Business
Eos Energy Enterprises Reports Second Quarter 2021 Financial Results and Updated Guidance
EDISON, N.J., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos"), a leading provider of safe, scalable, efficient, and
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"EDISON, N.J., Aug. 11, 2021 (GLOBE NEWSWIRE) -- 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, 2021 and updated guidance for full year 2021. Recent Business Highlights Booked orders of $79.2 million year-to-date resulting in backlog of $95.6 million, as of August 11, 2021; current backlog delivers 100% coverage on 2021 $50 million revenue target$2 million in product shipped, as of August 11, 2021Successfully completed UL certification on August 10, 2021On July 7, 2021, Eos announced $100 million investment from Koch Strategic Platforms, a subsidiary of Koch Investments Group, to support the Company’s strategic growth initiatives Eos Chief Executive Officer Joe Mastrangelo said, “We continue to invest and build our execution capability. The commercial team continues to build pipeline, orders and backlog. Our core Znyth® technology is rapidly approaching 300 MWh in successful operation.” Mastrangelo concluded, “Over the last nine months we have successfully closed $50 million in orders which had an initial shipment date in 2021. We have been working closely with our customers to manage delays in achieving UL certification, project permitting, civil works and grid connections. As a result we’ve revised our 2021 revenue target to $5 million.” Second Quarter 2021 Financial Highlights We recognized $0.6 million of revenue from partial fulfillment of the Motor Oil project in Greece.Cost of Sales of $12.4 million includes $5.3 million in fair market value adjustments on future sales, $3.0 million in costs related to current manufacturing yield as we ramp up manufacturing, $1.7 million in base costs, and $0.7 million in one-time transportation costs.Research and Development costs of $3.6 million were $2.2 million lower than Q1 as UL testing was completed, offset by expenses specific to Z3 development.General and administrative expenses of $11.3 million were $1.8 million higher than Q1 attributable to one-time transaction fees, staff related accruals, and stock compensation.The loss on pre-existing agreement of $22.5 million and remeasurement of equity method investment of $7.5 million resulted from our acquisition of the other 51% interest in our previous JV Hi...