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Q3 2023 Results: Sequential and Year over Year Comparison Key Financial Metrics 2022 2023 3Q23 3Q23 ($M-unless otherwise indicated) 3Q22 2Q23 3Q23 QoQ YOY Revenue 1.7 39.7 172.2 132.5 170.5 Growth (%) Gross Profit 0.1 3.9 7.1 3.2 3.2 Gross Margin (%) 5.9% 9.8% 4.2% (5.6) pts (1.7) pts Oper. Expense - SBC / Dep. 17.4 22.0 17.4 (4.6) 0.0 Adj. EBITDA (17.3) (18.1) (10.2) 7.9 7.1 Net Income (Loss) (28.8) (26.2) (19.0) 7.2 9.8 Focus on profitable growth continues driving QoQ and YoY financial improvement ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 18

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