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 meet the applicable conditions precedent and secure final approval of a loan, in a timely manner or at all from the Department of Energy, Loan Programs Office, or the timing of funding and the final size of any loan that is approved; the possibility of a government shutdown while we work to meet the applicable conditions precedent and 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 continue 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; our ability 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 the 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 TABLES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
For The Three Months
Ended March 31,
-------------------------------
2024 2023
-------------- ---------------
Revenue
Total revenue $ 6,601 $ 8,835
Costs and expenses
Cost of goods sold 28,229 26,940
Research and development expenses 5,200 5,445
Selling, general and administrative
expenses 14,242 13,955
Loss from write-down of property,
plant and equipment 65 760
Total costs and expenses 47,736 47,100
Operating loss (41,135) (38,265)
Other (expense) income
Interest expense, net (4,267) (4,829)
Interest expense - related party (4,851) (13,755)
Change in fair value of warrants 2,900 (156)
Change in fair value of derivatives -
related parties 534 (12,934)
Loss on debt extinguishment -- (1,634)
Other income (expense) 136 (17)
------------- ------------
Loss before income taxes $ (46,683) $ (71,590)
Income tax expense 25 10
------------- ------------
Net loss $ (46,708) $ (71,600)
Other comprehensive income
Foreign currency translation
adjustment, net of tax (5) 1
------------- ------------
Comprehensive loss $ (46,713) $ (71,599)
========= ========
Basic and diluted loss per share
attributable to common shareholders
Basic $ (0.23) $ (0.82)
Diluted $ (0.23) $ (0.82)
Weighted average shares of common stock
Basic 201,306,905 86,797,669
Diluted 201,306,905 86,797,669
EOS ENERGY ENTERPRISES, INC.
EARNINGS RELEASE TABLES
UNAUDITED CONSOLIDATED BALANCE SHEETS DATA
(In thousands)
March 31, December 31,
2024 2023
----------- ----------------
Balance sheet data
Cash and cash equivalents $ 31,773 $ 69,473
Other current assets 55,245 52,858
Property and equipment, net 42,742 37,855
Other assets 25,922 26,306
Total assets 155,682 186,492
Total liabilities 303,355 297,292
Total deficit (147,673) (110,880)
UNAUDITED STATEMENTS OF CASH FLOW DATA
(In thousands)
March 31, March 31,
2024 2023
--------- -----------
Cash used in operating activities $(40,474) $(30,478)
Cash used in investing activities (4,042) (2,897)
Cash provided by financing activities 6,111 32,455
Effect of foreign exchange on cash, cash
equivalents and restricted cash (6) (1)
Net decrease in cash, cash equivalents and
restricted cash (38,411) (921)
Cash, cash equivalents and restricted cash,
beginning of period(1) 84,667 31,223
------- -------
Cash, cash equivalents and restricted cash,
end of period(1) $ 46,256 $ 30,302
------- -------
(1) Includes current and long-term restricted cash, as reflected on the balance sheet
(END) Dow Jones Newswires
May 14, 2024 16:02 ET (20:02 GMT)
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