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For release 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 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 . + + + + Eos . Positively ingenious . Please consider the environment before printing .