Q2 2024 Eos Energy Enterprises Inc Earnings Call

August 7, 2024

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the EOS Energy second quarter 2024 earnings conference call.

Operator: At this time, I would like to welcome everyone to the Eos Energy Second Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise.

Operator: This time, I would like to welcome everyone to the Eos Energy second quarter of 2024 earnings conference call. All lines have been blazing youth to prevent any backward noise.

Operator: After the speaker's remarks, there will be a question-and-answering session.

Liz Higley: I would now like to turn the conference over to Lisa Higley, Director of Investor Relations. Please go ahead.

Operator: After the speaker's remarks, there will be a question and answer session. I would now like to turn the conference over to Liz Higley, Director of Investor Relations. Please go ahead.

I would now like to turn the conference over to Liz Higley, Director of Investor Relations. Please go ahead.

Liz Higley: Yeah, good morning, everyone, and thanks for joining us for Eos' financial results and conference call for the second quarter of 2024. On the call today, we have Eos CEO Joe Mastrangelo and CSO Nathan Kroeker.

Liz Higley: Yeah, good morning, everyone, and thanks for joining us for EOS's financial results and conference call for the second quarter of 2024. On the call today, we have EOS CEO Joe Mastrangelo and CFO Nathan Kroeker. 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, including but not limited to current expectations with respect to future results and outlook for our company and statements regarding our ability to secure final approval of a loan from the Department of Energy LPO or our anticipated use of proceeds from any loan facility provided by the U.S. Department of Energy, which are subject to certain risks, uncertainties, and assumptions.

Liz Higley: Yeah, good morning everyone and thanks for joining us for EOS's financial results and conference call for the second quarter 2024. On the call today we have EOS CEO Joe Mastrangelo and CFO Nathan Kroeker. 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 including but not limited to current expectations with respect to future results and outlook for our company and statements regarding our ability to secure final approval of a loan from the Department of Energy LPO or our anticipated use of proceeds from any loan facility provided by the U.S. Department of Energy which are subject to certain risks, uncertainties, and assumptions.

Liz Higley: Should any of these risks materialize or should our assumptions prove to be incorrect, our actual results may differ materially from our expectations or those implied by these forward-looking statements. The risks and uncertainty that forward-looking statements are subject to are described in our SEC filings. 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.

Liz Higley: Before I 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, including but not limited to current expectations with respect to future results and outlook for our company. Any statements regarding our ability to secure final approval of a loan from the Department of Energy LPO, or our anticipated use of proceeds from any loan facility provided by the U.S. Department of Energy, which are subject to certain risk uncertainties and assumptions. To any of these risks materialized, or should our assumptions prove to be incorrect, our actual results may differ materially from our expectations or those implied by these forward-looking statements.

Liz Higley: Should any of these risks materialize, or should our assumptions prove to be incorrect, our actual results may differ materially from our expectation or those implied by these forward-looking statements. The risk and uncertainty that forward-looking statements are subject to are described in our SEC filings.

Liz Higley: The risks and uncertainties that forward-looking statements are subject to are described in our SEC filings. Forward-looking statements represent our beliefs and assumptions only as the days such statements are made.

Liz Higley: We undertake no obligation to update any forward-looking statements, majoring 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.

Liz Higley: Forward-looking statements represent our beliefs and assumptions only as 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.

Liz Higley: The conference call will be available for replay via webcast through EOS's Investor Relations website at investors.eosc.com. Joe and Nathan will walk you through the company highlights, financial results, and business priorities before we proceed to Q&A.

Liz Higley: The conference call will be available for replay via webcast through EOS's Investor Relations website at investors.eose.com. Joe and Nathan will walk you through the company's highlights, financial results, and business priorities before we proceed to Q&A. With that, I'll now turn the call over to EOS CEO Joe Mastrangelo.

Liz Higley: The conference call will be available for replay via webcast through EOS's Investor Relations website at investors.eose.com.

Joe Mastrangelo: Joe and Nathan will walk you through the company highlights, financial results, and business priorities before we proceed to Q&A. With that, I'll now turn the call over to Eos CEO , Joe Mastrangelo.

Joseph Mastrangelo: With that, I'll now turn the call over to EOS CEO Mr. Angelo. Good morning, everyone. Thanks for joining us for our second quarter earnings call.

Joe Mastrangelo: Thanks, Liz. Good morning, everyone.

Joe Mastrangelo: Thanks for joining us for our second quarter earnings call. Let's start off with our operational highlights page, just a couple things to give context around the numbers.

Joseph Mastrangelo: Let's start off our operational highlights page. Just a couple of things we have context around the numbers. Up or left hand side to the page, we talk about our commercial pipeline; that $13.8 billion represents nearly a $500 million increase. Overlapped quarter, which continues to show the opportunity that we have to position EOS's technology out in the marketplace. Nathan will walk through more on bookthorders and order backlog in his section, but we continue to see traction, and I'll go through some more details about what we've seen since the end of June to today, since announcing the closing of the service financing, and how that's impacting the top line on the page.

Joe Mastrangelo: On the left-hand side of the page, we talk about our commercial pipeline. That $13.8 billion represents nearly a $500 million increase over last quarter, which continues to show the opportunity that we have to position EOS's technology out in the marketplace. Nathan will walk through more on booked orders and order backlog in his section, but we continue to see traction, and I'll go through some more details about what we've seen since the end of June to today since announcing the closing of the service financing and how that's impacting this top line on the page. On the bottom, we've now gotten to four gigawatt hours of discharge energy with the majority of that coming from out in the field

Joe Mastrangelo: The End of June to today since announcing the closing of the service financing and how that's implemented, how that's impacting this top line on the page. On the bottom, you know, we've now gotten to four gigawatt hours of discharge energy with the majority of that coming from out in the field. We continue.

Joseph Mastrangelo: On the bottom, we've now gotten to for gigawatt hours of discharge energy, with the majority of that coming from out in the field. We continue to see the potential of technology and the technology working and continuing to deliver performance for our customers. On the review side and to revenue of $900,000, it really impacted and driven by two things. One plan, which was the implementation of the state of the art line, which we knew we would load down our production rate as we were bringing the line in place, and we really think about what the team did with the state of the art line.

Joe Mastrangelo: We continue to see the potential of the technology and the technology working and continuing to deliver performance for our customers. On the revenue side, revenue of $900,000 was really impacted and driven by two things. One plan was the implementation of the state-of-the-art line, which we knew would slow down our production rate as we were bringing the line in place. But when you really think about what the team did with the state-of-the-art line, they basically took what was an empty building at the beginning of the quarter and basically transformed it into our first automated state-of-the-art production line in around 60 days. Tremendous performance there.

Joseph Mastrangelo: They basically took what was an empty building at the beginning of the quarter and basically transformed it into our first automated state-of-the-art production line in around 60 days. The second piece driving when you see what revenue is was as we're going through and working with service, and I'll talk more about their investment piece and the process that we went through. We went through a very detailed due diligence process with service, and as we got into the quarter, we really made the decision to preserve capital together to what we thought would be the closing point of the quarter.

Joe Mastrangelo: The second piece driving revenue is, as we were going through and working with service, I'll talk more about their investment pieces and the process that we went through, but we went through a very detailed due diligence process with Cerberus. As we got into the quarter, we really made the decision to preserve capital to get us to what we thought would be the closing point of the quarter. We preserved capital by bringing in working capital and really focused on getting the line up and running. That's why you see the $900,000 revenue in the quarter.

Joe Mastrangelo: automated state-of-the-art production line in in around 60 days. Tremendous performance there. The second piece

Joe Mastrangelo: and working with Sarah Grissom, I'll talk more about...

Joseph Mastrangelo: So we preserve capital around bringing and working capital and really focus on getting the line up and running, and that's what you see the 900,000 revenue in the quarter. Need to move along through the $52 million in cash, but what I say overall, really strong performance by the team. Truly, to me, amazing when you think about the implementation of the state-of-the-art line. I'll give you some more details on that later. And then continuing to see the technology work out in the field, really very important things. And when you think about the three things we've always talked about as it relates to growing on orders, we inevitably come and see the state of the art line check.

Joe Mastrangelo: Nathan will also walk through the $52 million in cash, but what I'd say overall, really strong performance by the team. Truly amazing when you think about the implementation of the state-of-the-art line. I'll give some more details on that later.

Joe Mastrangelo: Truly, to me, amazing when you think about the implementation of the state-of-the-art line. I'll give some more details on that later. And then continuing to see the technology work out in the field, really very important things. And when you think about the three things we've always talked about as it relates to growing on orders, customers being able to come and see the state-of-the-art line, check.

Joe Mastrangelo: And then continuing to see the technology work out in the field, really very important things. And when you think about the three things we've always talked about as it relates to growing orders, customers being able to come and see the state-of-the-art line check, and technology working out in the field now at four gigawatt hours or 3.6 gigawatt hours happening at customer locations, And then the third piece of that being financing, I'll talk more about how our relationship and the investment with TheraBris helps us position ourselves to grow for the future. So we go to the next page on our recent achievements.

Joseph Mastrangelo: Technology working out in the field, now at four gigawatt hours, 3.68 hours happening at customer locations, and in the third piece of being financing, I'll talk more about how our relationship and the investment with Everest helps us positionate to grow for the future.

Joseph Mastrangelo: So we go through the next take on our recent achievements. The biggest achievement I think in the second quarter was curing the strategic investment from Everest. Really a phenomenal job by the entire team, and I like to recognize Nathan Kroeker, Michael Sormon, really quarterback this process through and got us to the finish line to really have a partner that now, as we've secured financing for us to position the company to get the profitability. We brought the phase of the art line in the commercial production at the end of the quarter, which I talked about. This is just one of these things where what I now tell the team is what the dream is now a reality, and you find yourself when you're walking to a meeting and you walk past the line that you've been doing, that you somewhat get distracted just watching how the line works. The work that's been done by Chris Dillinger and the team has just been fantastic to see that line now up and producing batteries.

Joe Mastrangelo: The biggest achievement, I think, in the second quarter was securing the strategic investment from Cerberus. Really a phenomenal job by the entire team, and I'd like to recognize Nathan Kroeker and Michael Silverman who really steered this process through and got us to the finish line to really have a partner that now that we've secured financing for us to position the company to get to profitability. We brought in the state-of-the-art line and commercial production at the end of the quarter, which I talked about.

Nathan Kroeker: Nathan Kroeker and Michael Sorman really quarterbacked this process through and got us to the finish line to really have a partner that now as we've secured financing for us to position the company to get to profitability.

Joe Mastrangelo: I mean, this is just one of these things where what I now tell the team is what was a dream is now a reality, and you find yourself when you're walking to a meeting and you walk past the line, you somewhat get distracted, just watching how the line works and the work that's been done by Chris Dillinger and the team. It has just been fantastic to see that line now up and producing batteries. And then last one, something we're announcing today: we were selected by Bloomberg New Energy Finance as a Tier 1 energy storage supplier.

Nathan Kroeker: It's just one of these things where, what I now tell the team is, what was a dream is now a reality, and you find yourself when you're walking to a meeting and you walk past the line that you somewhat get distracted just watching.

Speaker Change: Unknown Executive, Elizabeth Higley, Joseph Mastrangelo, Elizabeth Higley, Joseph Mastrangelo,

Joseph Mastrangelo: And then last one, something we're going to do today, we are selected by Bloomberg New Energy Finance as a Tier 1 MG towards Applier. I think the big thing here is we're one of five US companies and one of two alternate technology battery manufacturers selected to be on this list; it really shows how the team has gone from years ago, an R&D company into an operating company recognized by one of the preeminent voices in the new energy space. I think it just could need to continue head down, getting work done, but getting this type of recognition really does motivate the team as they come in every day to go to work.

Joe Mastrangelo: I think the big thing here is we're one of five U.S. companies and one of two alternate technology battery manufacturers selected to be on this list. It really shows how the team has gone from, you know, six years ago, an R&D company into an operating company recognized by one of the preeminent voices in the new energy space. I think it just needs to continue, you know, head down, getting work done, but getting this type of recognition really does motivate the team as they come in every day to go to work. Third page, you know, why Severus chose Eos, this is a page I think everybody should kind of read through and digest.

Speaker Change: Six years ago, an R&D company into an operating company recognized by one of the permanent voices in the new energy space, and I think it just needs to continue, you know, head down, getting work done, but getting this type of recognition really does motivate the team as they come in every day to go to work.

Joseph Mastrangelo: Third page, you know, why servers shows EOS, this is a big thing, everybody should kind of read through digest. I'm not going to talk to the bullet points, but we wanted to share with you whatever is shared with us after we closed the loan and why they invested in EOS. And then it validates many of the points that we talked about over the years that we've been a public company. I think the level of detail that servers went through and their due diligence is something that we've never gone through as a company in securing finance.

Speaker Change: Third page, you know, why Severus chose Eos, this is a page I think everybody should kind of read through, digest. I'm not going to talk through the bullet points, but we wanted to share with you what Severus shared with us after we closed the loan and why they invested in Eos.

Joe Mastrangelo: I'm not going to talk through the bullet points, but we wanted to share with you what Severus shared with us after we closed the loan and why they invested in Eos. It validates many of the points that we talked about over the years that we've been a public company. I think the level of detail that Cerberus went through in their due diligence is something that we've never gone through at the company in securing financing.

Speaker Change: It validates many of the points.

Joseph Mastrangelo: And really having them go out and talk to third parties, work with customers, talk to suppliers, just validate what the team has done and how we're positioning the company for the future. I'd say some of the biggest things for us, I'll talk about a little bit more on the next page, are access to not only internal expertise in servers to help make EOS a better company, but also just the broader network that servers has out in the marketplace. In many avenues that allows eos to play bigger and play like that tier one supplier that B&EF recognized recently.

Joe Mastrangelo: And really having them go out and talk to third parties, work with customers, talk to suppliers, just validated what the team had done and how we're positioning the company for the future. I'd say some of the biggest things for us, which I'll talk about a little bit more on the next page, are access to not only internal expertise in Cerberus to help make Eos a better company, but also just the broader network that Cerberus has out in the marketplace in many avenues that allows Eos to play bigger and play like that Tier 1 supplier that BNEF recognized recently.

Speaker Change: at the company in securing financing, and really having them go out and talk to third parties, work with customers, talk to suppliers, just validated what the team has done and how we're positioning the company for the future. I'd say some of the biggest things for us, I'll talk about a little bit more on the next page, are access to not only internal expertise in Cerberus to help

Speaker Change: make EOS a better company, but also just the broader network that Cerberus has out in the marketplace in many avenues that allows EOS to play bigger and play like that Tier 1 supplier that BNEF recognized recently.

Joseph Mastrangelo: The second piece I would say is you think about how this positions us. We talked about that third lake to the stool and commercial orders on financing and servers that they're access to the capital markets. It's allowing us to really think about how to facilitate customer projects to go from an opportunity, an LOI, a late stage order into a book to order, being able to work with them and use their financial expertise to do that. That's going to pay dividends as we move forward.

Joe Mastrangelo: The second piece of this, I would say, as you think about how this positions us, is we talked about that third leg to the stool in commercial orders, financing, and Cerberus and their access to the capital markets are allowing us to really think about how we facilitate customer projects to go from an opportunity, an LOI, a late stage order into a booked order. Being able to work with them and use their financial expertise to do that is going to pay We go to the following page with some of the tailwinds.

Speaker Change: The second piece of this, I would say, as you think about how this positions us is, you know, we talked about that third leg to the stool in commercial orders on financing and service and their access to the capital markets is allowing us to really think about how do we facilitate customer projects to go from an opportunity, an LOI, a late-stage order into a booked order, being able to work with them and use their financial expertise to do that is going to pay dividends as we move forward.

Joseph Mastrangelo: We go to the following page with some of the tailwinds. We sign a 960 megawatt hour letter of intent with a new customer that was brought in and introduced to us by Serverists. And that deal will close subject to their final financing, but really exciting as we start to really sit down and talk about how the technology works in the use cases that the technology can deliver on. There's also been an additional 11 customer factory visits. Again, we talk about, comes to the line, see batteries being produced, show that the companies are real operating company.

Joe Mastrangelo: We signed a 960 MWh letter of intent with a new customer that was brought in and introduced to us by Cerberus, and that deal will close subject to their final financing. It's really exciting as we start to really sit down and talk about how the technology works and the use cases that the technology can deliver on. There's also been an additional 11 customer factory visits. Again, we talk about going to see the line, see batteries being produced, and show that the company is a real operating company.

Speaker Change: And that deal will close subject to their final financing, but really exciting as we start to really sit down and talk about how the technology works and the use cases that the technology can deliver on.

Joe Mastrangelo: We've had 11 customers come into the factory since announcing the closing of the deal. Our short-term pipeline has gone up 6 GWh, and we've got 17 plus GWh of longer-term market opportunities that we've not yet reflected in our pipeline slide that Nathan talked about because the majority of that happened subsequent to closing the second quarter, but you're really starting to see activity in the marketplace around the excitement of having a long-term strategic investor in the company.

Joseph Mastrangelo: We've had 11 customers come into the factory since announcing the closing of the deal. Our short term pipeline has gone up to the gigawatt hours, and we've got 17 plus gigawatt hours of longer term market opportunities that we've not yet reflected in our pipeline slide that Nathan talked about because the majority of that. That has happened since we went to closing the second quarter, but you really started to see activity in the marketplace around the excitement of having a long-term strategic investor in the company.

Joseph Mastrangelo: On the right-hand side of the page around operational excellence, you know, one of the things that we're going to be doing is implementing an operating council where we're going to be bringing in expertise from service and also bringing in the experts that we have on our own board to sit down and really work with the team to help position us to start delivering more reliably as we move forward. I'm very excited about having the expertise in the room. It helps make our team better and will help make the company better in the short term and in the long term.

Joe Mastrangelo: On the right-hand side of the page, around operational excellence, one of the things that we're going to be doing is implementing an operating council where we're going to be bringing in expertise from Cerberus and also bringing in the experts that we have on our own board to sit down and really work with the team to help position us to start delivering more reliably as we move forward. I'm very excited about having their expertise in the room.

Speaker Change: And one of the things that we're going to be doing is implementing an operating council where we're going to be bringing in expertise from Cerberus and also bringing in the experts that we have on our own board.

Speaker Change: to sit down and really work with the team to help position us to start delivering more reliably as we move forward. I'm very excited about having the expertise in the room. It helps make our team better and will help make the company better in the short term and in the long term.

Joe Mastrangelo: It helps make our team better and will help make the company better in the short-term and in the long-term. We've also continued to identify new cost-out opportunities both on design, materials, and looking at contract manufacturing for various components of our system as we continue to evolve and move towards that goal of 100% U.S. content over the next 18 to 24 months. We've also been able to accelerate the work on our proprietary software.

Joseph Mastrangelo: We've also continued to identify new cost-out opportunities, both on design materials and looking at contract manufacturing for various components of our system. As we continue to evolve and move towards that goal of 100% US content over the next 18 to 24 months. We've also been able to accelerate the work on our proprietary software. This has been great to be able to sit down and work through how we want to position the company for the long term. Having secured the financing and knowing that we execute the financing is there, has allowed us as a leadership team to take a step back and think about the company more strategically.

Speaker Change: We've also continued to identify new cost-out opportunities, both on design, materials, and looking at contract manufacturing for various components of our system as we continue to evolve and move towards that goal of 100% U.S. content over the next 18 to 24 months.

Joe Mastrangelo: It's been great to be able to sit down and work through how we want to position the company for the long-term. Having secured the financing and knowing that we have executed the financing is there has allowed us as a leadership team to take a step back and think about the company more strategically. We've always talked about software being a key component of the long-term strategy for Eos, and now we're really focused on accelerating that and bringing that to market faster and continuing to build up the capabilities that we talked about.

Speaker Change: This has been great to be able to sit down and work through how we want to position the company for the long term. Having secured the financing and knowing that we execute the financing is there has allowed us as a leadership team to take a step back and think about the company more strategically. We've always talked about software being a key component of the long term strategy for Eos and now we're really focused on accelerating that and bringing that to market faster and continuing to build up the capabilities that we talked about. If you go back and think about what we talked about in our December strategic outlook, we're now accelerating on that strategy that we laid out end of last year. And then as we've closed the financing, we're starting to work with, you know,

Joseph Mastrangelo: We've always talked about software being a key component of the long-term strategy for EOS, and now we're really focused on accelerating that and bringing that to market faster and continuing to build up the capabilities that we talked about. If you go back and think about what we talked about in our strategic outlook, we're not accelerating on that strategy that we laid out at the end of last year. As we've closed the financing, we're starting to work with many of our tier one suppliers on how they can expand their relationships with us on improved terms to enable us to deliver faster, deliver at lower cost, and really deliver to the marketplace.

Joe Mastrangelo: If you go back and think about what we talked about in our December strategic outlook, we're now accelerating on that strategy that we laid out at the end of last year. And then, as we've closed the financing, we're starting to work with many of our Tier 1 suppliers on how they can expand their relationships with us on improved terms to enable us to deliver faster, deliver at lower cost, and really deliver to the marketplace.

Speaker Change: Many of our tier one suppliers on how they can expand their relationships with us on improved terms to enable us to deliver faster, deliver at lower cost, and really deliver to the marketplace. So all in all when you really look at this

Joseph Mastrangelo: All in all, when you really look at this, work through the second quarter had summarized a lot of the effort of the entire company was getting a closing on the financing from Terbris. Once that financing was closed and announced, we quickly shifted to getting aligned in the commercial production, getting customers in to see how the line works, and then how do we really position ourselves to deliver on both our growth and profitability goals that we've laid out previously. And I think we're off to a good start there with more to come as we go through the second half of the year.

Joe Mastrangelo: So all in all, when you really look at this work through the second quarter, I'd summarize a lot of the effort of the entire company in getting a closing on the financing from Cerberus. And then once that financing was closed and announced, we quickly shifted to getting the line into commercial production, getting customers in to see how the line works, and then how do we really position ourselves to deliver on both our growth and profitability goals that we've laid out previously?

Speaker Change: You know, work through the second quarter and summarize like a lot of the effort of the entire company.

Joe Mastrangelo: And I think we're off to a good start there, with more to come as we go through the second half of the year. Now, if we go to the next section and talk about operational scale and manufacturing capacity, if we move to the next page, just some shots of the state-of-the-art line. We are rapidly approaching the 10-second cycle time as we continue to go through, and really, this is less about the mechanical performance of the line and more about the software integration around part tracking and quality metrics and being able to work through various aspects of building a high-quality battery at an overall 10-second cycle time.

Joseph Mastrangelo: We go to the next section and talk about operational scale and manufacturing capacity. If we move to the next page, just some shots of the state-of-the-art line, we are rapidly approaching the 10-second cycle time. As we keep continuing to go through and really this is less about the mechanical performance of the line and more about the software integration around park tracking and quality metrics and being able to work through various aspects. The aspects of building a high quality battery and overall 10 second cycle time, we feel really good about the work that the team is doing.

Speaker Change: and Manufacturing Capacity. If we move to the next page, just some shots of the state-of-the-art line. You know, we are rapidly approaching the 10-second cycle time.

Joe Mastrangelo: We feel really good about the work that the team is doing. We validated all of our sub-assembly processes for quality, which is important. You know, what goes into that box that then becomes a battery is as important as the box itself.

Joseph Mastrangelo: We validated all of our sub-assembly processes for quality, which is important. What goes into that box that then becomes a battery is important as the box itself. As you think about what we did in second quarter, we aligned our direct labor costs to the production volume and then tried to manage through our manufacturing overhead to be able to minimize the impact of slowing down production while implementing the line and continuing to position ourselves to grow production as we scale into the capacity line over the second half of the year. As we continue to work, our direct material costs out targets and we are now at 66%, which is up around 11 points versus the last time we talked to you.

Joe Mastrangelo: You know, as you think about what we did in the second quarter, we aligned our direct labor costs to the production volume and then tried to manage through our manufacturing overhead to be able to minimize the impact of slowing down production while implementing the line and continuing to position ourselves to grow production as we scale into the capacity of the line over the second half of the year. And we achieved and continued to work our direct material cost targets, and we're now at 66%, which is up around 11 points versus the last time we talked to you at the end of 1Q.

Speaker Change: Unknown Executive, Elizabeth Higley, Joseph Mastrangelo, Elizabeth Higley, Joseph Mastrangelo,

Joseph Mastrangelo: At the end of 1Q, so the team continues to deliver on that road map with eight out of December. As we move forward, the biggest item here in Nathan will talk about it in his section is improving our labor and overhead utilization, and that labor and overhead utilization comes with volume coming through in the line and comes with really getting to stabilize performance and normalize performance, and then getting the team to execute on the plan that we laid out. But that's critical to us as you think about the cost-out targets that we laid out at the beginning of the year.

Joe Mastrangelo: So the team continues to deliver on that roadmap we laid out in December. As we move forward, you know, the biggest item here, and Nathan will talk about it in his section, is improving our labor and overhead utilization. And that labor and overhead utilization comes with volume coming through on the line and comes with really getting to stabilize performance and normalize performance and then getting the team to execute on the plan that we laid out.

Speaker Change: Improving our labor and overhead utilization, and that labor and overhead utilization comes with volume coming through on the line, and comes with really getting to stabilized performance and normalized performance, and then getting the team to execute on the plan that we laid out. But that's critical to us as you think about the cost-out targets that we laid out at the beginning of the year.

Joe Mastrangelo: But that's critical to us as you think about the cost-out targets that we laid out at the beginning of the year. We continue to fine-tune that line performance. You know, you don't stop with just implementing a line.

Joseph Mastrangelo: We continue to fine-tune that line performance. You know, you don't stop with just implementing the line. There's many things that we started to look at of how you can do lean manufacturing and stigma around various components of the line to continue to refine and improve performance and training the workforce for this new work environment that we operate in. You know, good news is in one of those 11 customer visits we've had here in the month of July, you know, one of the customers mentioned to us that, you know, they've never seen a factory that looked as clean, and it was a statement when they walked through and saw the state-of-the-art line in production.

Joe Mastrangelo: There are many things that we started to look at ways to do lean manufacturing and Sigma around various components of the line to continue to refine and improve performance and train the workforce for this new work environment that we operate in. You know, the good news is that on one of those 11 customer visits that we had here in the month of July, one of the customers mentioned to us that, you know, they'd never seen a factory that looked as clean and was as safe as when they walked through and saw the state-of-the-art line in production. So, we just have to train the workforce to work in this new environment as we move forward.

Speaker Change: We continue to fine-tune that line performance, you know, you don't stop with just implementing a line. There's many things that we started to look at of how you can do lean manufacturing and Sigma around various components of the line to continue to refine and improve performance and training the workforce for this new work environment that we operate in. You know, good news is in one of those 11 customer visits that we've had here in the month of July , you know, one of the customers mentioned to us that, you know, they've never seen a factory that looked as clean and it was as safe as when they walked through and saw the state-of-the-art line.

Joseph Mastrangelo: So we just got to train the workforce to work in this new environment as we move forward. We're also in the process of testing higher density materials for to achieve our Q4 cost out target to go back and think about what Francis Richie talked about in December and the work that he was doing on the inside of the battery and what's in the box, if you will. You know, we continue to deliver on that, those, those materials around testing some some preliminary positive results, but we've got to continue working towards that and then cutting that into production as we get into the fourth quarter.

Joe Mastrangelo: We're also in the process of testing higher-density materials to achieve our Q4 cost-out target. If you go back and think about what Francis Richey talked about in December and the work that he was doing on the inside of the battery, you know, what's in the box, if you will, we continue to deliver on that. Those materials are on test, and we've got some preliminary positive results, but we've got to continue working towards that and then cutting that into production as we get into the fourth quarter.

Francis Ritchie: So we just got to train the workforce to work in this new environment as we move forward. We're also in the process of testing higher density materials to achieve our Q4 cost out target. If you go back and think about what Francis Richey talked about in December and the work that he was doing on the inside of the battery, what's in the box, if you will, we continue to deliver on that. Those materials are on test and some preliminary positive results, but we've got to continue working towards that and then cutting that in.

Joseph Mastrangelo: And then the big one here is before is just automating our sub assembly processes to then take the line capacity up from what we forecasted to we think is entitlement around that and then allow us to position for line number two as we continue to see the growth in the marketplace. So really, you know, great performance by the team; still work left to do, but very encouraging about the foundation that we've laid and what we can build around what we now have positioned in Turtle Creek to grow the company going forward.

Joe Mastrangelo: And then the big one here as we move forward is just automating our subassembly processes to then take the line capacity up from what we forecasted to what we think is entitlement around that and then allow us to position for line number two as we continue to see growth in the marketplace. So, really, you know, great performance by the team.

Joe Mastrangelo: There is still work left to do, but it is very encouraging about the foundation that we've laid and what we can build around what we now have positioned in Turtle Creek to grow the company going forward. It's multiple discharge cycles in a day for different durations, which our battery can handle and actually was designed to be able to do. So when you're looking at a deeper duct curve or double peaks in a day, you're talking about discharging and charging the battery multiple times in a day, which is a key differentiator in our product.

Francis Ritchie: So really, you know, great performance by the team, still work left to do, but very encouraging about the foundation that we've laid and what we can build around what we now have positioned in Turtle Creek to grow the company going forward.

Joseph Mastrangelo: We now move over to the commercial opportunity pipeline in orders backlog before. Oliver, I turned this over to Nate in the walk-through of the pipeline metrics. I just want to spend a moment on what we're seeing in the marketplace. You know, the left hand side of this page really talks about new long duration energy storage requirements. You know, everybody kind of thinks about this. I just want to peel back a little bit here, you know, the proverbial onion, if you will, to talk about how use cases are evolving in the marketplace. So, you know, when we talk about long duration energy storage and we say, going about eight hours, you know, we're starting to see in the marketplace as it's not a straight eight-hour discharge.

Speaker Change: You know, the left-hand side of this page really talks about new, long-duration energy storage requirements. You know, everybody kind of thinks about this, and I just want to peel back a little bit here.

Speaker Change: the proverbial onion, if you will, to talk about how use cases are evolving in the marketplace. So, you know, we talk about long-duration energy storage and we say going above six to eight hours. You know, we're starting to see in the marketplaces, it's not a straight

Joseph Mastrangelo: It's multiple discharge cycles in a day for different durations, which our battery can actually actually was designed to be able to do that. So when you're looking at a deeper curve or double piece in a day, you're talking about discharging and charging the technology multiple times in a day, which is a key differentiator in our product. Now, in the middle of this, we've always talked about, you know, you read a lot of the news. We've always talked about, you know, EOS. We're a good neighbor, right? We're manufacturing in the USA. We're NDAA compliant, which is very important from a grid and energy security standpoint.

Speaker Change: six to eight hour discharge. It's multiple discharge cycles in a day for different durations.

Joe Mastrangelo: Now, in the middle of this, we've always talked about, you know, when you read a lot of the news, we've always talked about, you know, Eos, we're a good neighbor, right? We're manufactured in the USA, and we're NDAA compliant, which is very important from a grid and energy security standpoint. We're certified safe, the product is non-flammable, it's non-flammable from the point it's made to when it's transported, to when it's installed, to when it's operated.

Joseph Mastrangelo: We're certified safe product is non-flammable. It's non-flammable from the point it's made to when it's transported, to when it's installed, to when it's operated. We're functionally silent. You know, our unit on the field, when you stand by them, probably wouldn't be any louder than my voice right now. Whereas if you think about other technologies in the field, when they're up and running, it's like having a police siren going off continuously throughout the day. And then we're fully recyclable at the end of our useful life. You know, this is important because we can come back and we look at what's inside the battery.

Joe Mastrangelo: We're functionally silent, you know; our units on the field, when you stand by them, probably wouldn't be any louder than my voice right now, whereas if you think about other technologies in the field, when they're up and running, it's like having a police siren going off continuously throughout the day. And then we're fully recyclable at the end of our useful life. You know, this is important because we can come back and look at what's inside the battery; we can repurpose the electrolyte and bring it back to its original state.

Speaker Change: We're functionally silent.

Speaker Change: You know, our units on the field, when you stand by them, probably wouldn't be any louder than my voice right now, whereas if you think about other technologies in the field, when they're up and running, it's like having a police siren going off continuously.

Speaker Change: throughout the day.

Speaker Change: And then we're fully recyclable at the end of our useful life.

Joseph Mastrangelo: We can repurpose the electrolyte and bring it back to its original state. We can reuse the felt that's inside the battery, and the plastics can be recycled all through normal recycling processes, processes that exist today. So what does all that mean if you're buying our technology? Well, the right hand side of the space talks about a new way of thinking about levelized costs of storage. The dark green line is EOS, the yellow line is the incumbent technology on the marketplace, given the fact of our low degradation and not having to do augmentation. And also the fact that you can multiple cycle during the day, we can deliver more revenue for our customers over the lifecycle of a project over 25 years.

Joe Mastrangelo: We can reuse the felt that's inside the battery, and the plastics can be recycled all through normal recycling processes, processes that exist today. So what does all that mean if you're buying our technology? Well, the right-hand side of this page talks about a new way of thinking about the levelized cost of storage.

Speaker Change: So what does all that mean, if you're buying our technology? Well, the right-hand side of this page talks about a new way of thinking about levelized cost of storage.

Speaker Change: The dark green line is Eos, the yellow line is the incumbent technology on the marketplace.

Joseph Mastrangelo: Now, how does that translate? You know, everybody likes to talk about, well, your catbacks are a little higher, 2.0. There is a higher catback driven by the power density that we have, but you got to weigh the power density off with the factors I talked about in the middle of the page. People talk about, well, your RT is a little bit lower than lithium ion, also a true statement. But because we don't augment, at the midpoint of a project life cycle, because we can do peak shifting along with, and still the energy services and deliver more energy, and because we can do multiple cycles in the day, the total energy that a customer can deliver is significantly higher than what you get within incumbent technology.

Speaker Change: Now, how does that translate? Everybody likes to talk about, well, your capex is a little higher. True. True point.

Joseph Mastrangelo: So we talk to customers, and we're educating them on how this product is different, and how it delivers different benefits, and how it delivers different use cases that are emerging as the market evolves. Our levelized cost storage advantage can be up to 30% over a 25-year project life cycle. That this page here is really what we go through when we're out selling, and when Nathan talks about the pipeline, that's what we're doing as we're moving every step of the way down that pipeline. Now you, later on top of this, what I talked about earlier with having access to stronger financial partners, to bring financing to our customers, it becomes a very compelling offer.

Nathan Kroeker: What I'd like to do now is take that backdrop and now turn over Nathan to walk through our pipeline, and then go through the financials.

Speaker Change: to stronger financial partners to bring financing to our customers, it becomes a very compelling offer. What I'd like to do now is take that backdrop and I'll turn it over to Nathan to walk through our pipeline and then go through the financials.

Nathan Kroeker: Thanks for listening.

Nathan Kroeker: Thanks, Joe, and thanks everybody for joining us this morning. I'll spend the rest of our time walking through our commercial pipeline, talk about how we strengthen the balance sheet, along with our second quarter performance, and then we will wrap up with an outlook for the balance of 2024. Moving into our commercial pipeline, we are excited to see increased activity and corresponding growth following the announcement we made with servers in late June. As of June 30th, our pipeline was nearly $14 billion. Representing 52 gigawatt hours of storage, including a $1.4 billion in signed letters of intent, which are primarily waiting upon successful commercialization of first project deployment and customer financing.

Nathan Kroeker: As of June 30th, our pipeline was nearly $14 billion, representing 52 gigawatt hours of storage, including $1.4 billion in signed letters of intent which are primarily waiting upon successful commercialization of first project deployment and customer financing.

Nathan Kroeker: It should be noted that the commercial tailwinds we have seen following the strategic investment are just beginning to be reflected in these numbers, as there were only four days of the quarter remaining when we made the announcement. More specifically, the 960 megawatt hour letter of intent that we signed in July will be included in our pipeline when we update it for the third quarter, and we expect that L.O.I. to become a booked order upon closing of customer financing. As we've highlighted in prior quarters, we are now tracking to 2.2 gigawatt hours in late stage approvals, which generally include projects awaiting finance and government grants or other shortlisted projects.

Nathan Kroeker: More specifically, the 960 MWh letter of intent that we signed in July will be included in our pipeline when we update it for the third quarter, and we expect that LOI to become a booked order upon closing of customer financing.

Nathan Kroeker: As we've highlighted in prior quarters, we are now tracking to 2.2 gigawatt hours in late-stage approvals, which generally include projects awaiting financing, government grants, or other shortlisted projects.

Nathan Kroeker: The 4% increase in commercial pipeline quarter over quarter reflects the healthy churn of new projects moving in and through the pipeline, as Joe discussed earlier. We feel very good about our total pipeline, and we're seeing positive changes in the overall mix as we shift towards utility scale project opportunities with blue shift customers. We continue to see positive movement towards grid scale deployment with several major utilities. Our backlog as the quarter end was $587 million, which is a 10% from this time last year, but slightly lower than last quarter. During the quarter, we booked an additional 25 megawatt hours for an expansion of our Mata Ush project with Indian Energy, bringing the total project size up to 60 megawatt hours, design some enhanced graded resiliency for the VA-HOS tribal bands in Alpine, California.

Nathan Kroeker: We feel very good about our total pipeline, and we're seeing positive changes in the overall mix as we shift toward utility-scale project opportunities with blue-chip customers, and we continue to see positive movement toward grid-scale deployment with several major utilities. Our backlog at quarter end was $587 million, which is 10% from this time last year but slightly lower than last quarter. During the quarter, we booked an additional 25 megawatt hours for an expansion of our Mataoosh project with Indian Energy, bringing the total project size up to 60 megawatt hours designed to enhance grid resiliency for the Viejas tribal bands in Alpine, California.

Nathan Kroeker: We feel very good about our total pipeline and we're seeing positive changes in the overall mix as we shift toward utility-scale project opportunities with blue-chip customers, and we continue to see positive movement towards grid-scale deployment with several major utilities.

Nathan Kroeker: Our backlog as of the quarter end was $587 million, which is 10% from this time last year, but slightly lower than last quarter.

Nathan Kroeker: During the quarter, we booked an additional 25 MWh for an expansion of our Mata Oosh project with Indian Energy, bringing the total project size up to 60 MWh, designed to enhance grid resiliency for the Viejas Tribal Bands in Alpine, California.

Nathan Kroeker: This is our largest order to date that is being funded by the California Energy Commission, and we look forward to continuing to deliver storage in the state of California going forward. Now, moving into our backlog, the change you see in overall value was due to the renegotiation of an existing MSA that included several leases where we were able to amend the terms in order to remove certain components and improve the overall economics and make better use of our balance sheet. This is a good example of how we continue to work with each of our customers to enhance the overall quality of our backlog and pipeline.

Nathan Kroeker: This is our largest order to date that is being funded by the California Energy Commission and we look forward to continuing to deliver storage in the state of California going forward. Now, moving into our backlog, the change you see in overall value was due to the renegotiation of an existing MSA that included several leases where we were able to amend the terms in order to remove certain components.

Nathan Kroeker: Turning to the next page, I want to spend some time talking about the cash requirements to get us to profitability and fund future capacity expansion. At the end of June, we announced a strategic investment of up to $315.5 million from an affiliate of Service Capital Management to support our growth plans. This investment comes during a secular shift in global energy markets, where the demand for state alternatives to incumbent battery technologies is increasing, and the world is facing significant energy growth along with an increased focus on higher energy independence and security. As Joe discussed earlier, the capital investment will be instrumental in enabling us to deliver a differentiated product: a safe and simple energy storage solution with proprietary software capabilities.

Nathan Kroeker: Turning to the next page, I want to spend some time talking about the cash requirements to get us to profitability and fund future capacity expansion. The investment is structured as a $210.5 million delayed draw term loan, of which $75 million was funded at closing. In addition to the term loan, there is a $105 million revolver that we may draw upon, if required, at Service's discretion.

Nathan Kroeker: The investment structure is a $210.5 million delayed draw term loan, of which $75 million was funded at closing. The remaining $135 million will be funded over the coming months as we deliver on our business plan and achieve certain operational and financial milestones. In addition to the term loan, there is a $105 million revolver that we may draw upon if required at Services' discretion. Given the equity interest that service has in the business, they are incentivized to ensure that we have sufficient growth capital to get to profitability, and this revolver provides that additional flexibility and growth capital should be needed.

Nathan Kroeker: The remaining $135 million will be funded over the coming months as we deliver on our business plan and achieve certain operational and financial milestones.

Nathan Kroeker: In addition to the term loan, there is a $105 million revolver that we may draw upon, if required, at the service's discretion.

Nathan Kroeker: The structure was very intentional as we believe that $210 million is sufficient to get us to positive operating cash flow in 2025. But then we also added the revolver for added flexibility in the event that it is needed to accelerate future lines to meet customer demand. This transaction enhances our ability to continue working with the DOE to close the previously announced conditional commitment for a loan guarantee. With our immediate capital need met, the service is now working alongside us on the DOE loan closing process. While we believe the service facility provides us with the cash needed to get profitability, we view the DOE loan as a way to further accelerate and increase capacity at a lower cost of capital than the service revolver.

Nathan Kroeker: This transaction enhances our ability to continue working with the DOE to close the previously announced conditional commitment for a loan guarantee. With our immediate capital needs met, Cerberus is now working alongside us on the DOE loan closing process.

Nathan Kroeker: With our immediate capital needs met, Service is now working alongside us on the DOE loan closing process. While we believe the Cerberus facility provides us with the cash needed to get to profitability, we view the DOE loan as a way to further accelerate and increase capacity at a lower cost of capital than the Cerberus revolver. And as shareholders, Cerberus is motivated to assist us in getting the loan closed. The initial funding of $75 million under the Cerberus loan was funded on June 21st.

Nathan Kroeker: While we believe the Cerberus facility provides us with the cash needed to get to profitability, we view the DOE loan as a way to further accelerate and increase capacity at a lower cost of capital than the Cerberus revolver. And as shareholders, Cerberus is motivated to assist us in getting the loan closed.

Nathan Kroeker: And as shareholders, the service is motivated to assist us in getting the loan closed. One of the immediate benefits of the service investment was giving us the ability to retire our $100 million existing senior secured term loan for $27 million, of which $20 million has already been paid; in the remaining $7 million will be payable over the next 12 months. This strengthens our balance sheet and puts us on a stronger foundation from which to execute on our growth lines.

Nathan Kroeker: Now, before getting into the same quarter financial results, let me provide an update on our cash position and a bit more detail on future funding milestones and how they're designed to operate. We entered the quarter with $52.5 million in cash on the balance sheet, not including $5.1 million in short and long term restricted cash, which relates to the minimum liquidity on the service loan and several required escrow deposits. The initial funding of $75 million under the service loan was funded on June 21st. The net amount to the balance sheet was $50 million after deal fees, original issue discount, and payments to terminate the Atlas loan.

Nathan Kroeker: This strengthens our balance sheet and puts us on a stronger foundation from which to execute on our growth plans. Now, before getting into the second quarter financial results, let me provide an update on our cash position and a bit more detail on future funding milestones and how they're designed to operate.

Nathan Kroeker: The initial funding of $75 million under the Cerberus loan was funded on June 21st. The net amount to the balance sheet was $50 million after deal fees, original issue discount, and payments to terminate the Atlas loan.

Nathan Kroeker: The net amount on the balance sheet was $50 million after deal fees, original issue discount, and payments to terminate the Atlas loan. With August 31st upon us, we are very focused on meeting and exceeding the first performance milestones, and we continue to make positive strides in all areas of the... While we still expect to be at negative contribution margins in the short term, we have a clear path to positive contribution margins before year-end as we scale our production on the state-of-the-art line. We received $3.4 million in cash, representing a 10% discount on the face value of these credits.

Nathan Kroeker: The remaining three tranches may be drawn in the amounts of $30 million, $65 million, and $40.5 million on August 31st, October 31st, and January 31st, 2025 upon the achievement of certain milestones. With August 31st upon us, we are very focused on meeting and exceeding the first performance milestones, and we continue to make positive strides on all areas of... of the business. Lastly, while balancing the commissioning of our state-of-the-art manufacturing line and closing on the service investment, we've been very focused on minimizing cash burn, optimizing working capital to support our ongoing operations and strategic initiatives. As a proactive measure to conserve capital in the second quarter, we made the decision to scale back production volumes and prioritize shipping new product from our new line.

Nathan Kroeker: Lastly, while balancing the commissioning of our state-of-the-art manufacturing line and closing on the service investment, we have been very focused on minimizing cash burn and optimizing working capital to support our ongoing operations and strategic initiatives.

Nathan Kroeker: While we still expect to be a negative contribution margins in the short-term, we have a clear path to positive contribution margins before year-end as we scale our production on the state-of-the-art line. We have also been taking measures to increase cash inflows and enhance our liquidity as we monetize our tax credits and collect on customer milestone payments. During the quarter, we entered into tax credit purchase agreements to sell our 2023 and first quarter of 2024 production tax credits. We received $3.4 million in cash, representing a 10% discount on the face value of these credits. We anticipate continuing these transactions, and as we ramp up production, we have seen increased interest in future tax credit purchases at smaller discounts, which equates to more cash on the balance sheet when we sell future credits.

Nathan Kroeker: While we still expect to be at negative contribution margins in the short term, we have a clear path to positive contribution margins before year-end as we scale our production on the state-of-the-art lines.

Nathan Kroeker: We have also been taking measures to increase cash inflows and enhance our liquidity as we monetize our tax credits and collect on customer milestone payments.

Nathan Kroeker: During the quarter, we entered into tax credit purchase agreements to sell our 2023 and first quarter 2024 production tax credits.

Nathan Kroeker: We anticipate continuing these transactions, and as we ramp up production, we have seen increased interest in future tax credit purchases at smaller discounts, which equates to more cash on the balance sheet when we sell future credits. We continue to see positive momentum with our commercial activity, and we anticipate an increase in deposits as the pipeline begins to convert to booked orders. With that, let's get into our financial results. In the second quarter, revenue was $0.9 million, which is down compared to $6.6 million in Q1, but higher than the prior year period, primarily due to increased component and commissioning revenue.

Nathan Kroeker: In addition, customer deposits and milestone payments continue to be a source of cash to fund our working capital requirements as we ramp up operations. We continue to see positive momentum with our commercial activity, and we anticipate an increase in deposits as pipeline begins to convert public donors.

Nathan Kroeker: With that, let's get into our financial results. In the second quarter, revenue was $0.9 million, which is down compared to $6.6 million in Q1, but higher than the prior year period, primarily due to increased component and commissioning revenue. As we discussed in our Q1 call, we expected Q2 revenue to be significantly lower as we focused on debugging and initiating commercial production on our first state-of-the-art manufacturing line, while also transitioning to our new lower-cost battery module and healing-back production volumes to conserve capital as we closed the service transaction. Cost of goods sold was $14.1 million, a 26% increase compared to prior year.

Nathan Kroeker: As we discussed in our Q1 call, we expected Q2 revenue to be significantly lower as we focused on debugging and initiating commercial production on our first state-of-the-art manufacturing line, while also transitioning to our new lower-cost battery module and scaling back production volumes to conserve capital as we closed the service transaction. Cost of goods sold was $14.1 million, a 26% increase compared to prior years. While there are a lot of ins and outs that flow through this line item, there are really only two significant things that happened with COGS this quarter.

Nathan Kroeker: With that, let's get into our financial results.

Nathan Kroeker: In the second quarter, revenue was $0.9 million, which is down compared to $6.6 million in Q1, but higher than the prior year period, primarily due to increased component and commissioning revenue.

Nathan Kroeker: Well, there are a lot of ins and outs that flow through this line item. There are really only two significant things that happen with COGS this quarter. First, we had increased project costs associated with several more customer sites that are now undergoing installation and commissioning than we had a year ago. Second, we delivered more units at a lower cost per unit than last year, with the primary deliveries being Z3 units to a 2020 customer in New Jersey that has provided access to their site as an opportunity to showcase our new Z3 system to prospective customers.

Speaker Change: Well, there are a lot of ins and outs that flow through this line item. There are really only two significant things that happened with COGS this quarter. First, we had increased project costs associated with several more customer sites that are now undergoing installation and commissioning than we had a year ago.

Nathan Kroeker: First, we had increased project costs associated with several more customer sites that are now undergoing installation and commissioning than we had a year ago. And second, we delivered more units at a lower cost per unit than last year, with the primary deliveries being Z3 units to a 2020 customer in New Jersey that has provided access to their site as an opportunity to showcase our new Z3 system to prospective customers. While providing a valuable test case for customers, the upgrading of the energy storage systems on this demo site resulted in increased costs this quarter without any associated revenue.

Speaker Change: to a 2020 customer in New Jersey that has provided access to their site as an opportunity to showcase our new Z3 system to prospective customers.

Nathan Kroeker: While providing a valuable test case for customers, the upgrading of the energy story systems on this demo site resulted in increased costs this quarter without any associated revenue. As the increase of production going forward, the fixed cost components of labor and factory overhead will be absorbed across a greater number of units, driving down per unit costs and supporting our path to profitability. Other operating expenses for the quarter totaled $15.8 million, which is 33% lower than the prior year, mainly driven by a 95% decrease in write-downs and a 14% decrease in SG&A and R&D expenses. Other operating expenses included $2.3 million, or 14% of non-tash items, including stock-based compensation, depreciation, amortization, and asset write-downs.

Speaker Change: While providing a valuable test case for customers, the upgrading of the energy storage systems on this demo site resulted in increased costs this quarter without any associated revenue.

Speaker Change: As we increase our production going forward, the fixed cost components of labor and factory overhead will be absorbed across a greater number of units, driving down per unit costs and supporting our path to profitability.

Speaker Change: Other operating expenses for the quarter totaled $15.8 million, which is 33% lower than the prior year, mainly driven by a 95% decrease in asset write-downs and a 14% decrease in SG&A and R&D expenses.

Nathan Kroeker: Operating loss in the quarter was $29 million, a 16% improvement compared to the prior year. Excluding non-cash items such as stock-based compensation, depreciation, amortization, and PP&E write-offs, our operating loss was $25.5 million. Net loss to shareholders for the quarter was $28.2 million compared to a net loss of $131.6 million in the prior year. The net loss in the quarter included a $68.5 million gain on the extinguishment of the Atlas term loan.

Nathan Kroeker: Operating loss in the quarter was $29 million, a 16% improvement compared to the prior year. Excluding non-cash items, such as stock-based compensation, depreciation, amortization, and PP&E write-offs, our operating loss was $25.5 million. Net loss to shareholders for the quarter was $28.2 million compared to a net loss of $131.6 million in the prior year.

Speaker Change: Operating loss in the quarter was $29 million, a 16% improvement compared to the prior year.

Nathan Kroeker: Finally, let's shift our focus to our 2024 outlook on the next slide. Regarding our revenue estimates for 2024, we continue to expect to realize between $60 and $90 million based on our current production plans and anticipated customer delivery schedules. However, with the timing of the capital investments and the ramp up of the new line, we're probably not going to be at the upper end of that range come year end. As Joe mentioned earlier, we have achieved 66% of our direct material cost out target and continue to deliver on our cost out roadmap, giving us line of sight to positive contribution margin for the end of this year.

Nathan Kroeker: Let's shift our focus to our 2024 outlook on the next slide. Before we close for today, I want to remind everybody that we have our special shareholders meeting coming up in September, and we look forward to talking to you then. With that, I want to thank everybody for their time today. I would now like to turn it over to the operator for questions. Operator.

Speaker Change: Regarding our revenue estimates for 2024, we continue to expect to realize between $60 and $90 million based on our current production plans and anticipated customer delivery schedules.

Speaker Change: However, with the timing of the capital investments and the ramp up of the new line, we're probably not going to be at the upper end of that range come year end.

Speaker Change: As Joe mentioned earlier, we have achieved 66% of our direct material cost-out target and continue to deliver on our cost-out roadmap, giving us line-of-sight to positive contribution margin for the end of this year.

Nathan Kroeker: Contribution margin being defined as revenue, less direct labor, and direct materials, including the benefit of the production tax credits.

Nathan Kroeker: Before we close for today, I want to remind everybody that we have our special shareholders' meeting coming up in September, and we look forward to talking to you then. With that, I want to thank everybody for the time today.

Speaker Change: Before we close for today I want to remind everybody that we have our special shareholders meeting coming up in September and we look forward to talking to you then. With that I want to thank everybody for the time today. I would now like to turn it over to the operator for questions. Operator?

Operator: I would now like to turn it over to the operator for questions. Operator?

Operator: Thank you.

Operator: We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via speaker phone in your device, please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press star one to join the queue.

Operator: If you would like to withdraw your question, simply press star 1 again. If you are called upon to ask your question and are listening via speakerphone on your device, please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press star 1 to join the call. Your first question comes from the line of Chip Moore with Roth. Your line is open.

Speaker Change: If you would like to withdraw your question, simply press star 1 again.

Speaker Change: If you are called upon to ask your question and are listening via speakerphone on your device, please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press star 1 to join the queue.

Chip Moore: Your first question comes from the line of cheap, more withdraw. Your line is open.

Chip Moore: Good morning. Hey, everybody. Thanks for taking the question. Congrats on the achievements of this quarter.

Speaker Change: Good morning. Hey, everybody. Thanks for taking the question. Congrats on the achievements this quarter. I wanted to ask about Cerberus. You talked about their network and playing bigger.

Chip Moore: I wanted to ask about serverists. You talked about their network and playing bigger. Maybe talk about what they bring to commercial development, whether that's data center or other opportunities. And then you talked about explaining financing solutions to help drive customer adoption. Maybe just expand a bit upon that.

Chip Moore: Maybe talk about what they bring to commercial development, whether that's data centers or other opportunities, and then you talked about exploring financing solutions to help drive customer adoption. Maybe just expand a bit on that.

Speaker Change: Maybe talk about what they bring to commercial development, whether that's data center or other opportunities. And then you talked about exploring financing solutions to help drive customer adoption. Maybe just expand a bit upon that.

Joseph Mastrangelo: James. James, good morning. How are you? As a related data center, there's multiple avenues that we can go through. I mean, obviously, First of Service is a large real estate portfolio that we can leverage into that tie-in to data centers as far as customers that they may have. The second time, just at a 60 plus billion dollar company, they've got a lot of connections with a lot of different players in the marketplace that have opened up and made introductions for us as far as who we can talk to, and that's generating pipeline of opportunities and then around financing.

Joe Mastrangelo: Hey, Chip, good morning. How are you?

Joe Mastrangelo: Look, as it relates to data centers, there are multiple avenues that we can go through. I mean, obviously, first off, Cerberus has a large real estate portfolio that we can leverage that ties into data centers, as far as customers that they may have. At the same time, as a $60-plus billion company, they've got a lot of connections with a lot of different players in the marketplace that have opened up and made introductions for us as far as who we can talk to.

Speaker Change: Hey Chip, good morning, how are you?

Joe Mastrangelo: And that's generating a pipeline of opportunities. And then around financing, not direct financing, per se, from Cerberus themselves, but obviously, the network that they have with other financial players is bringing us in to discuss the portfolio of opportunities that we have and the opportunity for other financial players to finance projects that we have. So it's really multifaceted when you think about the gateways that they bring to us. And as we've been going through here for the first 30 days, we're working on all of those to see where those come out, along with continuing what we were doing before.

Joseph Mastrangelo: Not direct financing per se from service themselves, but obviously in the network that they have with other financial players is bringing us into discuss the portfolio of opportunities that we have and the opportunity for other financial players to finance projects that we have.

Speaker Change: Pipeline of Opportunities and then around financing not direct financing per se from Cerberus themselves But obviously in the network that they have with other financial players is bringing us in to discuss

Elizabeth Higley: the portfolio of opportunities that we have and the opportunity for other financial players to finance.

Joseph Mastrangelo: So it's really multi-faceted when you think about the gateways that they bring to us, and as we've been going through here the first 30 days, we're working on all of those to see where those come out, along with continuing what we were doing before.

Chip Moore: It's helpful, Joe, and just curious, in general, how customer tone has changed since he announced the deal. I guess particularly for those utility-backed projects that take a bit longer, and they're a little more cautious, what you're seeing there. Yeah, I mean, Chip, when you look at utility-backed projects, the ones that we're executing on, we continue to execute on. I think it brings a sense of somewhat surety of the company being able to deliver at the same time with newer projects that we might have been discussing. It now brings you to be able to say that you've secured financing to get to profitability.

Joe Mastrangelo: In general, how customer tone has changed since you announced the deal, I guess, particularly for those utility-backed projects that take a bit longer and, you know, they're a little more cautious about what you're seeing there.

Speaker Change: That's helpful, Joe. And just curious, in general, how customer tone has changed since you announced the deal, I guess, particularly for those utility-backed projects that take a bit longer and, you know, they're a little more cautious, what you're seeing there.

Joe Mastrangelo: Yeah, I mean, you know, Chip, when you look at utility-backed projects, you know, the ones that we're executing on, we continue to execute on, I think it brings a sense of, you know, somewhat surety of the company being able to deliver, at the same time, with newer projects that we might have been discussing, it now brings, you know, being able to say that you've secured financing to get to profitability now gives people the confidence that the project is going to be delivered, where there was a question mark before, it's like what I said in my in my earlier remarks of what I tell the team, you know, what's once a dream or a vision is now a reality of us executing to realizing our potential, I think customers like that, versus a lot of the uncertainty that we had surrounding the company before we got the financing from Cerberus.

Joseph Mastrangelo: Yeah, I mean, you know, Chip, when you look at utility-backed projects, you know, the ones that are, that we're executing on, we continue to execute on, I think it brings...

Speaker Change: At the same time, with newer projects that we might have been discussing, it now brings you to be able to say that you've secured financing.

Joseph Mastrangelo: Now gives people the confidence that the project is going to be delivered, where there was a question mark before. It's like what I said in my earlier remarks of what I tell the team, what's once a dream or a vision is now a reality of us executing to realizing our potential. I think customers like that versus a lot of the uncertainty that we had surrounding the company before we got the financing from Servers.

Speaker Change: to get to profitability now gives people the the confidence that the project is going to be delivered where there was a question mark before it's like what I

Chip Moore: I got to tell if I could sneak one more in just on the milestones. Yeah, the biggest risks that you see there, or how comfortably you are with those milestones, and then remind us, I think you have just two shots on goal, you know, sort of getting to ultimate goals out in I think it's April next year. Thank you. Yeah, I mean, obviously, we feel good about the milestones that we have there in line with, you know, the financial objectives that we laid out to begin with for the company. And we'll work through those to go through with the ultimate goal being of achieving the milestones in April.

Joe Mastrangelo: Got a couple I could sneak one more and just on the milestones. Yeah, the biggest risk that you see there, or how comfortable you are with those milestones. And then remind us, I think you have, you know, sort of two shots on goal, you know, sort of getting to, the ultimate goals out. And I think it's April next year. Thank you. Yeah, I mean, obviously, we we feel good.

Speaker Change: Got a couple. If I could sneak one more in just from the milestones. Yeah, the biggest risks.

Joe Mastrangelo: Yeah, I mean, obviously, we feel good about the milestones that we have. They're in line with, you know, the financial objectives that we laid out to begin with for the company. And we'll work through those to get through, with the ultimate goal being to achieve those milestones in April. But we want to achieve all the milestones as we go through them, and we execute on the plan that we have, because that ties to the financial plan that we've had and the estimates that we've published to the market.

Speaker Change: In line with, you know, the financial objectives that we laid out to begin with for the company and we'll work through those to go through with the ultimate goal being of achieving the

Chip Moore: But we want to achieve all the milestones as we go through. We execute on the plan that we have because that ties to the financial plan that we've had in the estimates that we've published to the market. Thank you.

Martin Malloy: Our next question comes from the line of Martin Malloy with Johnson Rice.

Martin Malloy: So the line is open. Good morning. Congratulations on all the progress you're making. One of the asks about the ramp in production capacity to the 8 gigawatt hours, could you maybe talk about some of the factors that would influence that and now that you've got more confidence on the financing side, any update there in terms of the pace of ramping that and then potentially moving beyond the 8 gigawatt hours? So, Martin, I think the one thing that doesn't change for Eos is just we'll expect capacity as we have the order book, and I think the way that we built the company was when you really look at closing orders and delivering projects, you know, you're talking about a 12 to 18 month timeline to be able to do that, where expanding capacity can be done in a lower amount of that time.

Speaker Change: Good morning. Congratulations on all the progress you're making.

Speaker Change: I wanted to ask about the ramp in production capacity to the eight gigawatt hours. Could you maybe talk about some of the factors that would influence that and now that you've got more confidence on the financing side?

Joe Mastrangelo: So Marty, I think the one thing that won't change for Eos is that we'll expand capacity as we have the order book. And I think the way that we built the company was when you really look at closing orders and delivering projects, you're talking about, you know, a 12 to 18 month timeline to be able to do that, where expanding capacity can be done in a smaller amount of that time. Now, obviously, as we see the pipeline strengthening and orders getting close to closing, we will make a decision on adding the second, third, and fourth line as demand comes in.

Speaker Change: So Marty, I think the one thing that doesn't change for Eos is just

Marty: We'll expand capacity as we have.

Marty: The order book and I think the way that we built the company it was when you really look at

Speaker Change: Closing orders.

Speaker Change: and delivering projects, you know, you're talking about, you know, a 12 to 18 month

Joseph Mastrangelo: Now, obviously, as we see the pipeline strengthening and orders getting close to closing, we will make a decision on adding the second, third, and fourth line as demand comes in, and that can obviously be accelerated as demand accelerates. Beyond the 8 gigawatt hours, we've always been relatively conservative on the market share that we thought Eos would be able to gain as we've grown, and we've always thought of being bigger than an 8 gigawatt hour manufacturer. So, we will go through and evaluate locations that would allow us to optimize logistics costs if we were to think about doing a factory number two. But the thing about the way the line is designed and the way the capacity cost you're designed to say you don't need a massive, massive factory to gain economies of scale, actually doing it in smaller chunks closer to where the demand is lowers your logistics costs and reduces the cycle time to bring projects online.

Speaker Change: We will make a decision on adding the second, third, and fourth line as demand comes in. And that can obviously be accelerated as demand accelerates.

Joe Mastrangelo: And that can obviously be accelerated as demand accelerates. And then beyond the eight gigawatt hours, I mean, we've always said, like, we've been relatively conservative on the market share that we thought Eos would be able to gain as we grow. And we've always thought of being bigger than an eight gigawatt hour manufacturer. So we would go through and evaluate locations that would allow us to optimize logistics costs if we were to think about doing a factory number two.

Speaker Change: So, we will go through and evaluate locations that would allow us to optimize logistics costs if we were to think about doing a factory number two. But the thing about the way the line is designed and the way the capacity costs are designed is that you don't need a massive, massive factory.

Joe Mastrangelo: But the thing about the way the line is designed and the way the capacity costs are designed is that you don't need a massive, massive factory to gain economies of scale. Actually doing it in smaller chunks closer to where the demand is lowers your logistics costs and reduces the cycle time to bring projects online. So that's how we would think about that. We haven't really thought about, you know, factory two as of yet, but, you know, that would be the plan long term as the company continues to grow.

Joseph Mastrangelo: So, that's how we would think about that.

Joseph Mastrangelo: We haven't really thought about factory two as of yet, but that would be the plan long term as the company continues to grow hopefully.

Martin Malloy: Okay, and then there's a follow-up question. I just wanted to try to get your sense as to how important the domestic content is in the customer decision-making process. Maria, it's becoming very important.

Marty: Okay, and then as a follow-up question, I just wanted to try to get your sense as to how important domestic content is in the customer decision-making process.

Speaker Change: Okay and then as a follow-up question just wanted to try to get your sense as to how important the domestic content is in the customer decision-making process.

Nathan Kroeker: I mean, I'll let Nathan talk through that because he's been doing a lot of work on that. Yeah, I would say, Marty, good morning. I would say it depends on the customer and the use case. Everybody's focused on the domestic content and the bonus credit. I think where we really bring additional value is with our 91% domestic content tracking towards 100. That if a developer is putting solar and storage into a project and they're using U.S. made steel, we have the ability for them to unlock bonus credits on the entire project. And there's real value there that is a significant increase in the overall IRR for the project.

Joe Mastrangelo: Marty, it's becoming very important. I mean, I'll let Nathan talk through that because he's been doing a lot of work on that. Yeah, I would say, Marty, good morning.

Nathan Kroeker: I would say it depends on the customer and the use case. Everybody's focused on the domestic content and the bonus credit. I think where we really bring additional value is with our 91% domestic content tracking towards 100, you know, that if a developer is putting solar and storage into a project, and they're using U.S.-made steel, we have the ability for them to unlock bonus credits on the entire project.

Speaker Change: tracking towards 100.

Nathan Kroeker: And there's real value there that is a significant increase in the overall IRR for the project. So again, we'll work with customers in terms of sizing every individual project and making sure they can capitalize on that value. So I think it's customer by customer, but it's a key part of the discussion.

Nathan Kroeker: So again, we'll work through with customers in terms of sizing every individual project and make sure they can capitalize on that value. So I think it's customer by customer, but it's a key part of the discussion. and I think Marty, inside of that, it's not just, I would just add, like it's not just the total number, you know, we sit above 90% on US content today. It's not just that total number that's important; it's the components within that and being NDA compliant because that's a guarantee around, you know, grid security and how your software works and all of your printed circuit boards and things that you have in your project.

Joe Mastrangelo: And I think Marty, inside of that, it's not just... Thank you. I'll turn it back. Thanks, Mark.

Speaker Change: I would just add, like, it's not just the total number, you know, we sit above 90%.

Speaker Change: and being NDAA compliant because that's a guarantee around.

Joseph Mastrangelo: And I think that becomes also important as the company looks for, you know, a higher degree of energy independence in the future.

Martin Malloy: Thank you, I'll turn it back.

Operator: Thanks, one. Again, if you would like to ask a question, press far one on your telephone keypad.

Operator: Again, if you would like to ask a question, press star 1 on your telephone keypad. We do have another question coming in from Ryan B. Riley. Your line is open.

Mark: Thanks, Mark.

Ryan Pfingst: We do have another one question coming in from Ryan Pfingst; the D rightly here lines open. Any more on the guys for taking my questions.

Ryan B. Riley: Hey, good morning, guys. Thanks for taking my questions. Can you just talk about potential risks to certain parts of the business or to the DOE loan if we do get a change in U.S. administration?

Ryan Pfingst: Can you just talk about potential risks to certain parts of the business or to the DOE loan if we do get a change in US administration? Right, I really wouldn't know how to answer that other than to say that I think both sides of the aisle agree that U.S. manufacturing is important. I think what we've laid out as far as the financing that we have in the partnership with Cerberus, that's financing that gets us to profitability and self-funding the businesses we grow going forward. And I think that's what we're focused on, while also focusing on closing the DOE loan.

Speaker Change: Good morning, guys. Thanks for taking my questions.

Joe Mastrangelo: Both. Both.

Speaker Change: I think what we've laid out as far as...

Speaker Change: The financing that we have in the partnership with Cerberus, that's financing that gets us to...

Speaker Change: Going forward and I think that's what we're focused on while also focusing on

Joseph Mastrangelo: I think around closing the DOE loan, it's important for everyone to realize that we had a major change in the capital structure of this company a little over 30 days ago, which have required us to go back and work through some of the terms and conditions on the loan. And we continue to work on that with the DOE LPL, along with Cerberus. One of the things that we're really working on with them is the inter creditor agreement now that a new creditor has come in and we were able to retire the Atlas debt as part of the service financing.

Speaker Change: Closing the DOE loan, and I think around closing the DOE loan, it's important for everyone to realize that we had a major change in the capital structure of this company a little over 30 days ago, which have required us to go back and work through some of the terms and conditions on the loan, and we continue to work

Speaker Change: on that with the DOE LPL, along with Cerberus. And, you know, one of the things that we're really working on with them is...

Speaker Change: The Inter-Creditor Agreement now that a new creditor has come in and we were able to retire the Atlas debt as part of the serverless financing. We meet regularly with the DOE and in fact the team will be in Washington next week to continue that work and we're confident that we'll be able to close that loan here in the future and we'll just continue to work on that. While at the same time I've always said, Ryan, that we've designed this business.

Joseph Mastrangelo: We meet regularly with the DOE, and in fact, the team will be in Washington next week to continue that work, and we're confident that we'll be able to close that loan here in the future, and we'll just continue to work on that. While at the same time, I've always said, Ryan, that we've designed this business to utilize any kind of programs that are there, but not to be dependent upon that for our success. But I think what everyone agrees with is we want more manufacturing in the United States. We want energy security as we move forward, and we need energy storage whether we're using renewables or fossil fuel to power the future of the country.

Speaker Change: utilize any kind of programs that are there but not to be dependent upon that for our success.

Speaker Change: But I think what everyone agrees with is we want more manufacturing in the United States.

Speaker Change: We want energy security as we move forward, and we need energy storage, whether you're using renewables or fossil fuel to power the future of the country, we're going to need energy storage. And Eos provides all three of those things, and that's what we just have to keep working

Ryan Pfingst: We're going to need energy storage, and EOS provides all three of those things, and that's what we just have to keep working on. Yeah, it makes sense. Thanks for that color.

Joe Mastrangelo: Yeah, that makes sense. Thanks for that color. And I guess just one second one, just curious what the mix looks like today for the current pipeline from a customer type perspective, you know, between utilities, IPPs, and smaller customers.

Ryan Pfingst: And I guess just one second one, just curious what the mix looks like today for the current pipeline from a customer type perspective, you know, between utilities, IPPs, and smaller customers. and customers. Yeah, I think it's consistent with how it's been in the past. We try to maintain a portfolio in the pipeline and in the backlog. No different from your personal investment allocation, right? You want diversification there. Different types of customers move at different pace of different motivators. We're very happy to have a combination of IPPs, utility backs, and developers. You know, we've got smaller projects, commercial and industrial projects, microgrid applications.

Speaker Change: Yeah, makes sense. Thanks for that color. And I guess just one second one, just curious what the mix looks like today for the current pipeline from a customer type perspective, you know, between utilities, IPPs, and smaller customers.

Joe Mastrangelo: Yeah, I think it's consistent with how it's been in the past. We try to maintain a portfolio in the pipeline and in the backlog, no different from your personal investment allocation, right? You want diversification there. Different types of customers move at different paces, and have different motivators. We're very happy to have a combination of IPPs and utility-backed developers. We've got smaller projects, commercial and industrial projects, and micro-grid applications, so it's a good portfolio. We have never given a detailed breakdown of that, but I would say the overall mix is consistent with where it's been in the past, and we continue to focus our business development efforts across those various customer segments.

Ryan Pfingst: So it's a good portfolio. We have never given a detailed breakdown of that, but I would say the overall mix is consistent with where it's been in the past, and we continue to focus our business development efforts across those various customer segments. Great. Thanks for all that, and congrats on all the progress here. Thanks, Ryan.

Ryan B. Riley: Great, thanks for all that, and congrats on all the progress here.

Speaker Change: Great. Thanks for all that and congrats on all the progress here. Thanks, Brian .

Operator: There are no further questions at this time.

Joseph Mastrangelo: Mr. Jerome Strangelo, our CEO, I'd like to call back over to you. Thank you.

Speaker Change: There are no further questions at this time. Mr. Joe Mastrangelo, our CEO , I turn the call back over to you.

Joseph Mastrangelo: Thanks everyone for listening today. Again, a lot to be proud of in the second quarter. Focus moving forward, growing the business, scaling the line, driving down costs as we get through the second half of the year. Again, I'd like to congratulate everyone that works at EOS for all the hard work in what was a very uncertain environment. As we move forward now, we know what the path is to get the profitability, and that's delivering on the plan to unlock the financing to grow the company into what is a secular shift in the energy industry. Thank all of our customers for having the faith to place purchase orders with us, and all of our shareholders for investing their money and working with us as we grow the company.

Joe Mastrangelo: A lot to be proud of in the second quarter, focus moving forward, growing the business, scaling the line, driving down costs as we get through the second half of the year. Again, I'd like to congratulate everyone that works at Eos.

Speaker Change: For all the hard work in what was a very uncertain environment, as we move forward now, we know what the path is to get to profitability, and that's delivering on the plan, to unlock the financing, to grow the company into what is a secular shift.

Joseph Mastrangelo: We'll continue head down, focused on the goal and getting the hard work done. As I've said many times in my more than 30-year career, this is by far the hardest thing I've ever done, but also the most rewarding when you see progress.

Operator: So thanks everyone for listening, and we'll keep everyone updated and look forward to talking in September at our special shareholder meeting.

Speaker Change: ♪♪ ♪♪ ♪♪

Operator: Ladies and gentlemen, this concludes the Thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us Thank you very much joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us Thank you very much for joining us today Thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you very much for joining us today, thank you music music music music music

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