NRGV LISTED NYSE Energy Vault The Energy Storage Company Financial Results | Second Quarter 2024 © 2024 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED Disclaimer Forward-Looking Statements This presentation includes forward-looking statements that reflect the Company's current views with respect to, among other things, the Company's operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our ...

Energy Vault Holdings, Inc. (NRGV) came out with a quarterly loss of $0.18 per share versus the Zacks Consensus Estimate of a loss of $0.11. This compares to loss of $0.18 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -63.64%. A quarter ago, it was expected that this company would post a loss of $0.14 per share when it actually produced a loss of $0.14, delivering no surprise. Over the last four quarters, the company has no ...

NERGY VAULT® a a Renewable Wor Investor & Analyst Day UNLOCKING THE VAULT NEW YORK, 9 MAY 2024 Disclaimer Forward-Looking Statements This presentation includes forward-looking statements that reflect the Company's current views with respect to, among other things, the Company's operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements offen incl ...

(Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-39982 ___________________________________ ENERGY VAULT HOLDINGS, INC. ____________________ ...

Energy Vault Holdings, Inc. (NRGV) closed the most recent trading day at $1.23, moving -1.6% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.46%. Meanwhile, the Dow lost 0.98%, and the Nasdaq, a tech-heavy index, lost 0.64%.The company's stock has dropped by 27.75% in the past month, falling short of the Oils-Energy sector's gain of 4.21% and the S&P 500's loss of 3.04%.Investors will be eagerly watching for the performance of Energy Vault Holdings, Inc. i ...

Company Overview and Market Position - The company has a limited operating history and has only built two Battery Energy Storage Systems (BESSs) and one Gravity Energy Storage System (GESS) to date, which may affect investment decisions [77]. - The company expects future growth to be driven by rising demand for clean electric power solutions and a rapidly growing energy storage market, but predicting future revenues is challenging due to limited operating history [78]. - The company operates in a highly competitive environment, with significant competition from established players that may have more resources and advanced technologies [134]. - The growth of the company is dependent on the pace of renewable energy adoption and energy storage technologies, which are still emerging industries [129]. - The energy storage market is driven by the installed capacity of renewable electricity generation, and any relaxation of government requirements could negatively impact market demand [131]. Financial Performance and Projections - Revenue for the year ended December 31, 2023, was $341,543 million, a significant increase from $145,877 million in 2022, representing a growth of 134% [398]. - Gross profit decreased to $17,531 million in 2023 from $59,297 million in 2022, indicating a decline of 70% [398]. - Operating expenses rose to $124,267 million in 2023, up from $119,550 million in 2022, reflecting an increase of 4% [398]. - The net loss for 2023 was $98,443 million, compared to a net loss of $78,299 million in 2022, representing an increase in losses of 26% [398]. - The company anticipates significant expenses and continuing losses for the foreseeable future, with no assurance of achieving profitability [76]. - The company’s projections for revenues and profitability are subject to significant risks and uncertainties, which may cause actual results to differ materially from expectations [79]. Customer and Revenue Dependence - The company relies on a limited number of customers for the majority of its revenue, and the loss of any significant customer could substantially reduce revenue and impact liquidity [82]. - The company’s energy storage systems involve lengthy sales and installation cycles, which could harm business if sales are not closed regularly [76]. - The lengthy sales cycle for energy storage systems could range from 18 to 36 months for EVx systems and 9 to 18 months for BESSs, impacting revenue recognition [169]. - There is no assurance that non-binding letters of intent will convert into binding orders, which could lead to lower than expected operating results and cash flows [99]. Operational Risks and Challenges - The company faces risks associated with construction, cost overruns, and delays, which could adversely affect its business and financial condition [76]. - The performance of the energy storage systems may not meet customer expectations, potentially affecting future sales and cash flows [95]. - The company faces risks related to the cancellation of customer contracts, which could lead to unrecoverable costs [174]. - The company relies on third-party suppliers for components, and any failure in their delivery could result in installation delays and reputational damage [104]. - The company may need to raise additional capital to support its operations, which could be dilutive to stockholders [165]. Regulatory and Compliance Issues - Legal and regulatory restrictions related to energy storage systems could increase compliance costs and expose the company to litigation risks, adversely affecting its financial condition [117]. - The company is subject to increased regulations regarding environmental impacts, which may incur significant additional costs and affect its supply chain [152]. - The regulatory environment is evolving, and compliance with laws and regulations may incur substantial costs, potentially impacting profitability [226]. - The company is subject to significant governmental scrutiny, which could adversely affect its operations and reputation [230]. Intellectual Property and Technology Risks - The company faces significant risks related to intellectual property rights, including potential infringement claims that could lead to substantial costs and impact business operations [185]. - The complexity of the company's software and technology systems poses risks of defects that could harm business and financial results if not addressed [198]. - The company may incur significant costs related to the maintenance and protection of its intellectual property, which could be compromised if cash flow from operations is insufficient [183]. - The company utilizes open-source software, which may expose it to legal claims and require significant resources to manage compliance with licensing terms [190]. Human Resources and Management - The company is highly dependent on key management personnel, and the loss of any key employee could disrupt operations and negatively impact business prospects [140]. - The company faces intense competition for skilled personnel in the renewable energy and energy storage sectors, which could hinder its growth and operational success [140]. - As of December 31, 2023, the company employed 179 full-time employees and 4 part-time employees, with only one employee covered by a collective bargaining agreement [142]. Financial Condition and Capital Structure - As of December 31, 2023, total assets decreased to $340.8 million from $416.7 million in 2022, representing a decline of approximately 18.2% [396]. - Cash and cash equivalents dropped significantly from $203.0 million in 2022 to $109.9 million in 2023, a decrease of about 45.7% [396]. - The accumulated deficit increased from $147.3 million in 2022 to $248.1 million in 2023, indicating a rise of approximately 68.4% [396]. - The company has approximately $55.2 million, $38.6 million, and $79.1 million of federal, state, and foreign net operating loss carryforwards, respectively [175]. - The company has outstanding warrants to purchase an aggregate of 5,166,666 private warrants and can issue up to 23,768,666 shares under its 2022 Equity Incentive Plan [242]. Market and Economic Factors - Economic uncertainty, including inflation and interest rate fluctuations, has negatively impacted demand for the company's products, potentially leading to lower revenues [145]. - The volatility in fuel prices could decrease incentives for transitioning to renewable energy, adversely affecting the company's business and revenue [153]. - Government incentives, such as rebates and tax credits, are critical for the company's revenue; any reduction or elimination of these incentives could harm financial results [208]. - The Inflation Reduction Act (IRA) passed in August 2022 is expected to support the adoption of energy storage products, potentially benefiting the company [209].

Financial Performance - FY 2023 revenue reached $341.5 million, representing a 134% increase year-over-year and an 18% increase quarter-over-quarter, within the annual guidance range[1]. - Total revenue for the year ended December 31, 2023, was $341,543, an increase of 134% compared to $145,877 in 2022[18]. - Gross profit for the year ended December 31, 2023, was $17,531, down 70% from $59,297 in 2022, resulting in a gross margin of 5.1%[18]. - Net loss for the year ended December 31, 2023, was $98,443, compared to a net loss of $78,299 in 2022, reflecting a 26% increase in losses[20]. - GAAP net loss for Q4 2023 was $22,172,000, compared to a loss of $23,277,000 in Q4 2022[25]. - Adjusted EBITDA for Q4 2023 was $(14,815,000), an increase in loss from $(11,180,000) in Q4 2022[25]. - Total net loss for the year 2023 was $98,443,000, compared to $78,299,000 in 2022[25]. Cash Position - Cash position improved to $146 million with no debt, exceeding prior guidance of $132 million from Q3 2023[1]. - Total cash and cash equivalents improved by $13.4 million compared to Q3 2023, reaching $145.6 million as of December 31, 2023[9]. - Cash and cash equivalents at the end of the period were $109,923, a decrease of 46% from $203,037 at the end of 2022[20]. - The company experienced a net cash used in operating activities of $92,655 for the year, compared to $23,346 in 2022, indicating a substantial increase in cash outflow[20]. Expenses and Liabilities - The company aims to reduce quarterly cash operating expenses by 25-30% in 2024, targeting a range of $13-15 million[1]. - Research and development expenses for the year were $37,104, a decrease of 13% from $42,605 in 2022[24]. - Adjusted selling and marketing expenses for the year were $10,983, an increase of 47% from $7,471 in 2022[24]. - The company reported a significant increase in stock-based compensation expense, totaling $43,097 for the year, compared to $41,058 in 2022[20]. - Stock-based compensation expense for Q4 2023 was $8,574,000, down from $14,301,000 in Q4 2022[25]. - The company incurred $584,000 in reorganization expenses during the year 2023[25]. - Total liabilities decreased to $116,960, down 9% from $129,000 in 2022[16]. Future Outlook - The company expects Q1 2024 revenue to align with Q1 2023, with stronger double-digit gross margins anticipated due to the shift of revenue recognition[4]. - The company expects future expenses similar to those adjustments noted in the financial results[26]. - Energy Vault plans to host an Investor and Analyst Day on May 8, 2024, to announce new products and provide financial guidance[4]. Operational Developments - The commercial pipeline grew by 24.5 GWh year-over-year, up 89%, and increased by 5.8 GWh quarter-over-quarter, up 12.6%[1]. - Construction commenced on the largest green hydrogen ultra-long duration energy storage micro-grid system in the US, expected to be operational by mid-2024[4]. - Energy Vault secured a $20 million 10-year gravity technology license and royalty agreement covering 16 countries in Southern Africa, with a total addressable market of 125 GWh through 2035[9]. Financial Metrics and Adjustments - Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered an alternative to net loss[27]. - Limitations of adjusted EBITDA include not reflecting cash expenditures or future capital requirements[27]. - Depreciation and amortization for the year 2023 totaled $893,000, significantly lower than $7,743,000 in 2022[25].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-39982 ___________________________________ ENERGY VAULT HOLDINGS, INC. ________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-39982 ___________________________________ ___________________________________ (Exact name o ...

Energy Vault Holdings, Inc. (NYSE:NRGV) Q2 2023 Earnings Call Transcript August 8, 2023 8:30 AM ET Company Participants Laurence Alexander - Chief Marketing Officer Robert Piconi - Chairman & Chief Executive Officer Jan Kees van Gaalen - Chief Financial Officer Conference Call Participants Joseph Osha - Guggenheim Securities Thomas Boyes - TD Cowen Brian Dobson - Chardan Capital Markets Noel Parks - Tuohy Brothers Operator Good morning, and welcome to the Energy Vault Second Quarter 2023 Earnings Call. At t ...