Energy Vault Holdings, Inc. · NYSE:NRGV
Energy Vault — Q3 2025 Earnings Presentation
19 slides from Energy Vault's earnings presentation, Nov 10, 2025
Slide 1: Third Quarter 2025 Financial Results
T H IR D Q U AR TE R 20 2 5 FINANCIAL RESULTS © 2025 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 ess release includes for war d-looking sta temen ts tha t reflect the Co mp any’s current vie ws with respect to, amon g o the r Non-GAAP Financial Metrics things, the Company’s ope rations an d finan cial per for ma nce . Forward-looking sta temen ts in
Slide 3: Q3 2025 Performance At-a-Glance
Q 3 20 2 5 Pe r fo r m an c e A t - a - G l an c e REV ENUE GM% BAC KLO G $33.3M 27.0% $920M U p ~ 2 7 X Yo Y & ~ 3 X Q o Q $ 9 M, Up ~ 1 8X YoY & ~ 3 X Qo Q As o f S ep t em b er 3 0t h ; On favor able bus ine ss mix I nc rea se o f 1 1 2% Y TD AD J.CASH OPEX AD J. EBIT DA CASH $16.2M ($6.0M) $61.9
Slide 4: Q3 2025 Results Summary
Q 3 20 2 5 Re su l ts Su m m ar y In millions USD Q3 2024 Q2 2025 Q3 2025 • Q3 2025 revenue of $33.3 million (improved $32.1 million or 27X YoY) with strong performance from Australia projects and REVENUE 1.2 8.5 33.3 contribution from own & operate portfolio. COGS 0.7 6.0 24.3 • Q3 2025 GAAP gross
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 8.7 GWh 2.0 GWh 1.5 GWh Shortlisted and/or Awarded Contracted and/or In Progress Revenue Recognized $2.1B $920M $583M Inclusive of Energy Storage Solutions | As of September 30, 2025 Lifetime to date since IPO till Own &
Slide 6: Reiterating Guidance
Re it e ra ti n g 2 0 2 5 G u i d an c e FULL YEAR 2025 RE VEN UE $200M - $250M GROSS MARGIN (%) 14-16% ENDING C ASH BALANCE $75M - $100M © 2025 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: NRGV Investment Thesis
N RGV I n ve st m e n t Th e s is RAPIDLY EXPANDING MARKETS • Energy Storage CAGR growing 3-4X faster than Electricity Demand 2025-30 Screenshot 2025-10-08 at 11.26.43 AM • Technology-agnostic EMS Software enables ability to address larger SAM • AI/Data Center infrastructure build out a massive acce
Slide 8: Maximizing Shareholder Value Creation
M a x im iz i n g S h a reh o l d er Valu e Cre at i o n PIPELINE BACKLOG ~$4-5 Billion ~$1 Billion 20-year Technical Life Asset Vault EPC Cash Flows Long Term Contract Offtakes Long Term Service Agreements Synergies: Self Integration Energy Storage Solution 1.5 GW License and Royalty 80% EBITDA Mar
Slide 9: Quarterly Financials
QUARTERLY FINANCIALS © 2025 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 September 30 2025 2024 $ Change Revenue 33,319 1,199 32,120 Cost of revenue 24,309 716 23,593 Gross profit 9,010 483 8,527 Operating expenses: Sales and marketing 3,210 4,347 (1,137) Research and development 3,3
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 September 30 2025 2024 Net loss attributable to Energy Vault Holdings, Inc. (GAAP) $ (26,817) $ (26,593) Non-GAAP adjustments: Interest expense 2,781 43 Interest income (204) (1,439) Provision for income taxes 5,535 - Deprecia
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 September 30 2025 2024 Operating expenses (GAAP) $ 26,593 $ 27,558 Non-GAAP adjustments: Depreciation, amortization, and accretion (excluding 298 251 amounts included in cost of revenue) Stock-based compensation expense 10,151 10,
Slide 13: Asset Vault
ASSET VAULT © 2025 ENERGY VAULT, ALL RIG HTS RESERVED | Confidential FO UO (For Officia l Use O nly) - PROPRIETARY INFO RMATION O F ENERGY VAULT, INC 13
Slide 14: Asset Vault: Energy Vault's Platform to Finance GWs of Critical Energy Infrastructure Assets
As s et Vaul t : E ne rg y Vaul t ’s P la t fo rm t o Fi na nc e GWs o f Cr i t i c al E n erg y I nf r as t r u c tu re As s et s PUBLIC SHAREHOLDERS Efficient Platform for Securing Capital Non-dilutive to Shareholders Scalable ENERGY VAULT HOLDINGS, INC. (NRGV) Enhance Speed of Capital Deployment
Slide 15: Financing Activity Year-To-Date
Fin a n ci n g A ct i v it y Ye ar-To - D a te Up to Up to $300M $75M Seasoned Capital Market Team with Preferred Equity Corporate Debenture Proven Track Record Financing Disciplined Capital Management $40M+ $35M ITC Monetization Project Financing (Expected to fund before year end) (Cross Trails & C
Slide 16: Initial 1.5 GW + Energy Storage Asset Build Out
I n it i al 1 .5 GW + E n e rgy S t o ra ge A ss et B u il d O u t $300M $75M Asset Vault Equity CapEx Enabled Energy Capacity Power Capacity DevEx $35M - $45M - - - CapEx (US) $220M - $280(1) $900M - $1.1B(2) 2.8 GWh - 3.4 GWh (4) 1.1 GW - 1.4 GW (6) CapEx (Non-US) $75M - $100M(1) $200M - $240M(3)
Slide 17: Advancing Sustainability Leadership
ADVANCING SUSTAINABILITY LEADERSHIP © 2025 ENERGY VAULT, ALL RIG HTS RESERVED | Confidential FO UO (For Officia l Use O nly) - PROPRIETARY INFO RMATION O F ENERGY VAULT, INC 17
Slide 18: Advancing Sustainability Leadership
A dv a n cin g Su s t ai n a bi li t y L ea d er sh i p Industry Leading ESG Performance Operationalizing Energy Storage Solution Sustainability • Received 2025 ESG score from S&P Global, showing strong YoY improvement and maintaining sustainability leadership • Integrating sustainability tracking i
Slide 19: © 2025 ENERGY VAULT, ALL RIG HTS RESERVED | Confidential FO UO (For Officia
© 2025 ENERGY VAULT, ALL RIG HTS RESERVED | Confidential FO UO (For Officia l Use O nly) - PROPRIETARY INFO RMATION O F ENERGY VAULT, INC 19
Energy Vault Holdings — Q3 2025 Earnings Presentation on 6ix