Energy Vault (NRGV) investor relations material

Executive summary

• Q2 2025 revenue rose 126% year-over-year to $8.5M, driven by Australian project delivery and U.S. BESS commencement.

• Signed $300M preferred equity investment to fund 1.5 GW of storage projects, enabling over $1B in CapEx and targeting $100M+ recurring EBITDA in 3-4 years.

• First two owned projects in Texas and California placed in service, expected to generate nearly $10M in recurring annual EBITDA.

• Completed acquisition of Stoney Creek BESS in Australia, the largest in the portfolio, to add ~$20M recurring annual EBITDA when operational in 2027.

• Asset Vault subsidiary will contract all product design, construction, and long-term service agreements to the parent, providing additional cash flow streams.

Financial highlights

• Q2 2025 GAAP gross profit increased 140% year-over-year to $2.5M, with gross margin improving to 29.6%.

• Adjusted EBITDA loss narrowed 11% year-over-year to $(13.7)M, aided by improved gross margins and $6.5M in annualized cost savings.

• Q2 2025 net loss was $(34.9)M; EPS of $(0.22) compared to $(0.18) last year.

• Cash balance improved 23% sequentially to $58.1M at June 30, at the high end of guidance.

• Adjusted operating expenses for Q2 2025 were $16.2M, down 2% year-over-year.

Outlook and guidance

• Full-year 2025 revenue expected between $200M and $250M, in line with prior guidance.

• Projected Q3 cash balance between $60M and $75M, including $18M Cross Trails project financing and $27M in anticipated ITC proceeds.

• Asset Vault projects expected to generate over $100M in recurring annual EBITDA within 3-4 years.

• Additional $6.5M in annualized operating expense reductions implemented in June and July.

• Management anticipates continued net losses and is monitoring liquidity closely.