Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the
“Company”), a leading provider of safe, scalable, efficient, and
sustainable zinc-based long duration energy storage systems, today
announced financial results for the first quarter ended March 31,
2023.
First Quarter Financial Highlights
- $8.8 million revenue, compared to $3.3 million in 1Q 2022, a
168% increase year-over-year.
- Cost of Goods Sold of $26.9 million, a decrease of 24% compared
to 1Q 2022, representing a 25% reduction in product unit cost
year-over-year.
- Operating expenses of $19.4 million remained flat
year-over-year.
- $16.1 million cash balance on March 31, 2023, compared to $17.1
million on December 31, 2022.
- Booked $86.3 million in orders, resulting in an order backlog
of $535.1 million as of March 31, 2023, an increase of more than
2.5x versus 1Q 2022.
Recent Business Highlights
- Signed a 300 MWh Master Supply Agreement with Carson Hybrid
Energy Storage (“CHES”).
- Completed final new Gen 2.3 Energy Block shipments;
transitioning to Eos Z3TM battery production.
- Achieved 1 GWh of discharged energy from field installations,
with 70% occurring in 2023.
- On April 14, 2023, the Company successfully completed a $40
million capital raise; planned use of proceeds includes factory
automation and capacity expansion.
- Substantially completed due diligence for Department of Energy
Title XVII loan application; actively negotiating the final
provisions of a term sheet with the Loan Program Office.
Eos Chief Executive Officer Joe Mastrangelo said, "The Eos team
delivered a solid first quarter, with continued backlog growth,
strong manufacturing performance, and 1 GWh of discharged energy in
the field, all while raising additional capital that enables us to
scale operations and accelerate our market competitiveness.”
Mastrangelo continued, “We are positioning ourselves to
transition to the Z3 Energy Cube, which combines our patented
electrolyte with a new mechanical design that is easier to build at
a lower cost. We are continuing to scale operations to meet the
world’s future energy needs.”
Earnings Conference Call and Audio Webcast
Eos will host a conference call to discuss its first quarter
2023 financial results on May 10, 2023, at 8:30 a.m. ET. A live
webcast of the call will be available on the “Investor Relations”
page of the Company’s website at https://investors.eose.com. To
access the call by phone, please register in advance using this
link (registration link), and you will be provided with dial in
details via email upon registration. To avoid delays, we encourage
participants to dial into the conference call fifteen minutes ahead
of the scheduled start time.
The conference call replay will be available via webcast through
Eos’s investor relations website for a limited time. The webcast
replay will be available from 11:30 a.m. ET May 10, 2023, and can
be accessed by visiting
https://investors.eose.com/events-and-presentations.
About Eos
Eos Energy Enterprises, Inc. is accelerating the shift to clean
energy with positively ingenious solutions that transform how the
world stores power. Our breakthrough Znyth™ aqueous zinc battery
was designed to overcome the limitations of conventional
lithium-ion technology. Safe, scalable, efficient, sustainable—and
manufactured in the U.S—it's the core of our innovative systems
that today provide utility, industrial, and commercial customers
with a proven, reliable energy storage alternative for 3- to
12-hour applications. Eos was founded in 2008 and is headquartered
in Edison, New Jersey. For more information about Eos (NASDAQ:
EOSE), visit eose.com.
Contacts |
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Investors: |
ir@eose.com |
Media: |
media@eose.com |
|
|
Forward Looking Statements
Except for the historical information contained herein, the
matters set forth in this press release are forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to,
statements regarding the tax credits available to our customers or
to Eos pursuant to the Inflation Reduction Act of 2022, statements
regarding our ability to secure conditional commitment or final
approval of a loan from the Department of Energy LPO, or our
anticipated use of proceeds from any loan facility provided by the
US Department of Energy, statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intends," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements are based on our management’s beliefs,
as well as assumptions made by, and information currently available
to, them. Because such statements are based on expectations as to
future financial and operating results and are not statements of
fact, actual results may differ materially from those
projected.
Factors which may cause actual results to differ materially from
current expectations include, but are not limited to: changes
adversely affecting the business in which we are engaged; our
ability to forecast trends accurately; our ability to generate
cash, service indebtedness and incur additional indebtedness; our
ability to raise financing in the future; the amount of final tax
credits available to our customers or to Eos pursuant to the
Inflation Reduction Act, uncertainties around our ability to secure
conditional commitment in a timely manner or at all, or final
approval of a loan from the Department of Energy, the Loan Programs
Office, or the timing of funding and the final size of any loan if
approved; the possibility of a government shutdown while we remain
in the due diligence phase with the U.S. Department of Energy Loan
Programs Office or while we await notice of a decision regarding
the issuance of a loan from the Department of Energy Loan Programs
Office; our ability to develop efficient manufacturing processes to
scale and to forecast related costs and efficiencies accurately;
fluctuations in our revenue and operating results; competition from
existing or new competitors; the failure to convert firm order
backlog to revenue; risks associated with security breaches in our
information technology systems; risks related to legal proceedings
or claims; risks associated with evolving energy policies in the
United States and other countries and the potential costs of
regulatory compliance; risks associated with changes to U.S. trade
environment; risks resulting from the impact of global pandemics,
including the novel coronavirus, Covid-19; our ability to maintain
the listing of our shares of common stock on NASDAQ; our ability to
grow our business and manage growth profitably, maintain
relationships with customers and suppliers and retain our
management and key employees; risks related to the adverse changes
in general economic conditions, including inflationary pressures
and increased interest rates; risk from supply chain disruptions
and other impacts of geopolitical conflict; changes in applicable
laws or regulations; the possibility that Eos may be adversely
affected by other economic, business, and/or competitive factors;
other factors beyond our control; risks related to adverse changes
in general economic conditions; and other risks and
uncertainties.
The forward-looking statements contained in this press release
are also subject to additional risks, uncertainties, and factors,
including those more fully described in the Company’s most recent
filings with the Securities and Exchange Commission, including the
Company’s most recent Annual Report on Form 10-K and subsequent
reports on Forms 10-Q and 8-K. Further information on potential
risks that could affect actual results will be included in the
subsequent periodic and current reports and other filings that the
Company makes with the Securities and Exchange Commission from time
to time. Moreover, the Company operates in a very competitive and
rapidly changing environment, and new risks and uncertainties may
emerge that could have an impact on the forward-looking statements
contained in this press release.
Forward-looking statements speak only as of the date they are
made. Readers are cautioned not to put undue reliance on
forward-looking statements, and, except as required by law, the
Company assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise.
Key Metrics
Backlog. Our backlog represents the amount of
revenue that we expect to realize from existing agreements with our
customers for the sale of our battery energy storage
systems and performance of services. The backlog is calculated
by adding new orders in the current fiscal period to the
backlog as of the end of the prior fiscal period and then
subtracting the shipments in the current fiscal period. If the
amount of an order is modified or cancelled, we adjust orders in
the current period and our backlog accordingly, but do not
retroactively adjust previously published backlogs. There is no
comparable US-GAAP financial measure for backlog. We believe that
the backlog is a useful indicator regarding the future revenue of
our Company.
Pipeline. Our pipeline represents projects for
which we have submitted technical proposals or non-binding quotes
plus letters of intent (“LOI”) or firm commitments from customers.
Pipeline does not include lead generation projects.
Booked Orders. Booked orders are orders where
we have legally binding agreements with a Purchase Order (“PO”) or
Master Supply Agreement (“MSA”) executed by both parties.
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EOS ENERGY ENTERPRISES, INC.EARNINGS
RELEASE TABLESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS(In thousands, except share and per share data) |
|
|
Three Months Ended March 31, |
|
2023 |
|
2022 |
Revenue |
|
|
|
Total revenue |
$ |
8,835 |
|
|
$ |
3,298 |
|
|
|
|
|
Costs and
expenses |
|
|
|
Cost of goods sold |
|
26,940 |
|
|
|
35,577 |
|
Research and development expenses |
|
5,445 |
|
|
|
4,963 |
|
Selling, general and administrative expenses |
|
13,955 |
|
|
|
14,279 |
|
Loss from write down of property, plant and equipment |
|
760 |
|
|
|
8 |
|
Grant expense, net |
|
- |
|
|
|
173 |
|
Total costs and
expenses |
|
47,100 |
|
|
|
55,000 |
|
|
|
|
|
Operating
loss |
|
(38,265 |
) |
|
|
(51,702 |
) |
|
|
|
|
Interest expense, net |
|
4,829 |
|
|
|
338 |
|
Interest expense, related
party |
|
13,755 |
|
|
|
2,174 |
|
Other expense (income) |
|
14,741 |
|
|
|
(8,381 |
) |
Loss before income
taxes |
$ |
(71,590 |
) |
|
$ |
(45,833 |
) |
Income tax expense
(benefit) |
|
10 |
|
|
|
(42 |
) |
Net loss |
$ |
(71,600 |
) |
|
$ |
(45,791 |
) |
|
|
|
|
Basic and diluted loss
per share attributable to common shareholders |
|
|
|
Basic |
$ |
(0.82 |
) |
|
$ |
(0.85 |
) |
Diluted |
$ |
(0.82 |
) |
|
$ |
(0.85 |
) |
|
|
|
|
Weighted average
shares of common stock |
|
|
|
Basic |
|
86,797,669 |
|
|
|
53,961,553 |
|
Diluted |
|
86,797,669 |
|
|
|
53,961,553 |
|
|
EOS ENERGY ENTERPRISES, INC.EARNINGS
RELEASE TABLES UNAUDITED CONSOLIDATED BALANCE
SHEETS DATA(In thousands) |
|
|
March 31,2023 |
|
December 31,2022 |
Balance sheet
data |
|
|
|
Cash and cash equivalents |
$ |
16,127 |
|
|
$ |
17,076 |
|
Other current assets |
33,900 |
|
|
38,071 |
|
Property and equipment, net |
24,617 |
|
|
27,169 |
|
Other assets |
25,081 |
|
|
24,472 |
|
Total assets |
99,725 |
|
|
106,788 |
|
Total liabilities |
275,322 |
|
|
239,499 |
|
Total deficit |
(175,597 |
) |
|
(132,711 |
) |
|
UNAUDITED STATEMENTS OF CASH FLOW DATA (In
thousands) |
|
|
March 31, 2023 |
|
March 31,2022 |
|
|
|
|
Cash used in operating activities |
$ |
(30,478 |
) |
|
$ |
(42,732 |
) |
Cash used in investing
activities |
|
(2,897 |
) |
|
|
(5,132 |
) |
Cash provided by (used in)
financing activities |
|
32,455 |
|
|
|
(1,212 |
) |
Effect of foreign exchange on
cash, cash equivalents & restricted cash |
|
(1 |
) |
|
|
- |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(921 |
) |
|
|
(49,076 |
) |
Cash, cash equivalents and
restricted cash, beginning of period |
|
31,223 |
|
|
|
105,692 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
30,302 |
|
|
$ |
56,616 |
|
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