Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced financial results for the second quarter ended June 30, 2022.
Second Quarter Highlights
Recent Business Highlights
Eos Chief Executive Officer Joe Mastrangelo said, “Across the Company, the team continues to execute and deliver strong operating results consistent with our strategic plan. Our orders backlog has more than doubled, we achieved significant quarterly revenue growth, we surpassed a half gigawatt hour of production capacity, all while reducing product cost in a very challenging environment.”
Mastrangelo concluded, “The world needs clean energy and we expect Eos to play a critical role in the energy transition.”
Earnings Conference Call and Audio Webcast
Eos will host a conference call to discuss its second quarter 2022 financial results on August 2, 2022, at 8:30 a.m. ET. The conference call can be accessed live over the phone by dialing (877) 704-4453, or for international callers (201) 389-0920. The call will also be webcast live from Eos’s investor relations website at https://investors.eose.com.
The conference call replay will be available via webcast through Eos’s investor relations website. A telephone replay will be available from 11:30 a.m. ET on August 2, 2022, through August 9, 2022, by dialing (844) 512-2921 or for international callers (412) 317-6671. The replay passcode will be 13731532.
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, commercial, and residential 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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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. The words “anticipate,” “believe,” “estimate,” “project,” “expect,” “intend,” “plan,” “should,” and similar expressions, as they relate to us, are intended to identify forward-looking statements. 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; 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; and risks related to adverse changes in general economic conditions.
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.
EOS ENERGY ENTERPRISES, INC.
EARNINGS RELEASE TABLES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except share and per share data)
| For the three months ended | For the six months ended | ||||||||||||||
| June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||
| Revenue | |||||||||||||||
| Total revenue | $ | 5,895 | $ | 612 | $ | 9,193 | $ | 776 | |||||||
| Costs and expenses | |||||||||||||||
| Cost of goods sold | 36,866 | 12,364 | 72,443 | 12,453 | |||||||||||
| Research and development expenses | 5,464 | 3,647 | 10,427 | 8,700 | |||||||||||
| Selling, general and administrative expenses | 19,115 | 11,325 | 33,394 | 20,127 | |||||||||||
| Loss on pre-existing agreement | - | 22,516 | - | 30,368 | |||||||||||
| Loss from write-down of property, plant and equipment | 1,997 | - | 2,005 | 11 | |||||||||||
| Grant (income) expense, net | (169 | ) | (52 | ) | 4 | (44 | ) | ||||||||
| Total costs and expenses | 63,273 | 49,800 | 118,273 | 71,615 | |||||||||||
| Operating loss | (57,378 | ) | (49,188 | ) | (109,080 | ) | (70,839 | ) | |||||||
| Interest expense, net | 284 | 154 | 622 | 175 | |||||||||||
| Interest expense, related party | 2,664 | - | 4,838 | - | |||||||||||
| Other expense (income) | (3,616 | ) | 4,701 | (11,997 | ) | 4,485 | |||||||||
| Loss before income taxes | $ | (56,710 | ) | $ | (54,043 | ) | $ | (102,543 | ) | $ | (75,499 | ) | |||
| Income tax benefit | 23 | - | 65 | - | |||||||||||
| Net loss | $ | (56,687 | ) | $ | (54,043 | ) | $ | (102,478 | ) | $ | (75,499 | ) | |||
| Basic and diluted loss per share attributable to common shareholders | |||||||||||||||
| Basic | $ | (1.01 | ) | $ | (1.04 | ) | $ | (1.86 | ) | $ | (1.46 | ) | |||
| Diluted | $ | (1.01 | ) | $ | (1.04 | ) | $ | (1.86 | ) | $ | (1.46 | ) | |||
| Weighted average shares of common stock | |||||||||||||||
| Basic | 56,021,185 | 51,792,365 | 54,991,475 | 51,630,088 | |||||||||||
| Diluted | 56,021,185 | 51,792,365 | 54,991,475 | 51,630,088 | |||||||||||
EOS ENERGY ENTERPRISES, INC.
EARNINGS RELEASE TABLES
CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in thousands)
| June 30, 2022 | December 31, 2021 | ||||||
| Balance sheet data | |||||||
| Cash and cash equivalents | $ | 16,273 | $ | 104,831 | |||
| Other current assets | 44,183 | 37,741 | |||||
| Property and equipment, net | 20,992 | 12,890 | |||||
| Other assets | 16,292 | 13,713 | |||||
| Total assets | 97,740 | 169,175 | |||||
| Total liabilities | 155,569 | 136,728 | |||||
| Total equity (deficit) | (57,829 | ) | 32,447 | ||||
SUMMARIZED STATEMENT OF CASH FLOW DATA
(Unaudited, in thousands)
| For the six months ended | ||||||||
| June 30, 2022 | June 30, 2021 | |||||||
| Cash used in operating activities | (86,992 | ) | (48,887 | ) | ||||
| Cash used in investing activities | (11,758 | ) | (15,784 | ) | ||||
| Cash provided by financing activities | 10,584 | 17,508 | ||||||
| Net decrease in cash, cash equivalents and restricted cash | (88,164 | ) | (47,163 | ) | ||||
| Cash, cash equivalents and restricted cash, beginning of the period | 105,692 | 121,853 | ||||||
| Cash, cash equivalents and restricted cash, end of the period | $ | 17,528 | $ | 74,690 | ||||
| Last Trade: | US$2.71 |
| Daily Change: | 0.03 1.12 |
| Daily Volume: | 3,869,062 |
| Market Cap: | US$590.540M |
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