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EARNINGS PRESENTATION 2Q 2026 ENERGY VAULT® N ASSET VAULT NRGV LISTED NYSE energyvault.com
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2 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC DISCLAIMER Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this presentation, including statements regarding future results of operations or financial condition, business strategy, plans and objectives of management for future operations, projections and guidance are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that are in some cases beyond our control and may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. We base these forward-looking statements or projections on our current expectations, plans, and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, expected monetization of tax credits, expected financings, projected costs, prospects and plans; the uncertainty of our awards, bookings, backlog and developed pipeline equating to future revenue; the lack of assurance that non-binding letters of intent and other indications of interest can result in binding financings, orders or sales; our ability to successfully provide AI power infrastructure and secure additional AI power infrastructure work; the possibility of our products or services to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the impact of macroeconomic uncertainty, including with respect to uncertainty about the future relationship between the United States and other countries with respect to trade policies and tariffs; changes in tax laws and government regulations and the impact of those changes on us, including as a result of the One Big Beautiful Bill Act and its changes to the Internal Revenue Code of 1986, as amended and the clean-energy tax credits established under the Inflation Reduction Act of 2022; investment in development projects that may not achieve commercial operations in our predicted timeframe or at all; our efforts to diversify our supply chain to lessen the impact of tariffs; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012; our future capital requirements and sources and uses of cash; developments in U.S. and global trade policy; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; and our business, expansion plans and opportunities, including our expansion into owned and operated projects and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 18, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 19, 2026, as such factors may be updated from time to time in our other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this presentation speaks only as of the date of this presentation and is expressly qualified in its entirety by the cautionary statements included in this presentation. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements. Non-GAAP Financial Metrics This presentation includes financial measures not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), including Adjusted EBITDA, Adjusted Gross Profit, Adjusted Operating Expenses, and Adjusted Net Loss, which are supplemental financial information that are not required by, or presented in accordance with, GAAP. Our management uses non-GAAP financial measures for business planning purposes and in measuring our performance relative to that of our competitors. Our management believes that presenting non-GAAP financial measures provides meaningful information to investors in understanding our operating results and may enhance investors’ ability to analyze financial and business trends. In addition, our management believes that non-GAAP financial measures allow investors to compare our results period to period more easily by excluding items that could have a disproportionately negative or positive impact on results in any particular period. However, these non-GAAP measures are not a substitute for, or superior to, GAAP measures and should not be considered as an alternative to net income (loss), gross profit or GAAP operating expense as a measure of financial performance, or any other performance measure derived in accordance with GAAP. The presentation of non-GAAP financial measures has limitations as an analytical tool and should not be considered in isolation, or as a substitute for our results as reported under GAAP. For example, because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. Please refer to this presentation for additional information regarding non-GAAP measures, including reconciliations of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. Contracted bookings are from customer contracts signed during the period. Contingent option bookings are from projects where the Company holds an enforceable exclusive purchase right and intends to exercise that right, even if the option has not been exercised as of period end. Backlog represents (i) contracted but unrecognized revenue from third party projects and services yet to be completed, (ii) unrecognized revenue or other income from IP licensing agreements and (iii) unrecognized revenue from tolling arrangements for projects operated by Energy Vault or affiliates, in each case, that is associated with contracted bookings and contingent option bookings (as defined above). Backlog includes contracted backlog and contingent option backlog. Contracted backlog reflects unrecognized revenue associated with binding, fully executed agreements. Contingent option backlog reflects unrecognized revenue associated with projects where the Company holds an enforceable exclusive purchase right and intends to exercise that right, even if the option has not been exercised as of period end and is contingent on the Company exercising the applicable purchase right and subsequent project execution. If the Company does not exercise an option, or if the underlying terms or assumptions change such that inclusion is no longer appropriate, the related contingent option backlog is removed or updated in the period of change. Backlog includes any potential future variable payments from tolling and offtake arrangements that the Company believes are probable of being realized. Probable future variable payments are forecasted by an independent third-party firm using simulation software that factors in current and projected energy market dynamics, historical and forecasted volatility and location specific data. The Company considers the low-end simulation results to be probable. Potential future IP royalties are not included in backlog. Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Market and Industry This presentation includes market and industry data and forecasts that we have derived from independent consultant reports, publicly available information, various industry publications, other published industry sources and our internal data and estimates. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. The inclusion of market estimations, rankings and industry data in this presentation is based upon such reports, publications and other sources, our internal data and estimates and our understanding of industry conditions. Although we believe that such information is reliable, we have not had this information verified by any independent sources. You are cautioned not to give undue weight to such estimates. Trademarks Our registered or common law trademarks, tradenames and service marks appearing in this presentation are our property. Solely for convenience, our trademarks, tradenames and service marks referred to in this presentation may appear without the ®, TM and SM symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, tradenames and service marks. This presentation contains additional trademarks, tradenames and service marks of other companies that are the property of their respective owners. We do not intend our use or display of other companies’ trademarks, tradenames and service marks to imply relationships with, or endorsement or sponsorship of us by, these other companies. No Solicitation of Sale This presentation does not constitute an offer to sell or a solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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3 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 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 reflects strong commercial execution and visibility in the outlook AI Datacenter Wins • Crusoe Phase 1 contracted in Snyder, TX, first powered-shell win • Signed the largest contract to date, 1.25 GW, $500-600 million • Strong and growing pipeline supporting AI data center infrastructure Strengthened Capital Platform • New CFO & Asset Vault President strengthen capital market and project finance expertise • Increasing cash, margins and financial flexibility support the next phase of profitable growth STRATEGY EXECUTION REACHES A DEFINING MILESTONE
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4 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 2Q 2026 FINANCIAL PERFORMANCE SUMMARY DELIVERED ROBUST, BROAD-BASED YOY GROWTH Backlog 8/7/2025 ~$1B 8/10/2026 ~$2B +107% Cash 2Q 2025 $58.1M 2Q 2026 $148.0M +155% MW Under Control 2Q 2025 191 MW 2Q 2026 1.1 GW +476% 2Q 2025 $8.5M 2Q 2026 $17.4M +104% Revenue 2Q 2025 $2.5M 2Q 2026 $6.7M +166% Adj. Gross Profit Adj. GM% 38.6% Adj. GM% 29.6% GAAP GM%: 29.6% (2Q25); 31.0% (2Q26)
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5 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC BACKLOG: ~$2B WITH 60% RECURRING REVENUE Build And Transfer Build, Own and Operate (BESS, Powered Land and Powered Shell) 2Q26 3rd Party BESS bookings significantly strengthen 2026-2027 outlook and near-term revenue visibility 4Q 2024 $660M ~80% ~20% ~60% ~40% Aug 2026 ~$2B • As of 8/10/2026, backlog had expanded to ~$2 billion— ~3x at year-end 2024 • Backlog has grown significantly ~60% tied to recurring revenue under long-term contracts and ~40% to near term revenue conversion at attractive margins • Outlook: 4Q26 continuing double digit growth and increasing build, own & operate offtake agreements 4Q 2026 (E) ~$3B ~70% ~30%
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6 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC EXECUTING ACROSS OUR PROJECT STAGES 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. (Expected Lifetime revenue: ~$1.25B)
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7 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC STRONG EXECUTION SUPPORTS INCREASED FY 2026 GUIDANCE Previous FY 2026 Guidance Revised FY 2026 Guidance Comments Revenue $225 – 300M $270 – 310M 4Q weighted; 100% covered by the backlog GAAP Gross Margin 15 – 25% 20 – 25% Driven by deal economics and disciplined execution End of Year Cash Balance $150 - 200M $160 - 200M Lifting to the higher end of the range
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8 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC EXECUTION MOMENTUM EXPECTED TO SUSTAIN STRONG YOY GROWTH $ Million $46 $204 GM: 13.4% GM: 23.6% GM: 20-25% $0.7B ~$1.3B ~$3B $270- 310 Revenue (LHS) Backlog (RHS) $ Million Significant revenue and backlog growth, while sustaining attractive gross margin * Assuming expected margin from 4Q26 3rd-Party BESS project delivery 2Q26 (A): ~$2B 2Q 2026
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9 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC TWO-PRONGED APPROACH TO ACCELERATE GROWTH AI INFRASTRUCTURE SEGMENT EXPANSION & GEOGRAPHIC EXPANSION US Australia Europe Japan UNIT ECONOMICS IMPROVEMENTS EBITDA ($M / MW) Utilities / Traders | Tolling Hyper-scalers / Data Centers | PPA AI & Neo-Cloud | PPA 0.1* 2.0* 1.0* … * Indicative project economics: actual economics and equipment capex are specific to project design, location, offtake and counterparties. 1 GEOGRAPHIC EXPANSION2
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10 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC CONVERTING DATA CENTER DEMAND INTO WINS AND A GROWING PIPELINE Broad-based pipeline momentum is positioning the business to capture major wins Powered-Shell • Crusoe phase 1 contracted, 1st powered-shell win. Broke ground on powered AI infrastructure campus in Snyder, TX • Crusoe expansion to 25 MW in a second phase and planned site capacity expansion of up to 500 MW • Active engagement with other leading hyperscalers Powered-Land • New Mexico site project progressing, with multiple monetization pathways and significant off-taker interest • Active engagement with leading hyperscalers • Behind-The-Meter (BTM) BESS demand emerging across major Data Center customers, creating a substantial near-term opportunity pipeline 2030(E) ~3,000 ~1,450 350 2Q 2026 (A) 957 84 84 ~1.1 GW ~4.8 GW Estimated Run Rate EBITDA ~$180M Estimated Run Rate EBITDA* ~$1.8 Billion 431 440 MW 4Q 2025 (A) 25 “Run rate EBITDA” represents the expected current & future (upon projects reaching COD) run-rate contribution from the cumulative controlled MW at the end of each period 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.
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11 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC
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12 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC ANNOUNCED PROJECTS & TIMING MAKING UP ~$180M RUN-RATE EBITDA STRONG 2Q EXECUTION REINFORCES CONFIDENCE IN ACHIEVING EXPECTED EBITDA 50 2025 2026 2027 2028 2029 Stoney Creek (125 MW) Crusoe ( 8MW) Calistoga Cross Trails Near Term Japan Projects (350MW) 1,100 New Mexico Powered Land (75MW going to 1GW) EBOR (100 MW) SOSA Crusoe (17 MW) 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 180 170 McMurtre (175 MW) 200 320 400 650 AMERAPAC BESS Powered Land Powered Shell MW In Operation EBITDA ($M) MW In Operation Note: Figures are illustrative and the anticipated financial results of projects are based on current management estimates subject to change. Please see forward looking statement disclaimer. “Run rate EBITDA” represents the expected current & future (upon projects reaching COD) run-rate contribution from the cumulative controlled MW at the end of each period
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13 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC LOOKING AHEAD: FROM ~$180M TO ~$1.8B RUN RATE EBITDA GROWING NEAR-TERM PIPELINE PROVIDING INCREASING VISIBILITY TO EBITDA TARGETS 2030(E) ~3,000 ~1,450 ~350 2Q 2026 (A) Estimated Run Rate EBITDA* ~$180M | MW under Contract ~1.1 GW ~$1.8B ~4.8 GW 431 440 MW 4Q 2025 (A) 25 ~2,800 ~1,450 ~250 84 ~$0.7B ~2.8 GW ~2,300 ~450 ~100 2027(E) ~2,500 ~950 ~150 2028(E) 2029(E) ~$1.1B ~3.6 GW ~$1.7B ~4.5 GW 957 Estimated Run Rate EBITDA* +10x MW under Contract +4.5x Southwest Utility Powered Land capacity positioned to expand from 225MW to up to 1GW by 2030 BESS Powered Land Powered Shell “Run rate EBITDA” represents the expected current & future (upon projects reaching COD) run-rate contribution from the cumulative controlled MW at the end of each period. 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. ~230 ~1,500 ~50 2026(E) ~$0.3B ~1.8 GW
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14 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC Strategy execution is translating into early, tangible success GROWTH ACCELERATION THROUGH GEOGRAPHIC EXPANSION EXPANSION IN SWITZERLAND AND JAPAN, CONTINUED PROGRESS IN AUSTRALIA Japan Acquisition Completed | 100-Day Execution On-Track ✓ Corporate integration complete ✓ Local team continuity secured ✓ Operational readiness achieved ✓ Business priority & targets established Switzerland: Repeatable European Commercial Platform ✓ Multiple C&I segment wins ✓ Near-term revenue contribution ✓ Highly repeatable in country and across region ✓ Launchpad for broader power infra. growth in the region
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15 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 2H 2026 FOCUS CONVERTING STRATEGIC MOMENTUM INTO MEASURABLE RESULTS • Deliver on upside of revenue & margin growth through disciplined, relentless execution • Convert owned & operate pipeline to MW under control and backlog • Expand Behind-The-Meter (BTM) modular generation and storage platform for Speed-To-Power • Further optimize capital structure and strengthen balance sheet • Continue global footprint expansion in key growth storage markets ENERGY VAULT INFRASTRUCTURE PLATFORM Power Generation Solar • Fuel Cell • Gas Energy Storage Short • Long • Ultra-Long Duration Advanced EMS Software VaultOS • Optimization • Maintenance Capital – Asset Vault Build • Own • Operate
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16 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 16 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC FINANCIAL RESULTS
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17 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 2Q 2026 PERFORMANCE AT-A-GLANCE REVENUE $17.4M + $ 8 . 9 M / + 1 0 4 % Y o Y G A A P G M % 31.0% + 1 4 0 b p s Y o Y ( + $ 2 . 9 M G P ) A d j . G M ( e x c l D & A ) + 9 0 0 b p s Y o Y 3 8 . 6 % B A C K L O G ( A s o f 8 / 1 0 / 2 6 ) ~$2B + ~ $ 1 B ( 1 0 7 % ) v s b a c k l o g a s o f 8 / 7 / 2 0 2 5 A D J . O P E X * A D J . E B I T D A * C A S H $23.7M ($17.0M) $148.0M + $ 7 . 5 M / + 4 6 % Y o Y - $ 3. 3 M / - 2 5 % Y o Y + $ 3 1 M Q o Q +$ 9 0 M Y o Y * This is a non-GAAP financial measure; see appendix for non-GAAP reconciliation
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18 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC *This is a non-GAAP financial measure; see appendix for non-GAAP reconciliation ** Total Cash includes unrestricted cash, cash equivalents and restricted cash 2Q 2026 FINANCIAL PERFORMANCE SUMMARY In millions USD 2Q25 1Q26 2Q26 YoY QoQ REVENUE 8.5 21.9 17.4 8.9 (4.5) COGS 6.0 17.1 12.0 6.0 (5.1) GROSS PROFIT 2.5 4.8 5.4 2.9 0.6 GROSS MARGIN % 29.6% 21.9% 31.0% 140bps 910bps ADJ. OPERATING EXPENSES* 16.2 19.7 23.7 7.5 4.0 ADJUSTED EBITDA* (13.7) (13.6) (17.0) (3.3) (3.4) TOTAL CASH ** 58.1 117.1 148.0 89.9 30.9 • YoY revenue increase driven by higher 3rd party BESS and tolling revenue. • YoY increases in adjusted operating expenses driven by higher project development and legal expenses. • YoY lower adjusted EBITDA driven by higher adjusted operating expenses offset partly by higher gross profit. • Total cash and cash equivalents of $148 million as of June 30, 2026, incl. ~$55M in restricted cash.
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19 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC COMMERCIAL PIPELINE • Developed Pipeline: Represents uncontracted, potential revenue, from third-party projects in which potential prospective customers have either awarded a project to the Company or have put the Company on a shortlist to be awarded a project or projects in which the Company is in advanced discussions to build, own & operate. • Backlog: Represents (i) contracted but unrecognized revenue from third-party projects and services yet to be completed, (ii) unrecognized revenue or other income from IP licensing agreements, and (iii) unrecognized revenue from tolling arrangement for projects operated by Energy Vault or affiliates, in each case, that is associated with contracted bookings and contingent option bookings. • Executed Projects: Reflects recognized revenue (GAAP) since Q1 2022 (Company IPO); including percentage of completion accounting, IP licensing, tolling / offtake revenue, services rendered, and software subscriptions. DEVELOPED PIPELINE 2.3 GW Shortlisted and/or Awarded ~$3.9B BACKLOG Contracted and/or In Progress ~$2B 2.2 GWh Lifetime to date since IPO until June 30, 2026, Inclusive of Energy Storage Solutions | Own & Operate Revenue Recognized ~$0.8B EXECUTED PROJECTS As of 8/10/2026 Inclusive of Energy Storage Solutions | Own & Operate 3.5 GWh As of 8/10/2026 Inclusive of Energy Storage Solutions | Own & Operate
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20 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 20 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC APPENDIX
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21 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC INCOME STATEMENT RESULTS (GAAP) $’S IN THOUSANDS 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 and administrative 22,653 19,113 3,540 Provision for (benefit from) credit losses 52 3,843 (3,791) Depreciation, amortization, and accretion (excluding amounts included in cost of revenue) 1,919 473 1,446 Loss (gain) on impairment and sale of long-lived assets - - - Total operating expenses 30,035 30,664 (629) Loss from operations (24,659) (28,148) 3,489 Other income (expense): Interest expense (4,192) (2,516) (1,676) Interest income 704 312 392 Change in fair value of financial instruments carried at fair value 1,489 - 1,489 Other income (expense), net (2,179) (2,507) 328 Loss before income taxes (28,837) (32,859) 4,022 Provision for income taxes 855 2,073 (1,218) Net loss (29,692) (34,932) 5,240 Net loss attributable to non-controlling interest - (5) 5 Net loss attributable to Energy Vault Holdings, Inc. $ (29,692) $ (34,927) $ 5,235 Net loss per share attributable to common stockholders — basic $ (0.17) $ (0.22) $ 0.05 Net loss per share attributable to common stockholders — diluted $ (0.18) $ (0.22) $ 0.04 Weighted average shares outstanding — basic 178,103 156,911 21,192 Weighted average shares outstanding — diluted 178,394 156,911 21,483 Other comprehensive income (loss) — net of tax Actuarial gain (loss) on pension 62 (276) 338 Foreign currency translation gain (loss) (261) (259) (2) Total other comprehensive income (loss) attributable to Energy Vault Holdings, Inc. $ (199) $ (535) $ 336 Total comprehensive loss attributable to Energy Vault Holdings, Inc. $ (29,891) $ (35,462) $ 5,571 Three Months Ended June 30,
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22 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC ADJUSTED EBITDA RECONCILIATION $’S IN THOUSANDS *Management believes that Adjusted EBITDA is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods. 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, amortization, and accretion 3,240 473 Stock-based compensation expense 4,366 8,984 Reorganization expenses - 1,162 Provision for (benefit from) credit losses 52 3,843 Change in fair value of financial instruments carried at fair value (1,489) - Impairment of equity securities 2,030 - Loss on debt extinguishment 179 1,412 Expenses related to equity purchase agreement - 906 Net loss attributable to non-controlling interest - (5) Foreign exchange losses (gains) (73) 216 Adjusted EBITDA (non-GAAP) $ (17,044) $ (13,659)
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23 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 2026 2025 Operating expenses (GAAP) 30,035$ 30,664$ Non-GAAP adjustments: Depreciation, amortization, and accretion (excluding amounts included in cost of revenue) 1,919 473 Stock-based compensation expense 4,366 8,984 Reorganization expenses - 1,162 Provision for (benefit from) credit losses 52 3,843 Adjusted operating expenses (non-GAAP) $ 23,698 $ 16,202 Three Months Ended June 30, ADJUSTED OPEX RECONCILIATION $’S IN THOUSANDS *Management believes that Adjusted OPEX is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods.
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24 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC *Management believes that Adjusted Net Loss is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods. 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 3,843 Change in fair value of financial instruments carried at fair value (1,489) - Impairment of equity securities 2,030 - Loss on debt extinguishment 179 1,412 Expenses related to equity purchase agreement - 906 Net loss attributable to non-controlling interest - (5) Foreign exchange losses (gains) (73) 216 Adjusted net loss (non-GAAP) $ (24,627) $ (18,409)
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25 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC ADJUSTED GROSS PROFIT RECONCILIATION $’S IN THOUSANDS *Management believes that Adjusted Gross Profit is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods. 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-GAAP) 6,697 2,516 Adjusted Gross Margin % (non-GAAP) 38.6% 29.6%
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26 © 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC energyvault.com THANK YOU