Energy Vault Holdings, Inc. · NYSE:NRGV
Energy Vault — Q4 2024 Earnings Presentation
15 slides from Energy Vault's earnings presentation, Mar 17, 2025
Slide 1: Fourth Quarter 2024 Financial Results
FO URTH Q UARTE R 2 0 24 FINANCIAL RESULTS © 2024 ENERGY VAULT, ALL RIG HTS RESERVED | Confidential FO UO (For Officia l Use O nly) - PROPRIETARY INFO RMATION O F ENERGY VAULT, INC 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements Non-GAAP Financial Metrics This pr ese nta tion include s forward-looking sta temen ts tha t reflect the Co mp any’s current vie ws with respect to, amon g o the r This pr ese nta tion include s financial me asu res no t prep ared in accor dance with accou ntin
Slide 3: Q4 24 Performance at a Glance (GAAP)
Q 4 2 4 Per fo r m a n ce at a G l an c e ( G A A P) REV ENUE GM% BAC KLO G $33.5M 7.7% $660M Ma inly Jupiter SG2 De live ry o f majo r eq ui pme nt ; As of March 17, +90% vs improved f rom 3. 4% in Q423 p rio r qu ar t er AD J.CASH OPEX AD J. EBIT DA CASH $16.1M ($13.4M) $30.1M I m p r o v e d 1 5
Slide 4: Q4 24 Results Summary
Q 4 2 4 Re s u lt s S u m m a ry In millions USD Q423 Q324 Q424 • Q424 revenue of $33.5 million primarily from delivery of major equipment for BESS project in Texas. REVENUE 118.2 1.2 33.5 • Q424 GAAP gross margin of 7.7% and gross profit of $2.6 COGS 114.2 0.7 30.9 million, driven by equipment deli
Slide 5: 2024 Performance at a Glance
2 0 2 4 Pe rfo rm a n c e at a G l an c e REV ENUE GM% BOOK ING S $46.2M 13.4% $406M Ma inly BE S S dr ive n De live ry o f majo r eq ui pme nt 2 0 2 4 gr os s b o o ki ng s im p rov ed f rom 5 . 1 % in 20 2 3 AD J.CASH OPEX AD J. EBIT DA N ET C ASH FLO W $64.5M ($57.9M) ($115.5M) I m p r o v e d 1
Slide 6: 2024 Results Summary
2 0 2 4 Re s u lt s S u m m a ry • 2024 revenue of $46.2 million decreased YoY primarily due to In millions USD 2023 2024 the Company’s pivot to building owned and operated (O&O) REVENUE 341.5 46.2 instead of customer projects . COGS 324.0 40.0 • 2024 GAAP gross margin of 13.4% and gross profit of $
Slide 7: Commercial Pipeline $2.1B, Backlog $660M
C omm erc ial Pi pe l i ne DEVELOPED EXECUTED BAC KLOG P R OJ E C T S PIP ELINE 9.4 GWh 2.4 GWh 1.1 GWh Shortlisted and/or Awarded Contracted and/or In Progress Revenue Recognized $2.1B $660M $533M Includes O&O Pipeline Includes Enervest- Stoney Creek Lifetime to date since IPO December 31, 2024 • D
Slide 8: Australia Market Traction and Expansion
A u st r al ia M ar ket Tr ac ti o n a n d E xp a n si o n • 63GW of new storage capacity is needed by 2050 • Supportive governmental and regulatory environment • Five projects now awarded or contracted, representing over 2.6GWh • NRGV is expanding and allocating technical resources locally to suppo
Slide 9: Quarterly Financials
QUARTERLY FINANCIALS © 2024 ENERGY VAULT, ALL RIG HTS RESERVED | Confidential FO UO (For Officia l Use O nly) - PROPRIETARY INFO RMATION O F ENERGY VAULT, INC 9
Slide 10: Income Statement Results (GAAP)
I n c o m e S t at em e n t Re su l t s (G A A P) $’s in tho usa nd s Three Months Ended December 31 Twelve Months Ended December 31 2024 2023 $ Change 2024 2023 $ Change Revenue 33,471 118,236 84,765 46,199 341,543 295,344 Cost of revenue 30,884 114,219 83,335 40,012 324,012 284,000 Gross profit 2,
Slide 11: Adjusted EBITDA Bridge
A dj u st e d E B I TD A B ri dg e $’s in tho usa nd s Three Months Ended December 31 Twelve Months Ended December 31 2024 2023 2024 2023 Net loss attributable to Energy Vault Holdings, Inc. (GAAP) $ (61,830) $ (22,172) $ (135,750) $ (98,443) Non-GAAP adjustments: Interest income, net (492) (1,986)
Slide 12: Adjusted OPEX Bridge
A dj u st e d O PE X B r id ge $’s in tho usa nd s Three Months Ended December 31 Twelve Months Ended December 31 2024 2023 2024 2023 Operating expenses (GAAP) $ 52,996 $ 28,214 $ 136,183 $ 124,267 Non-GAAP adjustments: Depreciation and amortization 233 223 1,058 893 Stock-based compensation expense
Slide 13: 2025 Revenue Guidance Bridge
2025 REVENUE GUIDANCE BRIDGE In millions USD ~40% YoY Price 2025 Revenue Reduction in Guidance prevailing battery prices Investors & Analysts Foregoing third party Day revenue converting to Build Own & Operate model 2025 Mid Point Revenue Guidance Range: $200M-$300M © 2024 ENERGY VAULT, ALL RIG HTS
Slide 14: Backlog Bridge
BACKLOG BRIDGE In millions USD BACKLOG BRIDGE ~90% Backlog $700 Increase Q/Q $227 $660 Q125 Bookings BACKLOG $600 @4Q24 Australia Switzerland Earnings USA Announcement March 17, 2025 $500 $135 Q424 Bookings Revenue OX2 -$34 FX & Adjustments $434 US IPP -$17 BACKLOG $400 $350 @4Q24 YEAR END BACKLOG $
Slide 15: © 2024 ENERGY VAULT, ALL RIG HTS RESERVED | Confidential FO UO (For Officia
© 2024 ENERGY VAULT, ALL RIG HTS RESERVED | Confidential FO UO (For Officia l Use O nly) - PROPRIETARY INFO RMATION O F ENERGY VAULT, INC 15
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