On this page of StockholderLetter.com we present the latest annual shareholder letter from Energy Vault Holdings, Inc. — ticker symbol NRGV. Reading current and past NRGV letters to shareholders can bring important insights into the investment thesis.

 •  4/17/2026 Letter Continued (Full PDF)
 •  4/17/2023 NRGV Stockholder Letter
 •  4/9/2024 NRGV Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters
 •  NRGV Benford's Law Stock Score = 86

NRGV Shareholder/Stockholder Letter Transcript:

ENERGY VAULT HOLDINGS, INC.
ANNUAL
REPORT
www.energyvault.com
   2026 Energy Vault, Inc. All Rights Reserved

Dear Shareholders,
2025 was a defining year for Energy Vault.
We delivered strong financial performance, executed
a significant strategic transformation and deliberately
repositioned the company into new, high-value markets to
support sustained, long-term growth.
Most importantly, these efforts position Energy Vault to
scale recurring, highly profitable infrastructure revenues
and deliver predictable and long-term value creation for
shareholders.
2025 Financial Results
Our results in 2025 reflect disciplined execution and the
early benefits of our strategic repositioning:
    Contracted backlog reached a record $1.3 billion, up
300% year-over-year
    Revenue grew over 340% year-over-year to $203.7
million
From Technology Provider to Storage IPP
Infrastructure Platform
In 2025, we advanced a critical evolution of our business
model.
Energy Vault is no longer solely a technology provider,
we are now a vertically integrated energy infrastructure
company that develops, builds, owns and operates
assets globally.
This transition is anchored by our Asset Vault platform,
which is designed to generate long-term contracted
revenues, recurring cash flows and improved earnings
visibility.
As a result, our business today has the characteristics
of an infrastructure platform: scalable, durable and
positioned for long-term value creation.
    Gross profit increased nearly eightfold to $48.0 million,
with margins expanding to 23.6% from 13.4% the year
before
Scaling a Global Asset Portfolio
    Year-end cash rose to $103.4 million, up over 300%
versus the prior year
From our first commercial deployments in the U.S. to
major developments in Australia, we are creating a
diversified global portfolio of energy infrastructure assets
designed to deliver long-term contracted EBITDA.
    Closed a $300 million, non-dilutive preferred equity
fund to support Asset Vault projects up to $1.2 Billion of
CapEx
    And in February 2026, Energy Vault completed a $150
million 5.250% Senior Convertible Notes offering due
2031 (gross, upsized from $125 million), with a portion
of the proceeds used to implement a capped call (for an
implied conversion price of $8.12/share) and repayment
of $45 million in existing higher-cost principal debt
These results met or exceeded our original financial
guidance across key metrics. The only energy storage
company to do so and reflect a company operating at a
new level of scale, discipline and strategic focus. Further,
our balance sheet is strong, highly defensible and
positions us to scale.
We made significant progress building on our Own &
Operate asset base during the year.
Further to this, in 2025, we deliberately repositioned
Energy Vault into the emerging AI infrastructure market,
extending our platform beyond energy storage into the
broader convergence of power and compute.
We are entering this market early, with a differentiated
model designed to capture long-term, contracted value.
Through our partnership with Crusoe, we are developing
scalable, powered-shell data center solutions, with initial
deployments expected to begin in 2026.
This initiative expands our platform into a new, high-value
market with the potential to increase long-term revenue
per megawatt.
To underscore this progress, operating and underdevelopment capacity from our Asset Vault and AI Digital
Infrastructure portfolio increased from 65 MW to 540
MW over the past 12 months, advancing our path toward
approximately $150 million in annualized EBITDA as
these projects come online over the next 18   36 months.
www.energyvault.com
2

Positioned for Continued Growth
Looking Forward
The demand for reliable, flexible and sustainable energy
infrastructure continues to evolve, driven by renewable
integration, grid resiliency needs, electrification and the
growing power intensity of digital infrastructure.
I believe Energy Vault today is fundamentally stronger,
more scalable and better positioned than a year ago.
Our integrated model, technology-agnostic approach and
expanding asset base position us to participate in this
growth.
Looking ahead to 2026, we expect:
    Revenue of $225   $300 million
    Continued investment in Asset Vault    own & operate   
portfolio with $75-$100 million in internal project
intergration work
    Gross margins of 15   25%
    Targeting $150-$200 million in total cash at the end
of 2026, including net proceeds associated with our
recently issued convertible notes, project level financing
and self-performed integration work associated with
Asset Vault projects under construction (namely the
150 MW SOSA project in the U.S. and 125 MW Stoney
Creek project in Australia), approximately $40 million
in net ITC proceeds, customer receivables and other
growth initiatives.
These expectations reflect continued growth, disciplined
capital deployment and increasing contributions from our
Own & Operate asset portfolio.
We have established the foundation of a global energy
infrastructure platform, one we believe is capable of
delivering long-term, contracted value in a rapidly
evolving energy landscape.
Our focus remains on execution.
We remain confident in our ability to scale this platform,
expand our global footprint and deliver long-term value
for our shareholders, while advancing our purpose of
enabling a sustainably energized world.
Finally, I would like to take a minute and recognize the
dedication and resiliency of our employees throughout
2025. It was a challenging year, but together we have
built a more durable platform that will drive long-term
shareholder value.
Sincerely,
Rob Piconi
Chairman of the Board
and Chief Executive Officer,
Energy Vault
www.energyvault.com
3

Forward-Looking Statements
This report includes forward-looking statements that reflect the Company   s current views with respect to, among other
things, the Company   s operations and financial performance, including future revenue and profitability projections,
the anticipated project contributions, the availability of future draws under the preferred stock commitment to Asset
Vault, the timeline to deploy Asset Vault capital, the structure of Asset Vault, and the cost per kilowatt hour achievable
by Energy Vault. Forward-looking statements include information concerning possible or assumed future results of
operations, including descriptions of our business plan and strategies. These statements often include words such as
   anticipate,       expect,       suggest,       plan,       believe,       intend,       project,       forecast,       estimates,       targets,       projections,   
   should,       could,       would,       may,       might,       will    and other similar expressions. 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 expressed or implied by the forward-looking statements, including the failure to execute
definitive agreements or meet conditions for future funding draws, changes in our strategy, expansion plans, customer
opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects
and plans; the uncertainty of our awards, bookings, backlog, timing of permits and developed pipeline equating to future
revenue; the lack of assurance that non-binding letters of intent and other indication of interest can result in binding
orders or sales; 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, as such factors may be updated from time to time in its other filings with the
SEC, accessible on the SEC   s website at www.sec.gov. Any forward-looking statement made by us in this report speaks
only as of the date of this report. 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.
www.energyvault.com
4

4/17/2026 Letter Continued (Full PDF)

 

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