Energy Vault Holdings, Inc. (NYSE:NRGV) Q1 2025 Earnings Conference Call May 12, 2025 4:30 PM ET Company Participants Michael Beer - CFO and Head of Corporate Services Robert Piconi - Chairman and CEO Conference Call Participants Justin Clare - Roth MKM Noel Parks - Tuohy Brothers Operator Greetings, and welcome to Energy Vault's First Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. [Operator Instr ...

Energy Vault Holdings, Inc. (NRGV) came out with a quarterly loss of $0.08 per share versus the Zacks Consensus Estimate of a loss of $0.13. This compares to loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 38.46%. 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 $0.35, delivering a surprise of -150%.Over the last four quarters, the company h ...

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 March 31, 2025 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. ____________________ ...

Financial Data and Key Metrics Changes - The company reported a revenue increase of 10% year over year, reaching $8.5 million, driven by projects in Australia and a new licensing agreement in India [26][9] - Gross margin improved significantly to 57.1%, up from 26.7% a year ago, attributed to a favorable revenue mix from the India license agreement [26][9] - Adjusted EBITDA loss narrowed to $11.3 million from $14.5 million year over year, reflecting improved gross margins and reduced operating costs [27][13] Business Line Data and Key Metrics Changes - The backlog increased by 49% year to date, totaling $648 million, with significant contributions from projects in the US and Australia [23][24] - The company has 2.6 gigawatt hours of projects in Australia either contracted or under agreement, with additional projects under construction [23][29] - The energy asset management business is progressing with seven projects, expected to deliver approximately $30 million in annual recurring project EBITDA over their lifespan [29][15] Market Data and Key Metrics Changes - The company is largely shielded from US tariff risks due to a strong presence in Australia and licensing agreements, with 90% of the backlog unaffected by tariffs [24][18] - The recent pause in US-China tariffs has reignited discussions for US battery deliveries, potentially leading to increased demand [18][39] Company Strategy and Development Direction - The company is focusing on expanding its build, own, and operate strategy, with a strong pipeline of storage asset ownership projects in the US and Australia [29][21] - The company aims to achieve approximately $100 million in recurring annual EBITDA from its owned and operated projects over the long term [29][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for increased bookings and project deliveries following the tariff pause, indicating a return to a more normalized contracting environment [18][44] - The company is committed to reducing operating expenses by 15% to 25% while continuing to invest in profitable engagements, particularly in the Australian market [27][14] Other Important Information - Cash increased by 57% quarter over quarter, reaching $47.2 million, with expectations to further increase to $60 million to $75 million by Q3 [10][28] - The company is in the process of project financing and ITC monetization for its Cross Trails project, expecting significant proceeds from these activities [28][10] Q&A Session Summary Question: Impact of tariffs on securing new bookings in the US - Management noted that the tariff situation had caused a "wait and see" approach among developers, but the recent pause in tariffs could lead to renewed contracting opportunities [39][42] Question: Guidance for 2025 and booked revenue - Over 80% of the company's revenue for 2025 is contracted, with expectations for additional bookings to be secured in light of the tariff pause [46][47] Question: Differentiators for India battery technology licensing - The company highlighted growth potential in India, flexibility in its technology, and a strong track record with customers as key differentiators [53][56] Question: Differences in project financing discussions - Management explained that having proven technology and long-term off-take agreements significantly de-risks project financing, making discussions with lenders more favorable [62][63]

F I R S T Q U A R T E R 2 0 2 5 FINANCIAL RESULTS © 2024 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Official Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 1 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 ...

Q1 2025 GAAP gross margin more than doubled to 57.1% versus prior year on favorable regional and revenue mix Contract revenue backlog of $648 million, up 49% year-to-date on Australia and U.S. strength Q1 2025 Revenue increased by 10% versus prior year to $8.5 million driven by Australia projects and India license Exhibit 99.1 Energy Vault Reports First Quarter 2025 Financial Results Quarter-end Cash improved 57% versus year-end 2024 to $47.2 million (including restricted cash) as the Calistoga project fina ...

Company Overview and Market Position - The company has a limited operating history and has only completed three Battery Energy Storage Systems (BESSs) and one Gravity Energy Storage System (GESS) to date, which may affect investment decisions [89]. - 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 [90]. - 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 [96]. - The company’s business model depends on the acceptance of its technology by customers and the successful commercialization of its energy storage systems [94]. - The company’s growth strategy includes establishing strategic relationships with various market players, but the success of these initiatives is uncertain [115]. - The growth of the energy storage market is dependent on the adoption of renewable energy sources and government regulations [141]. - Competition in the energy storage industry is intensifying, with several established companies having more resources and advanced technologies [145]. - The company’s technology must remain cost-effective compared to competitors to maintain its market position and profitability [144]. Financial Performance and Projections - The company has incurred significant expenses and expects to continue to do so, with a history of losses and uncertainty regarding future profitability [94]. - The company anticipates increased costs associated with transitioning to lower emissions technologies and potential risks related to the viability of these technologies [160]. - As of December 31, 2024, the company had accumulated deficits of $383.8 million and net losses of $135.8 million for the year ended December 31, 2024 [170]. - The company expects to continue incurring significant operating expenses without generating sufficient revenues, indicating a capital-intensive business model [171]. - The total backlog as of December 31, 2024, was $433.9 million, representing contracted but unrecognized revenue [180]. - Bookings for the year ended December 31, 2024, totaled $223.9 million, reflecting the total aggregate contract value from customer contracts signed during the period [181]. - The developed pipeline as of December 31, 2024, amounted to $2.1 billion, indicating potential revenue from projects where the company is in advanced negotiations [182]. Operational Risks and Challenges - The company faces risks associated with operational performance and costs, including unexpected malfunctions and the need for repairs, which could adversely affect business [101]. - The company’s projections regarding construction costs, timelines, and future revenues are highly sensitive to inaccuracies, which could materially affect profitability [92]. - The company faces risks associated with construction delays and cost overruns, which could impair project development and financial performance [121]. - The successful installation of energy storage systems is dependent on timely interconnection with local electric grids, which may face delays affecting revenue recognition [122]. - The lengthy sales and installation cycle for energy storage systems could lead to significant fluctuations in operating results from period to period [174]. - The company faces risks related to customer cancellations and delays, which could materially affect its business and financial condition [185]. Supply Chain and Production - The company’s energy storage systems have significant upfront costs, necessitating third-party financing for both the company and its customers [103]. - The company relies on a limited number of third-party suppliers for components, and any failure in their delivery could lead to installation delays and reputational damage [117]. - The company relies on suppliers and subcontractors for manufacturing components of its energy storage systems, which may lead to potential liabilities and recovery challenges [216]. Regulatory and Compliance Issues - The company is subject to legal and regulatory restrictions that could increase compliance costs and expose it to litigation risks [130]. - Increasing scrutiny of ESG matters could adversely impact the company's reputation, share price, and access to capital [131]. - The company may face increased regulatory requirements regarding environmental impacts, potentially leading to higher compliance costs [161]. - The company is subject to various environmental, health, and safety laws that could result in significant compliance costs and liabilities [226]. - Any actual or perceived failure to comply with privacy and data protection laws could subject the company to liability and damage its reputation [231]. - The company may face increased privacy and security obligations due to state and federal laws, such as the California Consumer Privacy Act [233]. Intellectual Property and Cybersecurity - The company may face challenges in protecting its intellectual property (IP) rights, which could adversely affect its growth and success [193]. - IP rights may not be as strongly enforced outside the United States, leading to potential revenue loss due to competitors copying designs and technology [194]. - The company's pending patent applications may not result in issued patents, hindering its ability to prevent competitors from selling similar products [195]. - The company may face third-party claims of IP infringement, which could result in substantial legal costs and harm its reputation [198]. - Cybersecurity risks threaten the confidentiality and integrity of the company's IT systems, which are critical to its operations [204]. - The company has experienced rapid growth, which may strain its IT systems and increase vulnerability to data security breaches [208]. Market and Economic Conditions - Economic uncertainty, including inflation and interest rate fluctuations, has negatively impacted demand for the company's products [154]. - Fluctuations in fuel prices could decrease incentives for transitioning to renewable energy, impacting demand for the company's products [162]. - The U.S. has implemented a 25% additional tariff on imports from Canada and a 20% additional tariff on imports from China, which may negatively affect the company's financial condition [221]. - The company may face reduced revenue due to the potential reduction, modification, or elimination of government economic incentives such as rebates and tax credits [223]. - Inflation could adversely impact operations due to rising material, labor, and construction costs, potentially affecting financial results [388]. Corporate Governance and Structure - As of December 31, 2024, executive officers, directors, and their affiliates beneficially own approximately 29.7% of the outstanding common stock, allowing significant control over corporate decisions [242]. - The company qualifies as an "emerging growth company" and intends to take advantage of exemptions from various reporting requirements until it exceeds a market value of $700 million or total annual gross revenue of $1.235 billion [243]. - Increased legal, accounting, and administrative costs are expected as a public company, which could negatively impact financial condition and results of operations [247]. - The company may issue additional shares or other equity securities without stockholder approval, potentially diluting ownership interests [252]. - The trading price of the company's common stock is likely to be volatile, influenced by various market and operational factors [253]. - Activist stockholders may attempt to effect changes that could adversely affect corporate governance and financial condition [256]. - Anti-takeover provisions may delay or prevent beneficial acquisitions and management changes, potentially limiting stockholder influence [257]. - The company is governed by Section 203 of the DGCL, which restricts individuals owning 15% or more of voting stock from merging for three years [258].

A downtrend has been apparent in Energy Vault Holdings, Inc. (NRGV) lately with too much selling pressure. The stock has declined 33.9% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical ind ...

Energy Vault (NRGV) Q4 2024 Earnings Call March 18, 2025 12:37 AM ET Company Participants Michael Beer - CFO & Head of Corporate ServicesRobert Piconi - Chairman & CEOChris Ellinghaus - Managing Director Conference Call Participants Thomas Boyes - Analyst Operator Greetings, and welcome to the Energy Vault's Fourth Quarter twenty twenty four Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. It is now my pleasure to int ...

Energy Vault Holdings, Inc. (NYSE:NRGV) Q4 2024 Earnings Conference Call March 17, 2025 4:30 PM ET Company Participants Michael Beer - Chief Financial Officer and Head of Corporate Services Robert Piconi - Chairman and Chief Executive Officer Conference Call Participants Thomas Boyes - Cowen Chris Ellinghaus - Siebert Williams Shank Operator Greetings and welcome to Energy Vault's Fourth Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will ...