Energy Vault Holdings, Inc. · NYSE:NRGV
Energy Vault — Q1 2025 Earnings Presentation
16 slides from Energy Vault's earnings presentation, May 12, 2025
Slide 1: First Quarter 2025 Financial Results
FIRS T Q UARTER 2 02 5 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 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 thin gs, the Non-GAAP Financial Metrics Company’s op erations a nd fina ncia l pe rfo rmance. Forward-looking sta temen ts in
Slide 3: Q1 2025 Performance at a Glance (GAAP)
Q 1 20 2 5 Pe r fo r m an c e a t a G la n ce (G A A P) REV ENUE GM% BAC KLO G $8.5M 57.1% $648M I m p r o v e d 1 0 % Yo Y Improved fro m 26.7% in Q1 A s o f M a y 1 2 th; i m p r o v e d 2024 49%year to date AD J.CASH OPEX AD J. EBIT DA CASH $16.2M ($11.3M) $47.2M Up 57% from $30.1M in Q4 2024 D e
Slide 4: Q1 2025 Results Summary
Q 1 20 2 5 Re su l ts Su m m ar y In millions USD Q1 2024 Q4 2024 Q1 2025 • Q1 2025 revenue of $8.5 million (improved 10% YoY) stemming from ACEN project work & IP licensing agreement in India REVENUE 7.8 33.5 8.5 • Q1 2025 GAAP gross margin of 57.1% and gross profit of $4.9 COGS 5.7 32.8 3.7 millio
Slide 5: Commercial Pipeline
C omm erc ial Pi pe l i ne DEVELOPED EXECUTED BAC KLOG P R OJ E C T S PIP ELINE 8.8 GWh 2.6 GWh 1.1 GWh Shortlisted and/or Awarded Contracted and/or In Progress Revenue Recognized $2.1B $648M $542M Includes BAT & BOO Pipeline As of May 12, 2025 Lifetime to date since IPO March 31, 2025 • Developed P
Slide 6: 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 6
Slide 7: 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 March 31 2025 2024 $ Change Revenue 8,534 7,759 (775) Cost of revenue 3,658 5,691 2,033 Gross profit 4,876 2,068 (2,808) Operating expenses: Sales and marketing 4,145 4,170 25 Research and development 3,824 6,96
Slide 8: 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 March 31 2025 2024 Net loss attributable to Energy Vault Holdings, Inc. (GAAP) $ (21,136) $ (21,139) Non-GAAP adjustments: To be updated Interest income, net (220) (1,818) Provision for income taxes 383 — Depreciation and amor
Slide 9: 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 March 31 2025 2024 Operating expenses (GAAP) $ 25,769 $ 26,695 Non-GAAP adjustments: Stock-based compensation expense 9,276 9,684 Depreciation and amortization 305 295 Benefit for credit losses (11) (88) Adjusted operating expense
Slide 10: Financial Outlook
FINANCIAL OUTLOOK © 2024 ENERGY VAULT, ALL RIG HTS RESERVED | Confidential FO UO (For Officia l Use O nly) - PROPRIETARY INFO RMATION O F ENERGY VAULT, INC 10
Slide 11: Cross Trails BESS, Texas
C r o s s Tr a i l s B E S S , Te x a s E ne rgy Vaul t E ne rgy St ora ge Ass e t TI ME LI NE Offtake Agreement Nov 2024 16 TRANSFORMER 32 B-VAULT AC ERCOT SUBSTATION Site Mobilization Nov 2024 57 MW 57 MW 69’000 V Mechanical Completion Apr 2025 Full Commissioning May 2025 COD May 2025 (5/31) Proje
Slide 12: Progressing Own/Operate Projects through Funnel
P r o g r e s s i n g O w n /O p e r at e P r o j e c t s t h r o u g h Fu n n e l Fi r s t Th r e e P r o je c t s t o G e n e r a t e ~ $30 M in A n n u a l Re c u r r i n g E B I TDA ; S ev e n I d e n t if i e d P r o j e ct s t o Yi e ld ~ $ 1 0 0 M i n To t a l A n n u a l R e c u r r i n g E
Slide 13: China/US Tariff Headwinds and Risk Mitigation
C h i n a / U S Ta r i f f H e a d w i n d s a n d R i s k M i t i g a t i o n I M P A C T S O N E N E R G Y VA U LT • ~90% of contracted revenue backlog not impacted due to non-US regional/business mix (Australia projects, India Licensing and current US “Own and Operate” project batteries already i
Slide 14: Expected Cash and Asset Increase
E x p ec t e d C as h a n d A s s et I n c r e as e B ui l di ng E ne rg y S t or a ge A s s e t B a s e a n d Re t ur n i ng C a s h t o B a l a nc e Sh e e t In millions USD 135 135 PPE PPE * Q4 2024 marked the lowest PPE CIP CIP cash level CIP * Q1- Q3 2025 depicts the PPE CIP return of cash to o
Slide 15: Continued OpEx Improvements
C o n t i n u e d O p E x I m p r o v e m en t s ADJUSTED OPEX ($M) CONTINUED FOCUS ON OPEX EFFICIENCY: -40% • Reducing most recently reported quarterly adjusted operating expenses by 15-25% to a quarterly run rate of $12-14 million as compared to $16.2 million in Q1 2025 • Product portfolio optimiz
Slide 16: © 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 16
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