Eos Energy Enterprises Inc
For the period ended Mar 31, 2024. Filed May 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 14, 2024
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Condensed Consolidated Statements of Cash Flows for
EOS ENERGY ENTERPRISES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, except share and per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(46,708) | $(71,600) |
| Adjustment to reconcile net loss to net cash used in operating activities | ||
| Stock-based compensation | 2,941 | 3,363 |
| Depreciation and amortization | 1,197 | 2,686 |
| Loss on debt extinguishment | — | 1,634 |
| Loss from write-down of property, plant and equipment | 65 | 760 |
| Amortization of right-of-use assets | 298 | 233 |
| Non-cash interest expense | 885 | 915 |
| Non-cash interest expense - related party | 1,549 | 11,338 |
| Change in fair value of warrants | (2,900) | 156 |
| Change in fair value of derivatives - related parties | (534) | 12,934 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses | (196) | 406 |
| Inventory | 2,677 | 9,185 |
| Accounts receivable | (566) | (1,984) |
| Vendor deposits | (204) | (917) |
| Contract assets | (4,572) | (1,914) |
| Grant receivable | (1,542) | (780) |
| Accounts payable | (2,593) | (208) |
| Accrued expenses | 6,159 | 4,991 |
| Interest payable - related party | 2,892 | 2,417 |
| Operating lease liabilities | (350) | (262) |
| Contract liabilities | 501 | (3,450) |
| Other | 527 | (381) |
| Net cash used in operating activities | (40,474) | (30,478) |
| Cash flows from investing activities | ||
| Purchases of property, plant and equipment | (4,042) | (2,897) |
| Net cash used in investing activities | (4,042) | (2,897) |
| Cash flows from financing activities | ||
| Principal payments on finance lease obligations | (2) | (7) |
| Proceeds from issuance of convertible notes - related party | — | 33,350 |
| Payment of debt issuance costs - related party | — | (1,116) |
| Repayment of equipment financing facility | (786) | (677) |
| Proceeds from issuance of common stock | 7,207 | 1,250 |
| Repurchase of shares from employees for income tax withholding purposes | (308) | (345) |
| Net cash provided by financing activities | 6,111 | 32,455 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (6) | (1) |
EOS ENERGY ENTERPRISES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, except share and per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Net decrease in cash, cash equivalents and restricted cash | (38,411) | (921) |
| Cash, cash equivalents and restricted cash, beginning of the period | 84,667 | 31,223 |
| Cash, cash equivalents and restricted cash, end of the period | $46,256 | $30,302 |
| Non-cash investing and financing activities | ||
| Accrued and unpaid capital expenditures | $384 | $603 |
| Issuance of common stock upon settlement of Yorkville convertible notes | — | 24,422 |
| Accrued and unpaid capitalized internal-use software | 8 | 130 |
| Supplemental disclosures | ||
| Cash paid for interest | $238 | $3,690 |
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