NRGV · Energy Vault Holdings, Inc.

Q4 2025 contract revenue backlog soared to a record $1.3 billion, up 42% sequentially from Q3 2025 and up over 300% from the prior year 2025 Revenue of $203.7 million grew 340%+ compared to the prior year (within the original 2025 guidance range) 2025 GAAP gross profit reached $48.0 million up nearly 8x versus the prior year, resulting in 2025 gross margin of 23.6% versus 13.4% the prior year (and well above the original 2025 guidance range) Q4 2025 Adjusted EBITDA improved by $23.2 million versus prior year, delivering a positive $9.8 million versus a loss of $13.4 million in the prior year Q4 2025 Adjusted Net Income turned positive to $3.7 million versus a loss of $25.0 million in the prior year period Q4 2025 GAAP Net Loss of $20.7 million improved by $41.1 million from a loss of $61.8 million in the prior year Cash as of December 31, 2025 climbed to $103.4 million, up 67% sequentially from Q3-25 and up over 300% versus prior year, (above the original guidance range) Total

Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a global leader in sustainable grid-scale energy storage and AI power infrastructure, announced the closing of an upsized $150 million financing in convertible senior notes (versus the initially announced $125 million offering), strengthening its balance sheet and supporting continued execution of its own-and-operate strategy. In connection with the closing of the Notes, the Company used a portion of the proceeds to repay principal outstanding under its Yorkville convertible debenture arrangements. On February 19, 2026, the Company redeemed approximately $45 million in aggregate principal amount of senior unsecured convertible debentures previously issued to YA II PN, Ltd., an affiliate of Yorkville Advisors Global, LP (“Yorkville”), eliminating this principal from the Company’s balance sheet and improving future financial flexibility. The Company also executed a capped call derivative transaction at 100%

Highlights Recent Strategic AI Compute Milestones with Crusoe and Peak Energy alongside Continued Expansion in Australia Financial Transformation & Balance Sheet Strength: Energy Vault strengthened its balance sheet while reporting its first positive Adjusted EBITDA of $5M–$10M in Q4 2025. Fueled by strong year-over-year revenue and gross margin growth, cash reserves increased over 300% to finish the year above $100 million. Strategic Entry into AI Infrastructure: The Company officially entered the high-margin AI infrastructure market via a partnership with Crusoe, backed by domestic sodium-ion battery supply advantages and exclusive global market-entry rights for its next-generation technology. Expansion of "Own & Operate" Portfolio To accelerate recurring revenue, Energy Vault continues to scale its "Own & Operate" asset base, highlighted by the recent addition of major long-duration energy storage projects in Australia. Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy

Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault”), a leader in sustainable, grid-scale energy storage solutions, today announced the pricing of $140.0 million aggregate principal amount of 5.250% convertible senior notes due 2031 (the “Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering was upsized from the previously announced offering size of $125.0 million aggregate principal amount of Notes. Energy Vault also granted the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period, beginning on, and including, the date on which the Notes are first issued, up to an additional $20.0 million aggregate principal amount of the Notes. The sale of the Notes to the initial purchasers is expected to settle on February 17, 2026, subject to customary closing conditions, and Energy Vault estimates that it

Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault”), a leader in sustainable, grid-scale energy storage solutions, today announced that it intends to offer, subject to market conditions and other factors, $125.0 million aggregate principal amount of convertible senior notes due 2031 (the “Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Energy Vault also intends to grant the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $25.0 million aggregate principal amount of Notes. The Notes The Notes will be senior unsecured obligations of the Company. The Notes are expected to pay interest semiannually and will mature on March 1, 2031, unless earlier converted, redeemed or repurchased in accordance with their

Q4 2025 Revenue expected to be between $150.0 million and $155.0 million, representing year-over-year (“YoY”) improvement of ~355%, and an increase of ~5x sequentially from Q3 2025 Q4 2025 GAAP Gross Profit expected to be between $28 million and $33 million, an increase of ~3x sequentially from Q3 2025, with a Q4 2025 Gross Margin expected to be between 18% and 22%, representing a YoY improvement of ~1,000bps and ~1,400bps, Positive Q4 2025 Adjusted EBITDA expected to be between $5.0 million and $10.0 million, versus a loss of $13.4M in Q4 2024; Q4 2025 Net loss expected to be between $22.1 million and $9.5 million versus $61.8 million in Q4 2024 Cash on hand at year end finished at $103.4 million, a 3x+ increase YoY and up 67% sequentially from Q3 2025 Full Year 2025 Revenue range of $200 million to $205 million representing YoY increase of ~335% and within original 2025 revenue guidance range Energy Vault to report complete fourth quarter and full-year 2025 financial results on

Multi-year framework enables rapid, phased deployments up to 25 MW beginning in 2026, leveraging Energy Vault’s critical energy infrastructure capabilities and digital operating platform to deliver “powered shell” modular data center capacity First deployment planned at Energy Vault’s Snyder, Texas solar generation and energy storage technology center to accelerate time-to-capacity for Crusoe Cloud customers Agreement marks Energy Vault’s entry into the AI Infrastructure market, unlocking access to revenue-per-MW up to 20× higher than traditional BESS deployments, significantly accelerating Energy Vault’s EBITDA generation and scaling the Asset Vault platform Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault”), a global leader in grid-scale energy storage solution infrastructure, and Crusoe, the industry’s first vertically-integrated AI infrastructure provider, today announced a strategic framework agreement for the phased deployment of Crusoe Spark modular data centers at

Joint Development of AI-Dedicated Storage: The companies will co-develop a full-stack storage platform—combining Peak Energy’s sodium-ion batteries with Energy Vault’s proprietary digital stack—dedicated to Energy Vault’s AI infrastructure portfolio. This solution accelerates deployment, enhances safety, and reduces costs by eliminating complex legacy systems. Strategic Supply Chain Advantage: Energy Vault secures an initial 1.5 GWh offtake of Peak Energy’s U.S.-manufactured sodium-ion batteries, locking in supply chain security and Domestic Content tax credit eligibility to deliver superior unit economics for BESS and AI infra projects. Global Market Expansion: Energy Vault secures exclusive regional channel rights for Peak Energy technology in the APAC region, expanding the companies’ combined footprint in key high-growth international markets. Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or “the Company”), a leader in sustainable grid-scale energy storage and AI power

Energy Vault’s development partner in Australia, Bridge Energy, has secured a 14-year Long-Term Energy Service Agreement (LTESA) for the EBOR Battery Energy Storage System (BESS) project (100 MW / 870 MWh), under the NSW Electricity Infrastructure Roadmap Energy Vault holds the exclusive option to acquire and construct the A$310 million project having supported Bridge through early stage development The project will feature Energy Vault’s proprietary B-VAULT™ technology and Vault-OS™ Energy Management System software to provide essential grid firming capacity Energy Vault acquired the Stoney Creek 125 MW / 1,000 MWh project in New South Wales in 2025, which also holds an LTESA, as Energy Vault rapidly expands its Australian footprint Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault”), a leader in sustainable, grid-scale energy storage solutions, and Bridge Energy Pty Ltd (“Bridge Energy”), an Australian developer bridging the gap between fossil fuels and renewable energy, today