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Investor Presentaiton

Q3 2023 Results Versus Q2 2023 $'s in millions Bookings [MWH] Bookings [$] Q3 2023 Q2 2023 Change 400 400 $ 137.4 $ 33.0 104.4 Q3 2023 revenue and gross margin primarily due to advancement on the Company's BESS projects. Revenue Gross profit Gross margin % 172.2 39.7 132.5 • 7.1 3.9 3.2 4.2 % 9.9 % Operating expenses: о OPEX (excluding stock-based compensation) decreased $4.6M versus Q2 2023 Stock-based compensation was $10.7M in Q3, up from $10.1M in Q2. о ° Sales & Marketing (ex-stock comp) decreased $0.7M. R&D (ex-stock comp) decreased $2.2M. Sales and marketing 4.2 4.9 (0.7) R&D 8.2 10.2 (2.0) о G&A (ex-stock comp) decreased $1.6M. G&A 15.8 17.0 (1.2) Depreciation & Amortization 0.2 0.2 Improvement in operating loss of $7.1M versus Q2 2023 driven by an increase in gross profit and a decrease in operating expenses. Total operating expenses 28.4 32.3 (3.9) Operating loss (21.3) (28.4) 7.1 Cash balance on September 30 primarily reflects the net loss, change in net working capital, and $8.4M for the purchase of property and equipment. Other income: Interest income 1.9 2.3 (0.4) Change in FV of warrant liability Other Total other income 1.9 (0.1) 2.2 0.1 (0.3) Provision (benefit) for income taxes (0.4) (0.4) Net loss $ (19.0) $ (26.2) $ 7.2 Cash on hand $ 132.2 165.0 (32.8) ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED Enabling a Renewable World 19
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