Eos Energy Enterprises Files Q3 2024 10-Q
Ticker: EOSE · Form: 10-Q · Filed: Nov 5, 2024 · CIK: 1805077
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
EOS Q3 2024 10-Q filed. Check financials.
AI Summary
Eos Energy Enterprises, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly B. Riley Principal Merger Corp. II, is incorporated in Delaware and headquartered in Edison, NJ. Key financial data and business operations for the third quarter of 2024 are detailed in this report.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Eos Energy Enterprises, crucial for understanding the company's current standing and future prospects.
Risk Assessment
Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with financial performance and market conditions.
Key Players & Entities
- Eos Energy Enterprises, Inc. (company) — Filer of the 10-Q
- B. Riley Principal Merger Corp. II (company) — Former name of Eos Energy Enterprises, Inc.
- 20240930 (date) — Period of report for the 10-Q
- 20241105 (date) — Filing date of the 10-Q
- 0001805077 (dollar_amount) — CIK number for Eos Energy Enterprises, Inc.
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240930, indicating the filing covers the third quarter of 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed as of date 20241105.
What was the former name of Eos Energy Enterprises, Inc.?
The former company name was B. Riley Principal Merger Corp. II, with a date of name change on 20200227.
Where is Eos Energy Enterprises, Inc. headquartered?
The company's business address is 3920 Park Avenue, Edison, NJ 08820.
What is the Standard Industrial Classification code for Eos Energy Enterprises, Inc.?
The SIC code is 3690, categorized as Miscellaneous Electrical Machinery, Equipment & Supplies.
Filing Stats: 4,731 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-11-05 16:56:15
Key Financial Figures
- $0.0001 — ich registered Common stock, par value $0.0001 per share EOSE The Nasdaq Stock Market
Filing Documents
- eose-20240930.htm (10-Q) — 1658KB
- exhibit311-110524.htm (EX-31.1) — 10KB
- exhibit312-110524.htm (EX-31.2) — 10KB
- exhibit32-110524.htm (EX-32) — 11KB
- 0001805077-24-000109.txt ( ) — 9684KB
- eose-20240930.xsd (EX-101.SCH) — 69KB
- eose-20240930_cal.xml (EX-101.CAL) — 94KB
- eose-20240930_def.xml (EX-101.DEF) — 516KB
- eose-20240930_lab.xml (EX-101.LAB) — 696KB
- eose-20240930_pre.xml (EX-101.PRE) — 617KB
- eose-20240930_htm.xml (XML) — 1411KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 4 Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 4 Unaudited Condensed Consolidated Statements of Operations and Comprehensive ( Loss ) Income for the Three and Nine Months Ended September 30, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Shareholders' Deficit for the Three and Nine Months Ended September 30, 2024 and 2023 7 Unaudited Condensed Consolidated Statements of Cash Flows for t he Nine Months Ended September 30, 2024 and 2023 9 Notes to the Unaudited Condensed Consolidated Financial Statements 11 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 42 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 52 Item 4.
Controls and Procedures
Controls and Procedures 52
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 53 Item 1a.
Risk Factors
Risk Factors 54 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3. Defaults Upon Senior Securities 55 Item 4 . Mine Safety Disclosures 56 Item 5. Other Information 56 Item 6. Exhibits 57
Signatures
Signatures 59 1 Table of Contents FORWARD-LOOKING INFORMATION All statements included in this Quarterly Report on Form 10-Q ("Quarterly Report"), other than statements or characterizations of historical fact, are 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," "potential," "predict," "project," "should," "would" and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements appear in a number of places in this Quarterly Report and include statements regarding the intent, belief or current expectations of Eos Energy Enterprises, Inc. 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 customer's ability to secure project financing; risks associated with the Credit Agreement (defined below), including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; the amount of final tax credits available to our customers or to Eos Energy Enterprises, Inc. pursuant to the Inflation Reduction Act; uncertainties around our ability to meet the applicable conditions precedent and secure final approval of a loan in a timely manner
- Financial Information
Part I - Financial Information EOS ENERGY ENTERPRISES, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 23,015 $ 69,473 Restricted cash 2,625 3,439 Loan commitment assets 58,525 — Accounts receivable, net 3,197 3,387 Inventory, net 25,908 17,070 Vendor deposits 9,332 7,161 Contract assets, current 11,911 6,386 Prepaid expenses 1,074 1,082 Grant receivable 1,506 3,256 Other receivables 7,500 7,500 Other current assets 4,617 3,577 Total current assets 149,210 122,331 Property, plant and equipment, net 51,546 37,855 Intangible assets, net 237 295 Goodwill 4,331 4,331 Operating lease right-of-use asset, net 3,059 4,033 Long-term restricted cash 5,000 11,755 Other assets, net 3,458 5,892 Total assets $ 216,841 $ 186,492 LIABILITIES Current liabilities: Accounts payable $ 24,345 $ 20,540 Accrued expenses 37,765 32,332 Operating lease liability, current 1,719 1,496 Long-term debt, current 2,536 3,332 Contract liabilities, current 8,721 3,070 Other current liabilities 44 100 Total current liabilities 75,130 60,870 Long-term liabilities: Operating lease liability 2,010 3,350 Long-term debt 726 88,002 Notes payable - related party 184,167 112,525 Interest payable - related party 3,097 — Contract liabilities, long-term 3,303 3,540 Warrants liability 98,970 27,461 Warrants liability - related party 267,049 — Other liabilities 76 1,544 Total long-term liabilities 559,398 236,422 4 Table of Contents EOS ENERGY ENTERPRISES, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) September 30, 2024 December 31, 2023 Total liabilities 634,528 297,292 COMMITMENTS AND CONTINGENCIES (NOTE 16) SERIES B PREFERRED STOCK (NOTE 3) 156,069 — SHAREHOLDERS' DEFICIT Common stock, $ 0.0001 par value, 600,000,000 shares author