Eos Energy Enterprises Inc(NASDAQ:EOSE) 
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Its breakthrough Znyth® aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficien...
Website: https://eosenergystorage.com/
Founded: 2008
Sector: Manufacturing
Industry: Optical Instrument and Lens Manufacturing
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At a glance:
- Scaling Zinc-Based Long-Duration Storage Platform: Eos Energy Enterprises is focused on zinc-based battery systems aimed at long-duration energy storage for grid and commercial applications, positioning its technology as an alternative to lithium-ion for certain use cases.
- Revenue Growth Tied to Commercial Deployments and Backlog Conversion: Near-term performance is largely driven by the pace of customer deployments, conversion of contracted backlog into recognized revenue, and the company’s ability to execute projects on schedule.
- Manufacturing Ramp and Cost-Reduction Execution Are Key: Investment outcomes depend heavily on scaling manufacturing efficiently, improving yields, and reducing unit costs as volumes increase, with margins sensitive to ramp execution and learning-curve benefits.
- Liquidity and Financing Remain Central Considerations: As a scaling-stage manufacturer, cash needs and access to financing can influence strategy and dilution risk, making balance-sheet flexibility and funding milestones important watch items.
- Policy, Grid Demand, and Competitive Landscape Influence Adoption: Demand is supported by grid reliability needs and clean-energy policy incentives, while competitive dynamics—including lithium-ion pricing and other long-duration storage technologies—can affect win rates and pricing power.
Bull Thesis:
- Surging Demand for Long-Duration Energy Storage (LDES): The global transition to renewable energy sources necessitates robust, long-duration energy storage solutions to ensure grid stability and reliability. Eos Energy's zinc-based battery technology is uniquely positioned to address this growing market need, offering a safer and more sustainable alternative to lithium-ion for grid-scale applications.
- Differentiated and Sustainable Technology: Eos's Znyth battery technology utilizes abundant, non-toxic materials (zinc and water), making it inherently safer (non-flammable) and more environmentally friendly than traditional lithium-ion batteries. This differentiation can be a significant competitive advantage, especially for large-scale, grid-connected projects where safety and sustainability are paramount.
- Strong Backlog and Growing Pipeline: The company has reported a substantial backlog of orders, indicating strong customer interest and validation of its technology. This backlog provides a clear revenue runway as production scales and demonstrates market acceptance for their LDES solutions, suggesting future revenue growth potential.
- Significant Government Support and Incentives: Eos is a direct beneficiary of policies like the Inflation Reduction Act (IRA), which provides substantial manufacturing tax credits (45X) for domestically produced clean energy components. Additionally, potential access to Department of Energy (DOE) loan programs can significantly de-risk their scaling efforts and provide crucial capital for expansion.
Bear Thesis:
- Persistent High Cash Burn and Dilution Risk: Eos Energy is in a capital-intensive scaling phase, leading to significant ongoing cash burn. Without achieving profitability, the company will likely require substantial additional capital, which could lead to further equity dilution for existing shareholders, impacting per-share value.
- Execution Risk in Scaling Manufacturing: Ramping up production of a novel battery technology is complex and carries inherent execution risks. Potential challenges include manufacturing delays, cost overruns, supply chain disruptions, and quality control issues, which could hinder their ability to meet demand and achieve cost targets.
- Negative Gross Margins and Uncertain Path to Profitability: The company has consistently reported negative gross margins, indicating that the cost of goods sold currently exceeds revenue. Achieving positive gross margins and ultimately net profitability requires significant cost reductions through economies of scale and process optimization, which is not guaranteed and could take longer than anticipated.
- Intense Competition and Market Acceptance Challenges: While Eos offers a differentiated product, it operates in a highly competitive energy storage market. It faces competition not only from established lithium-ion players but also from a growing number of other emerging long-duration storage technologies (e.g., other flow batteries, thermal storage). Widespread market acceptance of a relatively new technology can be slow.
Main Competitors:
- Fluence Energy Inc. ($FLNC) (Grid-scale battery energy storage systems (BESS), software, and services), Fluence is a leading global provider of grid-scale energy storage products and services, primarily utilizing lithium-ion battery technology. While Eos targets longer-duration, non-lithium solutions, Fluence competes by offering established, scalable BESS solutions that are often considered for a wide range of grid applications, including those where Eos aims to provide a more cost-effective or safer alternative for extended durations. Fluence also has the potential to integrate other battery chemistries in the future.
- ESS Tech, Inc. ($GWH) (Iron flow batteries (Energy Warehouse, Energy Center)), ESS Tech is a direct competitor in the long-duration energy storage market, offering iron flow battery systems designed for 4-12+ hours of discharge. Like Eos, ESS emphasizes safety, sustainability (non-flammable, abundant materials), and a long operational lifespan, directly competing for utility, commercial, and industrial projects that require extended energy storage beyond the typical capabilities of lithium-ion.
- Invinity Energy Systems plc ($IVEEF) (Vanadium flow batteries), Invinity is another direct competitor in the non-lithium, long-duration energy storage space, specializing in vanadium flow batteries. Their systems are designed for grid-scale applications requiring multiple hours of discharge, offering similar benefits to Eos in terms of safety, durability, and suitability for high-cycle applications. They compete for similar project types, particularly in renewable energy integration and grid firming.
- Form Energy (Iron-air batteries), Form Energy is a significant emerging competitor, though currently private, focused on extremely long-duration energy storage (100+ hours) with their iron-air battery technology. While Eos targets a 3-12 hour duration, Form represents the cutting edge of non-lithium, ultra-long duration storage, aiming to replace fossil fuel peaker plants. Both companies are vying for the future of grid decarbonization by offering solutions beyond lithium-ion's economic sweet spot for extended discharge.
Moat:
Eos Energy Enterprises operates in a rapidly evolving and highly competitive energy storage market. Its primary moat lies in its proprietary zinc-based (Znyth) battery technology, which offers a non-flammable, safe, and sustainable solution using abundant, recyclable materials, specifically optimized for 3-12+ hour discharge durations. This positions Eos to address a critical gap where lithium-ion batteries become cost-prohibitive for longer durations. However, the competitive landscape is fierce, with established lithium-ion players like Fluence dominating shorter-duration markets, and a growing number of direct competitors like ESS Tech and Invinity offering alternative non-lithium chemistries (e.g., iron flow, vanadium flow) for similar long-duration applications. Additionally, emerging players like Form Energy are pushing the boundaries of ultra-long duration storage. Eos's challenge and opportunity lie in scaling its manufacturing, achieving cost targets, and demonstrating the long-term performance and economic viability of its unique chemistry to gain significant market share against both incumbent technologies and a diverse array of innovative alternatives.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
total revenue | 56,963,000 | 57,998,000 | 30,512,000 | 15,236,000 | 10,457,000 | 7,253,000 | 854,000 | 898,000 | 6,601,000 | 6,610,000 | 684,000 | 249,000 | 8,835,000 | 2,666,000 | 6,065,000 | 5,895,000 | 3,298,000 | 3,104,000 | 718,000 | 612,000 | 164,000 | |
yoy | 444.74% | 699.64% | 3472.83% | 1596.66% | 58.42% | 9.73% | 24.85% | 260.64% | -25.29% | 147.94% | -88.72% | -95.78% | 167.89% | -14.11% | 744.71% | 863.24% | 1910.98% | |||||
qoq | -1.78% | 90.08% | 100.26% | 45.70% | 44.17% | 749.30% | -4.90% | -86.40% | -0.14% | 866.37% | 174.70% | -97.18% | 231.40% | -56.04% | 2.88% | 78.74% | 6.25% | 332.31% | 17.32% | 273.17% | ||
cost of goods sold | 101,390,000 | 112,418,000 | 64,437,000 | 46,189,000 | 34,996,000 | 30,753,000 | 25,764,000 | 14,121,000 | 28,229,000 | 30,350,000 | 21,262,000 | 11,246,000 | 26,940,000 | 30,792,000 | 50,025,000 | 36,866,000 | 35,585,000 | 21,126,000 | 12,904,000 | 12,364,000 | 100,000 | |
gross profit | -44,427,000 | -54,420,000 | -33,925,000 | -30,953,000 | -24,539,000 | |||||||||||||||||
yoy | 81.05% | |||||||||||||||||||||
qoq | -18.36% | 60.41% | 9.60% | 26.14% | ||||||||||||||||||
gross margin % | -77.99% | -93.83% | -111.19% | -203.16% | -234.67% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
operating expenses | ||||||||||||||||||||||
research and development expenses | 10,719,000 | 7,579,000 | 6,925,000 | 7,201,000 | 6,837,000 | 5,880,000 | 7,428,000 | 4,250,000 | 5,200,000 | 5,009,000 | 3,228,000 | 5,026,000 | 5,445,000 | 3,580,000 | 4,462,000 | 5,464,000 | 4,963,000 | 5,375,000 | 5,118,000 | 3,647,000 | 5,053,000 | |
selling, general and administrative expenses | 24,095,000 | 18,841,000 | 19,786,000 | 25,488,000 | 20,995,000 | 16,716,000 | 17,796,000 | 11,293,000 | 14,242,000 | 13,481,000 | 13,076,000 | 13,138,000 | 13,955,000 | 12,578,000 | 14,651,000 | 19,115,000 | 14,279,000 | 14,046,000 | 8,825,000 | |||
loss from write-down of property, plant and equipment | 71,000 | 430,000 | 585,000 | 205,000 | 561,000 | 5,605,000 | 3,192,000 | 271,000 | 65,000 | 8,000 | 955,000 | 5,436,000 | 760,000 | 4,345,000 | 496,000 | 1,997,000 | ||||||
total operating expenses | 34,885,000 | 26,850,000 | 27,296,000 | 32,894,000 | 28,393,000 | -39,913,000 | 54,180,000 | 29,935,000 | 47,736,000 | 48,848,000 | 38,521,000 | 34,846,000 | 47,100,000 | 51,275,000 | 69,634,000 | 63,273,000 | 55,000,000 | 40,703,000 | 27,004,000 | 49,800,000 | 21,815,000 | |
operating income | -79,312,000 | -81,270,000 | -61,221,000 | -63,847,000 | -52,932,000 | -51,701,000 | -53,326,000 | -29,037,000 | -41,135,000 | -42,238,000 | -37,837,000 | -34,597,000 | -38,265,000 | -48,609,000 | -63,569,000 | -57,378,000 | -51,702,000 | -37,599,000 | -26,286,000 | -49,188,000 | -21,651,000 | |
yoy | 49.84% | 57.19% | 14.81% | 119.88% | 28.68% | 22.40% | 40.94% | -16.07% | 7.50% | -13.11% | -40.48% | -39.70% | -25.99% | 29.28% | 141.84% | 16.65% | 138.80% | |||||
qoq | -2.41% | 32.75% | -4.11% | 20.62% | 2.38% | -3.05% | 83.65% | -29.41% | -2.61% | 11.63% | 9.36% | -9.59% | -21.28% | -23.53% | 10.79% | 10.98% | 37.51% | 43.04% | -46.56% | 127.19% | ||
operating margin % | -139.23% | -140.13% | -200.65% | -419.05% | -506.19% | -712.82% | -6244.26% | -3233.52% | -623.16% | -639.00% | -5531.73% | -13894.38% | -433.11% | -1823.29% | -1048.13% | -973.33% | -1567.68% | -1211.31% | -3661.00% | -8037.25% | -13201.83% | |
other income | -560,000 | -1,181,750 | -1,593,000 | 136,000 | -118,500 | 421,000 | -17,000 | -5,000 | 41,000 | -632,000 | 119,000 | |||||||||||
interest expense | -12,242,000 | -6,190,000 | -4,846,000 | -2,129,000 | -164,000 | -803,000 | -133,000 | -3,515,000 | -4,267,000 | -4,061,000 | -4,994,000 | -4,886,000 | -4,829,000 | -4,527,000 | -2,766,000 | -284,000 | -338,000 | -76,750 | -132,000 | -154,000 | -21,000 | |
interest expense - related parties | ||||||||||||||||||||||
interest income | 2,787,000 | |||||||||||||||||||||
change in fair value of debt - related party | -4,232,000 | -4,059,000 | -3,570,000 | 31,615,000 | -5,933,000 | 37,099,000 | -3,036,000 | -240,000 | ||||||||||||||
change in fair value of warrants | 168,725,000 | -27,025,000 | -240,825,000 | -57,936,000 | 45,925,000 | -99,716,000 | -66,469,000 | -7,941,000 | 2,900,000 | |||||||||||||
change in fair value of derivatives | 165,935,000 | |||||||||||||||||||||
change in fair value of derivatives - related parties | 267,230,000 | -13,565,000 | -327,841,000 | -76,455,000 | 34,586,000 | -145,161,000 | -213,034,000 | -47,727,000 | 534,000 | |||||||||||||
other expense | -3,000 | -856,000 | -337,000 | -606,000 | -3,270,000 | -878,000 | ||||||||||||||||
income before income taxes | 508,888,000 | -120,444,000 | -641,389,000 | -222,931,000 | 15,141,000 | -268,120,000 | -342,882,000 | -28,164,000 | -46,683,000 | -41,202,000 | 14,945,000 | -131,628,000 | -71,590,000 | -56,607,000 | -70,612,000 | -56,710,000 | -45,833,000 | |||||
income tax expense | 5,000 | 9,000 | 4,000 | 6,000 | 5,000 | 4,000 | -16,000 | 8,000 | 25,000 | 6,000 | 13,000 | 2,000 | 10,000 | 6,000 | 110,000 | |||||||
net income attributable to shareholders | 508,883,000 | -120,453,000 | -641,393,000 | -222,937,000 | 15,136,000 | -268,124,000 | -342,866,000 | -28,172,000 | ||||||||||||||
remeasurement of preferred stock - related party | 778,878,000 | -138,178,000 | -691,094,000 | -21,385,000 | 79,997,000 | |||||||||||||||||
net income applicable to common stock | 1,287,761,000 | |||||||||||||||||||||
other comprehensive income | ||||||||||||||||||||||
change in fair value of debt - credit risk - related party | 41,539,000 | -63,309,000 | -17,784,000 | -6,224,000 | ||||||||||||||||||
foreign currency translation adjustment | -10,000 | -2,000 | -3,000 | 14,000 | 7,000 | |||||||||||||||||
comprehensive income attributable to common shareholders | 1,329,290,000 | -321,942,000 | -1,350,274,000 | -254,988,000 | 95,140,000 | -520,376,000 | -388,772,000 | -51,842,000 | -47,074,500 | 14,932,000 | ||||||||||||
yoy | 1297.19% | -38.13% | 247.32% | 391.86% | 1005.43% | -2703.62% | ||||||||||||||||
qoq | -512.90% | -76.16% | 429.54% | -368.01% | -118.28% | 33.85% | 649.92% | -415.26% | ||||||||||||||
net income margin % | 2333.60% | -555.09% | -4425.39% | -1673.59% | 909.82% | -7174.63% | -45523.65% | -5773.05% | 0% | -712.17% | 2183.04% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
net income available to common shareholders | 826,557,000 | |||||||||||||||||||||
basic and diluted income per share attributable to common shareholders | ||||||||||||||||||||||
basic | 2.43 | -0.63 | -4.91 | -1.05 | 0.42 | -2.25 | -1.77 | -0.25 | -0.23 | -0.16 | 0.11 | -1.12 | -0.82 | -0.68 | -1.12 | -1.01 | -0.85 | -0.57 | -0.34 | -1.04 | -0.42 | |
diluted | 0.12 | -0.63 | -4.91 | -1.05 | -0.2 | -2.25 | -1.77 | -0.25 | -0.23 | -0.16 | -0.05 | -1.12 | -0.82 | -0.68 | -1.12 | -1.01 | -0.85 | -0.57 | -0.34 | -1.04 | -0.42 | |
weighted-average shares of common stock | ||||||||||||||||||||||
basic | 339,602,063 | 260,834,731 | 271,618,045 | 237,741,328 | 225,474,247 | 212,039,775 | 216,898,374 | 211,137,189 | 201,306,905 | 126,967,756 | 138,005,222 | 117,320,802 | 86,797,669 | 62,439,857 | 63,065,884 | 56,021,185 | 53,961,553 | 52,664,349 | 53,636,894 | 51,792,365 | 51,126,863 | |
diluted | 544,828,933 | 260,834,731 | 271,618,045 | 237,741,328 | 436,368,282 | 212,039,775 | 216,898,374 | 211,137,189 | 201,306,905 | 126,967,756 | 156,325,284 | 117,320,802 | 86,797,669 | 62,439,857 | 63,065,884 | 56,021,185 | 53,961,553 | 52,664,349 | 53,636,894 | 51,792,365 | 51,126,863 | |
interest income - related party | -2,362,750 | 840,000 | ||||||||||||||||||||
gain on debt extinguishment | -3,589,000 | -49,063,000 | 68,478,000 | |||||||||||||||||||
down round deemed dividend | -4,456,000 | |||||||||||||||||||||
net income attributable to common shareholders | -258,631,000 | -1,332,487,000 | -248,778,000 | 95,133,000 | -481,516,000 | -384,133,000 | -51,843,000 | |||||||||||||||
other comprehensive loss | ||||||||||||||||||||||
basic and diluted loss per share attributable to common shareholders | ||||||||||||||||||||||
basic | 2.43 | -0.63 | -4.91 | -1.05 | 0.42 | -2.25 | -1.77 | -0.25 | -0.23 | -0.16 | 0.11 | -1.12 | -0.82 | -0.68 | -1.12 | -1.01 | -0.85 | -0.57 | -0.34 | -1.04 | -0.42 | |
diluted | 0.12 | -0.63 | -4.91 | -1.05 | -0.2 | -2.25 | -1.77 | -0.25 | -0.23 | -0.16 | -0.05 | -1.12 | -0.82 | -0.68 | -1.12 | -1.01 | -0.85 | -0.57 | -0.34 | -1.04 | -0.42 | |
interest expense - related party | -4,510,000 | -5,781,000 | -3,763,500 | -5,291,000 | -4,912,000 | -4,851,000 | -8,240,500 | -4,449,000 | -14,758,000 | -13,755,000 | -1,949,500 | -2,960,000 | -2,664,000 | -2,174,000 | ||||||||
costs and expenses | ||||||||||||||||||||||
accretion of preferred stock | -16,234,500 | -41,267,000 | ||||||||||||||||||||
change in fair value of debt - credit risk | -1,160,500 | -4,642,000 | ||||||||||||||||||||
foreign currency translation adjustment, net of tax | -250 | 3,000 | 1,000 | -5,000 | 4,000 | -6,000 | 2,000 | 1,000 | 2,000 | -1,000 | 5,000 | |||||||||||
accretion of series a-1 preferred stock | -23,671,000 | |||||||||||||||||||||
loss on debt extinguishment | -1,876,000 | -1,634,000 | ||||||||||||||||||||
net income | -46,708,000 | -131,630,000 | -71,600,000 | -56,613,000 | -70,722,000 | -56,687,000 | -45,791,000 | -30,593,000 | -18,124,000 | -54,043,000 | -21,456,000 | |||||||||||
comprehensive loss | -46,713,000 | -131,628,000 | -71,599,000 | -56,611,000 | -70,723,000 | -56,682,000 | ||||||||||||||||
grant expense | -20,000 | -169,000 | 173,000 | 156,000 | 157,000 | -52,000 | 8,000 | |||||||||||||||
gain on change in fair value of derivatives - related party | -6,479,750 | 61,804,000 | -74,633,000 | 3,023,500 | -416,000 | |||||||||||||||||
comprehensive income | -47,075,250 | 14,926,000 | ||||||||||||||||||||
gain on change in fair value of derivatives - related parties | -13,090,000 | |||||||||||||||||||||
loss on pre-existing agreement | 22,516,000 | |||||||||||||||||||||
remeasurement of equity method investment | -7,480,000 | |||||||||||||||||||||
income from equity in unconsolidated joint venture | 440,000 | |||||||||||||||||||||
gain on debt (extinguishment)/forgiveness | -942,000 | |||||||||||||||||||||
change in fair value, embedded derivative - related party | 3,978,000 | 7,695,000 | ||||||||||||||||||||
change in fair value, warrants liability - related party | 270,000 | 567,000 | ||||||||||||||||||||
sale of state tax attributes | 2,194,000 | |||||||||||||||||||||
income tax benefit | 23,000 | 42,000 | ||||||||||||||||||||
interest expense, related party | -902,750 | -3,611,000 | ||||||||||||||||||||
change in fair value, embedded derivative | 7,580,000 | 9,927,000 | ||||||||||||||||||||
change in fair value, warrants liability | 266,500 | 705,000 | 585,000 | -224,000 | ||||||||||||||||||
gain on debt forgiveness | 1,273,000 | |||||||||||||||||||||
basic and diluted loss per share attributable to common shareholders1 | ||||||||||||||||||||||
basic | 2.43 | -0.63 | -4.91 | -1.05 | 0.42 | -2.25 | -1.77 | -0.25 | -0.23 | -0.16 | 0.11 | -1.12 | -0.82 | -0.68 | -1.12 | -1.01 | -0.85 | -0.57 | -0.34 | -1.04 | -0.42 | |
diluted | 0.12 | -0.63 | -4.91 | -1.05 | -0.2 | -2.25 | -1.77 | -0.25 | -0.23 | -0.16 | -0.05 | -1.12 | -0.82 | -0.68 | -1.12 | -1.01 | -0.85 | -0.57 | -0.34 | -1.04 | -0.42 | |
weighted-average shares of common stock2 | ||||||||||||||||||||||
basic | 339,602,063 | 260,834,731 | 271,618,045 | 237,741,328 | 225,474,247 | 212,039,775 | 216,898,374 | 211,137,189 | 201,306,905 | 126,967,756 | 138,005,222 | 117,320,802 | 86,797,669 | 62,439,857 | 63,065,884 | 56,021,185 | 53,961,553 | 52,664,349 | 53,636,894 | 51,792,365 | 51,126,863 | |
diluted | 544,828,933 | 260,834,731 | 271,618,045 | 237,741,328 | 436,368,282 | 212,039,775 | 216,898,374 | 211,137,189 | 201,306,905 | 126,967,756 | 156,325,284 | 117,320,802 | 86,797,669 | 62,439,857 | 63,065,884 | 56,021,185 | 53,961,553 | 52,664,349 | 53,636,894 | 51,792,365 | 51,126,863 | |
general and administrative expenses | 11,325,000 | 16,654,000 | ||||||||||||||||||||
interest expense related party |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||
cash and cash equivalents | 410,660,000 | 567,992,000 | 58,733,000 | 120,225,000 | 82,553,000 | 74,292,000 | 23,015,000 | 52,454,000 | 31,773,000 | 69,473,000 | 57,970,000 | 23,243,000 | 16,127,000 | 17,076,000 | 38,431,000 | 16,273,000 | 55,361,000 | 104,831,000 | 144,194,000 | 74,690,000 | 100,717,000 | 121,853,000 | |||
restricted cash | 39,770,000 | 34,636,000 | 36,946,000 | 31,830,000 | 14,141,000 | 14,070,000 | 2,625,000 | 2,625,000 | 2,625,000 | 3,439,000 | 3,439,000 | 3,363,000 | 2,725,000 | 2,725,000 | 1,885,000 | 1,255,000 | 1,255,000 | 861,000 | 525,000 | ||||||
accounts receivable | 3,832,000 | 6,779,000 | 4,817,000 | 3,250,000 | 7,145,000 | 3,038,000 | 3,197,000 | 4,561,000 | 3,953,000 | 3,387,000 | 1,578,000 | 1,521,000 | 3,660,000 | 1,666,000 | 2,396,000 | 2,596,000 | 2,684,000 | 1,916,000 | 1,406,000 | 170,000 | 184,000 | ||||
inventory | 58,745,000 | 59,026,000 | 47,554,000 | 41,128,000 | 40,315,000 | 32,826,000 | 25,908,000 | 17,839,000 | 14,393,000 | 17,070,000 | 20,568,000 | 16,630,000 | 14,075,000 | 23,260,000 | 23,193,000 | 12,941,000 | 10,292,000 | 12,976,000 | 4,996,000 | 4,434,000 | 92,000 | 214,000 | |||
vendor deposits | 12,061,000 | 11,756,000 | 12,541,000 | 11,197,000 | 21,938,000 | 17,419,000 | 9,332,000 | 5,458,000 | 6,513,000 | 7,161,000 | 19,368,000 | 13,289,000 | 5,668,000 | 4,789,000 | 9,283,000 | 22,961,000 | 21,722,000 | 16,653,000 | 15,400,000 | 9,843,000 | 4,144,000 | 2,390,000 | |||
contract assets, current | 39,438,000 | 13,972,000 | 11,982,000 | 14,601,000 | 13,049,000 | 13,096,000 | 11,911,000 | 11,107,000 | 11,075,000 | 6,386,000 | 2,401,000 | 2,036,000 | 3,844,000 | 1,859,000 | 3,854,000 | ||||||||||
prepaid expenses | 3,389,000 | 2,701,000 | 2,378,000 | 2,005,000 | 1,275,000 | 938,000 | 1,074,000 | 1,288,000 | 1,278,000 | 1,082,000 | 815,000 | 1,350,000 | 1,884,000 | 2,289,000 | 915,000 | 1,767,000 | 2,493,000 | 2,595,000 | 236,226 | 257,884 | |||||
grant receivable | 21,369,000 | 11,028,000 | 12,248,000 | 6,589,000 | 4,082,000 | 2,283,000 | 1,506,000 | 1,493,000 | 4,798,000 | 3,256,000 | |||||||||||||||
other current assets | 701,000 | 590,000 | 1,536,000 | 1,452,000 | 1,003,000 | 219,000 | 4,617,000 | 3,130,000 | 3,110,000 | 3,577,000 | 2,290,000 | 2,484,000 | 1,999,000 | 1,447,000 | 1,562,000 | 2,548,000 | 2,243,000 | 2,637,000 | |||||||
total current assets | 589,965,000 | 708,480,000 | 188,735,000 | 232,277,000 | 185,501,000 | 179,912,000 | 149,210,000 | 183,546,000 | 87,018,000 | 122,331,000 | 108,493,000 | 63,971,000 | 50,027,000 | 55,147,000 | 81,635,000 | 60,456,000 | 96,154,000 | 142,572,000 | 169,077,000 | 91,742,000 | 107,391,000 | 127,367,000 | 551,331 | 754,441 | 14,895 |
property, plant and equipment | 145,774,000 | 114,415,000 | 86,025,000 | 75,533,000 | 43,955,000 | 45,660,000 | 51,546,000 | 50,595,000 | 42,742,000 | 37,855,000 | 20,336,000 | 19,683,000 | 24,617,000 | 27,169,000 | 29,823,000 | 20,992,000 | 14,520,000 | ||||||||
intangible assets | 1,287,000 | 979,000 | 1,079,000 | 192,000 | 216,000 | 240,000 | 237,000 | 260,000 | 282,000 | 295,000 | 309,000 | 329,000 | 350,000 | 240,000 | 250,000 | 260,000 | 270,000 | 280,000 | 290,000 | 300,000 | 310,000 | 320,000 | |||
goodwill | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | 4,331,000 | |||||
operating lease right-of-use asset | 21,469,000 | 20,420,000 | 2,311,000 | 2,624,000 | 2,561,000 | 2,909,000 | 3,059,000 | 3,425,000 | 3,735,000 | 4,033,000 | 3,942,000 | 4,198,000 | 4,083,000 | 4,316,000 | 4,546,000 | 4,772,000 | 4,989,000 | 3,468,000 | |||||||
long-term restricted cash | 21,938,000 | 21,938,000 | 31,120,000 | 31,120,000 | 15,000,000 | 15,000,000 | 5,000,000 | 2,500,000 | 11,858,000 | 11,755,000 | 11,652,000 | 11,550,000 | 11,450,000 | 11,422,000 | 10,731,000 | ||||||||||
other assets | 14,560,000 | 14,634,000 | 14,609,000 | 14,918,000 | 11,719,000 | 12,266,000 | 3,458,000 | 4,119,000 | 5,716,000 | 5,892,000 | 4,216,000 | 4,080,000 | 4,050,000 | 3,336,000 | 3,487,000 | 1,963,000 | 1,852,000 | 848,000 | 194,000 | 194,000 | 215,000 | 363,000 | |||
total assets | 799,324,000 | 885,197,000 | 328,210,000 | 360,995,000 | 263,283,000 | 260,318,000 | 216,841,000 | 248,776,000 | 155,682,000 | 186,492,000 | 154,078,000 | 108,950,000 | 99,725,000 | 106,788,000 | 138,481,000 | 97,740,000 | 126,859,000 | 169,175,000 | 190,076,000 | 109,854,000 | 127,800,000 | 138,264,000 | 177,329,013 | 177,515,829 | 84,895 |
liabilities | |||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||
accounts payable | 77,079,000 | 99,915,000 | 51,643,000 | 39,728,000 | 24,286,000 | 16,723,000 | 24,345,000 | 24,112,000 | 18,339,000 | 20,540,000 | 13,827,000 | 15,401,000 | 32,531,000 | 34,669,000 | 35,490,000 | 29,088,000 | 11,660,000 | 12,531,000 | 21,912 | 36,093 | |||||
accrued expenses | 39,196,000 | 25,794,000 | 31,391,000 | 23,647,000 | 21,655,000 | 22,032,000 | 37,765,000 | 34,747,000 | 38,614,000 | 32,332,000 | 25,070,000 | 20,887,000 | 20,351,000 | 15,359,000 | 15,966,000 | 14,689,000 | 12,798,000 | 7,674,000 | 1,786,970 | 27,751 | |||||
operating lease liability, current | 1,996,000 | 1,960,000 | 2,203,000 | 2,195,000 | 1,919,000 | 1,879,000 | 1,719,000 | 1,657,000 | 1,574,000 | 1,496,000 | 1,298,000 | 1,246,000 | 1,149,000 | 1,106,000 | 1,067,000 | ||||||||||
long-term debt, current | 372,000 | 730,000 | 1,073,000 | 1,472,000 | 2,014,000 | 2,536,000 | 3,041,000 | 3,458,000 | 3,332,000 | 3,211,000 | 3,093,000 | 2,981,000 | 2,872,000 | 2,822,000 | |||||||||||
contract liabilities, current | 6,718,000 | 14,975,000 | 16,703,000 | 37,438,000 | 39,684,000 | 22,039,000 | 8,721,000 | 4,814,000 | 2,828,000 | 3,070,000 | 3,285,000 | 2,379,000 | 400,000 | 3,850,000 | 465,000 | ||||||||||
other current liabilities | 326,000 | 524,000 | 683,000 | 171,000 | 1,679,000 | 288,000 | 44,000 | 117,000 | 108,000 | 100,000 | 93,000 | 35,000 | 34,000 | 32,000 | 31,000 | 13,000 | 6,000 | 858,000 | |||||||
total current liabilities | 125,315,000 | 143,540,000 | 103,353,000 | 104,252,000 | 90,695,000 | 64,975,000 | 75,130,000 | 68,488,000 | 64,921,000 | 60,870,000 | 46,784,000 | 43,041,000 | 65,686,000 | 60,576,000 | 55,841,000 | 59,619,000 | 33,799,000 | 29,917,000 | 20,884,000 | 24,622,000 | 22,189,000 | 14,122,000 | |||
long-term liabilities: | |||||||||||||||||||||||||
operating lease liability | 21,374,000 | 19,182,000 | 389,000 | 871,000 | 1,168,000 | 1,628,000 | 2,010,000 | 2,478,000 | 2,922,000 | 3,350,000 | 3,471,000 | 3,813,000 | 3,825,000 | 4,130,000 | |||||||||||
long-term debt | 506,399,000 | 662,467,000 | 330,407,000 | 307,274,000 | 66,215,000 | 65,823,000 | 726,000 | 1,068,000 | 88,222,000 | 88,002,000 | 87,793,000 | 87,606,000 | 87,450,000 | 87,321,000 | 4,727,000 | 18,851,000 | 13,540,000 | 105,000 | |||||||
notes payable - related party | 113,120,000 | 150,427,000 | 117,317,000 | 136,930,000 | 257,827,000 | 249,059,000 | 184,167,000 | 149,172,000 | |||||||||||||||||
contract liabilities, long-term | 2,234,000 | 2,506,000 | 2,480,000 | 2,099,000 | 3,729,000 | 4,310,000 | 3,303,000 | 4,388,000 | 4,283,000 | 3,540,000 | 956,000 | 956,000 | 956,000 | 956,000 | 956,000 | 876,000 | 1,160,000 | ||||||||
warrants liability | 112,777,000 | 313,253,000 | 402,799,000 | 181,093,000 | 124,766,000 | 189,591,000 | 98,970,000 | 32,502,000 | 24,561,000 | 1,635,000 | 2,340,000 | 2,925,000 | |||||||||||||
warrants liability - related party | 203,485,000 | 470,715,000 | 467,837,000 | 198,984,000 | 146,793,000 | 266,630,000 | 267,049,000 | 141,296,000 | 22,954,000 | 57,360,000 | 234,000 | 137,000 | 89,000 | 359,000 | 926,000 | ||||||||||
other liabilities | 394,000 | 427,000 | 382,000 | 190,000 | 65,000 | 69,000 | 76,000 | 86,000 | 1,604,000 | 1,544,000 | 1,485,000 | 3,800,000 | 3,640,000 | 3,488,000 | 3,174,000 | 82,000 | 20,000 | 17,000 | |||||||
total long-term liabilities | 959,783,000 | 1,618,977,000 | 1,321,858,000 | 827,441,000 | 603,887,000 | 777,110,000 | 559,398,000 | 330,990,000 | 238,434,000 | 236,422,000 | 235,625,000 | 295,450,000 | 209,636,000 | 178,923,000 | 170,979,000 | 95,950,000 | 103,280,000 | 106,811,000 | |||||||
total liabilities | 1,085,098,000 | 1,762,517,000 | 1,425,211,000 | 931,693,000 | 694,582,000 | 842,085,000 | 634,528,000 | 399,478,000 | 303,355,000 | 297,292,000 | 282,409,000 | 338,491,000 | 275,322,000 | 239,499,000 | 226,820,000 | 155,569,000 | 137,079,000 | 131,656,000 | 41,287,000 | 25,993,000 | 15,168,000 | 1,853,076 | 78,038 | 85,626 | |
commitments and contingencies | |||||||||||||||||||||||||
series b preferred stock - related party | 582,664,000 | 1,361,542,000 | |||||||||||||||||||||||
shareholders' deficit | |||||||||||||||||||||||||
common stock, 0.0001 par value... | 32,000 | 32,000 | 27,000 | 25,000 | 23,000 | 23,000 | 23,000 | 23,000 | 22,000 | 21,000 | 16,000 | 14,000 | 10,000 | 6,000 | 5,000 | 5,000 | 5,000 | 5,000 | |||||||
additional paid in capital | 1,247,734,000 | 427,722,000 | 162,460,000 | 720,680,000 | 647,863,000 | 534,726,000 | 724,449,000 | 759,881,000 | 774,857,000 | 765,018,000 | 706,288,000 | 620,006,000 | 542,326,000 | 461,165,000 | 452,093,000 | 436,372,000 | 415,569,000 | ||||||||
accumulated deficit | -2,026,936,000 | -2,535,819,000 | -2,415,366,000 | -1,773,973,000 | -1,546,580,000 | -1,561,716,000 | -1,293,592,000 | -950,726,000 | -922,554,000 | -875,846,000 | -834,638,000 | -849,570,000 | -717,940,000 | -519,005,000 | -462,318,000 | -367,810,000 | -313,767,000 | -2,048,449 | -86,595 | -1,306 | |||||
accumulated other comprehensive loss - related party | -89,268,000 | -130,807,000 | -67,498,000 | -49,714,000 | -43,490,000 | -43,490,000 | |||||||||||||||||||
accumulated other comprehensive income | 10,000 | 12,000 | 15,000 | 1,000 | -6,000 | -4,636,000 | 3,000 | 2,000 | 7,000 | 3,000 | 9,000 | 7,000 | 5,000 | ||||||||||||
total shareholders' deficit | -868,438,000 | -2,238,862,000 | -2,320,365,000 | -1,102,967,000 | -942,183,000 | -1,070,463,000 | -573,756,000 | -190,819,000 | -147,673,000 | -110,800,000 | -128,331,000 | -229,541,000 | -175,597,000 | ||||||||||||
total liabilities, preferred stock and shareholders' deficit | 799,324,000 | 885,197,000 | 328,210,000 | 360,995,000 | 263,283,000 | 260,318,000 | 216,841,000 | 248,776,000 | |||||||||||||||||
loan commitment assets - related party | 21,731,000 | ||||||||||||||||||||||||
interest payable - related party | 247,000 | 3,324,000 | 3,097,000 | 2,892,000 | 2,706,000 | 2,417,000 | 1,590,000 | 1,544,000 | 1,500,000 | ||||||||||||||||
series b preferred stock (note 3) - related party | 1,223,364,000 | 532,269,000 | 510,884,000 | 488,696,000 | |||||||||||||||||||||
other receivables | 7,500,000 | 7,500,000 | 7,500,000 | 7,500,000 | |||||||||||||||||||||
loan commitment assets | 58,525,000 | 76,091,000 | |||||||||||||||||||||||
series b preferred stock | 156,069,000 | ||||||||||||||||||||||||
series a-1 preferred stock, 0.0001 par value... | 40,117,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value... | |||||||||||||||||||||||||
convertible notes payable - related party | 113,950,000 | 116,260,000 | 141,915,000 | 111,114,000 | 2,688,000 | 78,743,000 | 77,205,000 | 84,148,000 | |||||||||||||||||
total liabilities and shareholders' deficit | 155,682,000 | 154,078,000 | 108,950,000 | 99,725,000 | |||||||||||||||||||||
warrants | 27,461,000 | ||||||||||||||||||||||||
total liabilities and shareholders’ deficit | 186,492,000 | ||||||||||||||||||||||||
notes receivable | 64,000 | 55,000 | 45,000 | 36,000 | 116,000 | 115,000 | 104,000 | 103,000 | 91,000 | 67,000 | 33,000 | ||||||||||||||
notes receivable, long-term | 799,000 | 808,000 | 817,000 | 3,678,000 | 3,740,000 | 3,515,000 | 3,547,000 | ||||||||||||||||||
convertible notes payable, current - related party | 8,240,000 | ||||||||||||||||||||||||
accounts payable and accrued expenses - related parties | 1,200,000 | 11,236,000 | 2,517,000 | ||||||||||||||||||||||
note payable, current | |||||||||||||||||||||||||
notes payable | 13,769,000 | ||||||||||||||||||||||||
warrants - related party | 78,000 | ||||||||||||||||||||||||
eos energy enterprises, inc. | |||||||||||||||||||||||||
consolidated balance sheets | |||||||||||||||||||||||||
operating lease liability, long-term | 4,426,000 | 4,705,000 | 4,943,000 | 3,224,000 | |||||||||||||||||||||
note payable, excluding current | |||||||||||||||||||||||||
long-term debt, excluding current | 81,953,000 | ||||||||||||||||||||||||
unaudited condensed consolidated balance sheets | |||||||||||||||||||||||||
security deposits | 1,226,000 | 1,228,000 | 1,239,000 | 1,249,000 | 840,000 | 805,000 | |||||||||||||||||||
operating lease liability, current portion | 1,013,000 | 899,000 | 1,084,000 | ||||||||||||||||||||||
note payable, current portion | 4,839,000 | 4,970,000 | |||||||||||||||||||||||
long-term debt, current portion | 1,765,000 | 1,703,000 | 1,644,000 | 6,504,000 | 6,082,000 | 1,176,000 | |||||||||||||||||||
convertible note payable, current portion - related party | 7,333,000 | ||||||||||||||||||||||||
contract liabilities, current portion | 879,000 | 1,763,000 | 77,000 | ||||||||||||||||||||||
note payable, excluding current portion | 9,177,000 | 13,892,000 | |||||||||||||||||||||||
long-term debt, excluding current portion | 3,816,000 | 4,279,000 | |||||||||||||||||||||||
shareholders' equity | |||||||||||||||||||||||||
total shareholders' equity | -57,829,000 | -10,220,000 | 68,567,000 | 101,807,000 | |||||||||||||||||||||
total liabilities and shareholders' equity | 97,740,000 | ||||||||||||||||||||||||
convertible note payable - related party | 77,083,000 | ||||||||||||||||||||||||
total liabilities and shareholders’ equity | 126,859,000 | 109,854,000 | 127,800,000 | ||||||||||||||||||||||
current assets | |||||||||||||||||||||||||
property and equipment | 12,890,000 | 10,279,000 | 8,392,000 | 7,995,000 | 5,653,000 | ||||||||||||||||||||
investment in joint venture | 8,176,000 | 3,736,000 | |||||||||||||||||||||||
liabilities and shareholders’ equity | |||||||||||||||||||||||||
current liabilities | |||||||||||||||||||||||||
provision for firm purchase commitments - related parties | |||||||||||||||||||||||||
notes payable, current portion | 4,926,000 | ||||||||||||||||||||||||
long-term liabilities | |||||||||||||||||||||||||
grants receivable | 948,000 | 204,000 | 131,000 | 131,000 | |||||||||||||||||||||
prepaid and other current assets | 1,517,000 | 2,334,000 | 2,090,000 | 2,779,000 | |||||||||||||||||||||
notes receivable, long term | 4,656,000 | 4,055,000 | 2,908,000 | ||||||||||||||||||||||
liabilities and members equity | |||||||||||||||||||||||||
accounts payable and accrued expenses | 13,175,000 | 15,161,000 | 8,939,000 | 8,861,000 | |||||||||||||||||||||
provision for firm purchase commitments | 2,030,000 | 1,585,000 | |||||||||||||||||||||||
capital lease, current portion | 6,000 | 9,000 | 11,000 | 11,000 | |||||||||||||||||||||
contract liabilities | 1,199,000 | 1,340,000 | 827,000 | ||||||||||||||||||||||
long term liabilities | |||||||||||||||||||||||||
deferred rent | 796,000 | 785,000 | 773,000 | 762,000 | |||||||||||||||||||||
capital lease | 1,000 | 4,000 | |||||||||||||||||||||||
convertible notes - related party | 87,990,000 | ||||||||||||||||||||||||
total long term liabilities | 110,772,000 | 16,665,000 | 3,804,000 | 1,046,000 | |||||||||||||||||||||
contingently issuable common stock | |||||||||||||||||||||||||
receivable on sale of state tax attributes | |||||||||||||||||||||||||
security deposit | 825,000 | ||||||||||||||||||||||||
convertible notes payable – related party | |||||||||||||||||||||||||
embedded derivative liability | |||||||||||||||||||||||||
long term debt, current portion | 1,071,000 | ||||||||||||||||||||||||
long term debt | 280,000 | ||||||||||||||||||||||||
contingently redeemable preferred units | |||||||||||||||||||||||||
shareholders' equity1 | |||||||||||||||||||||||||
cash | 315,105 | 496,557 | 14,894 | ||||||||||||||||||||||
due from related party | 1 | ||||||||||||||||||||||||
cash and cash equivalents held in trust account | 176,777,682 | 176,761,388 | |||||||||||||||||||||||
liabilities and stockholders’ equity | |||||||||||||||||||||||||
payable to related party | 44,194 | 14,194 | |||||||||||||||||||||||
commitments | |||||||||||||||||||||||||
class a common stock | 170,475,931 | 172,437,785 | |||||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||||||
class a common stock, 0.0001 par value... | 127 | 108 | |||||||||||||||||||||||
class b common stock, 0.0001 par value... | 437 | 437 | 575 | ||||||||||||||||||||||
additional paid-in capital | 7,047,891 | 5,086,056 | |||||||||||||||||||||||
total stockholders’ equity | 5,000,006 | 5,000,006 | |||||||||||||||||||||||
total liabilities and stockholders’ equity | 177,329,013 | 177,515,829 | |||||||||||||||||||||||
deferred offering costs | 70,000 | ||||||||||||||||||||||||
liabilities and stockholder's deficit | |||||||||||||||||||||||||
accounts payable and accrued offering costs | 35,626 | ||||||||||||||||||||||||
note payable - related party | 50,000 | ||||||||||||||||||||||||
stockholder's deficit: | |||||||||||||||||||||||||
total stockholder's deficit | -731 | ||||||||||||||||||||||||
total liabilities and stockholder's deficit | 84,895 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-09-30 | 2020-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||||||
net income | 508,883,000 | 15,136,000 | |||||||||||||||||||
adjustment to reconcile net income to net cash from operating activities | |||||||||||||||||||||
stock-based compensation | 5,902,000 | 5,212,000 | 4,963,000 | 7,127,000 | 7,574,000 | 7,840,000 | 6,142,000 | 1,857,000 | 2,941,000 | 3,934,000 | 4,456,000 | 2,304,000 | 3,363,000 | 2,801,000 | 7,377,000 | 3,943,000 | 10,085,000 | 5,673,000 | 2,478,000 | ||
depreciation and amortization | 5,394,000 | 5,203,000 | 3,365,000 | 2,935,000 | 2,680,000 | 2,640,000 | 2,691,000 | 1,371,000 | 1,197,000 | 2,435,000 | 2,165,000 | 2,465,000 | 2,686,000 | 2,967,000 | 2,266,000 | 995,000 | 1,794,000 | 1,097,000 | 485,000 | ||
loss from write-down of property, plant and equipment | 71,000 | 430,000 | 585,000 | 205,000 | 561,000 | 5,605,000 | 3,192,000 | 271,000 | 65,000 | 8,000 | 955,000 | 5,436,000 | 760,000 | 4,345,000 | 2,005,000 | ||||||
amortization of right-of-use assets | 780,000 | 618,000 | 465,000 | 432,000 | 373,000 | 259,000 | 366,000 | 310,000 | 298,000 | 286,000 | 256,000 | 248,000 | 233,000 | 230,000 | |||||||
non-cash interest expense | 8,730,000 | 4,791,000 | 437,000 | 2,927,000 | 899,000 | 216,000 | 0 | 4,232,000 | 885,000 | 1,152,000 | 1,351,000 | 1,554,000 | 915,000 | ||||||||
non-cash interest expense - related parties | 722,000 | -1,087,000 | 7,834,000 | 2,457,000 | 11,338,000 | ||||||||||||||||
change in fair value of debt - related party | 4,232,000 | 4,059,000 | 3,570,000 | -31,615,000 | 5,933,000 | -37,099,000 | 3,036,000 | ||||||||||||||
change in fair value of warrants | -168,725,000 | 27,025,000 | 240,825,000 | 57,936,000 | -45,925,000 | 99,716,000 | 66,469,000 | 7,941,000 | -2,900,000 | ||||||||||||
change in fair value of derivatives | -165,935,000 | ||||||||||||||||||||
change in fair value of derivatives - related parties | -267,230,000 | 13,565,000 | 327,841,000 | 76,455,000 | -34,586,000 | 145,161,000 | 213,034,000 | 47,727,000 | -534,000 | ||||||||||||
other | -205,000 | 6,037,000 | 184,000 | -5,496,000 | -821,000 | 8,126,000 | 1,594,000 | 2,737,000 | 527,000 | -3,704,000 | -1,000 | 6,716,000 | -1,161,000 | 4,656,000 | 1,727,000 | -570,000 | |||||
changes in operating assets and liabilities: | |||||||||||||||||||||
prepaid expenses | -688,000 | -323,000 | -373,000 | -730,000 | -337,000 | 137,000 | 213,000 | -10,000 | -196,000 | -267,000 | 535,000 | 533,000 | 406,000 | -1,373,000 | 827,000 | 102,000 | -236,226 | -257,884 | |||
inventory | 571,000 | -15,719,000 | -6,614,000 | 6,011,000 | -6,101,000 | -11,660,000 | -8,069,000 | -3,446,000 | 2,677,000 | 3,498,000 | -3,938,000 | -2,555,000 | 9,185,000 | -67,000 | 35,000 | 2,684,000 | -2,116,000 | -1,554,000 | 122,000 | ||
accounts receivable | 2,878,000 | -1,966,000 | -1,567,000 | 3,683,000 | -4,107,000 | 160,000 | 1,363,000 | -608,000 | -566,000 | -1,809,000 | -59,000 | 2,139,000 | -1,984,000 | 722,000 | -686,000 | -768,000 | -1,406,000 | -170,000 | -184,000 | ||
vendor deposits | -2,613,000 | 2,039,000 | 135,000 | -3,412,000 | -1,681,000 | 799,000 | -1,286,000 | 1,041,000 | -204,000 | 1,667,000 | 1,379,000 | -4,506,000 | -917,000 | 2,848,000 | -5,268,000 | -2,258,000 | -7,173,000 | -3,221,000 | -466,000 | ||
contract assets | -25,531,000 | -731,000 | 1,831,000 | -2,636,000 | -140,000 | -1,008,000 | -177,000 | 20,000 | -4,572,000 | -5,851,000 | -365,000 | 1,808,000 | -1,914,000 | 1,995,000 | |||||||
grant receivable | -10,341,000 | 1,220,000 | -5,659,000 | -2,507,000 | -1,799,000 | -777,000 | -13,000 | 3,305,000 | -1,542,000 | ||||||||||||
accounts payable | -14,814,000 | 39,973,000 | 12,001,000 | 2,035,000 | 8,130,000 | -5,701,000 | 593,000 | 3,136,000 | -2,593,000 | 6,295,000 | -1,574,000 | -15,988,000 | -208,000 | -2,531,000 | 14,734,000 | -1,172,000 | |||||
accrued expenses | 7,213,000 | -5,866,000 | 10,405,000 | -893,000 | -380,000 | -15,725,000 | 3,015,000 | -8,136,000 | 6,159,000 | 7,091,000 | 7,074,000 | 193,000 | 4,991,000 | -870,000 | 7,020,000 | 5,126,000 | |||||
interest payable - related parties | |||||||||||||||||||||
operating lease liabilities | 399,000 | -177,000 | -626,000 | -516,000 | -445,000 | -331,000 | -406,000 | -361,000 | -350,000 | -300,000 | -290,000 | -278,000 | -262,000 | -257,000 | -303,000 | -179,000 | |||||
contract liabilities | -8,529,000 | -1,702,000 | -20,354,000 | -3,876,000 | 17,064,000 | 14,325,000 | 2,822,000 | 2,091,000 | 501,000 | 2,369,000 | 906,000 | 1,979,000 | -3,450,000 | 3,385,000 | 906,000 | 2,074,000 | 1,122,000 | 1,263,000 | 750,000 | ||
net cash from operating activities | -119,735,000 | -50,264,000 | -65,880,000 | -66,122,000 | -28,924,000 | -42,684,000 | -44,445,000 | -26,333,000 | -40,474,000 | -37,440,000 | -31,996,000 | -45,104,000 | -30,478,000 | -37,728,000 | -86,992,000 | -42,732,000 | -80,605,000 | -48,887,000 | -9,703,000 | -458,706 | -277,254 |
capital expenditures | -35,062,000 | -24,974,000 | -16,845,000 | -7,041,000 | -4,918,000 | -13,098,000 | -9,763,000 | -6,249,000 | -4,042,000 | -8,137,000 | -11,086,000 | -7,203,000 | -2,897,000 | -1,294,000 | -11,497,000 | -5,132,000 | -11,346,000 | -7,541,000 | -4,490,000 | 0 | 0 |
free cash flows | -154,797,000 | -75,238,000 | -82,725,000 | -73,163,000 | -33,842,000 | -55,782,000 | -54,208,000 | -32,582,000 | -44,516,000 | -45,577,000 | -43,082,000 | -52,307,000 | -33,375,000 | -39,022,000 | -98,489,000 | -47,864,000 | -91,951,000 | -56,428,000 | -14,193,000 | -458,706 | -277,254 |
cash flows from investing activities | |||||||||||||||||||||
investment in internally developed software | -76,000 | -16,000 | |||||||||||||||||||
purchases of property, plant and equipment | -35,062,000 | -24,974,000 | -16,845,000 | -7,041,000 | -4,918,000 | -13,098,000 | -9,763,000 | -6,249,000 | -4,042,000 | -8,137,000 | -11,086,000 | -7,203,000 | -2,897,000 | -1,294,000 | -11,497,000 | -5,132,000 | |||||
net cash from investing activities | -35,138,000 | -24,975,000 | -17,757,000 | -7,041,000 | -4,918,000 | -13,124,000 | -9,763,000 | -6,257,000 | -4,042,000 | -8,275,000 | -11,086,000 | -7,203,000 | -2,897,000 | 1,869,000 | -11,758,000 | -5,132,000 | -20,230,000 | -15,784,000 | -11,360,000 | -176,750,000 | -176,750,000 |
cash flows from financing activities | |||||||||||||||||||||
principal payments on finance lease obligations | -20,000 | -18,000 | -17,000 | -11,000 | -11,000 | -10,000 | -85,000 | -2,000 | -2,000 | -3,000 | -78,000 | -8,000 | -7,000 | -8,000 | |||||||
proceeds from exercise of stock options | 3,000 | 1,764,000 | 439,000 | 0 | 319,000 | 1,074,000 | 756,000 | ||||||||||||||
proceeds from exercise of warrants | 3,280,000 | 94,403,000 | 6,386,000 | 800,000 | 7,029,000 | ||||||||||||||||
proceeds received from credit and securities purchase transaction, net - related party | 0 | 0 | 0 | 38,475,000 | |||||||||||||||||
payment of debt issuance costs | -468,000 | -586,000 | -2,250,000 | 0 | 305,000 | ||||||||||||||||
repayment of equipment financing facility | -122,000 | -358,000 | -343,000 | 0 | -912,000 | -879,000 | -846,000 | -815,000 | -786,000 | -757,000 | -729,000 | -704,000 | -677,000 | -705,000 | -790,000 | -389,000 | |||||
repurchase of shares from employees for income tax withholding purposes | 0 | 0 | 0 | -488,000 | -106,000 | -771,000 | -43,000 | -308,000 | -46,000 | -136,000 | -106,000 | -345,000 | -49,000 | -852,000 | -826,000 | ||||||
net cash from financing activities | 2,673,000 | 573,009,000 | 27,259,000 | 144,658,000 | 42,162,000 | 128,549,000 | 27,261,000 | 43,913,000 | 6,111,000 | 57,311,000 | 77,995,000 | 60,157,000 | 32,455,000 | 16,020,000 | 10,584,000 | -1,212,000 | 123,701,000 | 17,508,000 | -73,000 | 177,523,811 | 177,523,811 |
effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,000 | -14,000 | 12,000 | 8,000 | 0 | -6,000 | -8,000 | 4,000 | -1,000 | ||||||||||||
net increase in cash, cash equivalents and restricted cash | -152,198,000 | 497,767,000 | -56,376,000 | 71,481,000 | 8,332,000 | 72,722,000 | 11,606,000 | 34,905,000 | 22,866,000 | ||||||||||||
cash, cash equivalents and restricted cash, beginning of the period | 624,566,000 | 0 | 0 | 103,362,000 | 0 | 0 | 84,667,000 | 0 | 0 | 31,223,000 | 105,692,000 | 105,692,000 | 121,853,000 | ||||||||
cash, cash equivalents and restricted cash, end of the period | 472,368,000 | -56,376,000 | 71,481,000 | 111,694,000 | -26,939,000 | 11,323,000 | 46,256,000 | 34,905,000 | 7,854,000 | 30,302,000 | 17,528,000 | 56,616,000 | 144,719,000 | ||||||||
non-cash investing and financing activities | |||||||||||||||||||||
accrued and unpaid capital expenditures | 20,666,000 | 9,886,000 | -1,431,000 | 13,142,000 | 730,000 | -1,918,000 | -362,000 | 3,194,000 | 384,000 | 603,000 | 1,134,000 | 2,402,000 | 878,000 | 355,000 | |||||||
accrued and unpaid investment in internally developed software | 323,000 | ||||||||||||||||||||
paid-in kind interest added to principal | 1,102,000 | -1,801,000 | 857,000 | ||||||||||||||||||
accrued and unpaid debt issuance costs | 51,000 | 1,581,000 | 305,000 | ||||||||||||||||||
remeasurement of preferred stock - related party | -778,878,000 | 138,178,000 | 691,095,000 | 21,385,000 | -79,997,000 | ||||||||||||||||
right-of-use operating lease assets in exchange for lease liabilities | 1,829,000 | 18,727,000 | 152,000 | 495,000 | 25,000 | 355,000 | 0 | 0 | 2,112,000 | 2,112,000 | |||||||||||
supplemental disclosures | |||||||||||||||||||||
cash paid for interest | 5,000 | 8,237,000 | 39,000 | 54,000 | 73,000 | 116,000 | 148,000 | 3,893,000 | 238,000 | 3,864,000 | 3,835,000 | 3,744,000 | 3,690,000 | 3,276,000 | 434,000 | 224,000 | 51,000 | ||||
net loss | -120,453,000 | -641,393,000 | -268,124,000 | -342,866,000 | -28,172,000 | -46,708,000 | -41,208,000 | 14,932,000 | -131,630,000 | -71,600,000 | -56,613,000 | -102,478,000 | -45,791,000 | -93,623,000 | -75,499,000 | -21,456,000 | -2,047,597 | -85,743 | |||
adjustment to reconcile net loss to net cash from operating activities | |||||||||||||||||||||
loss on debt extinguishment | 0 | 3,589,000 | 0 | 0 | 0 | 0 | 1,876,000 | 1,634,000 | |||||||||||||
induced conversion expense | |||||||||||||||||||||
other receivables | |||||||||||||||||||||
proceeds received from doe loan, net of fees paid to lender | |||||||||||||||||||||
proceeds received from may 2025 convertible notes | |||||||||||||||||||||
proceeds received from november 2025 convertible notes | |||||||||||||||||||||
payment of debt extinguishment costs - related party | |||||||||||||||||||||
payment of debt issuance costs - related party | 0 | 0 | 0 | 0 | |||||||||||||||||
payoff of senior secured term loan | 0 | 0 | |||||||||||||||||||
payment of debt and equity issuance costs | -1,984,000 | ||||||||||||||||||||
payoff of notes payable - related party | |||||||||||||||||||||
payoff of may 2025 convertible notes | |||||||||||||||||||||
return of debt repurchase premium | 0 | 0 | |||||||||||||||||||
proceeds from issuance of common stock | 458,235,000 | 0 | 0 | 0 | 6,882,000 | 7,207,000 | |||||||||||||||
effect of foreign exchange on cash, cash equivalents and restricted cash | |||||||||||||||||||||
cash, cash equivalents and restricted cash, beginning of year | |||||||||||||||||||||
cash, cash equivalents and restricted cash, end of year | |||||||||||||||||||||
non-cash investing and financing activities: | |||||||||||||||||||||
fixed assets acquired with finance lease | 71,000 | 0 | 70,000 | ||||||||||||||||||
issuance of convertible notes for interest paid-in-kind - related parties | |||||||||||||||||||||
issuance of common stock upon settlement of afg convertible notes | |||||||||||||||||||||
down round deemed dividend | 0 | 0 | |||||||||||||||||||
issuance of doe warrants | |||||||||||||||||||||
purchases of intangible assets | -26,000 | 0 | |||||||||||||||||||
proceeds received from doe loan | |||||||||||||||||||||
proceeds from the issuance of 2025 convertible notes, net of discount | 0 | ||||||||||||||||||||
payoff of notes payable - related parties | 0 | ||||||||||||||||||||
payment of debt extinguishment costs | -101,000 | ||||||||||||||||||||
accrued and unpaid financing costs | -887,000 | ||||||||||||||||||||
issuance of common stock from conversion of afg notes | |||||||||||||||||||||
interest payable - related party | 3,324,000 | 2,892,000 | 2,417,000 | 1,544,000 | |||||||||||||||||
accrued and unpaid capitalized internal-use software | 8,000 | 0 | 0 | 130,000 | |||||||||||||||||
proceeds from issuance of convertible notes payable – related party, net of discount | |||||||||||||||||||||
proceeds from issuance of common stock and warrants | |||||||||||||||||||||
payment of equity issuance costs | |||||||||||||||||||||
accretion of preferred stock - related party | |||||||||||||||||||||
issuance of common stock upon settlement of yorkville convertible notes | 0 | 0 | 26,601,000 | 24,422,000 | |||||||||||||||||
non-cash interest expense - related party | 2,194,000 | 7,438,000 | 1,549,000 | 11,579,000 | 1,744,000 | ||||||||||||||||
proceeds from exercise of stock options and warrants | |||||||||||||||||||||
proceeds from issuance of convertible notes - related party | 0 | 100,000,000 | |||||||||||||||||||
proceeds from credit and securities purchase transaction | 28,500,000 | ||||||||||||||||||||
issuance of convertible notes for interest paid in kind | 0 | 0 | 3,087,000 | ||||||||||||||||||
accretion of preferred stock | |||||||||||||||||||||
proceeds from exercise of options | 87,000 | ||||||||||||||||||||
proceeds from issuance of common stock and warrants - related party | 0 | ||||||||||||||||||||
net decrease in cash, cash equivalents and restricted cash | 11,323,000 | -38,411,000 | -921,000 | -88,164,000 | -49,076,000 | ||||||||||||||||
commitment fee for sepa settled by common stock - related party | |||||||||||||||||||||
accounts payable and accrued expenses-related parties | -2,517,000 | 8,719,000 | |||||||||||||||||||
note payable | 0 | -4,679,000 | 167,000 | ||||||||||||||||||
investment in notes receivable | 0 | -261,000 | -4,724,000 | -4,083,000 | -2,870,000 | ||||||||||||||||
proceeds from notes receivable | |||||||||||||||||||||
proceeds received from the senior secured term loan, net of discount | |||||||||||||||||||||
proceeds from equipment financing facility | 0 | 7,000,000 | |||||||||||||||||||
issuance of common stock and warrants | |||||||||||||||||||||
proceeds from exercise of public warrants | 0 | 7,000 | 7,000 | 20,099,000 | 16,852,000 | ||||||||||||||||
issuance of convertible notes for interest paid-in-kind | |||||||||||||||||||||
loss on change in fair value of derivatives - related party | -61,804,000 | ||||||||||||||||||||
commitment fee for sepa agreement settled by common stock - related party | |||||||||||||||||||||
accounts payable and accrued expenses - related party | |||||||||||||||||||||
proceeds received from the term loan, net of discount | |||||||||||||||||||||
payment of equity issuance costs - related party | 0 | ||||||||||||||||||||
loss on change in fair value of derivatives - related parties | 13,090,000 | ||||||||||||||||||||
accounts payable and accrued expenses - related parties | -1,200,000 | -1,200,000 | -2,517,000 | ||||||||||||||||||
proceeds from issuance of convertible notes - related parties | 33,350,000 | ||||||||||||||||||||
payment of debt issuance costs - related parties | -1,116,000 | ||||||||||||||||||||
issuance of common stock under sepa | 1,250,000 | 0 | |||||||||||||||||||
remeasurement of equity method investment | 7,480,000 | 7,480,000 | |||||||||||||||||||
income from equity in unconsolidated joint venture | |||||||||||||||||||||
interest accretion and amortization of debt issuance costs | 1,182,000 | ||||||||||||||||||||
interest accretion and amortization of debt issuance costs - related party | 1,463,000 | ||||||||||||||||||||
loss on debt extinguishment/ | 0 | ||||||||||||||||||||
gain on change in fair value of derivatives - related parties | |||||||||||||||||||||
provision for firm purchase commitments | -5,475,000 | -3,445,000 | -1,585,000 | ||||||||||||||||||
business acquisition, net of cash acquired | -160,000 | -160,000 | |||||||||||||||||||
investment in joint venture | -4,000,000 | -4,000,000 | -4,000,000 | ||||||||||||||||||
repayment of other financing | -94,000 | -94,000 | -70,000 | ||||||||||||||||||
issuance of common stock under atm program, net of commissions | 9,487,000 | ||||||||||||||||||||
issuance of common stock under june 2022 promissory note | |||||||||||||||||||||
gain on change in fair value of derivatives - related party | |||||||||||||||||||||
proceeds from issuance of convertible notes - related party, net of issuance cost | 7,225,000 | ||||||||||||||||||||
effect of exchange rate changes on cash and cash equivalents | 2,000 | ||||||||||||||||||||
issuance of common stock under conversion of yorkville note | |||||||||||||||||||||
non-cash lease expense | 409,000 | 192,000 | |||||||||||||||||||
accreted interest on convertible notes payable - related party | 1,548,000 | 781,000 | |||||||||||||||||||
amortization of debt issuance cost- related party | 204,000 | ||||||||||||||||||||
commitment fee for sepa agreement settled by common stock- related party | 1,061,000 | ||||||||||||||||||||
change in fair value, embedded derivative - related party | -11,673,000 | -7,695,000 | |||||||||||||||||||
change in fair value, warrants liability - related party | -837,000 | -567,000 | |||||||||||||||||||
security deposits | 13,000 | 11,000 | -424,000 | -15,000 | 20,000 | ||||||||||||||||
other customer receivable | |||||||||||||||||||||
principal payments on finance (capital) lease obligations | -6,000 | -4,000 | |||||||||||||||||||
issuance of common stock under the sepa | 5,000,000 | ||||||||||||||||||||
accreted interest on convertible note payable - related party | 543,000 | ||||||||||||||||||||
amortization of debt issuance cost | 87,000 | 1,330,000 | |||||||||||||||||||
impairment of property and equipment | |||||||||||||||||||||
loss from equity in unconsolidated joint venture | -440,000 | -440,000 | -440,000 | ||||||||||||||||||
accreted interest on convertible notes payable – related party | |||||||||||||||||||||
loss on extinguishment of convertible notes- related party | |||||||||||||||||||||
gain on debt forgiveness | -1,273,000 | ||||||||||||||||||||
change in fair value, embedded derivative | -9,927,000 | ||||||||||||||||||||
change in fair value, sponsor earnout shares | |||||||||||||||||||||
changes in operating assets and liabilities | |||||||||||||||||||||
receivable on sale of state tax attributes | |||||||||||||||||||||
notes payable | 18,530,000 | 18,365,000 | |||||||||||||||||||
purchases of property and equipment | -11,346,000 | -7,541,000 | -4,490,000 | ||||||||||||||||||
proceeds from issuance of convertible notes payable – related party | |||||||||||||||||||||
payment made for debt issuance cost | -4,369,000 | ||||||||||||||||||||
proceeds from other financing | |||||||||||||||||||||
proceeds from paycheck protection program loan | |||||||||||||||||||||
proceeds attributable to beneficial conversion features of convertible notes payable – related party | |||||||||||||||||||||
proceeds from capital infusion in reverse recapitalization | |||||||||||||||||||||
transaction cost for the reverse recapitalization | |||||||||||||||||||||
issuance of contingently redeemable preferred units | |||||||||||||||||||||
contribution of inventory to joint venture | |||||||||||||||||||||
conversion of convertible notes to common stock in connection with merger | |||||||||||||||||||||
conversion of contingently redeemable preferred stock to common stock in connection with merger | |||||||||||||||||||||
receivable from disgorgement of short swing profits | |||||||||||||||||||||
loss from disposal of property and equipment | 11,000 | 11,000 | 11,000 | ||||||||||||||||||
change in fair value, warrants liability | -1,066,000 | -361,000 | 224,000 | ||||||||||||||||||
prepaid and other current assets | 1,339,000 | ||||||||||||||||||||
grants receivable | -817,000 | -73,000 | |||||||||||||||||||
vendor deposits - related party | |||||||||||||||||||||
other assets | 70,000 | 70,000 | 47,000 | ||||||||||||||||||
accounts payable and accrued expenses | 1,576,000 | 3,920,000 | 843,000 | ||||||||||||||||||
deferred rent | 34,000 | 23,000 | 11,000 | ||||||||||||||||||
interest payable-related party | 1,500,000 | ||||||||||||||||||||
capital lease payments | -9,000 | -6,000 | -3,000 | ||||||||||||||||||
accrued and unpaid deferred transaction costs | |||||||||||||||||||||
accreted interest on convertible notes payable-related party | |||||||||||||||||||||
prepaid and other assets | 506,000 | 718,000 | |||||||||||||||||||
proceeds from issuance of convertible notes payable -related party | |||||||||||||||||||||
net increase in cash and cash equivalents | -47,163,000 | ||||||||||||||||||||
cash and cash equivalents, beginning of the period | 121,853,000 | ||||||||||||||||||||
cash and cash equivalents, end of the period | 74,690,000 | 100,717,000 | |||||||||||||||||||
accreted interest on convertible notes payable related party | |||||||||||||||||||||
proceeds from issuance of convertible notes payable related party | |||||||||||||||||||||
net decrease in cash and cash equivalents | -21,136,000 | ||||||||||||||||||||
cash and cash equivalents, beginning of year | 121,853,000 | ||||||||||||||||||||
loss on extinguishment of convertible notes | |||||||||||||||||||||
provision for firm purchase commitment | |||||||||||||||||||||
security deposit | |||||||||||||||||||||
proceeds of short term notes payable | |||||||||||||||||||||
repayment of short term notes payable | |||||||||||||||||||||
cash and cash equivalents, end of year | |||||||||||||||||||||
cash flows from operating activities: | |||||||||||||||||||||
interest earned on investments held in trust account | -27,682 | -11,388 | |||||||||||||||||||
change in operating assets and liabilities: | |||||||||||||||||||||
increase in accounts payable and accrued expenses | 1,808,604 | 63,566 | |||||||||||||||||||
increase in payable to related party | 44,195 | ||||||||||||||||||||
cash flows from investing activities: | |||||||||||||||||||||
proceeds deposited in trust account | -176,750,000 | -176,750,000 | |||||||||||||||||||
cash flows from financing activities: | |||||||||||||||||||||
proceeds from note payable - related party | 100,000 | 100,000 | |||||||||||||||||||
repayment of note payable - related party | -100,000 | -100,000 | |||||||||||||||||||
proceeds from sale of units in public offering | 175,000,000 | 175,000,000 | |||||||||||||||||||
proceeds from sale of units in private placement | 6,500,000 | 6,500,000 | |||||||||||||||||||
payment of underwriting discounts | -3,500,000 | -3,500,000 | |||||||||||||||||||
payment of offering expenses | -476,189 | -476,189 | |||||||||||||||||||
increase in cash | 315,105 | 496,557 | |||||||||||||||||||
cash, beginning of year | |||||||||||||||||||||
cash, end of period | 315,105 | 496,557 | |||||||||||||||||||
supplemental disclosures: | |||||||||||||||||||||
interest paid | |||||||||||||||||||||
taxes paid | |||||||||||||||||||||
original value of class a common stock subject to possible redemption | 172,437,623 | ||||||||||||||||||||
change in value of class a common stock subject to possible redemption | -1,961,692 | ||||||||||||||||||||
increase in due from related party | 14,195 | ||||||||||||||||||||
less: loss attributable to common stock subject to possible redemption | |||||||||||||||||||||
adjusted net income | |||||||||||||||||||||
weighted-average shares outstanding, basic and diluted | |||||||||||||||||||||
basic and diluted loss per common share | |||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||
increase in deferred offering costs | |||||||||||||||||||||
increase in accounts payable and accrued offering costs | |||||||||||||||||||||
· |