Energy Vault Holdings, Inc. · NYSE:NRGV

Energy Vault — Q2 2026 Earnings Presentation

26 slides from Energy Vault's earnings presentation, Aug 11, 2026

  1. Slide 1: Earnings Presentation 2Q 2026

    EARNINGS PRESENTATION 2Q 2026 energyvault.com 1 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC

  2. Slide 2: Disclaimer

    DISCLAIMER Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the federal securities laws. All statements other than statements of for additional information regarding non-GAAP measures, including reconciliations of the non-GAAP financial measures

  3. Slide 3: Strategy Execution Reaches a Defining Milestone

    STRATEGY EXECUTION REACHES A DEFINING MILESTONE Robust 2026 & 2027 Outlook • Strong Q2 execution drives robust, broad-based YoY growth • Backlog increased ~$650M to ~$2B, 47% sequentially • ~40% of backlog expected to convert to revenue within 18 months, at attractive margins • Increased guidance re

  4. Slide 4: 2Q 2026 Financial Performance Summary

    2Q 2026 FINANCIAL PERFORMANCE SUMMARY DELIVERED ROBUST, BROAD-BASED YOY GROWTH MW Under Control Backlog Revenue Adj. Gross Profit Cash +476% +107% +155% +104% +166% 1.1 GW ~$2B $148.0M $6.7M $17.4M ~$1B $2.5M $8.5M $58.1M 191 MW Adj. Adj. GM% GM% 29.6% 38.6% 2Q 2025 2Q 2026 8/7/2025 8/10/2026 2Q 202

  5. Slide 5: Backlog: ~$2B With 60% Recurring Revenue

    BACKLOG: ~$2B WITH 60% RECURRING REVENUE 4Q 2024 Aug 2026 4Q 2026 (E) • As of 8/10/2026, backlog had $660M ~$2B ~$3B expanded to ~$2 billion— ~3x at year-end 2024 • Backlog has grown significantly ~60% tied to recurring revenue under ~20% ~40% ~30% long-term contracts and ~40% to ~60% ~70% ~80% near

  6. Slide 6: Executing Across Our Project Stages

    EXECUTING ACROSS OUR PROJECT STAGES (Expected Lifetime revenue: ~$1.25B) Figures are illustrative and the anticipated financial results of projects are based on current management estimates and are subject to change, please see forward looking statement disclaimer. 6 © 2026 ENERGY VAULT, ALL RIGHTS

  7. Slide 7: Strong Execution Supports Increased FY 2026 Guidance

    STRONG EXECUTION SUPPORTS INCREASED FY 2026 GUIDANCE Previous FY 2026 Revised FY 2026 Comments Guidance Guidance 4Q weighted; Revenue $225 – 300M $270 – 310M 100% covered by the backlog Driven by deal economics GAAP Gross Margin 15 – 25% 20 – 25% and disciplined execution End of Year Cash Lifting to

  8. Slide 8: Execution Momentum Expected to Sustain Strong YoY Growth

    EXECUTION MOMENTUM EXPECTED TO SUSTAIN STRONG YOY GROWTH $ Million $ Million ~$3B 2Q26 (A): ~$2B ~$1.3B $0.7B GM: GM: $270- GM: $46 13.4% $204 23.6% 310 20-25% 2Q 2026 Revenue (LHS) Backlog (RHS) * Assuming expected margin from 4Q26 3rd-Party BESS project delivery Significant revenue and backlog gro

  9. Slide 9: Two-Pronged Approach to Accelerate Growth

    TWO-PRONGED APPROACH TO ACCELERATE GROWTH AI INFRASTRUCTURE SEGMENT EXPANSION & GEOGRAPHIC EXPANSION UNIT ECONOMICS 1 IMPROVEMENTS EBITDA ($M / MW) GEOGRAPHIC 2 2.0* AI & Neo-Cloud | PPA EXPANSION … 1.0* Hyper-scalers / Data Centers | PPA US Australia Europe Japan 0.1* Utilities / Traders | Tolling

  10. Slide 10: Converting Data Center Demand Into Wins and a Growing Pipeline

    CONVERTING DATA CENTER DEMAND INTO WINS AND A GROWING PIPELINE Powered-Shell • Crusoe phase 1 contracted, 1st powered-shell win. Broke ground on Estimated Run Rate EBITDA* ~$1.8 Billion powered AI infrastructure campus in Snyder, TX ~4.8 GW • Crusoe expansion to 25 MW in a second phase and planned s

  11. Slide 11: © 2026 Energy Vault, All Rights Reserved

    11 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC

  12. Slide 12: Announced Projects & Timing Making Up ~$180M Run-Rate EBITDA

    ANNOUNCED PROJECTS & TIMING MAKING UP ~$180M RUN-RATE EBITDA STRONG 2Q EXECUTION REINFORCES CONFIDENCE IN ACHIEVING EXPECTED EBITDA EBITDA ($M) MW In Operation 180 1,100 170 Near Term Japan Projects (350MW) 160 650 150 EBOR (100 MW) 140 130 Stoney Creek (125 MW) 120 110 400 100 New Mexico 90 Powered

  13. Slide 13: Looking Ahead: From ~$180M to ~$1.8B Run Rate EBITDA

    LOOKING AHEAD: FROM ~$180M TO ~$1.8B RUN RATE EBITDA GROWING NEAR-TERM PIPELINE PROVIDING INCREASING VISIBILITY TO EBITDA TARGETS Estimated Run Rate EBITDA* +10x BESS MW under Contract +4.5x Powered Land ~$1.8B ~$1.7B ~4.8 GW Powered Shell ~4.5 GW ~350 ~$1.1B ~250 ~3.6 GW ~$0.7B ~150 ~$0.3B ~2.8 GW

  14. Slide 14: Growth Acceleration Through Geographic Expansion

    GROWTH ACCELERATION THROUGH GEOGRAPHIC EXPANSION EXPANSION IN SWITZERLAND AND JAPAN, CONTINUED PROGRESS IN AUSTRALIA Switzerland: Repeatable European Japan Acquisition Completed | 100-Day Commercial Platform Execution On-Track ✓ Multiple C&I segment wins ✓ Corporate integration complete ✓ Near-term

  15. Slide 15: 2H 2026 Focus

    2H 2026 FOCUS CONVERTING STRATEGIC MOMENTUM INTO MEASURABLE RESULTS ENERGY VAULT INFRASTRUCTURE PLATFORM Power Generation Energy Storage Advanced EMS Software Capital – Asset Vault Solar • Fuel Cell • Gas Short • Long • Ultra-Long Duration VaultOS • Optimization • Maintenance Build • Own • Operate •

  16. Slide 16: Financial Results

    FINANCIAL RESULTS 16 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC

  17. Slide 17: 2Q 2026 Performance At-A-Glance

    2Q 2026 PERFORMANCE AT-A-GLANCE BACKLOG (As of 8/10/26) REVENUE GAAP GM% ~$2B $17.4M 31.0% +~$1B (107%) vs backlog +140 bps YoY (+$2.9M GP) + $ 8 . 9 M / + 1 0 4 % Yo Y as of 8/7/2025 Adj. GM (excl D&A) +900 bps YoY 38.6% ADJ. OPEX* ADJ. EBITDA* CASH $23.7M ($17.0M) $148.0M + $ 7 . 5 M / + 4 6 % Yo

  18. Slide 18: 2Q 2026 Financial Performance Summary

    2Q 2026 FINANCIAL PERFORMANCE SUMMARY • YoY revenue increase driven by higher 3rd party In millions USD 2Q25 1Q26 2Q26 YoY QoQ BESS and tolling revenue. REVENUE 8.5 21.9 17.4 8.9 (4.5) • YoY increases in adjusted operating expenses COGS 6.0 17.1 12.0 6.0 (5.1) driven by higher project development an

  19. Slide 19: Commercial Pipeline

    COMMERCIAL PIPELINE DEVELOPED EXECUTED BACKLOG PROJECTS PIPELINE 2.3 GW 3.5 GWh 2.2 GWh Shortlisted and/or Awarded Contracted and/or In Progress Revenue Recognized ~$3.9B ~$2B ~$0.8B As of 8/10/2026 As of 8/10/2026 Lifetime to date since IPO until Inclusive of Energy Storage Solutions | Inclusive of

  20. Slide 20: Appendix

    APPENDIX 20 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC

  21. Slide 21: Income Statement Results (GAAP)

    INCOME STATEMENT RESULTS (GAAP) $’S IN THOUSANDS Three Months Ended June 30, 2026 2025 $ Change Revenue 17,369 8,512 8,857 Cost of revenue 11,993 5,996 5,997 Gross profit 5,376 2,516 2,860 Operating expenses: Sales and marketing 2,865 3,161 (296) Research and development 2,546 4,074 (1,528) General

  22. Slide 22: Adjusted EBITDA Reconciliation

    ADJUSTED EBITDA RECONCILIATION $’S IN THOUSANDS Three Months Ended June 30, 2026 2025 Net loss attributable to Energy Vault Holdings, Inc. (GAAP) $ (29,692) $ (26,593) Non-GAAP adjustments: Interest expense 4,192 2,516 Interest income (704) (312) Provision for income taxes 855 2,073 Depreciation, am

  23. Slide 23: Adjusted OPEX Reconciliation

    ADJUSTED OPEX RECONCILIATION $’S IN THOUSANDS Three Months Ended June 30, 2026 2025 Operating expenses (GAAP) $ 30,035 $ 30,664 Non-GAAP adjustments: Depreciation, amortization, and accretion (excluding 1,919 473 amounts included in cost of revenue) Stock-based compensation expense 4,366 8,984 Reorg

  24. Slide 24: Adjusted Net Loss Reconciliation

    ADJUSTED NET LOSS RECONCILIATION $’S IN THOUSANDS Three Months Ended June 30, 2026 2025 Net loss attributable to Energy Vault Holdings, Inc. (GAAP) $ (29,692) $ (26,593) Non-GAAP adjustments: Stock-based compensation expense 4,366 8,984 Reorganization expenses - 1,162 Provision for credit losses 52

  25. Slide 25: Adjusted Gross Profit Reconciliation

    ADJUSTED GROSS PROFIT RECONCILIATION $’S IN THOUSANDS Three Months Ended June 30, 2026 2025 Revenue 17,369 8,512 Cost of revenue 11,993 5,996 Gross Profit (GAAP) 5,376 2,516 Gross Margin % (GAAP) 31.0% 29.6% Non - GAAP Adjustment Add: depreciation and amortization 1,321 - Adjusted Gross Profit (non-

  26. Slide 26: Thank You

    THANK YOU energyvault.com 26 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC

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