| ENERGY VAULT HOLDINGS, INC. |
| |
| Condensed Consolidated Balance Sheets |
| (Unaudited) |
| (In thousands except par value) |
| | June 30, | | December 31, |
| ? | 2022 | | 2021 |
| Assets | ? | ? | ? |
| Current Assets | ? | ? | ? |
| Cash and cash equivalents | $ | 299,063 | | | $ | 105,125 | |
| Accounts receivable | | 5,559 | | | | — | |
| Contract assets | | 22,500 | | | | — | |
| Prepaid expenses and other current assets | | 4,277 | | | | 5,538 | |
| Total current assets | | 331,399 | | | | 110,663 | |
| Property and equipment, net | | 9,319 | | | | 11,868 | |
| Right-of-Use assets, net | | 1,106 | | | | 1,238 | |
| Other assets | | 3,696 | | | | 1,525 | |
| Total Assets | $ | 345,520 | | | $ | 125,294 | |
| Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit) | | | |
| Current Liabilities | ? | | ? |
| Accounts payable | $ | 2,164 | | | $ | 1,979 | |
| Accrued expenses | | 1,707 | | | | 4,704 | |
| Deferred revenue, current portion | | 3,033 | | | | — | |
| Long-term finance leases, current portion | | 44 | | | | 48 | |
| Long-term operating leases, current portion | | 582 | | | | 612 | |
| Total current liabilities | | 7,530 | | | | 7,343 | |
| Deferred pension obligation | | 163 | | | | 734 | |
| Asset retirement obligation | | 968 | | | | 978 | |
| Deferred revenue, long-term portion | | 8,196 | | | | 1,500 | |
| Long-term finance leases | | 15 | | | | 34 | |
| Long-term operating leases | | 563 | | | | 662 | |
| Warrant liability | | 21,499 | | | | — | |
| Total liabilities | | 38,934 | | | | 11,251 | |
| Commitments and contingencies | ? | | ? |
| Convertible preferred stock, $0.0001 par value; 85,739 shares authorized, 85,739 shares issued and outstanding at December 31, 2021; liquidation preference of $171,348 | | — | | | | 182,709 | |
| Stockholders’ Equity (Deficit) | | | |
| Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued | | — | | | | — | |
| Common stock, $0.0001 par value; 500,000 shares authorized, 134,441 shares issued, and 134,441 outstanding at June 30, 2022; 120,568 shares authorized, 20,432 shares issued, and 20,432 outstanding at December 31, 2021 | | 13 | | | | — | |
| Additional paid-in capital | | 402,004 | | | | 713 | |
| Accumulated deficit | | (95,223 | ) | | | (68,966 | ) |
| Accumulated other comprehensive loss | | (208 | ) | | | (413 | ) |
| Total stockholders’ equity (deficit) | | 306,586 | | | | (68,666 | ) |
| Total Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit) | $ | 345,520 | | | $ | 125,294 | |
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