Energy Vault Holdings, Inc. · NYSE:NRGV
Energy Vault — Q1 2026 Earnings Presentation
27 slides from Energy Vault's earnings presentation, May 5, 2026
Slide 1: Earnings Presentation 1Q 2026
EARNINGS PRESENTATION 1Q 2026 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 1Q 2026 Financial Performance Highlights • 1,066 MW under control, 461% YoY growth • Backlog of $1.35 billion, 108% YoY growth • Revenue of $21.9 million, 156% YoY growth • Adjusted Gross Profit of $6.1 million, 25% YoY growth • Cash of $117.1 million exiting 1Q 2026, 148% YoY grow
Slide 4: Execution Momentum Expected to Sustain Strong YoY Growth
Execution Momentum Expected to Sustain Strong YoY Growth $ Million $ Million ~$2.6B $75-100 Non-GAAP Self- ~$1.3B Performed Asset Vault Project Builds Own & Operate Revenue $0.4B GM: GM: $225 - GM: 15- $46.2 13.4% $203.7 23.6% 300 25% Revenue (LHS) Backlog (RHS) 4 © 2026 ENERGY VAULT, ALL RIGHTS RES
Slide 5: Q1 2026 Financial Performance Summary
Q1 2026 Financial Performance Summary Delivered Robust, Broad-Based YoY Growth 461% 108% 156% 148% 1,066 MW $1.35B $21.9M $117.1M 25% $0.65B $47.2M $8.5M $6.1.M 190 MW $4.9M 1Q 2025 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 MW Under Control Backlog Revenue Adj. Gross Pr
Slide 6: Contracted Backlog Evolution
Contracted Backlog Evolution Shift from project EPC to recurring long-term IPP Expect Gross Margin to shift from 20-25% to 60-80% IPP margins over time $660M (Q4 2024) $1.35B (Q1 2026) ~20% ~20% ~80% ~80% Storage EPC IPP (BESS | Powered Land | Powered Shell) Strategic Transformation to IPP Evident i
Slide 7: Two-Pronged Approach To Accelerate Growth
Two-Pronged Approach To Accelerate Growth Unit Economics Improvements Of 5-10X Increase In Adj. EBITDA/MW/Year On Owned IPP Projects & Geographic Expansion UNIT ECONOMICS 1 IMPROVEMENTS EBITDA ($M / MW) GEOGRAPHIC 2 2.0* AI & Neo-Cloud | PPA Modular EXPANSION Data Centers … Hybrid 1.0* Hyper-scalers
Slide 8: 1GW Secured Projects Under Construction And Development
1GW Secured Projects Under Construction And Development Expected to Deliver $180M+ In Annualized Adj. EBITDA Ahead of Previous Guidance Annualized EBITDA ~$1.8 Billion+ EBITDA $M/MW ~4.0 GW 2.0 POWERED SHELL ~350 Estimated 84 Annualized EBITDA ~$180M + ~1,800 Storage + 1,066 MW POWERED LAND 1.0 Gene
Slide 9: NRGV's Business Model Evolution Drives Rerating From Storage to Power Infrastructure Platform
NRGV’s Business Model Evolution Drives Rerating From Storage to Power Infrastructure Platform Stock Stock Storage Revenue Ticker Business Mix Performance Performance Peers Volatility (YTD* 2026) (TTM) Own & Operate | Comparative Median Low to NRGV Software | Med 9.0% 615.0% • Accelerate AI Datacente
Slide 10: Execution Milestone Achieved In Q1 2026
Execution Milestone Achieved In Q1 2026 Acquisition Of 175MW | 350MWh BESS Project McMurtre in Texas • Advancing Asset Vault’s 1.5 GW BESS deployment roadmap • NTP expected Q4 2026 and commercial operation targeted for December 2027 • Expected to deliver $15-20M in annual revenue over its technical
Slide 11: Execution Milestone Achieved In Q1 2026
Execution Milestone Achieved In Q1 2026 Entering Japanese Market with Announced Acquisition of 850MW Energy Storage Portfolio • Establish an immediate, localized footprint in Japan, advancing Energy Vault’s global own & operate strategy in a high-growth, underpenetrated market, transaction expected
Slide 12: Sustainability Achievements In Q1 2026
Sustainability Achievements In Q1 2026 2025 Sustainability Recognition by Participation Of The Fourth Annual Report Published NASDAQ Sustainability Leader Summit 12 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT , INC
Slide 13: Project Record
PROJECT RECORD CONSUMER ENERGY NV ENERGY MICHIGAN NEVADA USA 75MW / 300MWH 22 0MW / 440MWH (In Ope rati on) (Under Construction) WELLHEAD 57MW/ 11 4MWH SOSA CALIFORNIA TEXAS 68MW / 27 5MWH (In Ope rati on) 75MW / 300MWH CALISTOGA (Under Construction) 8.5MW / 29 3MWH CALIFORNIA (In Ope rati on) ST GA
Slide 14: Project Record
PROJECT RECORD AUSTRALIA ACEN HORSHAM NEW SOUTH WALES 20 0MW / 400 MWH 10 0MW / 20 0MWH (Under Construction) VICTORIA (Under Construction) 14 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT , INC
Slide 15: Project Record
PROJECT RECORD WETTINGEN SWITZERLAND ZURICH AREA 8MW / 16MWH (Under Construction) SCHINDLER EBIKON, LUCERN 2MW / 4MWH (Under Construction) OTHER SWISS UTILITIES 3 PROJECTS 16MW / 32MWH (Under Construction) 15 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROP
Slide 16: Financial Results
FINANCIAL RESULTS 16 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT , INC
Slide 17: Commercial Pipeline
Commercial Pipeline Contracted Backlog of $1.35B (+108% YoY); 80%+ Tied to Own & Operate Portfolio DEVELOPED EXECUTED BACKLOG PROJECTS PIPELINE 3.2 GW 3.0 GWh 1.8 GWh Shortlisted and/or Awarded Contracted and/or In Progress Revenue Recognized $3.5B $1.35B $759M Inclusive of Energy Storage Solutions
Slide 18: Q1 2026 Performance At-A-Glance
Q1 2026 Performance At-A-Glance REVENUE ADJ. GROSS PROFIT B AC K LO G $21.9M $6.1M $1.35B 15 6% Yo Y im pr o v e me n t 25 % Yo Y i mp ro v e m e n t 10 8% Yo Y im pr o v e me n t ADJ. O PEX A D J . E B I T DA CASH $19.7M ($13.6M) $117.1M I n c r e as e o f 2 2% Yo Y; bu t a A $ 2. 3M de c r e as e
Slide 19: Q1 2026 Financial Performance Summary
Q1 2026 Financial Performance Summary • 1Q 2026 revenue of $21.9 million increased significantly from $8.5 million in the prior-year period, driven by higher energy storage In millions USD 1Q 2025 4Q 2025 1Q 2026 product deliveries and initial contributions from owned and operated assets REVENUE 8.5
Slide 20: Re-affirming 2026 Guidance
Re-affirming 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 G
Slide 21: Financial Statements
FINANCIAL STATEMENTS 21 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT , INC
Slide 22: Income Statement Results (GAAP)
Income Statement Results (GAAP) $’s in thousands Three Months Ended March 31, 2026 2025 $ Change Revenue 21,879 8,534 13,345 Cost of revenue 17,091 3,658 13,433 Gross profit 4,788 4,876 (88) Operating expenses: Sales and marketing 2,910 4,347 (1,437) Research and development 2,590 3,824 (1,234) Gene
Slide 23: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge $’s in th ousan ds Three Months Ended March 31, 2026 2025 Net loss attributable to Energy Vault Holdings, Inc. (GAAP) $ (32,485) $ (21,136) Non-GAAP adjustments: Interest expense 3,466 95 Interest income (568) (315) Provision for income taxes 1 383 Depreciation, amortization,
Slide 24: Adjusted OpEx Bridge
Adjusted OpEx Bridge $’s in th ousan ds Three Months Ended March 31, 2026 2025 Operating expenses (GAAP) $ 28,989 $ 25,769 Non-GAAP adjustments: Depreciation, amortization, and accretion (excluding 2,223 305 amounts included in cost of revenue) Stock-based compensation expense 7,053 9,276 Provision
Slide 25: Adjusted Net Income Bridge
Adjusted Net Income Bridge $’s in th ousan ds Three Months Ended March 31, 2026 2025 Net loss attributable to Energy Vault Holdings, Inc. (GAAP) $ (32,485) $ (21,136) Non-GAAP adjustments: Stock-based compensation expense 7,053 9,276 Provision for (benefit from) credit losses 25 (11) Loss on debt ex
Slide 26: Adjusted Gross Profit Bridge
Adjusted Gross Profit Bridge $’s in th ousan ds Three Months Ended March 31, 2026 2025 Revenue 21,879 8,534 Cost of revenue 17,091 3,658 Gross profit 4,788 4,876 Gross margin % 21.9% 57.1% Non- GAAP Adjustment Add: depreciation and amortization 1,323 - Adjusted gross profit (Non-GAAP) 6,111 4,876 Ad
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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