Energy Vault Holdings, Inc. · NYSE:NRGV

Energy Vault — Q3 2024 Earnings Presentation

12 slides from Energy Vault's earnings presentation, Nov 12, 2024

1. Slide 1: Energy Vault: The Energy Storage Company, Financial Results Third Quarter 2024

   Energy Vault The Energy Storage Company Financial Results | Third Quarter 2024 © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED

2. 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

3. Slide 3: 3Q24 Performance at a Glance

   3Q24 Performance at a Glance REVENUE GM% B A C K LO G $1.2M 40.3% $350.0M Projec ts i n Texa s and Ne va da F a v or a bl e del i v e r y m i x f r o m As of Nov 12th, +33% vs n o w c om pl e te ; n ew p r oj e c ts Sof twa re and Se rvi ce 2Q24 be gi n ni n g to r a mp A D J . OPE R ATI N G E X PE

4. Slide 4: 3Q24 Results Summary

   3Q24 Res ult s Su mma ry In millions USD 3Q23 2Q24 3Q24 • 3Q24 revenue of $1.2 million was driven by software & services and impacted by the timing of project work; new REVENUE 172.2 3.8 1.2 third-party projects in Texas and Australia beginning to ramp. COGS 165.1 2.7 0.7 • 3Q24 GAAP gross margin of

5. 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 10.8 GWh 1.0 GWh 1.0 GWh Shortlisted and/or Awarded Contracted and/or In Progress Revenue Recognized $2.7B $350M $500M Adjusted for prevailing battery prices and As of November 12th, 2024; Lifetime to date since IPO curr

6. Slide 6: Australia Market Traction and Expansion

   Au s tr alia Market Trac t ion an d E xpans io n • 63GW of new storage capacity is needed by 2050 to support grid reliability and renewable integration • Supportive governmental and regulatory environment • Five projects now awarded or contracted, representing over 2.6GWh • Doubling staff near-term

7. Slide 7: Own & Operate IPP Project Financing Update

   Own & Ope rate IPP Projec t Fin anc ing U pdate Calistoga Resiliency Center (CRC) – Calistoga, CA Own & Operate IPP Strategy Update • World first green hydrogen energy storage microgrid • CRC project financing and IRA tax credit monetization to return ~$30 million to Energy Vault balance sheet in 4Q

8. Slide 8: Quarterly Financials

   QUARTERLY FINANCIALS © 2024 ENERGY VAULT, ALL RIG HTS RESERVED 7

9. Slide 9: Income Statement Results

   9 I nc om e S tat emen t Res ult s $’s in thousands Three Months Ended September 30 Nine Months Ended September 30 2024 2023 $ Change 2024 2023 $ Change Revenue $. 1,199 $. 172,205 $. (171,006) $. 12,728 $. 223,307 $. (210,579) Cost of revenue 716 165,057 (164,341) 9,128 209,793 (200,665) Gross Prof

10. Slide 10: Adjusted EBITDA Bridge

    10 Adju s ted EB ITDA B ridge $’s in thousands Three Months Ended September 30 Nine Months Ended September 30 2024 2023 2024 2023 Net loss attributable to Energy Vault Holdings, Inc. $. (26,593) $. (18,942) $. (73,920) $. (76,271) (GAAP) Non-GAAP Adjustments: - - Interest income, net (1,395) (1,902)

11. Slide 11: Adjusted OPEX Bridge

    11 Adju s ted OPEX B ridge $’s in thousands Three Months Ended September 30 Nine Months Ended September 30 2024 2023 2024 2023 Operating expenses (GAAP) $. 27,558 $. 28,384 $. 83,187 $. 96,053 Non-GAAP adjustments: Stock-based compensation expense 10,248 10,714 29,436 34,523 Depreciation and amortiz

12. Slide 12: © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED

    © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED

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