Eos Energy Enterprises, Inc.

Greetings. Welcome to EOS Energy Enterprises first quarter 2021 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Jared Ame and EOS Energy. Thank you. You may begin.

Thank you. Good morning everyone and thank you for joining us for EOS's financial results conference call for the first quarter ending March 31st, 2021. On the call today we have EOS CEO Joe Mastrangelo and CFO Sagar Kurata. Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements related to the expected future results for our company, which are subject to certain risks, uncertainties, and assumptions. Should any of these risks materialize or should our assumptions prove to be incorrect, our actual results may differ materially from our projections or those implied by these forward-looking statements. The risks and uncertainties that forward-looking statements are subject to are described in our earnings release and other SEC filings. Our remarks during today's discussion should be considered to incorporate this information by reference. Forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. We undertake no obligation to update any forward-looking statements made during this call to reflect events or circumstances after today. or to reflect new information or the occurrence of unanticipated events, except as required by law. Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to the GAAP financial information, is provided in the press release. Non-GAAP information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with US GAAP. In addition, our non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies. This conference call will be available for replay via webcast through EOSA's Investor Relations website at investors.eose.com. Joe and Sagar will walk you through the company's highlights financial results, and business priorities before we proceed with the Q&A. And with that, I'll turn the call over to Joe.

Thanks, Jared, and welcome, everyone, to our 1Q 2021 financial results call. I'd like to thank everybody for joining us today and jump in on page three to walk through some operating highlights. You know, this page, I think, is the snapshot that we like to use to track how we're progressing on building the company. I think it all starts on the upper right Left-hand side of our page where we look at discharge energy, and that's how the product and the technology is operating out in the field and how it's performing in our test facility in Edison, New Jersey. Since our last earnings call, we've added 20% to the discharge energy, and we're now over 2 million cycles of operations. So this is technology that's proving itself not only in the lab but also out in the field. At the same time, we're very proud of being able to report that we're at $33 million of orders with a $51 million order backlog. I think what's critical here when you look at those two numbers is that already in the first five months of the year, we've booked 33% more orders than we did in prior years. So we're starting to really see the traction gaining as we build out our commercial team and really get out and sell the product in the marketplace. And in fact, same time when you look at the lower left-hand side of the page, our opportunity pipeline now stands at $3.9 billion. which is up a half a billion since our last call and represents 23 gigawatt hours of storage opportunities. At the same time, in order to do this, we've got to continue to build out our capacity and develop our technology. And, you know, Sagar will walk through in a moment how we've been investing our cash, but I think it's critical to note that we spent $9 million in building out capacity and developing our technology. And we'll walk through both of those items as we get further into the presentation. And lastly, and importantly, is just how those five things feed into the most important thing, which is generating revenue. We shipped our container to Nigeria, and I'll give an update on that later in the presentation, to generate $200,000 of revenue. But more importantly, the metrics that I talked about earlier, and we'll talk about where we are from a factory capacity build-out, we'll see that number go up as we ramp up to our target of $50 million of revenue in 2021. So today's agenda will focus around the six priorities that we have as a leadership team and as a company in 2021. Gave a quick update on where we are versus order bookings so far this year. Importantly is that those strategic LOIs that we've been talking about since we went public are now transitioning from LOIs into firm orders. We've got six projects booked with $13 million of future revenue associated with them. On the overall revenue side, we're at $900,000 of revenues booked to date, and our backlog covers 50% of our 2021 revenue target. On the UL certification front, we're proud to say that we've achieved our UL 9540A certification. I'll walk through some details on that in a moment, and we're finalizing the UL 1973, or the overall system certification, by the end of June. We continue to march to our build-out of capacity. We'll go through where we are and what we've been able to accomplish on this, but very proud of what Jody Markopoulos coming in as our Chief Operating Officer and the team have been able to accomplish here in the first quarter and looking forward to our projects team now led by Dave Lilligen, who's come from us from Black and Beach as he starts on the installation and commissioning roadmap that we have. At the same time, we're making improvements Good progress on our Gen 3 product launch. We'll talk about the results of our first prototype and what that means to our customers. But right now, we're tracking ahead of schedule for that launch here in the fourth quarter of this year, whereas our original plan was for the second half of 2022. And we continue to build a great team. We closed the acquisition of the 51% share in our high-power product. manufacturing joint venture, and out of the hires that we've done, 71% of those are going into engineering, technology, R&D, and manufacturing, and we've actually doubled the size of our manufacturing team in our facility in Pittsburgh, Pennsylvania. So we're truly building an operating company, and we're proud of the results that we have and realize that we've got more work to do, but we're well on the way of achieving our goals and objectives for 2021. With that, I'll turn it over to Sagar, who will walk us through the financials and the growth and revenue profile for the company.