Recent Business Highlights
- Booked orders of
$33 million year-to-date resulting in backlog of$50.5 million , as ofMay 11, 2021 - Successfully shipped our second and third commercial orders, as of
May 11, 2021 - On
April 9, 2021 , Eos acquired the remaining 51% ownership stake inHi-Power, LLC , a manufacturing joint venture withHoltec International - Successfully attained UL certification for 9540A and on track for full UL certification in the second quarter 2021
Eos Chief Executive Officer
Mastrangelo concluded, “The growth we have achieved in our booked orders year to date validates that Eos’s differentiated technology is meeting a key customer need in the marketplace that other technologies are struggling to fill. We are pleased with our positive sales momentum and we believe we are on pace to achieve our targets for the year.”
First Quarter 2021 Financial Highlights
- We recognized
$0.2 million of revenue from our first Gen 2.3 container shipped to the Shell (Nayo) microgrid solar storage solution inNigeria . - Cost of Sales of
$0.1 million include$1.7 million of costs incurred in the current quarter. These costs were partially offset by a$1.6 million reversal of a reserve for losses on firm purchase commitments that we had recorded in 4Q ’20. We reversed this accrual because the batteries that we acquired under the purchase commitment in Q1 were ultimately used for R&D purposes, and therefore were expensed within R&D expense in the first quarter. - Research and Development costs of
$5.1 million were$2.2 million higher related to testing UL certifications partially offset by the accrual reversal in cost of sales. Additionally, we invested in development expenses specific to Z3 technology. - General and administrative expenses of
$16.7 million include a$7.8 million expense associated with the acquisition of the remaining 51% interest inHi-Power . Furthermore, we incurred a$2.9 million increase in professional fees related to operating as a public company, including$1 million of non-recurring expenses and$2.5 million of higher stock compensation expenses. - As of
March 31, 2021 , Eos had cash and cash equivalents of$101 million .
2021 Outlook
Eos reiterates its financial outlook for full year 2021 as follows:
- Revenue of
$50 million - Booked orders of
$300 million as ofDecember 31, 2021 to meet our commitments in 2022+
Eos expects to continue to make investments in its capabilities, technology, and organization. Additional priorities include:
- Achieve full UL certification
- Expand manufacturing capacity to 800 MWh
- Launch Gen 3.0 (Z3) system technology
- Invest in people and culture
Earnings Conference Call and Audio Webcast
Eos will host a conference call to discuss its first quarter 2021 financial results on
The conference call replay will be available via webcast through Eos’s investor relations website. A telephone replay will be available from
About Eos
Contacts 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. 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 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 changes in federal, state, or local laws; risks associated with potential costs of regulatory compliance; risks associated with changes to
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
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 batteries and performance of services. The backlog is calculated by adding the orders of the current fiscal year to the backlog as of the end of the prior fiscal year and then subtracting the revenue recognized in the current fiscal year. If the amount of an order already recognized in the current or the previous fiscal years is modified or if an order from the current fiscal year is cancelled, we adjust orders for the current quarter and also our backlog accordingly, but do not retroactively adjust previously published backlogs. However, if an order from a previous fiscal year is cancelled, orders of the current quarter and, accordingly, the current fiscal year are generally not adjusted; instead, the existing backlog is revised directly. 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 resulting from already recognized orders.
Pipeline. Our pipeline represents projects that we have submitted technical proposals or non-binding quotes plus customers with letter of intents or firm commitments. Pipeline does not include lead generation projects.
EARNINGS RELEASE TABLES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except share and per share data)
For the three months ended | |||||||||
2021 | 2020 | ||||||||
Revenue | |||||||||
Total revenue | $ | 164 | $ | --- | |||||
Costs and expenses | |||||||||
Cost of sales | 100 | 57 | |||||||
Research and development expenses | 5,053 | 2,230 | |||||||
General and administrative expenses | 16,654 | 2,359 | |||||||
Grant expense (income), net | 8 | 346 | |||||||
Total costs and expenses | 21,815 | 4,992 | |||||||
Operating loss | (21,651 | ) | (4,992 | ) | |||||
Other income (expense) | 195 | (4,356 | ) | ||||||
Net loss | $ | (21,456 | ) | $ | (9,348 | ) | |||
Basic and diluted loss per share attributable to common shareholders | |||||||||
Basic | $ | (0.42 | ) | $ | (2.38 | ) | |||
Diluted | $ | (0.42 | ) | $ | (2.38 | ) | |||
Weighted average shares of Common Stock | |||||||||
Basic | 51,126,863 | 3,930,336 | |||||||
Diluted | 51,126,863 | 3,930,336 |
EARNINGS RELEASE TABLES
CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in thousands)
2021 | 2020 | ||||||
Balance sheet data | |||||||
Cash and cash equivalents | $ | 100,717 | $ | 121,853 | |||
Other current assets | 6,674 | 5,514 | |||||
Property and equipment, net | 7,995 | 5,653 | |||||
Investment in joint venture | 8,176 | 3,736 | |||||
Other assets | 4,238 | 1,508 | |||||
Total assets | 127,800 | 138,264 | |||||
Total liability | 25,993 | 17,479 | |||||
Total Equity | 101,807 | 120,785 |
SUMMARIZED STATEMENT OF CASH FLOW DATA
(Unaudited, in thousands)
For the three months ended | ||||||||||
2021 | 2020 | |||||||||
Cash used in operating activities | (9,703 | ) | (321 | ) | ||||||
Cash used in investing activities | (11,360 | ) | (1,579 | ) | ||||||
Cash provided by (used in) financing activities | (73 | ) | 1,657 | |||||||
Net decrease in cash and cash equivalents | (21,136 | ) | (243 | ) | ||||||
Cash and cash equivalents, beginning of year | 121,853 | 862 | ||||||||
Cash and cash equivalents, end of the period | $ | 100,717 | $ | 619 |
Source:
2021 GlobeNewswire, Inc., source