NRGV Stock Forecast & Price Target

Energy Vault Holdings Inc has demonstrated significant growth in its commercial pipeline, which expanded by 89% year-over-year to reach 52GWh, while its backlog increased by 92% quarter-over-quarter to $264 million. The company is positioned to benefit from an improved revenue mix that is expected to drive gross margins into the double-digit range, a notable increase from the 3.4% reported in the fourth quarter of 2023. As Energy Vault pursues battery energy storage projects, the potential to achieve positive adjusted EBITDA by 2024 highlights the firm's commitment to capitalizing on the renewable energy market and its operational advancements.

Energy Vault Holdings Inc. reported a gross profit of $4.0 million and a margin of 3.4%, both of which fell significantly short of forecasts of $16.6 million and a 12.5% margin, primarily due to delays in hardware delivery and project milestones. The company's fourth-quarter results reflected a 10.8% revenue miss alongside an adjusted EBITDA loss of $14.8 million, further highlighting challenges in generating near-term profitability amid potential headwinds from supply chain and labor costs. Although there is a substantial project backlog of $2.8 billion, only 16% is expected to contribute to revenue in 2024, raising concerns about the company’s future growth trajectory and increasing competition in the energy storage sector.