Energy Vault Holdings, Inc. provided earnings guidance for the year 2023. Energy Vault expects total revenue to be in the range of $325 million to $425 million, which reflects core growth of approximately 2x-3x over 2022. The company guide on expected 2023 financial performance, relative to revenue, the range of $325 to $425 million reflects adjustments to prior forecast due in part to the accelerated revenue recognized earlier than planned in Fourth Quarter 2022 but was primarily due to the shift in the contracting strategy on ~ 1GWh of projects where Energy Vault remains the integrator of choice while the customer is procuring the battery modules directly.

While this results in lower revenue, it will enable to expand the total number of projects with customers and realize higher percentage gross margins on these projects in line with focus on double-digit unit economics and reducing supply chain, execution risk and working capital exposure.