Eos Energy Enterprises, Inc. · NASDAQ:EOSE
Eos Energy Enterprises — Q3 2023 Earnings Presentation
19 slides from Eos Energy Enterprises's earnings presentation, Nov 7, 2023
Slide 1: Q3 2023 Financial Results
Eos Energy Enterprises Q3 2023 Financial Results November 7, 2023
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "pote
Slide 3: First Eos Z3 Cube Shipped to Customer
First Eos Z3 Cube Shipped to Customer TM
Slide 4: Operating Highlights
Operating Highlights 1 2 1 Opportunity Pipeline YTD Booked Orders Orders Backlog at 9/30 $11.6 billion $92.7 million $538.8 million representing ~43 GWh representing less than ~1 GWh representing ~2 GWh 3 1 LTD Discharge Energy Cash On Hand at 9/30 4 Q3 Revenue 1.6 GWh $0.7 million $58.0 million ~1.
Slide 5: Developing World Class Partnerships
Highlights Developing World Class Partnerships Positioning the Company for long-term success Building Government Support Developing Robust Customer Base Expanding Strategic Partnerships 3 Major US Utilities Extensive Due Diligence Blue Chip Customers Foundation to Scale Received $399M Installed
Slide 6: Balancing Priorities while Meeting Key Customer Commitments
Highlights Balancing Priorities while Meeting Key Customer Commitments Profitability roadmap balances customer deliveries, workforce development, capacity expansion, and capital requirements Q1 2023 Q2 2023 Q3 2023 Q4 2023 Impact Focus Area + Customer order timing Working DOE loan closing requirem
Slide 7: Operational Scale & Capacity
Operational Scale & Capacity
Slide 8: A Disciplined Approach to Capacity Expansion
Operational Scale & Capacity A Disciplined Approach to Capacity Expansion Iterative learning process to deliver capital efficient state-of-the-art manufacturing Goal Challenges Learnings Impact / Successes 1 Move from prototype / lab Discrete Operations 50% fewer parts in design scale to discrete
Slide 9: State-of-the-Art Manufacturing Line Update
Operational Scale & Capacity State-of-the-Art Manufacturing Line Update Station fabrication, process development, and debugging over 30 discrete processes Line 1 Annualized Capacity: Conceptual Design Feasibility Study Detailed Design Factory Acceptance Site Acceptance ~1.25 GWh Integrator evaluat
Slide 10: Project AMAZE
Project AMAZE eos.
Slide 11: U.S. Department of Energy Conditional Commitment
Project AMAZE U.S. Department of Energy Conditional Commitment A $0.5B expansion program with 80% cost reimbursement on eligible costs Conditional commitment term sheet vetted by the Department of Project AMAZE supports critical U.S. clean energy objectives Energy and other federal agencies + Expand
Slide 12: Project AMAZE Capacity Expansion 2H2024-2026
Project AMAZE Project AMAZE Capacity Expansion 4 manufacturing lines expected to produce 8 GWh of energy storage annually 1H2024 2H2024-2026 The first state-of-the-art line is expected to be in production in the first half Additional capacity added as supported by customer demand of 2024 1 2 3 4 1 ~
Slide 13: Commercial Pipeline & Orders Backlog
Commercial Pipeline & Orders Backlog
Slide 14: Value Proposition Shifting to Longer-Duration Storage
Commercial Pipeline & Orders Backlog Value Proposition Shifting to Longer-Duration Storage Use cases beyond 5-hour energy storage favor Eos technology Solar penetration plus electric heating is shifting net peak Solar penetration reducing summer net peaks, while heating increasing demand from summer
Slide 15: Independent Developer vs. Utility Backed Projects
Commercial Pipeline & Orders Backlog Independent Developer vs. Utility Backed Projects Highlighting two indicative customer types INDEPENDENT DEVELOPER UTILITY BACKED PROJECTS Quicker to embrace new technologies Takes more time to review before committing Project Development General Framework1 1 Det
Slide 16: Current Commercial Activity
Commercial Pipeline & Orders Backlog Current Commercial Activity Total current pipeline increased $1.9B vs. Q2 ’23 1 1 1 Lead Generation Current Pipeline - $11.6B Backlog Active proposals LOI / Firm commitments $13B $1.6B $8.4B $1.5B / 2 $538.8M ~44 GWh ~6 GWh ~30 GWh ~7 GWh / (~8 GWh) ~2 GWh Techni
Slide 17: Financial Results
Financial Results eos.
Slide 18: Third Quarter 2023 Eos Income Statement
Financial Results Third Quarter 2023 Eos Income Statement Revenue COGS ($ in millions) Q3 2023 Q3 2022 $ in millions $ in millions -89% -57% Revenue 0.7 6.1 6.1 50.0 Cost of Goods Sold 21.3 50.0 Gross Profit (20.6) (43.9) 21.3 0.7 R&D expense 3.2 4.5 SG&A expense 13.1 14.7 Q3 2022 Q3 2023 Q3 2022 Q3
Slide 19: 2023 Outlook Update
Financial Results 2023 Outlook Update Clarity around capital affected overall 2023 timing & outlook Upcoming Key Events Update $600–800M Pipeline health and size continuing to improve Strategic Outlook Call Below target Selected by Dominion Energy for pilot project in booked orders December 12,
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