Energy Vault Holdings Inc. reported its financial results for the first quarter of 2025, highlighting a 10% increase in revenue compared to the previous year, reaching $8.5 million. This growth was primarily driven by projects in Australia and a licensing agreement in India. The company's GAAP gross margin more than doubled to 57.1% year-over-year due to a favorable regional and revenue mix. The quarter-end cash position improved by 57% compared to the end of 2024, totaling $47.2 million, influenced by the completion of the Calistoga project financing. Additional financing from the Cross Trails project and the sale of ITCs are expected in the second and third quarters. Energy Vault's Adjusted EBITDA showed a 22% improvement, reducing the loss to $11.3 million from $14.5 million year-over-year, supported by high-margin license revenue and decreased operating costs. The Adjusted Net Loss also improved by 10% to $11.7 million from $13.0 million in the previous year. The company achieved a significant milestone with its first owned and operated energy storage asset, Cross Trails in Texas, now complete and generating revenue during its commissioning phase. Furthermore, Energy Vault signed a 10-year, 30+ GWh license and royalty agreement with India's SPML Infra to manufacture and deploy its B-Vault battery energy storage technology. The Calistoga Resiliency Center remains on track for commercial operation in June, following a $28 million project financing.