Energy Vault Holdings, Inc. · NYSE:NRGV
Energy Vault — Q4 2022 Earnings Presentation
19 slides from Energy Vault's earnings presentation, 2023
Slide 1: Energy Vault Investor Presentation Fourth Quarter 2022
ENERGY VAULT l Preeminent Energy Storage Company INVESTOR PRESENTATION l Fourth Quarter 2022 © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements during which we will be an emerging growth company under the positive impact on results in any particular period. However, this TM and SM symbols, but those references are not intended to JOBS Act; our future capital requirements and sources and uses non-GAAP me
Slide 3: Experienced Management Team & Board of Directors
Experienced Management Team & Board of Directors MANAGEMENT TEAM Robert Piconi Andrea Pedretti Chris Wiese Gonca Icoren Jan Kees van Gaalen Josh McMorrow Laurence Alexander Marco Terruzzin John G. Jung Akshay Ladwa Kevin Keough E.B. Jensen Chairman, Co-Founder Co-Founder & Chief Chief Chief Chief Pr
Slide 4: FY22 and 4Q22 Key Takeaways and Updates
FY22 and 4Q22 Key Takeaways and Updates Commercial activities and project deployment continues to progress Achieved 2022 revenue of $145.9M, within midpoint of Awarded a 250 MW/500 MWh grid-connected battery storage guidance range, driven by global gravity EVx expansion in agreement in Victoria, Aus
Slide 5: Near-Term Commercial Activities
Near-Term Commercial Activities Attractive Growth at Front End With Flow Through and Conversation to Booked Orders Ended the year with 1,635 MWh of booked orders and 3.6 GWh of awards Total Signed Contracts & Awards are now approximately 5.2 GWh, representing ~$2B of potential revenue Up 50%+ 3X mor
Slide 6: Rudong China Project Progress
Rudong China Project Progress Advancing construction on the first global gravity storage deployment • Will be the first commercialized GESS project of 25 MW / 100 MWh • First licensing/royalty project Site Construction Progress • Mechanical completion and commissioning on track for 2Q23 • Engineerin
Slide 7: Enabling a Renewable World
© © 2023 2023 ENERGY ENERGY VAULT VAULT HOLDINGS HOLDINGS INC. INC. -- ALL ALL RIGHTS RIGHTS RESERVED RESERVED Enabling a Renewable World 7
Slide 8: Our Focus
Our Focus Delivering for our customers and shareholders is our top priority • Optimize value chain costs • Maximize higher margin GESS EVx recurring license/royalty revenue program • Continue to expand higher margin software portfolio Sustained Profitability and services • Customer centric model • S
Slide 9: Energy Vault Software Differentiation
Energy Vault l Software Differentiation Only software solution with modular and flexible architecture that can implement and integrate any combination of assets across all three solution layers: Applications Storage technology Generation technology Configuration Flexibility Delivers optimized cost t
Slide 10: Energy Vault Differentiated Solutions
Energy Vault l Differentiated Solutions Turnkey customer offerings include Gravity (GESS), Battery (BESS) and other energy storage solutions overlayed by our Energy Management System (EMS) software Energy Management System Long Duration first true technology-neutral software 4-12hrs duration with GE
Slide 11: Global Customers: Utilities, IPPs, and Large Energy Users
Global Customers l Utilities, IPPs, and Large Energy Users Customer Type Technology Focus Contract Types Utilities Short Duration (BESS) Engineering Procurement and Construction (EPC) + Long Term Independent Power Producers (IPP) Long Duration (GESS, H2) Service Agreement (LTSA) Large Energy Users E
Slide 12: Financial Guidance
Financial Guidance © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED Enabling a Renewable World 12
Slide 13: Financial Guidance
Financial Guidance Timing of project start-up and delivery provides visibility on future revenue Revenue • 2023E Revenue: $325M-425M Forecast • Contracted revenue and expected $425M Visibility 2023 project COD $325M into revenue • GESS growth through additional geographic expansion forecast driven b
Slide 14: Quarterly Financials
Quarterly Financials © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED Enabling a Renewable World 14
Slide 15: Q4 2022 Results Versus Q3 2022
Q4 2022 Results Versus Q3 2022 $’s in mi ions Q4 2022 Q3 2022 Change • Q4 Revenue was driven by $84.5M from building and transferring of energy storage Bookings [MWH] 1,140 495 645 p oduc s nd $15.6M f om ic nsing of omp ny’s in c u p op y; Q3 Bookings [$] $ 282.4 $ 206.8 $ 75.6 Revenue was driven b
Slide 16: Q4 2022 Adjusted EBITDA Bridge
Q4 2022 Adjusted EBITDA Bridge $’s in millions Q4 2022 Q4 2021 Change • Q4 EBITDA of ($25.3)M driven by OPEX. Net loss (GAAP) $ (23.3) $ (12.7) $ (10.6) Non-GAAP Adjustments: • Adding back non-cash items of $14.2M to EBITDA resulted in Adjusted EBITDA Interest income, net (2.3) — (2.3) of ($11.1)M I
Slide 17: 2022 Results Versus 2021
2022 Results Versus 2021 $’s in mi ions FY 2022 FY 2021 Change Bookings [MWH] 1,635 — 1,635 • 2022 Revenue was driven by $85.6M from building and transferring of energy Bookings [$] $ 540.1 $ — $ 540.1 s o g p oduc s nd $58.5M f om ic nsing of omp ny’s in cu property. Revenue $ 145.9 — $ 145.9 • Cos
Slide 18: 2022 Adjusted EBITDA Bridge
2022 Adjusted EBITDA Bridge $’s in millions FY 2022 FY 2021 Change • YTD EBITDA of ($73.8)M driven by transaction costs from our IPO and Net loss (GAAP) $ (78.3) $ (31.3) $ (47.0) increases in OPEX and stock-based compensation. Non-GAAP Adjustments: Interest income, net (3.7) (0.1) (3.6) • Adding ba
Slide 19: © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED
© 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED
Energy Vault Holdings — Q4 2022 Earnings Presentation on 6ix