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 third quarter ended September
30, 2023.
Key Highlights
- Revenue totaled $0.7 million,
compared to $6.1 million in 3Q 2022, as the Company began
commercial production and shipped the first Eos Z3 energy storage
systems.
- $21.3 million Cost of Goods Sold, a
57% year over year decrease, driven by lower volume partially
offset by one-time non-cash accounting adjustments for project
commissioning and inventory reserves.
- Operating expenses of $17.3
million, a 12% decrease compared to 3Q 2022, primarily driven by a
reduction in outside services.
- Cash balance of $58.0 million as of
September 30, 2023.
- Booked orders of $92.7 million for
the first nine months of fiscal year 2023, resulting in an order
backlog of $539 million as of September 30, 2023, a 19% increase
compared to September 30, 2022.
- The Company provided an update to
its 2023 outlook, announcing that 2023 revenue and booked orders
are both expected to come in below previous guidance as the Company
focuses capital and resources on delivery of critical customer
commitments and the launch of the first state of the art
manufacturing line in 2Q24. The Company reaffirmed its 2023 outlook
regarding a 15% product cost reduction from Eos Z3 product
launch.
- Selected by Dominion Energy
Virginia to provide longer duration energy storage for a
groundbreaking pilot project.
- On August 31, the Company announced
that the U.S. Department of Energy Loans Program Office (LPO)
issued a conditional commitment for a Title XVII loan of $399
million which would support plans to scale annual production to 8
GWh of storage by 2026.
Eos Chief Executive Officer Joe Mastrangelo
said, “In just 12 months, we completed the design and developed,
manufactured, and shipped our first Eos Z3 cube, incorporating our
time-tested 15-year chemistry in a simpler manufacturing process,
along with a streamlined energy system configuration. The team is
focused on providing stationary storage solutions that are fully
manufactured in the United States and provide both the flexibility
and safety the market requires.”
Mastrangelo concluded, “The first Z3 customer
shipment is a testament to the entire Eos team and the work they do
every day to meet the challenges and capture the opportunities of
scaling the company. As we look at the rest of the year and into
2024, we are focused on execution, driving down costs, and building
our first state-of-the-art manufacturing line that supports our
path to profitability.”
Earnings Conference Call and Audio Webcast
Eos will host a conference call to discuss its
third quarter 2023 financial results on November 7, 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
November 7, 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
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 our expected revenue and booked orders for the
fiscal year ended December 31, 2023 and cash balance as of December
31, 2023, the tax credits available to our customers or to Eos
pursuant to the Inflation Reduction Act of 2022, statements
regarding our ability to secure 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 2023 outlook, 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; our
customers’ ability to secure project financing; 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
final approval of a loan from the Department of Energy the Loan
Programs Office, in a timely manner or at all, or the timing of
funding and the final size of any loan if approved; the possibility
of a government shutdown while we work to finalize loan documents
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 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 and pipeline 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.
EOS ENERGY ENTERPRISES,
INC.EARNINGS RELEASE
TABLESUNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)(In thousands, except share and per share data)
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
Total revenue |
$ |
684 |
|
|
$ |
6,065 |
|
|
$ |
9,768 |
|
|
$ |
15,258 |
|
|
|
|
|
|
|
|
|
Costs and expenses |
|
|
|
|
|
|
|
Cost of goods sold |
|
21,262 |
|
|
|
50,025 |
|
|
|
59,448 |
|
|
|
122,468 |
|
Research and development
expenses |
|
3,228 |
|
|
|
4,462 |
|
|
|
13,699 |
|
|
|
14,889 |
|
Selling, general and
administrative expenses |
|
13,076 |
|
|
|
14,651 |
|
|
|
40,169 |
|
|
|
48,045 |
|
Loss from write-down of
property, plant, and equipment |
|
955 |
|
|
|
496 |
|
|
|
7,151 |
|
|
|
2,501 |
|
Grant expense, net |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4 |
|
Total costs and expenses |
|
38,521 |
|
|
|
69,634 |
|
|
|
120,467 |
|
|
|
187,907 |
|
|
|
|
|
|
|
|
|
Operating loss |
|
(37,837 |
) |
|
|
(63,569 |
) |
|
|
(110,699 |
) |
|
|
(172,649 |
) |
|
|
|
|
|
|
|
|
Interest expense, net |
|
4,994 |
|
|
|
2,766 |
|
|
|
14,709 |
|
|
|
3,388 |
|
Interest expense – related
party |
|
4,449 |
|
|
|
2,960 |
|
|
|
32,962 |
|
|
|
7,798 |
|
Change in fair value of
derivatives - related party |
|
(61,804 |
) |
|
|
416 |
|
|
|
25,919 |
|
|
|
(12,094 |
) |
Loss on debt extinguishment /
other expense |
|
(421 |
) |
|
|
901 |
|
|
|
3,984 |
|
|
|
1,414 |
|
Income (loss) before income
taxes |
$ |
14,945 |
|
|
$ |
(70,612 |
) |
|
$ |
(188,273 |
) |
|
$ |
(173,155 |
) |
Income tax expense |
|
13 |
|
|
|
110 |
|
|
|
25 |
|
|
|
45 |
|
Net income (loss) |
$ |
14,932 |
|
|
$ |
(70,722 |
) |
|
$ |
(188,298 |
) |
|
$ |
(173,200 |
) |
|
|
|
|
|
|
|
|
Basic and diluted income
(loss) per share attributable to common shareholders |
|
|
|
|
|
|
|
Basic |
$ |
0.11 |
|
|
$ |
(1.12 |
) |
|
$ |
(1.65 |
) |
|
$ |
(3.00 |
) |
Diluted |
$ |
(0.05 |
) |
|
$ |
(1.12 |
) |
|
$ |
(1.65 |
) |
|
$ |
(3.00 |
) |
|
|
|
|
|
|
|
|
Weighted average shares of
common stock |
|
|
|
|
|
|
|
Basic |
|
138,005,222 |
|
|
|
63,065,884 |
|
|
|
114,209,090 |
|
|
|
57,705,811 |
|
Diluted |
|
156,325,284 |
|
|
|
63,065,884 |
|
|
|
114,209,090 |
|
|
|
57,705,811 |
|
EOS ENERGY ENTERPRISES,
INC.EARNINGS RELEASE TABLES
UNAUDITED CONSOLIDATED BALANCE SHEETS DATA(In
thousands)
|
September 30,2023 |
|
|
December 31, 2022 |
Balance sheet
data |
|
|
|
|
Cash and cash equivalents |
$ |
57,970 |
|
|
|
|
$ |
17,076 |
|
Other current assets |
50,523 |
|
|
|
|
38,071 |
|
Property and equipment, net |
20,336 |
|
|
|
|
27,169 |
|
Other assets |
25,249 |
|
|
|
|
24,472 |
|
Total assets |
154,078 |
|
|
|
|
106,788 |
|
Total liabilities |
282,409 |
|
|
|
|
239,499 |
|
Total deficit |
(128,331 |
) |
|
|
|
(132,711 |
) |
UNAUDITED STATEMENTS OF CASH FLOW
DATA(In thousands)
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
Cash used in operating activities |
$ |
(107,578 |
) |
|
$ |
(159,129 |
) |
Cash used in investing activities |
|
(21,186 |
) |
|
|
(19,039 |
) |
Cash provided by financing activities |
|
170,607 |
|
|
|
123,524 |
|
Effect of foreign exchange on
cash, cash equivalents & restricted cash |
|
(5 |
) |
|
|
(1 |
) |
Net increase (decrease) in cash,
cash equivalents and restricted cash |
|
41,838 |
|
|
|
(54,645 |
) |
Cash, cash equivalents and
restricted cash, beginning of the period |
|
31,223 |
|
|
|
105,692 |
|
Cash, cash equivalents and
restricted cash, end of the period |
$ |
73,061 |
|
|
$ |
51,047 |
|
Eos Energy Enterprises (NASDAQ:EOSE)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Eos Energy Enterprises (NASDAQ:EOSE)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024