Energy Vault Holdings, Inc. · NYSE:NRGV

Energy Vault — Q4 2023 Earnings Presentation

17 slides from Energy Vault's earnings presentation, Mar 12, 2024

  1. Slide 1: Energy Vault: The Energy Storage Company, Financial Results Q4 2023

    Energy Vault The Energy Storage Company Financial Results | Fourth Quarter 2023 © 2024 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: 4Q23 and Full Year 2023 Highlights

    4Q23 and Full Year 2023 Highlights Record Annual Revenue Operating Cost Optimization Strong Cash Position 2023 Revenue: $341.5M Proactively shortened expected time ~$146M of unrestricted cash and cash Up 134% year over year and 18% quarter required to reach positive Adjusted EBITDA equivalents over

  4. Slide 4: Commercial Activities

    Commercial Activities LARGE PIPELINE FLOW THROUGH SUBMITTED PROPOSALS SHORT-LISTED AWARDED BOOKED ORDERS 33.7 GWh 6.9 GWh 9.4 GWh 2.0 GWh Potential Bookings Potential Bookings Potential Bookings Bookings ~$8.4B ~$1.5B ~$3.4B ~$746M Firm offer submitted Short-listed following LOI / Firm commitments S

  5. Slide 5: Project Updates

    5 Project Updates © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED Enabling a Renewable World

  6. Slide 6: CNTY GESS Projects in China (3.68 GWh)

    CNTY GESS Projects in China (3.68 GWh) GRAVITY MOMENTUM 7. YINING 4. HUAILAI Ili Autonomous Prefecture Zhangjiakou 1. TONGLIAO Xinjiang Province Hebei Province Inner Mongolia 25 MW / 100 MWh 25 MW / 100 MWh 2,000 MWh Signed 26 Oct 2023 Signed 24 Jun 2023 Signed Oct 2022 5. DATONG 6. LIAOYUAN Shanxi

  7. Slide 7: Rudong China Project

    Rudong China Project GRAVITY MOMENTUM 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

  8. Slide 8: Gravity Technology – Expansion to Southern Africa

    Gravity Technology – Expansion to Southern Africa Partnership focused on SADC • Energy Vault Expands Global Footprint for Gravity Energy Storage with License and Royalty Agreement covering SADC • Agreement executed in Q4 2023 SOUTHERN AFRICAN DEVELOPMENT • Partnership will target the Total Addressab

  9. Slide 9: Wellhead Project In Full Service

    Wellhead Project In Full Service Stanton Battery Energy Storage System BATTERY & HYDROGEN PROJECTS ON-TRACK 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 reduci

  10. Slide 10: NV Energy Project In Full Service; Jupiter Project

    BATTERY & HYDROGEN PROJECTS ON-TRACK NV Energy Project Jupiter Project In Full Service Nearing Substantial Completion Reid Gardner Energy Storage System St Gall Battery Energy Storage System • 220 MW/440 MWh • 100 MW/200 MWh • Reached substantial completion in December 2023 • Expected to be commissi

  11. Slide 11: PG&E Project Began Construction

    PG&E Project Began Construction Calistoga, California long duration energy storage BATTERY & HYDROGEN PROJECTS ON-TRACK • Hybrid green hydrogen plus battery energy storage system will be capable of powering approximately 2,000 electric customers within PG&E’s Calistoga microgrid for up to 48 hours •

  12. Slide 12: Quarterly Financials

    12 Quarterly Financials © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED Enabling a Renewable World

  13. Slide 13: Q4 2023 Results Versus Q3 2023

    Q4 2023 Results Versus Q3 2023 $’s in millions Q4 2023 Q3 2023 Change Bookings [MWH] — 400 (400) • Q4 2023 revenue and gross margin primarily due to Bookings [$] $ 35.3 $ 137.4 $ (102.1) advancement on the Company’s BESS projects. Revenue $ 118.2 172.2 $ (54.0) • OPEX (excluding stock-based compensa

  14. Slide 14: Q4 2023 Adjusted EBITDA Bridge

    Q4 2023 Adjusted EBITDA Bridge $’s in millions Q4 2023 Q3 2023 Change Net loss (GAAP) $ (22.2) $ (18.9) $ (3.3) • Q4 EBITDA of $(24.0)M driven by our operating loss. Non-GAAP Adjustments: Interest income, net (2.0) (1.9) (0.1) • Adding back non-cash items of $9.1M to EBITDA resulted in Adjusted Inco

  15. Slide 15: 2023 Results Versus 2022

    2023 Results Versus 2022 $’s in millions 2023 2022 Change Bookings [MWH] 400 1,635 (1,235) • 2023 revenue and gross margin primarily due to the advancement Bookings [$] $ 205.8 $ 540.1 $ (334.3) on the Company’s BESS projects. Revenue $ 341.5 145.9 $ 195.6 • OPEX (excluding stock-based compensation)

  16. Slide 16: 2023 Adjusted EBITDA Bridge

    2023 Adjusted EBITDA Bridge $’s in millions 2023 2022 Change Net loss (GAAP) $ (98.4) $ (78.3) $ (20.1) • 2023 EBITDA of $(105.9)M driven by operating loss. Non-GAAP Adjustments: Interest income, net (8.1) (3.7) (4.4) • Adding back non-cash and nonrecurring expenses of $43.9M to EBITDA results in Ad

  17. Slide 17: © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED

    © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED

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