Shares of Energy Vault Holdings, Inc. (NRGV) jumped over 28% on Wednesday morning after the company lifted its revenue outlook.
NRGV is currently trading at $4.5717, up $1.0117 or 28.4185%, on the NYSE. The stock opened its trading at $4.0100 after closing Tuesday’s trading at $3.5600. The stock has traded between $2.2100 and $22.1000 in the past 52-week period.
Looking forward, the company now expects full year 2022 revenues of $142 million to $152 million, up from previous revenue forecast of $75 million to $100 million. Analysts currently estimate revenues of $82.92 million.
The revised guidance implies expected fourth quarter 2022 revenue of between $96 and $106 million, compared to $29 to $54 million previously required to meet its full year 2022 forecast following the reporting of third quarter 2022 results. Analysts currenlty estimate revenues of $37.35 million for the fourth quarter.
According to the company, higher than forecasted results for full year 2022 were driven by project and supply chain execution ahead of schedule for previously announced battery energy storage systems (BESS) in the United States as well as territory expansions in Europe and the Middle East for its gravity energy storage systems (GESS).
Robert Piconi, Energy Vault’s Chairman and CEO commented, “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. Despite the industry and supply chain pressures, our team demonstrated laser focus on the critical path of execution, reflecting the prioritization that Energy Vault received from suppliers during the quarter due to our commercial growth and strong global relationships. On our earnings call to be scheduled for late-February, we look forward to reviewing our full year 2022 results in greater detail and providing an update on the activity positively impacting our 2023 outlook.”
Source: Read Full Article