Washington, D.C. 20549
Date of Report (Date of earliest event reported): August 11, 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 August 11, 2021, Eos Energy Enterprises, Inc.. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2021. 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: August 11, 2021By:/s/ Sagar Kurada
Name:Sagar Kurada
Title:Chief Financial Officer

Exhibit 99.1 

Eos Energy Enterprises Reports Second Quarter 2021 Financial Results and Updated Guidance

August 11, 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 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, 2021
Successfully completed UL certification on August 10, 2021
On 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-Power.
Other income of $2.8 million include a gain of $2.2 million for the sale of NJ state tax credits and a $0.6 million gain on our private warrants that are measured at fair value.
As of June 30, 2021, Eos had cash and cash equivalents of $75 million.

2021 Outlook
Eos lowers revenue guidance with delays in UL certification, manufacturing ramp-up, and overall project readiness impacting delivery timing.

$5 million in expected 2021 shipments and revenue recognized. Remaining deliveries pushed to 2022

Eos expects to continue to focus on 2021 stated priorities:

$300 million in booked orders; focus on building 2022+ orders backlog
Ship fully certified UL product in Q3
Initiate CE mark (Europe) testing, ISO certifications, UL 9540
Expand manufacturing capacity to 800 MWh
Finalize Gen 3.0 (Z3) product design and production plan
Invest in people and culture

Earnings Conference Call and Audio Webcast
Eos will host a conference call to discuss its second quarter 2021 financial results on August 11, 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 August 11, 2021, through August 18, 2021, by dialing 1-844-512-2921, or for international callers 1-412-317-6671. The replay passcode will be 13721457.

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 providing 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  

August 11, 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 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 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

August 11, 2021

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.

August 11, 2021

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

Three Months Ended June 30,Six Months Ended June 30,
Total revenue$ 612$ -$ 776$ -
Costs and expenses
Cost of goods sold12,3645312,464110
Research and development expenses3,6472,2488,7004,478
General and administrative expenses11,3251,40820,1272,989
Loss on pre-existing agreement22,51621730,368995
Grant expense (income), net(52)263(44)609
Total costs and expenses49,8004,18971,6159,181
Operating loss(49,188)(4,189)(70,839)(9,181)
Interest expense, net(154)(3,045)(175)(6,855)
Remeasurement of equity method investment(7,480)-(7,480)-
Other income (expense)2,7791,3502,995804
Net Loss$ (54,043)$ (5,884)$ (75,499)$ (15,232)
Basic and diluted loss per share attributable to common shareholders
Basic$ (1.04)$ (1.50)$ (1.46)$ (3.88)
Diluted$ (1.04)$ (1.50)$ (1.46)$ (3.88)
Weighted average shares of common stock

August 11, 2021

(Unaudited, in thousands)

June 30, 2021December 31, 2020
Balance sheet data
   Cash and cash equivalents$74,690 $121,853 
   Other current assets 17,052 5,514 
   Property and equipment, net 8,392 5,653 
   Investment in joint venture— 3,736 
   Other assets9,720 1,508 
Total assets109,854 138,264 
Total liability41,287 17,479 
Total Equity68,567 120,785 

(Unaudited, in thousands)

For the six months ended
June 30, 2021June 30, 2020
   Cash used in operating activities(48,887)(1,012)
   Cash used in investing activities(15,784)(1,951)
   Cash provided by financing activities17,508 3,021 
Net increase (decrease) in cash and cash equivalents(47,163)58 
Cash and cash equivalents, beginning of period121,853 862 
Cash and cash equivalents, end of the period$74,690 $920 

August 11, 2021