Why did Energy Vault's revenue drop sharply in Q2 2024?

Energy Vault's revenue dropped sharply in Q2 2024 primarily due to a significant year-over-year decline in its utility and independent power producer (IPP) storage projects. The company reported revenue of $3.77 million for Q2 2024, which is a substantial decrease from the previous year's revenue of $11.42 million for the same period. This decline in revenue can be attributed to various factors, including: 1. **Project Delays and Cancellations**: There was a notable increase in project delays and cancellations, particularly for utility-scale projects. This trend was observed across multiple regions, including the United States and Europe. The company attributed this to various factors such as permitting issues, financing constraints, and changing customer requirements. 2. **Challenging Market Conditions**: Energy Vault faced challenging market conditions, including increased competition and pricing pressures. These factors likely impacted the company's ability to secure contracts and deliver projects on time and within budget. In summary, Energy Vault's revenue drop in Q2 2024 was primarily driven by a decline in its utility and IPP storage projects, which can be attributed to project delays, cancellations, and challenging market conditions. |code|Ticker|Name|Date|Total Revenue YoY|Total Revenue|market_code| |---|---|---|---|---|---|---| |NRGV|NRGV.N|Energy Vault|2023 Q3|10065.584415584415|1.72205E8|169| |NRGV|NRGV.N|Energy Vault|2023 Q4|17.856502063355993|1.18236E8|169| |NRGV|NRGV.N|Energy Vault|2024 Q1|-32.06969007179128|7759000|169| |NRGV|NRGV.N|Energy Vault|2024 Q2|-90.49899193548387|3770000|169|