. This call is now being recorded. If you object in any way, please disconnect now.

Please note that Energy Vault's earnings release and this call contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are only estimates and may differ materially from the actual future events or results to be a variety of factors. We caution everyone to be guided in their own analysis of Energy Vault by referring to our 10-Q. This filing is for a list of factors that cause our results to differ from those anticipated in any forward-looking statement. We undertake no obligation to publicly update or revise any forward-looking statements, except as required by law. In addition, please note that we will be presenting and discussing certain non-GAAP information. Please refer to the Safe Harbor disclaimer and the non-GAAP financial measures presented in our earnings release for more details, including a reconciliation to comparable GAAP measures. As previously announced, I'm delighted to introduce Bernie Colson, our new VP of Investor Relations, who is on this call and will be hosting these calls in the future.

Joining me on the call today is Robert Piconi, our Chairman and Chief Executive Officer; and Jan van Gaalen, our Chief Financial Officer.

At this time, I'd like to hand the call over to Robert Piconi.

Robert Piconi

Thank you, Laurence, and welcome to everybody to our third quarter earnings call. I'm really happy to share these results as you hopefully got a chance to see reporting record revenue in our young life here as a company in excess of $172 million as a direct result of our project execution performance that I'll talk about later. But I think a significant number in just looking at revenue for a second in terms of meeting our expectations here in our second half ramp. And just to remind you, our largest quarter before this, so it was actually $100 million in our fourth quarter of last year and our first year of revenue. So, really happy with the results in executing for customers. Obviously, this revenue recognition is a result of that and of the teams on the ground across the various sites where we are executing a very large steep ramp here to meet customer needs and expectations.