Energy Vault Holdings, Inc. · NYSE:NRGV

Energy Vault — Q2 2023 Earnings Presentation

23 slides from Energy Vault's earnings presentation, Aug 8, 2023

Slide 1: Energy Vault Investor Presentation Second Quarter 2023
ENERGY VAULT l Preeminent Energy Storage Company INVESTOR PRESENTATION l Second Quarter 2023 © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements during which we will be an emerging growth company under the non-GAAP measures are not a substitute for, or superior to, indicate, in any way, that we will not assert, to the fullest extent JOBS Act; our future capital requirements and sources and uses GAAP meas
Slide 3: 2Q23 Key Takeaways and Updates
2Q23 Key Takeaways and Updates Commercial activities and project deployment continues to progress Recent project award with a Southeast Asian sustainable Commenced commissioning of the first 100 MWh EVx™ in energy company for two energy storage projects totaling 500 Rudong, China with full grid inte
Slide 4: Near-Term Commercial Activities
Near-Term Commercial Activities Continued Commercial Momentum and Growth During the Quarter Submitted Proposals (GWh) Short-listed (GWh) +17% +181% 3Q22 4Q22 1Q23 YTD 3Q22 4Q22 1Q23 YTD Submitted Proposals (GWh) Short-listed (GWh) Awarded (GWh) Booked Orders (GWh) +5% +24% 3Q22 4Q22 1Q23 YTD 3Q22 4Q
Slide 5: Near-Term Commercial Activities, YTD
Near-Term Commercial Activities, YTD Attractive Growth at Front End With Flow Through and Conversion to Booked Orders 935 MWh to be FLOW THROUGH deployed in 2023 SUBMITTED SHORT-LISTED AWARDED BOOKED ORDERS PROPOSALS 32.5 GWh 7.6 GWh 6.7 GWh 2,035 MWh Potential Bookings Potential Bookings Potential
Slide 6: Rudong China Project Progress
Rudong China Project Progress Commencement of Commissioning • Will be the first commercialized GESS project in the world, providing 25 MW / 100 MWh Site Construction Progress • Represents the first licensing/royalty project • Commissioning of the EVx started in June and is expected to be fully inter
Slide 11: Our Focus
Our Focus Delivering for our shareholders and customers Providing Customers Growing Shareholder Value With World Class Execution With Sustained Profitability • Win attractive deals • Expand gross margin • Execute & own best footprint • Optimize operating cost baseline • Earn credibility • Set trajec
Slide 12: Energy Vault Software Differentiation
Energy Vault l Software Differentiation Only software solution with modular and flexible architecture that can implement and integrate any combination of assets across all three solution layers: Applications Storage technology Generation technology Configuration Flexibility Delivers optimized cost t
Slide 13: Energy Vault Differentiated Solutions
Energy Vault l Differentiated Solutions Turnkey customer offerings include Gravity (GESS), Battery (BESS) and other energy storage solutions overlayed by our Energy Management System (EMS) software Energy Management System Long Duration first true technology-neutral software 4-12hrs duration with GE
Slide 14: Global Customers: Utilities, IPPs, and Large Energy Users
Global Customers l Utilities, IPPs, and Large Energy Users Customer Type Technology Focus Contract Types Utilities Short Duration (BESS) Engineering Procurement and Construction (EPC) + Long Term Independent Power Producers (IPP) Long Duration (GESS) Service Agreement (LTSA) Large Energy Users Ultra
Slide 16: Reiterating Financial Guidance
Reiterating Financial Guidance Timing of project start-up and delivery provides visibility on future revenue Revenue • 2023E Revenue: $325M-425M Forecast • Contracted revenue and expected $425M Visibility 2023 project COD $325M into revenue • GESS growth through additional geographic expansion forec
Slide 18: Q2 2023 Results: Sequential and Year over Year Comparison
Q2 2023 Results: Sequential and Year over Year Comparison Key Financial Metrics 2022 2023 2Q23 2Q23 ($M - unless otherwise indicated) 2Q22 1Q23 2Q23 QoQ YoY Revenue 1.0 11.4 39.7 28.3 38.7 Growth (%) 247% 3961% Gross Profit 0.4 2.4 3.9 1.5 3.5 Gross Margin (%) 41.6% 21.2% 9.9% (11) pts (32) pts Oper
Slide 19: Q2 2023 Results Versus Q1 2023
Q2 2023 Results Versus Q1 2023 $’s in millions Q2 2023 Q1 2023 Change Bookings [MWH] — — — • Q2 2023 revenue and gross margin primarily due to advancement on the Bookings [$] $ 33.1 $ — $ 33.1 Company’s BESS projects. • OPEX (excluding stock-based compensation) increased $0.6M versus Q1 2023 Revenue
Slide 20: Q2 2023 Adjusted EBITDA Bridge
Q2 2023 Adjusted EBITDA Bridge $’s in millions Q2 2023 Q1 2023 Change • Q2 EBITDA of $(28.3)M driven by our operating loss. Net loss (GAAP) $ (26.2) $ (31.2) $ 5.0 Non-GAAP Adjustments: • Adding back non-cash items of $10.2M to EBITDA resulted in Adjusted EBITDA Interest income, net (2.3) (1.9) (0.4
Slide 21: Q2 2023 YTD Results Versus Q2 2022 YTD
Q2 2023 YTD Results Versus Q2 2022 YTD $’s in millions YTD 2023 YTD 2022 Change Bookings [MWH] — — — • Q2 2023 YTD revenue and gross profit primarily due to advancement on the Bookings [$] $ 33.1 $ 50.6 $ (17.5) Company’s BESS projects. • OPEX (excluding stock-based compensation) increased $17.3M ve
Slide 22: Q2 2023 YTD Adjusted EBITDA Bridge
Q2 2023 YTD Adjusted EBITDA Bridge $’s in 000 YTD 2023 YTD 2022 Change • YTD EBITDA of $(61.1)M driven by our operating loss. Net loss (GAAP) $ (57.3) $ (26.3) $ (31.0) Non-GAAP Adjustments: • Adding back non-cash and nonrecurring expenses of $24.1M to EBITDA Interest income, net (4.2) (0.3) (3.9) r

Energy Vault Holdings — Q2 2023 Earnings Presentation on 6ix

Energy Vault — Q2 2023 Earnings Presentation

Slide 1: Energy Vault Investor Presentation Second Quarter 2023

Slide 2: Disclaimer

Slide 3: 2Q23 Key Takeaways and Updates

Slide 4: Near-Term Commercial Activities

Slide 5: Near-Term Commercial Activities, YTD

Slide 6: Rudong China Project Progress

Slide 7: Rudong China Project – Construction Progress

Slide 8: Project Progress: Battery Wellhead, California

Slide 9: From the R&D Center to GESS deployment

Slide 10: R&D Castione, Switzerland

Slide 11: Our Focus

Slide 12: Energy Vault Software Differentiation

Slide 13: Energy Vault Differentiated Solutions

Slide 14: Global Customers: Utilities, IPPs, and Large Energy Users

Slide 15: Financial Guidance

Slide 16: Reiterating Financial Guidance

Slide 17: Quarterly Financials

Slide 18: Q2 2023 Results: Sequential and Year over Year Comparison

Slide 19: Q2 2023 Results Versus Q1 2023

Slide 20: Q2 2023 Adjusted EBITDA Bridge

Slide 21: Q2 2023 YTD Results Versus Q2 2022 YTD

Slide 22: Q2 2023 YTD Adjusted EBITDA Bridge

Slide 23: © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED