Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the
“Company”), a leading provider of safe, scalable, efficient, and
sustainable zinc-based energy storage systems, today announced that
it expects to record revenue of $0.2 million for the quarter ended
June 30, 2023, as the Company transitions manufacturing to the Eos
Z3™ battery, with expected second quarter gross margin to improve
by 20% to 50% over the prior quarter, cash balance (excluding
restricted cash) of $23.2 million as of June 30, 2023, and booked
orders of $86.9 million for the first half of 2023.
The Company also issues the following response
to statements made about its customer backlog in external reports,
republished and amplified on social media, regarding two of the
Company’s customers:
International Electric Power, LLC (“IEP”), who
was referred to as a “dubious counterparty”, has partnered with Eos
since 2020 to co-develop two energy projects in Texas, with Eos
providing upfront funding that was repaid when the project secured
financing. The first of these projects is currently scheduled to
break ground later this summer with product shipments expected in
2023.
The report also referred to legal proceedings
involving multiple Bridgelink legal entities. The Company believes
that its customer, Bridgelink Commodities, LLC, is a separate legal
entity which is not implicated in the legal matters highlighted in
today’s statements. This customer, representing 45% of the
Company's backlog, reconfirmed today that it continues to build
pipeline and is actively seeking financing for energy storage
projects covered by Eos’s multi-year Master Supply Agreement.
Eos’ commercial pipeline remains strong and
continues to grow in line with independent third party market
forecasts. The Company believes its long-term business fundamentals
are strongly supported by the secular shift occurring in the energy
industry requiring long duration energy storage.
The Company continues to progress through the
Department of Energy (DOE) Loan Programs Office’s (LPO) process for
its Title XVII loan and is awaiting a conditional approval decision
which may be taking longer due to changes from the recent Interim
Final Rule announced in May. If approved, the conditional
commitment would be the result of a thorough and rigorous due
diligence program conducted by the LPO and multiple external
industry experts to evaluate the Company’s technology and its
ability to meet certain market and financial expectations.
The Eos Z3 transition is fully underway, and the
first semi-automated battery manufacturing line is installed and
ready to start commercial production. Eos Z3 batteries utilize the
same chemistry, which has over 3 million cycles, that incorporates
a new mechanical design aimed at improving performance, lowering
cost and increasing manufacturability. The Company expects to
deliver its first customer orders from this line in the third
quarter. Eos’s progression to the Z3 battery incorporates valuable
lessons learned from the past 15 years into a new system design
which the Company expects to result in efficiencies as it develops
its new state-of-the-art manufacturing line.
Eos will release its full second quarter 2023
financial results after the U.S. market closes on August 14, 2023.
A conference call to discuss its results will take place the
following morning on August 15 at 8:30 a.m. Eastern Time.
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’ investor relations website for twelve months
following the live presentation. The webcast replay will be
available from 11:30 a.m. ET on August 15, 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.
ContactsInvestors: ir@eose.comMedia: media@eose.com
Forward-Looking Statements / Disclaimer
This press release includes certain statements
that may constitute "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 that refer to our expected
revenue and gross margins for the second quarter 2023 and cash
balance as of June 30, 2023, the Department of Energy Loan approval
process, forecasts or other characterizations of future events or
circumstances, including any underlying assumptions. There is no
assurance that DOE will offer a term sheet to the applicant, or
that the terms and conditions of a term sheet will be consistent
with terms proposed by the applicant. 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. Factors which may
cause actual results to differ materially from current expectations
include, but are not limited to: the preliminary financial
information remains subject to changes and finalization based upon
management’s ongoing review of results for the second quarter 2023
and the completion of all quarter closing procedures; changes
adversely affecting the business in which we are engaged; our
ability to forecast trends accurately; our ability to secure final
approval of a loan from the Department of Energy or the final
amount of any loan; our ability to generate cash, service
indebtedness and incur additional indebtedness; our ability to
secure financing to continue expansion; our customer’s ability to
secure project financing; our ability to develop efficient
manufacturing processes to scale and to forecast related costs and
efficiencies accurately, and to secure labor; fluctuations in our
revenue and operating results; competition from existing or new
competitors; the failure to convert firm order backlog and pipeline
to revenue; the failure to sufficiently reduce manufacturing costs,
potential delays in the launch of our Eos Z3 battery; inefficient
implementation of the Inflation Reduction Act of 2022; the amount
of final tax credits available to our customers or to Eos pursuant
to the Inflation Reduction Act; risks associated with security
breaches in our information technology systems; the risk of a
government shutdown as Eos remains in due diligence on its loan
application with the U.S. Department of Energy Loan Programs
Office; 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 in federal, state, or local laws;
risks associated with potential costs of regulatory compliance;
risks associated with changes to U.S. trade policies; 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 regulation; the possibility
that Eos may be adversely affected by other economic, business,
and/or competitive factors; other factors beyond our control; 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 Eos’s most recent filings with the Securities and
Exchange Commission, including Eos’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 Eos makes with the Securities and Exchange
Commission from time to time. Moreover, Eos 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, Eos 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.
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