Energy Vault Holdings, Inc. · NYSE:NRGV
Energy Vault — Q4 2025 Earnings Presentation
27 slides from Energy Vault's earnings presentation, Mar 17, 2026
Slide 1: Earnings Presentation Full Year 2025
EARNINGS PRESENTATION FULL YEAR 2025 energyvault.com 1 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT , INC
Slide 2: Disclaimer
DISCLAIMER Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the federal securities laws. All statements other than Non-GAAP Financial Metrics statements of historical facts contained in this presentation, including statements regarding future res
Slide 3: Executive Summary
Executive Summary 2025 Financial Performance Highlights • 2025 Revenue of $203.7 million, 340% YoY growth • 2025 GAAP gross profit of $48.0 million, ~8x of the prior year; gross margin of 23.6%, up 10 percentage points versus 13.4% the prior year • Q4 2025 Adjusted EBITDA of $9.8 million, improved b
Slide 4: 2025 Financial Performance Summary
2025 Financial Performance Summary Quarterly Financial Results Annual Financial Results $M (Q4 2024 – Q4 2025) $M $M (2024 & 2025) 1,305.5 Revenue YoY: 341% Growth Profit YoY: 674% Growth Margin YoY: 1020 bps Screenshot 2026-02-09 at 3.36.52 PM Screenshot 2026-02-09 at 3.36.52 PM • 3x contract backl
Slide 5: SOSA Project Under Construction | ITC Safe Harbored and FEOC Compliant
SOSA Project Under Construction | ITC Safe Harbored and FEOC Compliant • Major milestone of the 4th Asset Vault project (SOSA) now under construction, ITC ‘safe harbored’ and FEOC compliant • Estimated commercial operation by Q2 2027 with expected total revenue of $350M+ over the technical life, equ
Slide 6: New South Wales Australia Project Awarded Long-Term Energy Service Agreement
New South Wales Australia Project Awarded Long-Term Energy Service Agreement by AMEO Services • In February 2026, Energy Vault’s Australian development partner, Bridge Energy, was awarded a 14-year Long-Term Energy Service Agreement (LTESA) by AusEnergy Services for the EBOR Battery Energy Storage S
Slide 7: Crusoe Energy Strategic Partnership
Crusoe Energy Strategic Partnership • Multi-year framework enables rapid, phased deployments up to 25 MW, beginning in 2026 • First deployment planned at Energy Vault’s Snyder, Texas solar generation and energy storage showcase center, strategically located near the Abilene data center site where Cr
Slide 8: Peak Energy Strategic Development and Supply Agreements
Peak Energy Strategic Development and Supply Agreements • 1.5 GWh supply agreement signed between Peak Energy and Energy Vault • Jointly development of AI-Dedicated Storage for Energy Vault’s AI infrastructure portfolio • Enable superior unit economics from AI infrastructure projects via locking in
Slide 9: Strengthened Cash Positions For Strategic Execution
Strengthened Cash Positions For Strategic Execution • Issued $150 million in aggregate principal of 5.25% senior convertible notes due March 2031 • Effective conversion price of $8.12 per share (post capped call) • Uses of proceed o Capped call transaction o Repayment of high-cost debt (~$45 million
Slide 10: Sustainability Yearbook 2026
Sustainability Yearbook 2026 ENERGY VAULT RECOGNIZED AS TOP SUSTAINABILITY PERFORMER Energy Vault was once again featured in S&P Global’s Sustainability Yearbook, achieving the highest rating of an Energy Storage company in our IEQ Industry TOP 2% #1 Energy Storage Company The Yearbook ranks & recog
Slide 11: Fully Integrated Storage IPP with Sustainable Differentiation
Fully Integrated Storage IPP with Sustainable Differentiation S OL U T ION P O RT F OL I O ADDR E S S E S RAP IDLY E X PAN DIN G M ARKE TS • Energy Storage CAGR expected to grow 3-4x faster than Electricity Demand 2025-30 • Screenshot AI/Data Center infrastructure 2025-10-08 build out a massive acce
Slide 12: Strategic Symbiotic Evolution
Strategic Symbiotic Evolution Illustrative Peer Valuation*: 10-19x EV/EBITDA Gross Margin: 75% Backlog Visibility: 10-20 Years STORAGE IPP Capital Intensity: $$ SELF INTEGRATION Leveraging current integration capabilities to address highly attractive emerging segment AI DATA CENTER INFRASTRUCTURE EN
Slide 13: Multi-Class Asset Portfolio Accelerating EBITDA Growth
Multi-Class Asset Portfolio Accelerating EBITDA Growth Energy Assets Under Management Total contracted Megawatts (MW) grew from 65 MW to 540 MW across Asset Vault and new AI Digital Infrastructure portfolio; accelerating our path to the first $150 million in annualized EBITDA Annualized EBITDA over
Slide 14: Financial Results
FINANCIAL RESULTS 14 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT , INC
Slide 15: 4Q 2025 Performance At-A-Glance
4Q 2025 Performance At-A-Glance REVENUE Gross Margin % BACKLOG $ 1 53 . 3 M 2 0 .6 % $ 1 .3 B ~$120M or 358% QoQ improvement BESS delivery cost optimization A net increase of $380M from Q3 earnings ADJ. OPEX* ADJ. EBITDA* CASH $ 2 3. 0 M $ 9 .8 M $ 1 03 . 4 M Increase of 43% QoQ driven Improved by $
Slide 16: Q4 2025 Results Summary
Q4 2025 Results Summary In millions USD Q4 2024 Q3 2025 Q4 2025 • Q4 2025 revenue of $153.3 million (improved $119.8 million YoY) driven by construction progress on ACEN project in Australia and REVENUE 33.5 33.3 153.3 equipment delivery to Consumer Energy in US. COGS 30.9 24.3 121.7 • Q4 2025 GAAP
Slide 17: Full Year 2025 Performance At-A-Glance
Full Year 2025 Performance At-A-Glance REVENUE Gross Margin % BOOKINGS $ 2 03 . 7 M 2 3 .6 % $ 1 .1 B 341% or $157.5M YoY growth BESS driven performance Includes all Build & Operate and Build & Transfer bookings for 2025 ADJ. OPEX* ADJ. EBITDA* INCREASE IN CASH $ 7 1. 6 M ($ 2 1. 2 M) $ 7 3. 4 M Inc
Slide 18: 2025 Results Summary
2025 Results Summary In millions USD 2024 2025 YoY • FY 2025 revenue of $203.7 million (improved $157.5 million) driven by ramp up of EPC projects and EEQ deliveries in 2025. REVENUE 46.2 203.7 157.5 • 2025 GAAP gross margin of 23.6% (vs 13.4% in 2024) driven by COGS 40.0 155.7 115.7 progress of ene
Slide 19: Commercial Pipeline
Commercial Pipeline -- record growth in Contracted Backlog to $1.3 B, up 325% y/y, up 42% sequentially DEVELOPED EXECUTED BACKLOG PROJECTS PIPELINE 1.8 GW 3.0 GWh 1.4 GWh Shortlisted and/or Awarded Contracted and/or In Progress Revenue Recognized $3.0B $1.3B $737M Inclusive of Energy Storage Solutio
Slide 20: 2026 Guidance
2026 Guidance Total 2026 Project Activity ~$300 - 400M GAAP Revenue $225 - $300M GAAP Gross Margin GAAP Revenue $225 - 300M 15% - 25% Non-GAAP Self-Performed (Internal) Asset Vault Projects/ GAAP Gross Margin Cash Margin* 15% - 25% ~$75 - 100M / ~15% - 20% Non-GAAP Self-Performed GAAP Gross (Interna
Slide 21: Cash Outlook
Cash Outlook ~$200M ~$35-75M ~$120M ~$40M ~$50-140M ~$50M ~$150M $103M 2026 Guidance Range: $150 – 200M $30M $73M Targeting $150-200 million in total cash at the end of 2026, including net proceeds associated with our recently issued convertible notes, project level financing and self-performed inte
Slide 22: Financial Statements
FINANCIAL STATEMENTS 22 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT , INC
Slide 23: Income Statement Results (GAAP)
Income Statement Results (GAAP) $’s in thousands Three Months Ended December 31 Year Ended December 31 2025 2024 $ Change 2025 2024 $ Change Revenue 153,306 33,471 119,835 203,671 46,199 157,472 Cost of revenue 121,718 30,884 90,834 155,681 40,012 115,669 Gross profit 31,588 2,587 29,001 47,990 6,18
Slide 24: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge $’s in th ousan ds Three Months Ended December 31 Year Ended December 31 2025 2024 2025 2024 Net loss attributable to Energy Vault Holdings, Inc. (GAAP) $ (20,731) $ (61,830) $ (103,611) $ (135,750) Non-GAAP adjustments: Interest expense 3,072 34 8,464 123 Interest income (269
Slide 25: Adjusted OPEX Bridge
Adjusted OPEX Bridge $’s in th ousan ds Three Months Ended December 31 Year Ended December 31 2025 2024 2025 2024 Operating expenses (GAAP) $ 39,331 $ 52,996 $ 122,357 $ 136,183 Non-GAAP adjustments: Depreciation, amortization, and accretion (excluding 2,359 233 3,435 1,058 amounts included in cost
Slide 26: Adjusted Net Income Bridge
Adjusted Net Income Bridge $’s in th ousan ds Three Months Ended December 31 Year Ended December 31 2025 2024 2025 2024 Net loss attributable to Energy Vault Holdings, Inc. (GAAP) $ (20,731) $ (61,830) $ (103,611) $ (135,750) Non-GAAP adjustments: Stock-based compensation expense 8,302 9,273 36,713
Slide 27: Thank You
THANK YOU energyvault.com 27 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT , INC
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