Energy Vault Holdings, Inc. · NYSE:NRGV

Energy Vault — Q3 2023 Earnings Presentation

23 slides from Energy Vault's earnings presentation, Nov 7, 2023

  1. Slide 1: Energy Vault Investor Presentation Third Quarter 2023

    Energy Vault Preeminent Energy Storage Company Investor Presentation | Third Quarter 2023 © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED

  2. Slide 2: Disclaimer

    Disclaimer Forward-Looking Statements Non-GAAP Financial Metrics This presentation includes forward-looking statements that reflect the Company’s current views with respect to, among other This presentation includes financial measures not prepared in accordance with accounting principles generally a

  3. Slide 3: 3Q23 Headlines

    3Q23 Headlines $172.2M Revenue Reaffirm CY23 Guidance $132M of Total Cash Record quarterly revenue Revenue: $325-$425 million $132M of total cash Up more than 3x sequentially for the Gross margin: 10% – 15% No debt second straight quarter Adjusted EBITDA: (-$50MM) to (-$70MM) Restricted cash reducin

  4. Slide 4: 3Q23 Financial Metrics

    $172.2M Revenue 3Q23 Financial Metrics Revenue Revenue ($) Revenue +334% 200 172.2 Adjusted EBITDA ($) • Q3 record revenue of $172.2 million driven by 150 further deployments of the Company’s suite of 100 39.7 energy storage systems across solutions and 50 geographies 0 2Q23 3Q23 2Q23 3Q23 0 Adjuste

  5. Slide 5: Pipeline Growth: Commercial Activities

    Pipeline Growth Commercial Activities FLOW THROUGH SUBMITTED PROPOSALS SHORT-LISTED AWARDED BOOKED ORDERS 29.5 GWh 5.2 GWh 9.1 GWh 2.4 GWh Potential Bookings Potential Bookings Potential Bookings Bookings ~$8.0B ~$1.5B ~$3.3B ~$843M Firm offer submitted Short-listed following LOI / Firm commitments

  6. Slide 6: Reaffirm CY23 Full Year Guidance

    Reaffirm CY23 Guidance Full Year Guidance Revenue Q3 record revenue of $172.2 million driven by further deployments of the Company’s suite of energy storage systems across solutions and $325M - $425M geographies. Q3 GAAP gross margin of 4.2%, or $7.1 million, driven by increased Gross Margin hardwar

  7. Slide 7: Project Updates

    Project Updates © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED © ENERGY VAULT – ALLEnabling RIGHTS RESERVED - CONFIDENTIAL a Renewable World 7

  8. Slide 8: Gravity Momentum: Rudong China Project

    Gravity Momentum Rudong China Project Construction and Commissioning • Construction complete on the world’s first commercialized gravity energy storage system. Structure successfully capped on October 15th, 2023 • Completed the final 35kV overhead power line to the substation • Commenced state grid

  9. Slide 9: Announced EVx Projects in China (3.26 GWh)

    Gravity Momentum Announced EVx Projects in China (3.26 GWh) Zhangjiakou (Hebei) Tongliao (Inner Mongolia) 100 MWh 2000 MWh Signed 24 June 2023 Signed in Oct. 2022 Yining (Xinjiang) 100 MWh Signed 26 Oct. 2023 2 7 6 3 Liaoyuan (Jilin) 4 Suzhou (Shanxi) 660 MWh Beijing Signed 19 Oct. 2023 100 MWh 5 Si

  10. Slide 10: First Battery Project in Full Service

    Battery & Hydrogen Projects First Battery Project in Full Service On-Track Stanton Battery Energy Storage System Wellhead Electric Company, Inc. and W Power, LLC • Fully operational at maximum capacity • 68.8 MW/275.2 MWh • One of the largest in Southern California • Increasing grid resiliency and r

  11. Slide 11: All Projects Proceeding As-Planned

    Battery & Hydrogen Projects All Projects Proceeding As-Planned On-Track Moapa, Nevada Fort Stockton, Texas Calistoga, California BATTERY BATTERY HYDROGEN + BATTERY 220 MW / 440 MWh 100 MW / 200 MWh 8.5 MW / 48 hours © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED Enabling a Renewable World 1

  12. Slide 12: Energy Vault Solutions

    Energy Vault Solutions © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED © ENERGY VAULT – ALLEnabling RIGHTS RESERVED - CONFIDENTIAL a Renewable World 12

  13. Slide 13: Unique Value to Our Customers

    Unique Value to Our Customers Customer-centric – oriented to customer goals, challenges, needs and use cases Solution-based – starting with the problem to solve, then bringing together the right products for the job Duration-diversified – with proprietary battery, gravity, and hydrogen technologies

  14. Slide 14: Unique Solution and Product Architecture

    Unique Solution and Product Architecture Modular open stack design maximizes solution breadth and flexibility Diversified portfolio Technology-neutral Hardware + Software + Services Short + Long + Ultra Long Duration © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED © ENERGY VAULT – ALLEnablin

  15. Slide 15: Software Solutions

    Software Solutions Technology-agnostic software suite to orchestrate and optimize energy storage system infrastructure VAULT OS™ VAULT-MANAGER™ VAULT-BIDDER™ ENERGY MANAGEMENT ASSET MANAGEMENT BIDDING SOFTWARE VaultOS™️ technology-agnostic Vault-Manager™️ for assets Vault-Bidder™️ multi-asset EMS ca

  16. Slide 16: Hardware Product Portfolio

    Hardware Product Portfolio Designed to address the diversity and complexity of customer needs B-VAULT™ G-VAULT™ H-VAULT™ SHORT DURATION LONG DURATION ULTRA-LONG DURATION UP TO 6 OURS 4-24 OURS 12-48 OURS Led by B-VAULT™️ Led by G-VAULT™️ Led by H-VAULT™️ proprietary lithium-ion battery breakthrough

  17. Slide 17: Quarterly Financials

    Quarterly Financials © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED © ENERGY VAULT – ALLEnabling RIG TS RESERVED - CONFIDENTIAL a Renewable World 17

  18. Slide 18: Q3 2023 Results: Sequential and Year over Year Comparison

    Q3 2023 Results: Sequential and Year over Year Comparison Key Financial Metrics 2022 2023 3Q23 3Q23 ($M - unless otherwise indicated) 3Q22 2Q23 3Q23 QoQ YoY Revenue 1.7 39.7 172.2 132.5 170.5 Growth (%) Gross Profit 0.1 3.9 7.1 3.2 3.2 Gross Margin (%) 5.9% 9.8% 4.2% (5.6) pts (1.7) pts Oper. Expens

  19. Slide 19: Q3 2023 Results Versus Q2 2023

    Q3 2023 Results Versus Q2 2023 $’s in millions Q3 2023 Q2 2023 Change Bookings [MWH] 400 — 400 Bookings [$] $ 137.4 $ 33.0 $ 104.4 • Q3 2023 revenue and gross margin primarily due to advancement on the Company’s BESS projects. Revenue $ 172.2 $ 39.7 $ 132.5 • OPEX (excluding stock-based compensation

  20. Slide 20: Q3 2023 Adjusted EBITDA Bridge

    Q3 2023 Adjusted EBITDA Bridge $’s in millions Q3 2023 Q2 2023 Change Net loss (GAAP) $ (18.9) $ (26.2) $ 7.3 Non-GAAP Adjustments: • Q3 EBITDA of $(21.0)M driven by our operating loss. Interest income, net (1.9) (2.3) 0.4 • Adding back non-cash items of $10.8M to EBITDA resulted in Adjusted EBITDA

  21. Slide 21: Q3 2023 YTD Results Versus Q3 2022 YTD

    Q3 2023 YTD Results Versus Q3 2022 YTD $’s in millions YTD 2023 YTD 2022 Change Bookings [MWH] 400 495 (95) Bookings [$] $ 170.5 $ 256.8 $ (86.3) • Q3 2023 YTD revenue and gross profit primarily due to advancement on the Company’s BESS projects. Revenue $ 223.3 $ 45.6 $ 177.7 Gross profit 13.5 43.4

  22. Slide 22: Q3 2023 YTD Adjusted EBITDA Bridge

    Q3 2023 YTD Adjusted EBITDA Bridge $’s in 000 YTD 2023 YTD 2022 Change Net loss (GAAP) $ (76.3) $ (55.0) $ (21.3) Non-GAAP Adjustments: • YTD EBITDA of $(82.1)M driven by our operating loss. Interest income, net (6.1) (1.4) (4.7) • Adding back non-cash and nonrecurring expenses of $34.8M to EBITDA I

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

    © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED

Energy Vault Holdings — Q3 2023 Earnings Presentation on 6ix