Eos Energy Enterprises (EOSE) 7 Aug 242024 Q2 Earnings call transcript

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

thanks call us XXXX. for and results Eos's everyone, conference and the morning, for for joining financial Good second quarter

the have CFO, we call Joe On and Mastrangelo; Eos Nathan CEO, Kroeker. today

loan loan assumptions are these results final This forward-looking allow use any any of statements of with provided me certain prove current Department of a future materialize assumptions. US Energy, to forward-looking Q&A Before a subject should we but results the call, those or may not or regarding approval to Should uncertainties to and from secure the ability risks to include which begin, including call, actual to filings. be our our expectations our our including, by disclaimer risks, risk of provide implied forward-looking facility regarding SEC our by statements. statements, the may to are Energy, uncertainties statements the differ from and and to respect of forward-looking outlook portion company are our subject anticipated of statements. The and LPO, from in Department that our materially for expectations or proceeds incorrect, limited described these

company that, call now at available to Mastrangelo. walk reflect Nathan to investors.eose.com. Forward-looking call before such and reflect statements of Eos's made events update conference webcast Relations Eos Joe will information you to by highlights, except website over I'll beliefs through circumstances We the new only Q&A. With business undertake as obligation or unanticipated results this will be the events, assumptions CEO, proceed The or statements priorities today via as and the represent our replay financial and date we no call turn made. to occurrence law. statements to through the required or are for any during Joe Investor of after forward-looking

earnings quarter our for call. morning, joining everyone. second Thanks. us Thanks Liz. Good for

Let's start off operational highlights page. with our

couple talk things increase give quarter, out to the around show to through more Eos's continues have a $XX.X the position marketplace. Nathan page, left-hand over on context our impacting we numbers. pipeline. about nearly today, a That and some the technology opportunity Upper we booked the through to more in backlog section, that order million to which represents Cerberus traction, Just commercial this $XXX will end his we've the last side on -- since walk we how of the and what page. implemented closing the line seen orders about continue announcing that's top of that's go the June financing in how to since details of see I'll but and billion

On field. gotten with to the energy, from bottom, majority out now coming discharge gigawatt that hours of in the X the we've of

and potential of see working is to We and the to continue the deliver our technology, continuing performance for technology customers.

the Tremendous On the slow in the really line, automated with line, and quarter When of we transformed what state-of-the-art empty team days. into they really basically XX an there. the it took performance beginning the at think in did our was about the production building what the first line would around One, in basically production state-of-the-art knew impacted as rate and one of QX, which implementation we bringing of which place. things. revenue we our the line state-of-the-art by driven was down plant, revenue we're two $XXX,XXX side is

quarter. the capital be closing that we the the were thought where of quarter, us but working very decision as point would we investment a more process revenue the talk is through And when Cerberus. preserve made detailed we The went we I'll we Cerberus, and going with process was about thesis second through through, went to you we to piece see with driving as due get the into their to diligence what really got and and

customers X So the and important the really And we've through or focused work also see overall, we to and Truly, what line, talked piece come technology Cerberus field customer future. I'd amazing you when why think details of things. the on it think state-of-the-art give really I'll X the growing strong getting check the about line, hour the you the in team. And talk million that to say, the state-of-the-art always and about in you the line capital working being performance locations. And the orders, about of helps gigawatt in very position the gigawatt really running. $XX But with see third up happening now see continuing how capital some I'll financing. things will to at And our preserved then X.X the the to that's walk quarter. Nathan field, by investment being relationship later. me, at about grow more the able the when in more hours to that around cash. on working on $XXX,XXX and bringing revenue for and implementation technology us as relates then out in out

to investment which and Michael secured really the profitability. We go the page state-of-the-art on company to phenomenal through at talked job the our to this entire quarter-back us line got what the the the I works, from how get you the you tell is to and about. that us the dream have Cerberus. finish line position been X reality work a team. end as Finance really then to a and financing now when today, production announcing the now by recognize meeting selected the yourself line So the for to we're next of recent batteries. And you're brought is, Dellinger storage of in team now producing things past one, Silberman somewhat this to that's we've find to quarter, and just supplier. as see where think, But I one Chris energy to something and the was and now a you these commercial up like and by done just the last what line partner the the tier distracted achievements. Bloomberg line, has quarter walk Energy a and are securing second Kroeker achievement, is been New was that I to by walking process team Really Nathan the we The get fantastic we biggest I'd watching that strategic just a

from thing here getting company Really we're this battery work. by shows done. an every R&D I two energy recognition voices years into to an ago of to five list. But of and I U.S. be one gone company think team the operating technology think come one they big on the selected does how this type and space. to of the alternate of it companies is getting in preeminent recognized manufacturers X one in day the go continues head motivate team they the down just continue really new as work And has

points, of in share public why company. This should think after we going been closed talked bullet why over wanted we is and years Eos. us the about the many page, the with points it chose the kind invested not with talk validates I that a shared And of a Eos. they that and that I everybody page think Cerberus loan we've to you Third we through Cerberus through what to digest. but read I'm

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into is and customer of subject XXX intent was with use as technology deal them go to to signed pay and the following book to works forward. If we going that their brought that by financing. dividends really new the an order, megawatt page financial in hour do about Cerberus able final that and sit some about of a to will introduced we to down the and that financing from allowing talked exciting their and But we really letter stool a of an also work an capital about is show batteries say, announcing to to how the XX the XX markets use see come we go customer closing Cerberus the being to talk and start how close we the a third a with think really on see orders us to this, cases the facilitate since their additional visits. the We've the we technology and produced, is line, positions commercial been us the second about company leg can this in us, think projects with expertise I late-stage deliver of LOI, got operating that customers on. would factory Again, that we being talk to The to deal. into There's as move come opportunity, the tailwinds, you order piece as customer to real company. factory about how access do a

quarter, of starting investor subsequent that and Our that the pipeline in really market short-term about hour, yet the a gigawatt marketplace activity we've to hours around we've the of not up having X the that XX-plus second company. majority our the happened longer-term in reflected you're excitement in closing has Nathan because talked pipeline to gigawatt got long-term slide see but has strategic gone of opportunities

to of be team we build in experts and months On to also long-term XX where own that around now help as and strategy has be towards bringing the for us goal as we I'm in months. and better we up a able things be identify how more us market more about. manufacturing to the and been a having move key on that the allowed doing the strategically. and our the through XX design, start to long financing to on looking on forward. we will excited always bringing side the really component being the make we're execute software focused to council the has want system we continued It company in and our great term. We've very secured down content operating to room. work at U.S. to expertise of with that going about make board the This we sit step and there Eos. an a about to and over and the helps And is delivering capabilities better page the work next opportunities, team continue that implementing cost-out also really our company work XXX% and to short think leadership components company knowing accelerate expertise software. team new reliably position to on talked to our the proprietary evolve the to operational We've in from long various contract that going position sit the that we're both term. Having and about the to term of back one help we're continuing that accelerating is faster down excellence, of in right-hand for have move materials bringing talked also as the the take Cerberus to able We've the financing been for the of

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

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

and if the we operational the section scale to of if some next page, line. manufacturing go just to Now state-of-the-art capacity, talk about we next move shots and the

are that as is battery quality, mechanical time. We box is team really performance that building We go and a to feel that integration itself. this is as we cycle tracking XX-second line all time We What work box about as our doing. approaching goes able around being through aspects processes overall which XX-second metrics into of continuing for and and various important battery good the rapidly part the is the high-quality in the becomes and cycle more validated a of about through work really software the important. to less and then about quality subassembly the the keep

time manage As our of to grow did costs over up you try think and quarter, aligned talked production to versus down into direct we're which of to as continue we capacity the to production to able and cost-out manufacturing then line last we points the the through at the impact line volume position at year. material targets, you to work be continuing while labor half direct of we slowing the overhead and the scale now the XX about the achieved we we end to is what -- to XX%, around production our minimize ourselves implementing XQ. in second we second And our

that to out continues on we in team roadmap laid the So December. deliver

critical and line will and in our As move and to the to improving we of on about stabilize laid the out comes utilization laid performance that's that his coming normalized it plan section us year. with the you team through utilization getting really here, volume as overhead the to targets performance we we execute and getting labor, the then and at comes is, about and and forward, the with cost-out overhead biggest talk But the think item labor Nathan that that beginning out. on

continue We performance. that fine-tune to line

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

train of to environment higher workforce forward. We're achieve move testing our cost-out this also process we as materials in got just QX new the to in the we targets. So density to work

X to towards think about in December go about going he and doing as working you to that inside but some processes the forward will, on Richey line if automating on the we are the big Francis quarter. And capacity then line you're move of results, think the on that to us up then cutting that from and allow here is is the we've back the work to If we see got that. to battery what just Those into then then for and the positive we continue that continue we continue what to and what our number what's entitlement deliver in position production growth in and the was talked box, to preliminary one in the forecasted marketplace. subassembly fourth as around to test we get materials as we take and

I to moment the team, cases encouraging here positioned side forward. We to are in marketplace. just how the orders the still a over through the performance this left-hand pipeline about metrics. we've about peel The marketplace. we foundation the that little left but the kind to spend build before what bit to on want what onion, of what we're Everybody going to want commercial storage great page do, can proverbial Turtle turn around company pipeline just backlog talk have to in a this. really about and talks and really we walk Creek opportunity the move over use will, energy long-duration to I So to the Nathan grow now back thinks evolving by in seeing this if laid you about now work I new requirements. of very

we new when X a we the discharge. battery to say, to So for storage to X do to It's cycles day can different above designed straight X going able and hours, not discharge durations, our handle, be actually in starting in and duration about talk a multiple we're long to X-hour it which it's that. and see marketplace was

you're times our looking and a product. talking which discharging in the at deeper a differentiator duck is a multiple day, day, you're key when double of about curve So or the in charging technology peaks

the it's we've to it's right? It's We're security the when a functionally from we've you about of talked operated. We're we're safe, is non-inflammable. always lot always We're silent. installed non-inflammable talked when about the this, good to standpoint. very product certified it's important energy point it's when made from when transported a grid is and Now to the manufacturing a which middle compliant, in we're NDAA read Eos, news, U.S.A., of in neighbor,

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that educating and is levelized what out our delivers So a them use That way as Nathan go customers and page pipeline. every is step how of emerging through over advantage it XX% market up that that's we it on down we're to how project really to we is cases we're talk When -- product different when benefits how are this different different we're moving selling. lifecycle. the delivers talks we're XX-year of storage the the when here and about this cost pipeline, could doing be what product evolves,

turn on go financing I over our pipeline that to to talked becomes now do to Now you customers, this to and bring offer. What I'd stronger for Thanks layer very what walk partners listening. backdrop earlier it top our to of is a to like the take financial having through about Nathan financials. then compelling through and access with it now

I'll Thanks, our spend talk of we quarter balance Joe, with the our and of thanks, second time the outlook and the strengthened wrap pipeline, through for about sheet with walking everybody, performance, for along joining up XXXX. how us morning. balance rest will we've commercial our then this an

excited activity with following late into the Cerberus to commercial we corresponding in we are pipeline, our and Moving made see June. increased announcement growth

intent, these pipeline As following billion we nearly be the of there the billion, primarily reflected expect weighing when commercial investment a booked in to beginning More of in that hour July and it financing. we just the XX to X customer we quarter financing. It third XXX-megawatt signed that of upon should of June customer we update will representing be tailwinds become deployment XX, storage, letter have are pipeline commercialization and seen the of gigawatt in specifically, the be included for our order the including our $X.X announcement. which strategic closing that of in project are made was only as hour successful of $XX was when intent we numbers remaining days first LOI letters upon a signed noted quarter,

see towards in commercial major scale in blue reflects very good we projects through healthy grid deployment we're chip new with the our approvals, several discussed churn as we of positive and about are projects. prior continue customers, positive moving in gigawatt now other generally overall which tracking utilities. total projects and late-stage include changes to We increase pipeline mix Joe as and seeing quarters, pipeline, we earlier. X.X movement government The pipeline opportunities the awaiting towards financing, quarter-over-quarter shortlisted in grants project As with X% to feel hour or the highlighted shift in we've utility-scale

as backlog was last from end this the than $XXX million, lower time up quarter Our but XX% year, last slightly quarter. of which is

the the we resiliency with hour megawatt Maada'oozh size total project our Energy, hour for project an to an designed the additional booked up great Indian Viejas for expansion enhance XX quarter, During XX-megawatt of bringing to tribal band funded storage largest This is is deliver in look and state continuing of in being Alpine, forward. Commission, the forward California. to order our date the California California going Energy by that to to we

Now the value moving you in remove able to leases existing were certain the into our several to change to backlog. of an renegotiation The that see where overall terms components MSA order was included due amend in of each and work to with and pipeline. use of overall quality improve to a is of and good our sheet. better how the our overall of we the This balance our example backlog economics make customers continue enhance we

June, a with focus security. world plans. support the is significant for in growth This incumbent shift safe is future energy us the energy to Capital increasing, growth requirements Management a alternatives and increased At technologies announced to expansion. Cerberus to next strategic get million Turning of of to to time end the about up of fund want $XXX.X from an to spend markets affiliate an battery profitability comes page, demand along where global to some and our investment talking cash independence on the higher during we secular energy capacity the facing I investment and

draw enabling with a a discussed instrumental coming software energy as safe business certain capabilities. The and investment $XXX product, the to earlier, be will will proprietary capital operational our structured over million differentiated be financial of and achieve term and was in at deliver deliver Joe a million remaining we on The million loan, delayed storage is $XX investment us months which as $XXX.X milestones. As solution plan the simple funded closing. funded

loan, Cerberus a that addition In million discretion. upon draw at if may we there's $XXX revolver required term the to

this added This DOE conditional to the million needed profitability, equity ensure revolver the our to have and ability also the guarantees. With believe that the get is cash as DOE immediate has capital capital transaction for close [ and alongside for meet us the need are should that the XXXX. commitment continue loan process. demand. operating in additional we customer event This it was sufficient we positive to Given our growth working the sufficient in very flexibility they is to is announced get that revolver $XXX we incentivized business, provides on Cerberus But growth added intentional to flow flexibility it. interest accelerate Cerberus then capital to that structure in to loan to us met now previously working future we needs lines the closing with enhances ], to

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

the and giving for has been million of Cerberus million existing our $XXX which senior to One was million, loan of immediate $XX the retire already us investment of the benefits term ability secured will $XX million strengthens growth months. sheet over plans. from which payable be our balance This us XX the a and $X execute next to puts foundation stronger remaining the paid, on our on

the before cash, million Now long-term in under which of loan funded to they're bit million future on results, including provide a operate. into funding minimum several $X.X the restricted in remaining on and liquidity funding we getting milestones not with focused cash August more to the quarter Cerberus August ended quarter fees, payments initial sheet may position of The relates XX. loan Cerberus loan. of XX, on after sheet, in the first short- on balance $XX and net million strides XX, detail the the was upon performance our the cash XXXX, and update drawn June original be let and us, required X to $XX financial an January The and million designed tranches on very milestones, on the $XX.X the million million We $XX business. and me the Escrow to and The upon amount second XX and deposits. all positive amount the meeting was certain on October and to make terminate achievement issue discount $XX.X XX are balance in areas $XX continue deal of Atlas exceeding the milestones. With then million, we how

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

decision second production As a proactive the volumes product line. prioritize in our the shipping we made and to measure new capital quarter, new scale to conserve from back

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

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

to quarter we when face into credits. the XX% future of tax credit quarter, received at we on transactions. the interest value XXXX discounts, as tax credits. anticipate production entered these discount increased purchase more seen to have smaller ramp credit production, balance which a agreements tax representing the million first cash, sell these XXXX During We and in our credits. sheet We purchases we we on sell equates continuing And cash up in future $X.X

addition, fund deposits our ramp continue operations. up and customer working to a as we cash of be capital requirements to In milestone payments source

which increase year an million, to results. In convert our $X.X quarter, commissioning activity, the increased due but million and orders. With financial second momentum was period, revenue. the QX down pipeline higher prior we revenue continue see booked than in get into our compared in primarily anticipate component positive that, is $X.X let's deposits to with as to begins We to commercial and to

to in focused we as production As QX expected revenue tailing significantly while and debugging happened that significant lower-cost was discussed we initiating compared Cost on only COGS we lower also year. Well, we sold $XX.X closed with to through our of new a battery the commercial QX first and be prior capital transaction. item. million, increase really that call, module X back our outs our goods lot on as conserve manufacturing the are Cerberus quarter. There to volumes production to and state-of-the-art are transitioning this of ins there flow line this things XX% line a

last and with a we as delivered First, with in an deliveries associated customer had now primary year, a And units system the their customers. year installation Jersey per increased lower to showcase sites to project to that than we ZX New opportunity are unit cost site units being than more that had has XXXX access ago. costs we undergoing at new more ZX provided our commissioning second, prospective several a customer to

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

decrease unit asset factory will Other driving in the improvement XX% a per operating As the quarter asset and decrease our we forward, included XX% down units, the write-downs. Operating expenses fixed in totaled and is costs expenses absorbed compensation, amortization the noncash profitability. Other $XX be overhead including which of across $X.X driven mainly stock-based going XX% $XX.X prior write-downs components and a production cost million, and of quarter labor loss expenses. prior year, greater increase XX% was or a XX% our to million, year. supporting to R&D lower in operating a and number for path items, of depreciation, compared than million SG&A by the

million $XX.X as $XX.X a net million loss the Atlas for operating prior the our year. write-offs, of in stock-based amortization loan. compensation, gain Net million. was in a items and such extinguishment $XXX.X noncash $XX.X compared on quarter PP&E loss term The depreciation, million shareholders the the quarter to loss loss to included the of Excluding net was

let's shift next our the slide. focus XXXX on outlook our Finally, to

million continue estimates expect to current we our revenue realize XXXX, on to $XX million based production and between delivery $XX our anticipated schedules. for and Regarding plans customer

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

on the road As Contribution credits. our defined end Joe positive this revenue tax the direct line before to us margin cost-out map, giving and year. to production of margin deliver material less have mentioned and benefit contribution materials, of the including cost-out labor we of earlier, as being direct achieved our sight direct of continue XX% target

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

[Operator Instructions] ROTH. from first question comes Your the Chip line of with Moore

wanted the ask Cerberus. about this Congrats achievements on I to quarter.

You their talked playing about bigger. and network

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

as other as of data network up for a opened relates tie leverage obviously, not that through. financing the us lot can may have And the off, to is discuss a financing, data we but company, is players we that in bringing avenues finance of they themselves, generating talk -- same with a of who At opportunity far us of that the a have. made in to, the we we that introductions per far opportunities. it have connections that centers, the customers projects have that the have. as there's can go opportunities around different I Cerberus at with and estate got players that can into large into mean, and as time, portfolio that's lot players $XX-plus se portfolio as a just financial to for and we that from centers financial to other the marketplace obviously pipeline billion real then direct and multiple in Look, Cerberus they first they've

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

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

Yes. I execute -- mean, we on, that Chip, to when you on look at utility-backed projects, continue it. the are ones executing we're that

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

of more goals getting us, It's I one how The you ultimate on If X and just sneak risks And sort I biggest could out sort think April you then on that see I to of next milestones. it's with helpful. shots of milestones? are there, comfortable you in, those the have year. think remind goal

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

you. Thank

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

to you've Could influence of factors Congratulations about financing of talk some capacity about maybe got all And I hour? the you're that production the pace update that making. gigawatt the ramp on hour. in then more wanted of the you progress beyond on ramping there the would ask potentially in to confidence and any moving that the X now terms side, X that? the gigawatt

So, talking Martin, doesn't XX-month think the about that that thing built the expanding and projects, as closing I one way of And amount you're we is timeline capacity well change orders think done have really a a for to to expand that is the capacity I do XX- can delivering order the that time. just at company lower where you book. in when able Eos be we look to be

we've the line -- obviously can and that a getting And and will third accelerated fourth obviously, as we orders mean, close to second the thought demand and see getting Now the I market said as conservative hour comes able thought like in, closing, hour, been on we've pipeline demand close we adding as we've and we that of manufacturer. gain gigawatt strengthening be X the beyond on as always make share then an X be accelerates. bigger decision we've would than grown, relatively to being gigawatt always Eos

So and we massive where to is smaller need economies your a it actually the massive, doing the projects the costs gain we doing the allow will online. X. would way you bring of logistics the logistics costs demand factory us a and time go through are scale, reduces chunks number and to lowers think in if were that the closer cycle way don't about designed factory thing to designed line capacity But to is evaluate about costs locations optimize to to say, the

that. So that's how we would about think

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

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

been mean he's it's I'll that. Nathan doing I of important. a because lot talk Martin, very through that let work on becoming

case. the customer the it I say Marty, bonus use credit. is Yes. I and say, on domestic content the depends and would Everybody would focused on the

solar that storage project. think a XXX%, to and increase tracking ability bonus our is steel, we unlock I project XX% domestic developer the value content if towards and the on the entire the where a really U.S.-made additional significant for they're real have value that project. putting is bring them And credits into with there's there is using for in overall IRR we a

make and that individual sure with project of in every terms we'll work So can sizing they capitalize value. customers through on again,

it's but it's customer, I part of key So customer discussion. think the by a

today. just -- of degree and a becomes that around above that's company because a It's not works looks And just security all not software components your XX% it's have higher that your and add number that, like also I important of We independence of that's I just guarantee grid think as you content I in sit it's and inside in within circuit things And number. future. your think, energy that the NDAA-compliant boards that for how project. would the printed in being U.S. not Marty, on important, total it's just total the the

with [Operator Instructions] coming question Ryan Riley. B. Pfingst do in have from with We another

U.S. to Could certain parts talk the the of a you we DOE to risks about change just if in potential business administration? or do loan get

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And sense. Makes guess I just one second one.

pipeline mix what IPPs like from for customer utilities, the smaller current the curious perspective customers. today Just looks a between type and

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you. to at questions call further no turn Mr. over the Joseph are time. this There Mastrangelo, I'll CEO, our back

today. works scaling quarter, like of I'd business, congratulate everyone lot very hard costs listening and Again, what for the line, second get growing uncertain Eos through all moving the the in to you, focused Thank was a the driving year. thanks, of be Again, in to down the proud at half second as that everyone, environment. we forward, the for a work

done. secular shareholders us investing unlock As and is the continue to on getting focused all delivering the customers and company. We'll know to goal company in money us the the the on energy for our as orders purchase we grow what working our of industry, we grow work get shift is all their hard of with having move with that's forward a the profitability the and faith and to for place the to now, the and we down, head to thank path what into plan financing,

more many the by but said see XX-year rewarding is I've times in most done than when As career, the my this I've far also thing hardest progress. you ever

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

conference Ladies and gentlemen, this call. concludes today's

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