Washington, D.C. 20549
Date of Report (Date of earliest event reported): February 25, 2022
(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, 2022, Eos Energy Enterprises, Inc. (the “Company”) issued a press release announcing its financial results for the year ended December 31, 2021 and its outlook for 2022. 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
Cover page of this Current Report on Form 8-K formatted in Inline XBRL

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, 2022By:/s/ Randall Gonzales
Name:Randall Gonzales
Title:Chief Financial Officer

Exhibit 99.1

Eos Energy Enterprises Reports Fourth Quarter and Full Year 2021 Financial Results and Announces 2022 Outlook

February 25, 2022 — 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 fourth quarter and full year ended December 31, 2021.

Fourth Quarter Highlights

Fourth quarter revenue of $3.1 million from 8 customer projects; 332% sequential growth from $0.7 million in the third quarter as Eos continues to increase operational scale.
Delivered operating leverage; sequential Cost of Goods Sold 5x lower than revenue growth as compared to the third quarter.
Accelerating commercial pipeline growth; $51.3 million orders received, with a pipeline increase to $4.1 billion. Fourth quarter booked orders with customers including Ameresco, Inc., Duke Energy Corporation, Blue Ridge Power and Pine Gate Renewables, as disclosed during Eos’ third quarter earnings release and presentation on November 10, 2021.
Invested $5.4 million in Research and Development to improve current technology and develop future generation technology.
Cash balance of $105 million as of December 31, 2021.

Full Year 2021 Highlights

Revenue of $4.6 million, as compared to $0.2 million in the prior year period, representing 23x revenue growth year-over-year.
Booked orders of $137.4 million resulting in backlog of $148.7 million as of December 31, 2021, an 8x increase from $18.2 million as of December 31, 2020. Current backlog includes $34 million of future recurring services revenue.
Substantial operational improvement, with manufacturing first time yield approaching 90%.

Recent Business Highlights

On February 23, 2022, Eos announced plans to expand its manufacturing facility to more than triple output to 800 MWh and meet production demand for its Znyth™ aqueous zinc batteries. Located in Turtle Creek, PA outside of Pittsburgh, the state-of-the-art facility will provide Eos with more than 46,000 square feet of additional space and the ability to create more than 125 jobs.
On February 24, 2022, Eos announced it has advanced through Part I of the U.S. Department of Energy’s (“DOE”) Renewable Energy and Efficient Energy Loan Program. The milestone fast tracks Eos for Part II of the loan approval process, in which it will pursue funding in support of the Turtle Creek manufacturing facility expansion.

Received $176 million in signed letters of intent from notable customers, including Bridgelink Investments, LLC, expanding its opportunity pipeline to $4.1 billion representing 25 GWh. In addition, Eos received a booked order from Center Line Electric, Inc.
Received ISO 9001 certification, meeting a defined standard on quality management and quality assurance.

Eos Chief Executive Officer Joe Mastrangelo said, “I am extremely proud of our team’s execution of the company’s strategic initiatives in our first full year as a public company. In the fourth quarter, Eos made the successful transition to an industrial manufacturer and clearly showed the operating leverage potential when at full scale. Our technology continues to fulfill a core need in today’s and tomorrow’s energy landscape. This is seen not only in our backlog, but also our strong opportunity pipeline growth.”

Mr. Mastrangelo concluded, “As we look to 2022, we continue to see a significant secular growth opportunity where the industry needs longer duration storage, and our technology was designed and built to fulfill that need. We will continue to invest in increasing our manufacturing capacity and improving the technology we deliver to customers. From the strategic supplier and customer agreements we have signed, to achieving ISO quality certification, to advancing through Part I of the Department of Energy’s Renewable Energy loan process, we are positioning the company to deliver in 2022 and beyond.”

2022 Outlook

Eos provides the following financial outlook for full year 2022:

Deliver $50 million in revenue from current orders backlog.
Secure $400 million in incremental customer orders from $4+ billion pipeline.
Invest $25 million to $35 million capex to achieve 800 MWh capacity for future growth.

Earnings Conference Call and Audio Webcast

Eos will host a conference call to discuss its fourth quarter and full year 2021 financial results on February 25, 2022, 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 https://investors.eose.com.

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, 2022, through March 4, 2022, by dialing 1-844-512-2921, or for international callers 1-412-317-6671. The replay passcode will be 13726852.

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 eose.com.

February 25, 2022

Laura Ellis

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 raise financing in the future; 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 evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to U.S. trade environment; 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 battery systems and performance of services. The backlog is calculated by adding the new orders of the current fiscal year to the backlog as of the end of the prior fiscal year and then subtracting the shipments in the current fiscal year. If the amount of an order is modified or if an order from the current fiscal year is cancelled, we adjust orders for the current quarter
February 25, 2022

and 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.

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.

Booked Orders. Booked orders are orders where we have legally binding agreement with a PO/MSA signed and executed by both parties.

February 25, 2022

(In thousands, except share and per share data)

Fiscal Year 2021Fiscal Year 2020Fiscal Year 2019
Total revenue$4,598 $219 $496 
Costs and expenses
Cost of goods sold46,494 5,509 8,332 
Research and development expenses19,193 13,593 11,755 
Selling, general and administrative expenses42,998 17,621 6,590 
Loss on pre-existing agreement30,368 1,262 1,120 
Grant expense (income), net269 913 (469)
Total costs and expenses139,322 38,898 27,328 
Operating loss(134,724)(38,679)(26,832)
Interest expense (income), net604 115 (2)
Interest expense, related party4,597 23,706 49,708 
Remeasurement of equity method investment7,480 — — 
Other expense (income)(23,189)8,143 2,945 
Net Loss$(124,216)$(70,643)$(79,483)
Basic and diluted loss per share attributable to common shareholders
Weighted average shares of common stock
Basic52,664,349 9,408,841 3,930,336 
Diluted52,664,349 9,408,841 3,930,336 

February 25, 2022

(In thousands, except share and per share data)

Q4 2021Q4 2020
Total revenue$3,104 $184 
Costs and expenses
Cost of goods sold21,126 (652)
Research and development expenses5,375 5,233 
Selling, general and administrative expenses14,046 10,065 
Loss on pre-existing agreement— 577 
Grant expense (income), net156 185 
Total costs and expenses40,703 15,408 
Operating loss(37,599)(15,224)
Interest expense (income), net297 — 
Interest expense, related party986 340 
Other expense (income)(8,289)9,731 
Net Loss$(30,593)$(25,295)

February 25, 2022

(In thousands)

December 31, 2021December 31, 2020
Balance sheet data
   Cash and cash equivalents$104,831 $121,853 
   Other current assets 37,741 5,514 
   Property and equipment, net 12,890 5,653 
   Investment in joint venture— 3,736 
   Other assets13,713 1,508 
Total assets169,175 138,264 
Total liabilities136,728 17,479 
Total equity32,447 120,785 

(In thousands)

Cash used in operating activities(116,147)(26,559)(23,834)
Cash used in investing activities(23,336)(6,625)(2,900)
Cash provided by financing activities123,322 154,175 22,098 
Net increase (decrease) in cash, cash equivalents and restricted cash(16,161)120,991 (4,636)
Cash, cash equivalents and restricted cash, beginning of year121,853 862 5,498 
Cash, cash equivalents and restricted cash, end of year$105,692 $121,853 $862 
February 25, 2022