Energy Vault Hldgs Inc Up 10.48% To $2.53 After Earnings Beat

Energy Vault Holdings Inc (NRGV) beat out earnings estimates for Q3 2023 this afternoon.

Energy Vault Hldgs Inc's earnings came in at an EPS loss of $0.13 per share, 13.00% higher than estimates for an EPS loss of $0.15 per share. The firm's loss per share narrowed by 32% since reporting a loss of $0.19 per share a year ago.

Consensus estimates for Energy Vault Hldgs Inc revenue averaged out to $118.6 million, with the business managing to beat those expectations with reported third-quarter revenue of $172.2 million. The $53.6 million (45%) positive revenue surprise led to 10066% growth year-over-year as the firm reported revenue of $1.7 million in its year-ago quarter. The lower earnings growth compared to revenue points to Energy Vault Hldgs Inc not being able to improve its profit margin.

The stock is up 10.48% to $2.53 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 60. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Energy Vault Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, designs and develops gravity and kinetic energy based, long-duration energy storage products. Energy Vault Holdings serves customers worldwide.