Washington, D.C. 20549
Date of Report (Date of earliest event reported): February 25, 2021
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
of incorporation)
File Number)
(IRS Employer
Identification No.)
3920 Park Avenue
Edison, New Jersey 08820
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (732) 225-8400
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.0001 per shareEOSEThe Nasdaq Stock Market LLC
Warrants, each exercisable for one share of common stockEOSEWThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition

On February 25, 2021, Eos Energy Enterprises, Inc.. (the “Company”) issued a press release announcing its financial results for the year ended December 31, 2020. A copy of the press release is furnished herewith as Exhibit 99.1.

The information furnished under this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01 Financial Statement and Exhibits.
(d) Exhibits
 Description of Document

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 25, 2021By:/s/ Sagar Kurada
Name:Sagar Kurada
Title:Chief Financial Officer

Exhibit 99.1 

Eos Energy Enterprises Reports Full Year 2020 Financial Results
Well-positioned to deliver in 2021 as demand shifts to longer-duration storage

February 25, 2021 — EDISON, N.J. — 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 full year ended December 31, 2020.

Eos Chief Executive Officer Joe Mastrangelo said, “I’m extremely proud of what we’ve accomplished. Throughout a challenging year, the team at Eos pushed forward to execute on our mission: to accelerate the shift to clean energy with solutions that transform how the world stores power.”

“The increase in energy decentralization, democratization, decarbonization, and demand that Eos envisioned when we were founded more than 12 years ago is playing out,” continued Mastrangelo. “Our Znyth battery technology — optimized for 3- to 12-hour duration — and flexible storage system configurations are well positioned to support the new customers and needs of this evolving energy landscape.”

Mastrangelo concluded, “The market’s response to the Eos approach has been astounding. We’ve shown that the safety, scalability, efficiency, sustainability, and low total cost of ownership of our solution is resonating. The opportunity we have in front of us is extremely promising.”

2020 Business Highlights
Eos made meaningful progress in 2020 on key priorities:
Built the Hi-Power facility located in Pittsburgh, PA, in partnership with Holtec International
Integrated the supply chain, establishing strategic supplier relationships
Launched the Eos Znyth® 2.3 battery
Manufactured the first commercial order to be shipped January 2021
Grew pipeline to $3.5 billion as of January 2021
Successfully listed on Nasdaq

2020 Financial Highlights
Eos finalized the business combination with B. Riley Principal Merger Corp. II in November 2020, which resulted in net proceeds of $126 million after transaction costs and other cash outflows related to the merger. As of December 31, 2020, Eos had cash and cash equivalents of $122 million after additional post-transaction expenses, capital expenditures, general administrative expenses, and cost of sales.

For the year ended December 31, 2020, total revenue was $0.2 million primarily attributable to recognition of previously deferred revenue. Cost of sales were $5.5 million predominantly from the Hi-Power Joint Venture as production began in 2020 and as a result we manufactured few batteries in the year, which resulted in higher attribution of fixed costs and overhead charges. Research & Development expenses were $14.0 million as higher costs were incurred due to significant continued investments in technology and the UL certification process.

2021 Outlook
Eos announced the following outlook for full year 2021:

Revenue of $50 million
Backlog of $300 million as of December 31, 2021 to meet our commitments in 2022 and beyond
Eos expects to continue to make investments in its capabilities, technology, and organization. Additional priorities include:
Expand manufacturing capacity to 800 MWh
Receive UL certification (expected by 2Q, 2021)
Launch Generation 3.0 product technology
Invest in people and culture

Earnings Conference Call and Audio Webcast
Eos will host a conference call to discuss the fourth quarter and full year 2020 financial results on February 25, 2021, at 8:30 a.m. ET. The conference call can be accessed live over the phone by dialing 1-877-705-6003, or for international callers 1-201-493-6725. The call will also be webcast live from Eos's investor relations website at

The conference call replay will be available via webcast through Eos’s investor relations website. A telephone replay will be available from 11:30 a.m. ET on February 25, 2021, through March 4, 2021, by dialing 1-844-512-2921, or for international callers 1-412-317-6671. The replay passcode will be 13715429.

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, commercial and residential 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

Investors Media
Ed Yuen James McCusker

February 25, 2021

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 U.S. trade policies; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; and risks related to adverse changes in general economic conditions.

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 Form 8-K filed November 20, 2020 and Form S-1/A filed January 13, 2021. 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 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.
February 25, 2021

(Unaudited, in thousands, except share and per share data)

Total revenue$219 $496 
Costs and expenses
Cost of sales5,509 8,332 
Research and development expenses13,983 11,755 
General and administrative expenses18,883 7,710 
Grant expense (income), net913 (469)
Total costs and expenses39,288 27,328 
Operating loss(39,069)(26,832)
Other income (expense)(29,685)(52,651)
Net loss$(68,754)$(79,483)
Basic and diluted loss per share attributable to common shareholders
Weighted average shares of Common Stock
Basic9,408,841 3,930,336 
Diluted9,408,841 3,930,336 

February 25, 2021

(Unaudited, in thousands)

As of December 31,
Balance sheet data
   Cash and cash equivalents$121,853 $862 
   Other current assets 5,5145,122 
   Property and equipment, net 5,6535,316 
   Investment in joint venture3,736589 
Total assets138,26413,057 
Total liability15,16887,414 
Total Equity (deficit)123,096 (183,722)

(Unaudited, in thousands)

For the Year ended December 31

   Cash used in operating activities(26,559)(23,834)
   Cash used in investing activities(6,625)(2,900)
   Cash provided by financing activities154,175 22,098 
Net increase (decrease) in cash and cash equivalents120,991 (4,636)
Cash and cash equivalents, beginning of year862 5,498 
Cash and cash equivalents, end of year$121,853 $862 
February 25, 2021